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South Korea to spend $ 6 bln won on property aid

Posted on 22 October 2008

From Bloomberg: South Korea will spend as much as 8 trillion won ($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 today 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….. Full Article: Source


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