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South Korean builders gain on government support measures

Posted on 02 May 2011

South Korea’s government announced policy measures to aid troubled builders and the property market, including tax incentives for real estate investment trusts that buy unsold housing. In recent months, 29 of South Korea’s 100 largest builders applied for financial support due to a prolonged construction and real estate slump.
“Investors are cheering supportive measures by the government especially given many builders had underperformed other sectors this year,” said Im Jeong Jae, a Seoul-based fund manager at Shinhan BNP Paribas Asset Management Co., which oversees about $30 billion. “Still, we’ll have to see how effective their measures are.”………………………………………Full Article: Source


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