S.Korea to tighten mortgage rules to tackle metropolitan area property price surge

South Korea's finance ministry said on Wednesday it will further tighten mortgage rules and apply property market curbs to additional areas outside capital Seoul to tackle surging home prices in pockets of the metropolitan area. The ministry also said it will act to curb any instabilities in the financial market.

South Korea's finance ministry said on Wednesday it will further tighten mortgage rules and apply property market curbs to additional areas outside capital Seoul to tackle surging home prices in pockets of the metropolitan area. The government plans to impose tougher capital gains tax and other taxes on property ownership by corporations to rein in speculative investments, the ministry said, without elaborating further.

Details will be announced at 10 a.m. local time (0100 GMT) at a briefing, it said. The ministry also said it will act to curb any instabilities in the financial market.