Finance Minister Hong Nam-ki said on Wednesday that the government will select sites for the public housing redevelopment project in December. 

The minister unveiled the plan in his opening remarks at a meeting with economy-related ministers to inspect the state of the real estate market. 

Hong said preliminary procedures are under way for selecting sites for public housing redevelopment and reconstruction projects. 

The minister said that dozens of residents' unions are showing keen interest, adding the government will select unions who have acquired sufficient support from residents and have urgent need for redevelopment in their regions. 

Regarding home prices, the minister assessed that prices have shown signs of stabilizing thanks to the government's measures to cut down on cost and increase the housing supply.