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IKEA to Invest US$327 Mln for Expansion in S. Korea

IKEA to Invest US$327 Mln for Expansion in S. Korea

SEOUL, Mar. 19 (Korea Bizwire) — Swedish furniture giant IKEA will invest 300 million euros (US$327 million) in South Korea over the next three years to gain a bigger share in Asia’s fourth-biggest economy, the company’s retail manager has said. IKEA, which will celebrate 10 years in business here in December, currently operates four stores [...]

Investment Funds Delay Exits in Shaky Real Estate Market, Betting on Future Rebound

Investment Funds Delay Exits in Shaky Real Estate Market, Betting on Future Rebound

SEOUL, Mar. 11 (Korea Bizwire) – In a strategic shift reflecting broader market uncertainties, several investment funds that previously sought opportunities in flourishing real estate markets in the United States and Europe are now extending their maturity periods, hoping for a rebound. This move comes as fund managers grapple with the challenges of liquidating assets in [...]

Lotte E&C Completes 2.3 Tln-won Project Financing Fund

Lotte E&C Completes 2.3 Tln-won Project Financing Fund

SEOUL, Mar. 7 (Yonhap) — Major South Korean builder Lotte Engineering & Construction Co. (Lotte E&C) said Thursday it has completed the creation of a 2.3 trillion-won (US$1.73 billion) project financing (PF) fund, which will help cut its interest burden from high-interest debt. Five local banks, including KB Kookmin Bank and the state-run Korea Development [...]

Record Surge in Reverse Mortgage Applications Amid Falling House Prices

Record Surge in Reverse Mortgage Applications Amid Falling House Prices

SEOUL, Mar. 4 (Korea Bizwire) – As predictions of declining real estate values gain momentum, the scale of reverse mortgage guarantees in South Korea is set to hit an all-time high this year, signaling an increased adoption among homeowners.  Reverse mortgages, available to individuals over 55, allow homeowners to secure a loan against their property to [...]

S. Korea, UAE Discuss Railway, Infrastructure Cooperation

S. Korea, UAE Discuss Railway, Infrastructure Cooperation

SEOUL Feb. 28 (Korea Bizwire) – South Korea and the United Arab Emirates (UAE) have recently held high-level meetings involving bilateral cooperation in the areas of railway construction, infrastructure and energy, officials said Wednesday. Park Sang-woo, South Korea’s land, infrastructure and transport minister, met with Suhail Mohamed Al Mazrouei, minister of energy and infrastructure of [...]

Domestic Companies Emerge as Major Investors in Office Buildings Amid High Interest Rates and Economic Slowdown

Domestic Companies Emerge as Major Investors in Office Buildings Amid High Interest Rates and Economic Slowdown

SEOUL, Feb. 11 (Korea Bizwire) – In the midst of rising interest rates and a challenging economic landscape, the market for office property transactions in South Korea has seen a notable decline. Despite these conditions, financially solid domestic firms have stepped up as prominent buyers, eagerly purchasing office buildings to serve as their corporate headquarters. [...]

Samsung C&T Construction Division Hosts ‘Bao Family Visit’ Pop-Up Exhibition at Raemian Gallery

Samsung C&T Construction Division Hosts ‘Bao Family Visit’ Pop-Up Exhibition at Raemian Gallery

SEOUL/YONGIN, Feb. 6 (Korea Bizwire) – Samsung C&T’s Construction Division announced a special pop-up exhibition titled “A Visit from the Bao Family to Raemian Gallery” running until February 17 in Munjeong-dong, Songpa District, Seoul. The exhibition features a variety of panda dolls and bamboo props in a setup named ‘Bao City Tour,’ allowing visitors to [...]

GS Engineering Ordered to Halt Operations for 8 Months over Parking Garage Collapse

GS Engineering Ordered to Halt Operations for 8 Months over Parking Garage Collapse

SEOUL, Feb. 1 (Korea Bizwire) — The government on Thursday imposed an eight-month business suspension on GS Engineering & Construction Corp. over the collapse of a parking garage at an apartment construction site in Incheon last year. The land ministry said GS Engineering, along with four smaller consortium partner builders, will be subject to business [...]

Doosan Bobcat Launches Korea’s First Commercial Hydrogen-Powered Forklift

Doosan Bobcat Launches Korea’s First Commercial Hydrogen-Powered Forklift

SEOUL, Jan. 31 (Korea Bizwire) – Doosan Bobcat Launches Korea’s First Commercial Hydrogen-Powered Forklift Doosan Bobcat has announced the commercialization of Korea’s first hydrogen-powered forklift, marking a significant milestone in the industry. On January 30, the company held a shipment ceremony for its first hydrogen forklift at its forklift factory in Incheon, highlighting the achievement. [...]

HD Hyundai Construction Equipment Unveils Training Center Utilizing VR and Digital Twin Technologies

HD Hyundai Construction Equipment Unveils Training Center Utilizing VR and Digital Twin Technologies

SEOUL, Jan. 24 (Korea Bizwire) — HD Hyundai Construction Equipment has opened the doors to an innovative training center that utilizes virtual reality (VR) and digital twin technology for excavator operation instruction and product verification. The grand opening of the “Virtual Training Center” took place at the HD Hyundai Global R&D Center (GRC) in Pangyo, Gyeonggi [...]