SEOUL, Nov. 7 (Korea Bizwire) – Government officials discussed Friday ways to supply public housing in the greater Seoul area through the use of idle state-owned land in order to meet the growing need for new homes in the capital region, according to the finance ministry. The meeting, attended by officials from relevant ministries and [...]
SEOUL, Oct. 27 (Korea Bizwire) — Relying too heavily on construction investment to stimulate South Korea’s economy could backfire, the Bank of Korea cautioned in a new report, citing Japan’s decades-long struggle with sluggish growth after its asset bubble burst. In a study released Sunday titled “Lessons from Japan and China’s Prolonged Weakness in Construction Investment,” [...]
SEOUL, Oct. 20 (Korea Bizwire) – The country’s chief financial regulator said Monday that financial authorities are ready to take additional measures, if needed, to rein in soaring household debt. During a parliamentary audit, Lee Eog-weon, the chairman of the Financial Services Commission (FSC), said his agency is taking preemptive measures to secure financial stability. [...]
SEOUL, Oct. 16 (Korea Bizwire) — Household lending in South Korea grew at its slowest pace in six months in September, new data showed Thursday, as tougher regulations and seasonal factors cooled borrowing amid renewed efforts to rein in housing prices and rising household debt. According to the Bank of Korea, household loans extended by banks [...]
SEOUL, Oct. 15 (Korea Bizwire) — South Korea’s top policy aide to President Lee Jae Myung said Wednesday that the government is considering a comprehensive overhaul of real estate taxation — including possible hikes in property holding taxes — as it moves to rein in surging home prices in Seoul and surrounding regions. Kim Yong-beom, the [...]
SEOUL, Oct. 12 (Korea Bizwire) — A growing number of disputes over public access and shared resources are flaring up among apartment complexes in Seoul’s affluent Gangnam area, reflecting what some sociologists call an “urban tribalism” fueled by skyrocketing property values. In Gangdong District, residents of the 4,066-unit Godeok Arteon complex voted late last month to [...]
SEOUL, Oct. 2 (Korea Bizwire) – LG Electronics Inc. on Thursday unveiled new modular housing models featuring the latest home appliances in response to the growing demand for second houses. The South Korean tech giant launched two new models of the LG Smart Cottage, which refers to the company’s prefabricated home equipped with its heating, [...]
SEOUL, Sept. 30 (Korea Bizwire) — Samsung C&T has taken a tangible step toward reimagining urban housing with the completion of a “Next Home” test bed in Yongin, south of Seoul. The three-story, 554-square-meter facility showcases technologies designed to break away from the rigid apartment layouts that have long dominated South Korea’s housing market. Instead, [...]
SEOUL, Sept. 22 (Korea Bizwire) — South Korea’s leading construction companies are rolling out advanced monitoring systems and wearable devices to curb workplace accidents, but industry officials acknowledge that technology alone cannot eliminate risks in sprawling, high-density worksites. According to industry data released Sunday, most major builders now operate centralized control centers linking CCTV footage [...]
SEOUL, Sept. 15 (Korea Bizwire) — Companies that suffer from at least three industrial accident deaths a year will be fined up to 5 percent of their operating profit, the labor ministry said Monday. Under the new industrial safety measures, the government will revise a law that would revoke the licenses of companies that continually [...]