Economy Construction and Housing Development Bank to be opened in 2014 According to U Win Zaw, Managing Director of Construction and Housing Development Bank Public Company Ltd, Myanmar is set to develop a Construction and Housing Development Bank in January 2014. The bank will serve as a mechanism to encourage low-income citizens to own their own apartment or house with long -term (20 to 30 years) installment plans, according to U Kyaw Lwin, Union Minister of the Ministry of Construction. The government’s ability to expand the housing sector is currently constrained by its focus on other development projects, he added. 10 million shares of the company are to be sold in August 2013 at a rate of 10,000 Kyats per share. The company will reportedly control share prices and handle share trading internally. According to U Myint Swe, Chief Minister of Yangon Region, Yangon has been unable to provide adequate housing for its growing population of 4 million since 2007. Skyrocketing rental and housing prices plus poor supply of rooms have created problems for low-income citizens.
Posted on: Fri, 26 Jul 2013 04:54:32 +0000
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