GOVT PUSHES MEASURES TO STIMULATE CONSTRUCTION SECTOR - ONG

BUKIT MERTAJAM (Malaysia), Dec 30 (Bernama) -- The government has implemented various mechanisms to stimulate the growth of the construction industry to tide over the world economic slowdown.

Housing and Local Government Minister Ong Ka Chuan said the housing loan
repayment period had been extended to enable buyers to pay less monthly
repayment.

State governments have been urged to lower the prices of land earmarked for
low and medium cost housing projects as the ministry encouraged developers to
build more houses in the two sectors, he added.

Ong said the government had also introduced the credit guarantee scheme for
those who could not apply for housing loans as they could not provide income
statements.

"The Finance Ministry has set up a fund for the purpose," he told reporters
after handing over a Proton Arena to the Machang Bubuk Fire Volunteers
Association in this northern town Tuesday.

In his speech, he said fire damaged properties worth RM4.3 million so far
this year while properties worth RM6.5 million went up in smoke last year.
(US$1=RM3.48)
-- BERNAMA