1.   Another involves charges of taking kickbacks for contracts to build low income housing.

2.   Any cyclical slowdown in condominium sales will be offset by moderate income housing and rental income, he said.

3.   He also said the new regulations would hamper the development of low-to-moderate income housing.

4.   Developers prefer to develop middle-upper income housing for the higher profit margin.

5.   He said the impact of the monetary crisis was especially felt by the developers of middle-upper income housing, which was in oversupply.

6.   He said the decline in sales had spread to low-cost houses, while the demand for middle to upper income housing and luxury houses had reached zero.

7.   Improvements in low income housing also will be financed through the loan, it added.