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Daewoo and Hyundai construction arms post strong gains
South Korean government likely to consider improving the nation's taxation system to ease property charges.
- Bloomberg
- Published: 23:37 July 24, 2008
Seoul: Daewoo Engineering and Construction Co., South Korea's largest builder, led advances in Korean builders in Seoul trading on expectations the government will announce measures to boost the nation's property market.
Daewoo Engineering climbed 8.4 per cent to 14,250 won, the highest in more than three weeks, as of 2:35 p.m. Hyundai Development Co., which gets more than 60 per cent of sales from housing projects, climbed 6.5 per cent to 49,900 won. The government may consider improving the nation's taxation system to ease property charges, Finance Minister Kang Man Soo told lawmakers in Seoul yesterday.
The country's Cabinet and the Grand National Party agreed to lower property taxes in September, the Korea Economic Daily reported yesterday, citing the ruling party.
"The revision in tax regulation will mean builders that have a lot of unsold homes outside the Seoul region will benefit the most," said Kim Seok Joon, an analyst at SK Securities Co. in Seoul. He has a "neutral" recommendation on building stocks. Builders are saddled with the most number of unsold homes in more than 10 years.
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