South Korea to step up monitoring of real estate projects

SEOUL (Reuters) – South Korea’s financial authorities will step up monitoring of real estate projects, the finance ministry said in a statement on Friday.

There are lingering concerns over real estate projects, although financial markets have been stable since builder Taeyoung’s Dec. 28 announcement to reschedule its debt, it said, after the minister’s meeting with chiefs of the central bank and regulatory agencies.

The meeting was held after Taeyoung’s creditors agreed in the early morning to proceed with restructuring the builder’s debt.

(Reporting by Jihoon Lee; Editing by Jacqueline Wong)