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The government will designate two new towns in Gyeonggi Province as part of efforts to reinvigorate the construction industry. The plots assigned are the 6.9 million sq.-m Geomdan area in Incheon and the 5.2 million sq.-meter Segyo area in Osan. To help promote sales of unsold apartments, the government also plans to ease restrictions on the apartment sales rights and reduce capital gains taxes.
The twin plans to promote sales of unsold apartments and build more of them has drawn criticism of inconsistency.
The government decided to shorten the period owners are banned from selling new apartments to help promote sales of unsold ones. It also decided not to levy heavy capital gains taxes on owners of two housing units who sell one house or apartment whose actual transaction price is less than W300 million (US$1=W1,049) in five metropolitan areas out of Seoul.
Currently, only those who sell homes worth less than W100 million are exempt from 50 percent capital gains tax but subject to 9 to 36 percent general tax rates.
(englishnews@chosun.com )
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