SEOUL, Aug 4 (Reuters) – South Korea’s ruling party floor leader on Tuesday said the government and the ruling Democratic party has “large scale” projects to increase public housing to calm fears about home shortgages.

Floor leader Kim Tae-nyeon said the scale of home supply plans will be “larger than what the media and market expect,” without elaborating further, at a government ruling-party meeting.

Finance minister Hong Nam-ki said supply of new homes will target first home buyers and young South Koreans, as stabilizing home prices is the biggest policy goal for now concerning public welfare. (Reporting by Cynthia Kim; Editing by Sandra Maler)

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