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Wednesday, October 22, 2008

Seoul to spend US$6b to help builders

SOUTH Korea will spend as much as 8 trillion won (US$6 billion) to buy land and unsold homes, aiming to shield the property industry from a collapse that may worsen an economic slowdown.

State-owned Korea Housing Guarantee Co will buy 2 trillion of houses, the Ministry of Strategy and Finance and Ministry of Land, Transport and Maritime Affairs said yesterday in a statement.

Korea Land Corp will sell up to 3 trillion won of bonds to buy land from private companies. The rest of the funds will be used to provide debt guarantees and help low-income earners buy homes.

By Bloomberg

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