Journalist

Choi Min-sung
  • NH NongHyup Bank Partners With U.S. Real Estate Platform Koriny on Investment Advice
    NH NongHyup Bank Partners With U.S. Real Estate Platform Koriny on Investment Advice NH NongHyup Bank said March 5 that it has signed a business agreement with Koriny, a U.S. real estate platform company, to cooperate on U.S. real estate investment advisory services. Under the agreement, the two sides plan to provide professional, reliable information to customers interested in investing in U.S. real estate and to identify a range of investment opportunities. Cooperation will include providing U.S. property listings and investment information, tailored advisory services for top clients, and seminars on U.S. real estate investing. The bank said seminars and advice based on local market information and investment trends will help customers build more systematic overseas real estate strategies. “This agreement is a strategic partnership to respond more precisely to customers’ global wealth-management needs,” Yoo said. “We will continue to expand differentiated investment advisory services, including global investments, and provide customers with a wider range of wealth-management solutions.” 2026-03-05 08:54:00
  • Foreign home purchases in Seoul halve after Korea tightens property rules
    Foreign home purchases in Seoul halve after Korea tightens property rules SEOUL, February 12 (AJP) - Foreign purchases of homes in Seoul fell by more than half after the government designated the capital and key parts of the greater metropolitan area as land-transaction permit zones for foreign buyers. The Ministry of Land, Infrastructure and Transport said Thursday its review of apartment and other home transactions from September to December last year showed sales by foreign buyers declined across designated areas compared with a year earlier. In the wider capital region — encompassing Seoul, Gyeonggi Province and Incheon — foreign home purchases fell 35 percent to 1,481 transactions from 2,279 a year earlier. The government introduced the permit requirement in August following criticism that foreign buyers were purchasing high-priced properties for speculative purposes and contributing to market overheating. Under the rule, approved buyers must occupy the property for at least two years. Seoul recorded the sharpest decline, with transactions dropping 51 percent to 243 from 496. Within the capital, purchases in the upscale Gangnam, Seocho and Songpa districts, along with Yongsan District, fell 65 percent. Seocho posted the steepest decline among Seoul’s 25 districts, with transactions plunging 88 percent to 11 from 92. By nationality, purchases by Chinese buyers fell 32 percent to 1,053, while transactions by U.S. buyers declined 45 percent to 208. Chinese nationals still accounted for 71 percent of foreign purchases, with Americans making up 14 percent, largely unchanged from a year earlier. First Vice Minister Kim I-tak said the decline suggested that demand contributing to overheating in parts of the housing market was easing. “The government will cooperate closely with local governments to thoroughly verify compliance and establish a housing market centered on real demand,” Kim said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-12 15:53:13
  • Tighter loans fuel demand for smaller apartments
    Tighter loans fuel demand for smaller apartments SEOUL, February 2 (AJP) - Strong demand for homes along the Han River in Seoul has driven up prices of small or midsize apartments, as they are relatively affordable and eligible for larger loans. According to transaction data of real estate compiled by KB Kookmin Bank and released on Monday, the average price of apartments measuring 60 to 85 square meters in about a dozen districts south of the Han River stood at 1.83 billion won (about US$1.3 million) in January, up 0.96 percent from the previous month, surpassing 1.8 billion won for the first time. These districts include Dongjak, Gangnam, Gangdong, Gangseo, Geumcheon, Gwanak, Guro, Seocho, Songpa, Yangcheon, and Yeongdeungpo. In about 14 districts north of the river, prices averaged 1.14 billion won in January, up 0.83 percent from December. The increase comes after the government introduced a series of stringent measures in June and October last year to curb real estate speculation, limiting loans to 600 million won for apartments priced at 1.5 billion won or below. Separately, President Lee Jae Myung recently posted a series of messages on social media, signaling a strong resolve to rein in the overheating housing market, though it remains to be seen whether his efforts will succeed. 2026-02-02 14:36:53
  • South Korea to End Capital-Area Commuter Buses Run by Relocated Public Agencies
