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Growing Number of Landlords Lowering or Freezing Rent

Growing Number of Landlords Lowering or Freezing Rent

SEOUL, April 16 (Korea Bizwire) — The rent reduction campaign, in which landlords lower store rents for small business owners affected by the new coronavirus outbreak is spreading throughout the country. The Ministry of SMEs and Startups said Wednesday that 3,425 property owners in individual shopping complexes and 513 in traditional markets across the country [...]

Wealthy S. Koreans Moving Away from Real Estate Investments

Wealthy S. Koreans Moving Away from Real Estate Investments

SEOUL, April 3 (Korea Bizwire) — The portion of real estate investments by wealthy Koreans with more than 1 billion won (US$814,800) in financial assets has decreased over the past six years, according to a recent report. The preference of index-linked products, which have been considered the most sought-after financial instruments by the rich, also [...]

Seoul Warns of Additional Measures to Curb Home Prices

Seoul Warns of Additional Measures to Curb Home Prices

SEOUL, Dec. 17 (Korea Bizwire) — South Korea’s chief economic policy maker on Monday warned that the government may unveil further steps to curb soaring home prices should the latest fresh set of measures end in futility. Earlier in the day, the finance ministry and related government agencies came up with the toughest steps ever [...]

‘Full-time’ Landlords Earn 2.79 mln Won a Month

‘Full-time’ Landlords Earn 2.79 mln Won a Month

SEOUL, Oct. 7 (Korea Bizwire) — It has been confirmed that as many as 18,000 “full-time” landlords make money by renting out apartments full-time, without any other job. According to data received by Rep. Park Hong-keun from the National Tax Service, the number of individuals that live off of rental income, or so-called ‘landlords’, came [...]

Seoul to Build Homes for Younger Generation Using Public Property

Seoul to Build Homes for Younger Generation Using Public Property

SEOUL, Aug. 23 (Korea Bizwire) — The Seoul Metropolitan Government plans to carry out a construction project known as the Compact City to offer homes to younger Seoulites by redeveloping traffic islands, old sites used by rainwater pump stations, and other unused public property. The Seoul Housing and Communities Corp. (SH) announced on Thursday a [...]

Customs Service Cracks Down on Illegal Foreign Exchange Activity in Malaysia

Customs Service Cracks Down on Illegal Foreign Exchange Activity in Malaysia

SEOUL, Aug. 22 (Korea Bizwire) — The Korea Customs Service has cracked down on 146 individuals who purchased a country house in Johor Bahru, Malaysia and other costly real estate using an illegal foreign exchange method commonly known as “hwanchigi.” The individuals purchased stores, condominiums, and country houses in Johor Bahru without reporting the transactions [...]

Jeju Construction Companies Facing Crisis with More than 1,200 Homes Unsold

Jeju Construction Companies Facing Crisis with More than 1,200 Homes Unsold

JEJU, Apr. 23 (Korea Bizwire) — Construction companies are facing the consequences of the decline in the real estate market on Jeju Island, as an increasing number of houses are sitting empty without buyers. Jeju Province announced on Monday that as many as 1,271 residences were left unsold this year. The number of unsold homes [...]

S. Korean Landlord Has Nearly 200 mln Won in Debt: BOK

S. Korean Landlord Has Nearly 200 mln Won in Debt: BOK

SEOUL, Mar. 28 (Korea Bizwire) — An average landlord in South Korea owed 200 million won (US$176,000) to financial institutions last year, a central bank report showed Thursday. According to the Financial Stability Report submitted by the Bank of Korea (BOK) to parliament, the total financial debt of households that lease homes and commercial buildings [...]