SEOUL, Dec. 3 (Korea Bizwire) — South Korean hotel chains are targeting Southeast Asian countries to bypass tough competition at home and take advantage of the region’s fast-growing economy, industry watchers said Sunday. Industry watchers said Southeast Asia is an attractive market for local hotel chains as South Koreans also frequently visit the region for [...]
SEOUL, Nov. 30 (Korea Bizwire) – A new survey has revealed that the South Korean construction industry will continue to suffer from labor shortages next year without foreign workers. Findings from the survey conducted by the Construction Workers Mutual Aid Association show that the construction industry will need around 1.61 million workers next year. However, the [...]
SEOUL, Nov. 27 (Korea Bizwire) — Samsung C&T Corp., the construction unit of Samsung Group, said Monday it has won a US$602 million project to build an underground expressway in Singapore. Under the contract, Samsung C&T will design and construct the 1.25 kilometer stretch of the underground expressway between Novena Rise and Toa Payoh Rise, [...]
INCHEON, Nov. 24 (Korea Bizwire) – The Incheon Port Authority is ramping up efforts to attract investment at its new culture and tourist complex dubbed Golden Harbor, ahead of the opening of a new international ferry terminal at the Port of Incheon. The Incheon Port Authority (IPA) said on Thursday that the new Golden Harbor [...]
SEJONG, Nov. 22 (Korea Bizwire) — The land ministry will conduct research and development to build structure exteriors that can better withstand earthquakes, officials said Tuesday. A magnitude 5.4 tremor in the southeastern city of Pohang on Nov. 15 showed a building’s outer surface falling apart, raising new safety concerns that current construction regulations do [...]
SEOUL, Nov. 20 (Korea Bizwire) — Daewoo Engineering & Construction Co., a major construction firm here, said Monday it will partner with Tata Projects Ltd. to build a 953 billion-won (US$863 million) bridge in India. Daewoo E&C and TPL won the order from the Mumbai Metropolitan Region Development Authority (MMRDA). MMRDA plans to build the [...]
SEOUL, Nov. 13 (Korea Bizwire) — Doosan Infracore Co., South Korea’s top construction equipment maker, continued to expand its presence in China’s excavator market, as the world’s No. 2 economy increased spending on infrastructure, industry sources said Monday. According to observers, Doosan Infracore sold 769 excavators in China last month, almost doubling from a year [...]
SEOUL, Nov. 3 (Korea Bizwire) – The Ministry of Foreign Affairs’ announcement on October 31 that relations between South Korea and China will be normalized was music to the ears of the real estate industry, which has seen the market for high-end hotel room investors dwindle throughout the Chinese economic boycott. The geopolitical tensions and [...]
SEOUL, Nov. 2 (Korea Bizwire) – Doosan Bobcat Inc., a construction equipment unit of Doosan Group, said Thursday that its third-quarter net profit increased 16 percent from a year earlier, largely due to hefty sales in China and other emerging markets. Net profit reached 55.2 billion won (US$49.5 million) in the July-September period, compared with [...]
SEOUL, Nov. 2 (Korea Bizwire) — South Korea’s construction sector could suffer a contraction in 2019, a report said Thursday as the government’s moves to stabilize property markets may weigh on new orders. The combined value of construction orders — a leading indicator in the construction sector — posted a 29.5 percent decline in July, [...]