SEOUL, Oct. 31 (Korea Bizwire) – South Korea’s financial authorities said Monday they will scrutinize the financial health and risk factors of major builders in a move to brace for a downturn in the construction business. The authorities are set to look into the financial health of construction companies based on their semiannual reports while [...]
BUSAN, Oct. 26 (Korea Bizwire) – Korea Maritime and Ocean University announced on Wednesday that it is building modular dormitories using shipping containers as a solution to its housing shortage, the first of its kind to be established in the country. Modular container houses take advantage of the durability, low cost, and rapid construction resulting [...]
SEOUL, Oct. 25 (Korea Bizwire) – Korea is seeing a rising number of studio apartments built with “smart” features based on IoT, with the growing popularity of smart homes. According to construction industry watchers, these IoT-equipped efficiency apartments, also referred to as officetels in Korea, are particularly popular among members of the younger generation in their [...]
PYEONGTAEK, South Korea, Oct. 14 (Korea Bizwire) – A massive Chinatown to be established in Pyeongtaek’s Yellow Sea Free Economic Zone (YSFEZ) is finally picking up steam. According to China Castle, the project’s special purpose company (SPC), 50 billion won ($44 million) in capital has been secured, which should allow the venture to take off [...]
SEOUL, Oct. 11 (Korea Bizwire) – South Korea has the world’s second-fastest construction time of nuclear reactors after Japan, a report from the U.N. nuclear watchdog showed Tuesday, but Seoul’s atomic energy provider said the short period doesn’t affect their safety. According to the report by the International Atomic Energy Agency, South Korea has built [...]
GOYANG, South Korea, Oct. 7 (Korea Bizwire) – Gyeonggi’s Provincial Government announced Thursday that it will be establishing a smart apartment complex that will help residents boost energy sufficiency. The endeavor will incorporate energy efficiency and information and communications technologies, with some 1,000 households at the Hoban Vertium Apartment Complex in Goyang benefiting from the [...]
SEOUL, Oct. 4 (Korea Bizwire) – Thirty years after its site was selected, Korea’s (and the OECD’s) tallest building yet, Lotte World Tower, has finally seen the completion of its exterior structure. With only the finishing touches remaining, construction is expected to wrap up on December 22. Located in Jamsil, a neighborhood in southeast Seoul’s [...]
SEOUL, Aug. 25 (Korea Bizwire) – South Korea will control the supply of new apartments in a bid to curb demand for mortgage loans, the main culprit for soaring household debt in Asia’s fourth-largest economy, government officials announced Thursday. Household credit jumped 11.1 percent on-year to an all-time high of 1,257.3 trillion won (US$1,123.5 billion) [...]
SEOUL, July 15 (Korea Bizwire) – The Bank of Korea (BOK) revealed on July 15 its ‘Adequacy Analysis of Recent Investment in Construction’ included in the Economic Outlook Report of July 2016, which showed serious concerns regarding the government’s economic stimulus plan focused on the construction industry. The BOK pointed out that Korea is following in the [...]
BUSAN, July 6 (Korea Bizwire) – A 5.0-magnitude underwater earthquake with an epicenter only 52km off the coast of Ulsan was detected Tuesday night at 8:33 p.m. Although no casualties or damages resulted from the event, the tremor was sensed across the nation, and citizens in Ulsan and nearby regions panicked as they felt the ground [...]