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SEOUL (Reuters) – South Korea’s finance ministry stated on Tuesday it was easing monetary rules on residence patrons in most districts of the capital Seoul, in an effort to assist the nation’s sharply falling property market.
Amongst 25 districts in Seoul, solely 4 will stay on the finance ministry’s “speculative space” checklist ranging from Thursday, the ministry stated. It presently consists of 15 districts.
These to stay on the checklist are Yongsan-gu, Seocho-gu, Gangnam-gu and Songpa-gu, wherein stricter mortgage guidelines and heavier taxes are imposed on residence patrons.
The choice comes a day after South Korean President Yoon Suk-yeol promised to maintain easing restrictions on residence patrons to realize a tender touchdown of the property market.
(Reporting by Jihoon Lee; Enhancing by Alison Williams)
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