S Korea tightens rules on housing in some cities

Seoul

SOUTH Korea on Monday announced tighter mortgage rules and curbs on speculative resales of homes in Seoul and parts of Busan - the toughest rules in almost three years as policymakers sought to stabilise hot housing markets amid soaring household debt.

The latest steps are an extension of curbs announced in November 2016, when the government started turning the screws on speculative housing investments amid concerns a worrying build-up in household debt could leave the economy exposed to a crash.