    South Korea to End Capital-Area Commuter Buses Run by Relocated Public Agencies Public agencies that relocated outside the Seoul metropolitan area will be required to stop operating chartered commuter buses to and from the capital region, a move aimed at strengthening the effectiveness of the relocation policy. The government said it will also prepare measures to improve living conditions in innovation cities. According to the government on Tuesday, the Ministry of Land, Infrastructure and Transport sent official notices to public agencies on Monday and Tuesday instructing them to wind down capital-area charter commuter bus operations run by agencies moved to innovation cities. The guidance calls for ending operations within three months, and completing all terminations within six months if contract cancellations trigger penalties. The step follows comments by President Lee Jae Myung at a New Year’s news conference on Jan. 21, when he said there is no relocation effect if agencies move to the regions but still run charter buses for commuting to the capital. A ministry survey found that, as of the end of last year, 47 of 149 relocated public agencies were operating charter commuter buses to the capital region. The buses operate from eight innovation cities, excluding Busan and Jeju, with about 22 billion won spent annually. In North Chungcheong Province, 10 of 11 agencies run weekday commuter buses to the capital region; in Gangwon Province, six of 11 do. Commuter buses for civil servants traveling between the capital region and the Government Complex Sejong were fully suspended in December 2021. The ministry said that more than a decade after the relocations, some agencies are still running commuter buses for employees traveling to the capital rather than supporting local settlement. It said the practice undermines regional economic contributions and efforts to revitalize innovation cities, and that the decision was made after interagency discussions. Separately, the ministry said it plans to speed up work to improve living conditions in innovation cities. It said ministries are identifying short-term tasks with their affiliated agencies and will also work with local governments to develop measures to improve conditions in innovation cities during a second phase of public agency relocations. * This article has been translated by AI. 2026-01-28 16:30:25
  • South Korea Secures Record 54,000 New-Build Rental Homes, Plans 44,000 Starts in Capital Area
    South Korea Secures Record 54,000 New-Build Rental Homes, Plans 44,000 Starts in Capital Area 정부가 지난해 역대 최대 규모의 신축매입약정을 체결하고 도심 주택공급에 속도를 낸다. The Ministry of Land, Infrastructure and Transport and the Korea Land and Housing Corp. (LH) said Tuesday they secured 54,000 homes through new-build purchase agreements last year, the largest total on record. The figure was up 128% from the previous year’s 41,955 homes and about six times the 9,253 recorded in 2023, the ministry said. About 48,000 of the homes were in the Seoul metropolitan area, including 15,000 in Seoul. Under the new-build purchase-lease program, LH buys privately built or planned homes after completion and supplies them as rental housing. Many are non-apartment units, including small apartment buildings and multi-family housing. Based on last year’s results, the ministry said it plans to start construction on more than 44,000 new-build purchase homes in the capital area this year, including 13,000 in Seoul. It said the plan is intended to keep on track with targets in the Sept. 7 housing supply expansion plan: 70,000 capital-area starts in 2026-2027 and a total of 140,000 by 2030. LH said it will recruit tenants this year for 11,000 purchase-lease homes in the capital area, including 3,000 in Seoul, and supply about 60% of them to young people and newlyweds. The ministry and LH said they will also strengthen quality control to provide higher-quality, tailored housing for newlyweds and young people. They also said they will conduct a full review of whether purchase prices under the program were appropriate, after President Lee Jae Myung last year criticized LH for buying newly built private homes at high prices for the purchase-lease program. The ministry said it will form an external expert-led review committee and complete the review by April. “Especially when the housing market is difficult, it is important for the public sector to send a clear supply signal backed by results,” Minister Kim said. “If last year was a year of preparation with record agreements, this year will be a year of execution through starts of more than 44,000 homes in the capital area and more than 13,000 in Seoul.” Cho Kyung-sook, LH’s acting president, said about 11,000 homes contracted in Seoul last year are in strong locations with proven infrastructure, including near transit hubs. She said LH will “take the lead in stabilizing the housing market” through strict quality control, phased starts and on-time supply.* This article has been translated by AI. 2026-01-28 16:15:00
