S. Korea's construction loan delinquency rate rises in Feb.

14:51, March 28, 2011      

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South Korea's construction loan delinquency ratio rose sharply in February amid persistent slump in construction and real estate sectors, the financial regulator said Monday.

Delinquency ratio for domestic banks' construction loans overdue by more than one day came in at 3.85 percent as of the end of February, up 1.27 percentage point from 2.58 percent in the previous month, the Financial Supervisory Service (FSS) said in a monthly report.

The ratio in real estate and rental sectors increased 0.78 percentage point on a month-on-month basis to 2.58 percent in February, and the rate for real estate project financing sharply increased 1.80 percentage point to reach 6.67 percent last month, the report showed.

The delinquency ratio of mortgage loans, however, remained stable at 0.54 percent in February as the ratio on loans for intermediate payments declined 0.42 percentage point from the previous month, the FSS said.

The FSS noted overall delinquency was relative stable last month, but external environment is uncertain due to the recent unrest in the Middle East and deadly earthquake in Japan.

Continued economic slump in construction and real estate markets boosted uncertainty at home, along with inflation and interest rate rises, the FSS added.

Source: Xinhua
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