SEOUL, March 3 (Korea Bizwire) — South Korea’s construction industry is showing signs of severe stress across all major indicators, with permits, groundbreakings, and employment all deteriorating amid a persistent market slump that analysts warn will require fundamental strategic shifts to overcome. Construction permits, a leading indicator of industry health, fell 6.8% year-over-year to 125.89 million [...]
SEOUL, Feb. 28 (Korea Bizwire) – The head of Hyundai Engineering Co. issued an apology Friday in response to a fatal collapse accident at an expressway construction site earlier this week. “A terrible accident has taken lives and injured workers at our construction site. I sincerely apologize to the bereaved families and extend my deepest [...]
SEOUL, Feb. 26 (Korea Bizwire) — Seongdong District in Seoul announced on February 25 that preliminary negotiations have concluded for the transformation of a former concrete plant site adjacent to Seoul Forest into what officials envision as a new cultural hub for the city. The development marks the first case of “architectural innovation pre-negotiation” in the private [...]
SEJONG, Feb. 25 (Korea Bizwire) — South Korea’s construction industry is facing its worst downturn in years, with employment falling below 2 million workers for the first time since the Covid-19 pandemic, highlighting growing concerns about the broader economic impact of the sector’s prolonged slump. According to the Statistics Korea, construction employment plunged by 169,000 jobs [...]
SEOUL, Feb. 23 (Korea Bizwire) — A delegation representing Estonia’s wood construction and architecture design industry visited South Korea, aiming to expand their presence in the local market by promoting advanced modular wood-building techniques amid global interest in eco-friendly construction methods. The delegation, composed of representatives and architects from eight Estonian wood construction companies, hosted a [...]
SEOUL, Feb. 21 (Korea Bizwire) — Hyundai Engineering & Construction Co. (E&C) said Friday it, together with a public firm here, has signed an initial pact with a government agency of New Zealand to enter New Zealand’s housing development market. Hyundai E&C and the Korea Overseas Infrastructure & Urban Development Corp. (KIND) have signed a [...]
SEOUL, Feb. 18 (Korea Bizwire) — The management rights of Inspire Entertainment Resort, a major integrated resort on Yeongjong Island near Incheon, have been transferred from U.S.-based Mohegan to global private equity firm Bain Capital. Inspire announced on Monday that Bain Capital had exercised its acquisition rights, taking over the management of its parent company, [...]
SEOUL, Feb. 17 (Korea Bizwire) — South Korean financial authorities have unveiled plans to reform project financing (PF) regulations, significantly relaxing the strict completion guarantee requirements that construction companies have long argued were excessively burdensome. According to financial authorities, the Financial Services Commission (FSC) shared a draft of improved completion guarantee guidelines with about 40 representatives [...]
SEOUL, Feb. 17 (Korea Bizwire) — Amid a real estate market downturn, South Korea’s major construction companies are grappling with surging construction costs that have pushed their cost-to-sales ratios above 90%, triggering disputes and lawsuits over cost increases between builders and project owners. According to industry sources, among top-ranked construction companies, Hyundai Engineering & Construction and [...]
SEOUL, Feb. 14 (Korea Bizwire) — As discussions of potential peace negotiations between the United States, Russia, and Ukraine gain momentum, South Korean companies are positioning themselves to participate in what could become one of the largest reconstruction efforts in modern history. Estimates have pegged the cost of rebuilding Ukraine’s war-torn infrastructure at approximately $900 billion, [...]