  • Incheon airport expands global reach with record number of airlines
    Incheon airport expands global reach with record number of airlines SEOUL, January 28 (AJP) - Incheon International Airport has surpassed 100 airlines in operation for the first time since opening in 2001, underscoring its growing role as a regional aviation hub, operator Incheon International Airport Corp. (IIAC) said on Wednesday. As of December, 101 airlines were operating at the airport, up from 47 at its opening, the company said. Seven new carriers were added last year, including Scandinavian Airlines. With the increase in airlines, Incheon now serves 183 cities in 53 countries across passenger and cargo routes. At opening, the airport connected 103 cities in 38 countries, representing growth of 39 percent in countries served and 78 percent in cities, the company said. The airport now operates 159 international passenger routes, the highest number among major competing airports in Northeast Asia. Incheon also has the most routes to North America among its regional peers, with 18, according to the IIAC. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-28 10:52:06
  • South Koreas GS E&C builds solar power complex in India
    South Korea's GS E&C builds solar power complex in India SEOUL, January 27 (AJP) - South Korea's GS Engineering & Construction has entered India’s renewable energy market, completing a solar power project in Maharashtra state and beginning full commercial operations. The company said on Tuesday the Patur solar power complex has an installed capacity of 12.75 megawatt-peak (MWp) and is expected to generate between 18 million and 20 million kilowatt-hours of electricity annually, enough to supply power to about 6,000 households for a year. GS E&C said the project would reduce carbon dioxide emissions by about 8,000 tons a year compared with fossil-fuel power generation. The South Korean builder participated in the project as a developer, overseeing construction and operating the facility to sell electricity directly and generate revenue. Under a long-term agreement, GS E&C will supply about 13.9 gigawatt-hours (GWh) of electricity a year — roughly 69 percent of the project’s total output — to Iljin Global India for the next 25 years. The remaining power will be sold to a local Indian real estate developer. The project uses an “open access captive” model, which allows industrial users to procure electricity directly through India’s transmission and distribution network. GS E&C said rising electricity prices in India are driving demand for renewable energy sources such as solar and wind, and it expects the market for the model to expand. GS E&C said it established an India renewable energy development corporation in 2023 as part of preparations to enter the market. The company plans to strengthen its position as a renewable energy developer in India and expand its portfolio beyond solar into wind power, GS officials said. The company will initially focus on working with South Korean companies operating in India before gradually diversifying its customer base, they added. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-27 14:04:28
  • Ssangyong Engineering secures major contracts in UAE, Singapore
    Ssangyong Engineering secures major contracts in UAE, Singapore SEOUL, January 26 (AJP) - Ssangyong Engineering said on Monday it has secured major construction contracts in the United Arab Emirates and Singapore. The company said it has won a $250 million contract from Dubai state-owned real estate developer WASL to build Avenue Park Tower, a residential project in central Dubai. The project comprises two residential towers ranging from 37 to 43 stories above ground in a key downtown development area about 10 minutes from Dubai International Airport. Ssangyong said it earned the client’s trust after successfully completing WASL’s Hyatt Centric hotel and One Residence projects in 2022. Since 2023, Ssangyong has secured additional projects in Dubai, including Immersive Tower, the Kifaf development and Creek Waters. The company is currently carrying out six projects in the emirate with a combined value of about 1.3 trillion won ($960 million). In Singapore, Ssangyong last month won a contract for the Alexandra Hospital outpatient building, a $580 million project commissioned by the Ministry of Health. The company formed a joint venture with Japan’s Shimizu Corp. and Singapore’s Kimly, with Ssangyong holding a 40-percent stake valued at about 3.4 trillion won. The project includes three basement levels and 12 stories above ground, housing examination rooms, clinics, offices and a four-story parking facility. Ssangyong said it has built advanced medical facilities worldwide with a combined capacity of around 12,000 beds. In Singapore, its track record includes projects such as Tan Tock Seng Hospital in 1998, the new K.K. Hospital in 1999 and the Woodlands Health Campus in 2024. The company has completed about 40 projects in Singapore, including the Marina Bay Sands integrated resort. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-26 13:54:57
