South Korea home-building boom may lead to housing glut

Yongin

IN Yongin, a satellite city south of Seoul, orange construction cranes are racing to build gleaming new high-rises, but realtor Kim Woong-jib says he is pointing would-be apartment buyers to older buildings.

The city of a million people has 5,301 unsold new residential units, government data shows, the most in South Korea and a symptom of a growing housing glut that is worrying policymakers.