The government has decided to reduce benefits for multiple-home owners registered as home leasing businesses as part of efforts to curb speculation in the housing market.

Land, Infrastructure and Transport Minister Kim Hyun-mee told reporters on Friday that the government decided there were some excessive tax benefits offered for the registered home leasing businesses and plans to adjust the matter.

The minister said that the government originally intended to increase home supply by encouraging multiple-home owners to register private home leasing businesses with diverse incentives and tax benefits.

However, Kim said that there are some movements in the market to buy more houses to take advantage of the tax benefits.