South Korea's Finance Minister Hong Nam-ki vowed to enforce policies on the housing supply smoothly, saying a record 500-thousand public and private housing units will be put on the market this year.

At a meeting with related ministers on Thursday, Hong said residents will be able to move into some 460-thousand new units in 2021, matching last year's total.

The minister said candidate sites that can accommodate 59-thousand units for the government's urban regeneration project have been selected, with additional sites to be announced later this month.

The government announced locations for some 18-thousand units last month as new housing lots, and it plans to introduce laws to confiscate profits gleaned from speculative deals before it announces additional properties by next year.