Japan to Raise 170 Billion Yen Selling Bureaucrat Housing
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Japan’s government plans to raise 170 billion yen ($2.1 billion) by selling 56,000 houses and units that are currently lent cheaply to officials.
The proceeds from the sale will be spent on reconstruction after last year’s earthquake and tsunami, Vice Finance Minister Koichi Takemasa said in Tokyo today. The sale will be completed over the next four years and covers about 26 percent of the government’s housing stock for civil servants, according to a statement from the Ministry of Finance.