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Top Shipbuilder Hyundai Heavy Industries Looking to Buy Smaller Rival: Sources

Top Shipbuilder Hyundai Heavy Industries Looking to Buy Smaller Rival: Sources

SEOUL, Jan. 30 (Korea Bizwire) — South Korea’s Hyundai Heavy Industries Group is seeking to buy its smaller rival, Daewoo Shipbuilding & Marine Engineering, industry sources said Wednesday, in what could be a major shakeup in the sector.  The country’s top shipbuilder is in talks with state-run Korea Development Bank (KDB), a creditor bank that [...]

Popularity of Shared Workspaces Soars

Popularity of Shared Workspaces Soars

SEOUL, Jan. 16 (Korea Bizwire) — IGIS Asset Management Co. shared a report on Tuesday which analyzes the backdrop and prospects of office sharing in the Seoul Metropolitan Area. According to the report, office sharing accounts for 90 percent of service-oriented office leases in Seoul. Commercial office space is typically divided into general office and [...]

Large-Scale Construction Projects Struggle to Meet Deadlines After Working Hours Cut

Large-Scale Construction Projects Struggle to Meet Deadlines After Working Hours Cut

SEOUL, Dec. 11 (Korea Bizwire) — Among all large-sized construction projects in South Korea, 44 percent are having trouble meeting deadlines ever since a 52-hour workweek was implemented. The Construction and Economy Research Institute of Korea (CERIK) conducted a study on 109 construction projects, 44 percent of which were facing difficulties meeting deadlines after the [...]

Local Builders Speed Up Restructuring to Brace for Industry Slump

Local Builders Speed Up Restructuring to Brace for Industry Slump

SEOUL, Dec. 5 (Korea Bizwire) — Local builders are resorting to early retirement plans and large-scale manpower reshuffles to weather a possible industry-wide slump going forward, people in the sector said Wednesday. Samsung C&T has been carrying out staff restructuring over the past two years and recently opened an early retirement package to employees who [...]

18 Trillion Won Turkish Canal Project to Kick Off Next Year

18 Trillion Won Turkish Canal Project to Kick Off Next Year

SEOUL, Nov. 16 (Korea Bizwire) — The Ministry of Transport and Infrastructure of Turkey announced that a canal project that has included Korean construction companies by request of Turkish President Recep Tayyip Erdoğan will be breaking ground next year. In an interview with local Turkish media Anadolu Agency, Turkey’s transportation minister yesterday revealed that the [...]

Government Aims to Make “Smart Construction” Possible by 2030

Government Aims to Make “Smart Construction” Possible by 2030

SEOUL, Nov. 1 (Korea Bizwire) — The South Korean government has established plans to create a system that utilizes smart construction technology by 2025 and to implement an automated construction system by 2030. This is according to the “smart construction technology roadmap” drawn up by the Ministry of Land, Infrastructure and Transport. Smart construction incorporates [...]

Sudden Increase in Real Estate Auction Bids Placed by Corporate Bodies

Sudden Increase in Real Estate Auction Bids Placed by Corporate Bodies

SEOUL, Oct. 19 (Korea Bizwire) — As a recent governmental measure aimed at curbing prices of real estate properties has made it more difficult for individuals to obtain loans to buy properties, there has been an increasing number of people who are placing successful bids for auctions of properties that are tendered under corporations. According [...]

80,000 Individuals Own 5 or More Housing Units Leased to Tenants

80,000 Individuals Own 5 or More Housing Units Leased to Tenants

SEOUL, Oct. 5 (Korea Bizwire) — A survey has found that 80,000 South Koreans own five or more housing units that are being rented out to tenants. According to an analysis by Liberty Korea Party Rep. Kim Sang-hoon of data provided by the Ministry of Land, Infrastructure and Transport (MOLIT), 6.14 million people owned a [...]

Apartment Fever Grips S. Korea

Apartment Fever Grips S. Korea

SEOUL, Oct. 5 (Korea Bizwire) — A 41 year-old office worker earned a windfall of 80 million won (US$71,000) over a canceled apartment transaction, a case that underscores the recent rapid surge in home prices in Seoul. The salaried worker of a major South Korean conglomerate made a down payment of 10 percent of the [...]

Young Adults Must Save for 15 Years to Buy Apartment in Seoul

Young Adults Must Save for 15 Years to Buy Apartment in Seoul

SEOUL, Sept. 26 (Korea Bizwire) –A new study has found that young adult couples in their 20s and 30s must save up for more than 15 years without spending a single cent in order to purchase a respectable apartment unit in Seoul. According to Statistics Korea, the average monthly disposable income for households under 39 [...]