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South Korea plans to set up property fund in September

South Korea’s government plans to set up a real estate fund in September to finance construction of rental houses. The move aims to stabilize house prices, a government official says.

In January, the government announced a plan to set up a fund that would finance the construction of rental houses for the next 10 years, after house prices soared at a record pace during 2006. The government plans to draw $7.5 billion every year from 2007 to 2017 to finance the construction of rental houses that will be put in stock. It aims to build 2.6 million rental units in the next 10 years.

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