October 29, 2008 / 4:34 AM / 9 years ago

Thai developers jump on hopes for tax breaks

BANGKOK, Oct 29 (Reuters) - Shares in Thai developers rose on Wednesday, with sector leader Land & Houses (LH.BK) near a one-week high after the finance minister said tax breaks could be maintained for another year to support the property market.

The measures, including a cut in taxes for property developers and a reduction in property transfer fees to 0.01 percent from 2.0 percent, are due to expire in March 2009.

“For the property measure, I was considering keeping it,” Finance Minister Suchart Thada-Thamrongvech told reporters. The ministry would propose a one-year extension of the tax breaks to the cabinet next week, he said.

At 0419 GMT, Land & Houses (LH.BK), Thailand’s biggest housing firm, was up 4.11 percent at 3.04 baht after hitting 3.12 baht, its highest since Oct. 24.

Sister firm Quality Houses (QH.BK) was 4.94 percent higher at 0.85 baht, Asian Property (AP.BK) was 6.82 percent higher at 2.82 baht and Preuksa Real Estate PS.BK was up 2.9 percent at 4.26 baht. (Reporting by Viparat Jantraprap and Trisanat Kongkhunthian; Editing by Alan Raybould)

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