  • Daewoo E&C to build AI data centers in southwestern counties
    Daewoo E&C to build AI data centers in southwestern counties SEOUL, January 16 (AJP) - Daewoo Engineering & Construction announced a plan Friday to build artificial intelligence data centers with a combined power capacity of 500 megawatts in South Jeolla Province. The company said it signed a memorandum of understanding with the municipal governments of South Jeolla Province, Jangseong County, Gangjin County and a consortium of public and private partners, to develop AI data centers in the region. Under the agreement, the partners plan to build two major AI data centers in Jangseong and Gangjin counties, with power capacities of 200 megawatts and 300 megawatts, respectively. Daewoo E&C will serve as a core construction partner in the consortium, participating across the engineering, procurement and construction process. Daewoo E&C has been expanding its non-housing businesses, including data centers, to reduce reliance on the housing market and to strengthen its role as a developer involved in development, investment and operations. As part of that strategy, the company has broadened its data center portfolio, starting with the Empyrion Digital AI Campus project in Seoul’s Gangnam district and expanding into projects such as the Jangseong Fine Data Center, described as South Jeolla’s first data center, where it participates as both an investor and builder. Chairman Jung Won-ju attended the groundbreaking ceremony for the Jangseong Fine Data Center on Dec. 15, where he said data centers are “core infrastructure” for the AI era and can play a key role in revitalizing regional economies and strengthening national competitiveness. The consortium said it plans to build high-efficiency, environmentally friendly data centers and develop AI infrastructure with global competitiveness. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-16 15:39:13
  • Railway passenger numbers hit record due to surge in high-speed train usage
    Railway passenger numbers hit record due to surge in high-speed train usage SEOUL, January 14 (AJP) - South Korea saw a record number of railway passengers last year, as more people used high-speed trains not only for travel but also for daily commutes, the Ministry of Land, Infrastructure and Transport said on Wednesday. The total number of railway passengers reached 172.22 million as of the end of las year, up 0.6 percent from the previous year and the highest on record. Among them, passengers on high-speed bullet trains KTX and SRT totaled 93 million and 26 million, averaging 254,000 and 71,000 per day, respectively. The ministry said the increase is partly due to a new railway line connecting Jecheon in North Chungcheong Province and Wonju in Gangwon Province and other southern areas, which opened in December 2024, carrying about 2.75 million passengers so far. Passengers on conventional slower trains with frequent stops fell 3.6 percent from a year earlier to 53 million, indicating a shift toward high-speed trains. By destination, trains to the southern port city of Busan carried the most passengers, totaling 83.60 million. Of these, 61.40 million traveled on high-speed trains and 20.22 million on conventional trains. Seoul Station in the capital was the busiest, with 43.90 million passengers, followed by Busan (26.10 million), Dongdaegu (20.50 million), Daejeon (19.60 million) and Yongsan (15.10 million). To meet growing demand, the ministry expanded discount programs for the elderly, people with disabilities, families with multiple children, and pregnant women. It also installed around 300 new ticketing machines, offering various services including remote consultations and other assistance. Some 385,000 families with multiple children and 699,000 pregnant women benefited from substantial discounts for their fares. The ministry also said it will come up with tour programs aimed at revitalizing local tourism in areas facing population decline by attracting visitors. Kim Tae-byeong from the ministry said, "We will ensure the safety of passengers while continuing to improve services." 2026-01-14 16:15:32