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Deputy Prime Minister and Finance Minister Choi Sang-mok made this touch upon the Korean actual property PF disaster throughout a present on KBS, Sunday Analysis Stay, on Sunday. “In contrast to buying land with private funds in superior international locations, in Korea, loans are initiated from the second of land acquisition,” Choi mentioned. “With 95% of the whole improvement price reliant on loans, Korea’s actual property PF construction is notably weaker in comparison with superior international locations.”
Choi mentioned that he would facilitate a smooth touchdown to forestall the actual property PF disaster from spreading to the monetary sector and the economic system, impacting individuals’s livelihoods. “We are going to make efforts to supply liquidity to wholesome PF companies and restructure companies with the potential for insolvency,” the finance minister mentioned. “We will even enhance the elemental system of home venture financing in actual property via devoted analysis initiatives.”
dhlee@donga.com
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