Korea to take measures if necessary amid China's property crisis

In this photo released by the Ministry of Economy and Finance, Finance Minister Choo Kyung-ho, center, speaks during a meeting with financial officials held in Seoul, Aug. 20. Yonhap

Korea's finance ministry said Sunday it will take market stabilization measures when necessary amid the growing concerns over the impact of China's property crisis.

Finance Minister Choo Kyung-ho discussed the agenda with Bank of Korea Gov. Rhee Chang-yong and top officials of financial authorities earlier in the day to address global uncertainties, including the escalating volatility in the U.S. bond market, according to the Ministry of Economy and Finance.

The key policymakers vowed to take measures to stabilize the market if necessary while closely monitoring related situations around the clock, the finance ministry said.

The ministry, meanwhile, noted Korean banks' exposure to China's real estate crisis was estimated at 400 billion won ($297 million).

China's property giant Evergrande Group filed for bankruptcy in the U.S. last week, with another major player Country Garden struggling with debt problems. (Yonhap)