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South Korea’s Answer to Silicon Valley Sees Rapid Growth

South Korea’s Answer to Silicon Valley Sees Rapid Growth

Gyeonggi Province, Aug. 9 (Korea Bizwire) — Pangyo Techno Valley in Gyeonggi Province is growing rapidly, with annual economic output estimated at 77 trillion won last year. According to data released by the Gyeonggi Provincial Government on Tuesday, more than 1,300 companies had moved into Pangyo Techno Valley, also known as PTV, an industrial complex located [...]

Rich get Richer? Wealthy South Korean Reap Rewards From Real Estate

Rich get Richer? Wealthy South Korean Reap Rewards From Real Estate

SEOUL, Aug. 4 (Korea Bizwire) —The rebound of the real estate market has resulted in hefty profits for affluent South Koreans with property investments, with business income growth hitting a seven-year high thanks to soaring real estate revenue. On August 3, Statistics Korea reported that for the first quarter, those in the upper 20th percentile [...]

Property Investors May Move Money to Stocks: Analysts

Property Investors May Move Money to Stocks: Analysts

SEOUL, Aug. 4 (Korea Bizwire) — South Korea’s real estate investors may move their money to the stock market following tough government measures to cool the overheating housing market, analysts said Friday. In a desperate bid to rein in soaring apartment prices, the government unveiled a package of measures Wednesday, including the designation of areas [...]

Tougher Rules to Affect Some 400,000 Mortgage Borrowers

Tougher Rules to Affect Some 400,000 Mortgage Borrowers

SEOUL, Aug. 3 (Korea Bizwire) – South Korea’s stricter lending rules will likely affect about 400,000 potential mortgage borrowers in “speculative districts” in Seoul and the administrative capital of Sejong in the second half of the year, officials said Thursday. In its latest bid to rein in the overheating housing market, the government Wednesday designated [...]

Government Announces Measures to Tackle Overheating Housing Market

Government Announces Measures to Tackle Overheating Housing Market

SEOUL, Aug. 2 (Korea Bizwire) – South Korea on Wednesday outlined stricter measures to stabilize the country’s overheating housing market as its previous efforts to curb speculative forces did not work properly. The Moon Jae-in government announced its first real estate measures in June a month after taking office to strengthen lending rules that can [...]

Jeju Investors to Face Greater Scrutiny

Jeju Investors to Face Greater Scrutiny

JEJU, Jul. 24 (Korea Bizwire) — On July 21, Jeju Island’s government announced new regulations that will modify the approval process for investors that wish to participate in local developmental projects. Officials from South Korea’s largest island stated the new regulations will soon come into effect, as they seek investors for the latest development project, [...]

Rising Household Debt Won’t Affect Consumption Due to Rising Asset Value

Rising Household Debt Won’t Affect Consumption Due to Rising Asset Value

SEOUL, July 3 (Korea Bizwire) – South Korea will not undergo a sharp drop in consumption despite the ever-rising household debt, a private think tank said Monday, citing growth in property and financial asset value. Households where the head of the family was over 55 have witnessed a 94.51 percent rise in income and 78.32 [...]

Tighter Rules for Home Loans to Apply to All Mutual Savings Institutions

Tighter Rules for Home Loans to Apply to All Mutual Savings Institutions

SEOUL, May 30 (Korea Bizwire) – The financial regulator said Tuesday it will apply tighter rules for mortgage loans to all mutual savings institutions starting next month, in the latest step to control fast-growing household debt. The tighter rules, which already have been applied to retail banks and other depository institutions, require borrowers to repay [...]