Journalist

Woo Joo-seon
  • SK ecoplant to buy back 6.5 trillion won in shares to redeem convertible preferred stock
    SK ecoplant to buy back 6.5 trillion won in shares to redeem convertible preferred stock SK ecoplant said April 28 it held a board meeting at its headquarters in Susong-dong, Jongno-gu, Seoul, and approved calling an extraordinary shareholders meeting to proceed with a share buyback. The buyback will cover about 1.33 million shares of convertible preferred stock, or CPS, issued in 2022. Of that, SK will purchase part of the CPS held by financial investors, valued at 200 billion won. SK ecoplant will acquire the remaining portion, valued at 650 billion won. The company said it is pursuing redemption of the CPS after weighing factors including easing future financial burdens such as dividends and protecting shareholder interests. It said the redemption will be funded with its own cash and other internal resources, without separate external financing. SK ecoplant has been accelerating a rebalancing effort to reshape its business around semiconductor and artificial intelligence infrastructure. The company said it is building semiconductor fabrication facilities and AI data centers while securing a value chain spanning key semiconductor materials, industrial gases, semiconductor module products and recycling. It said AI infrastructure-related businesses accounted for 67% of its revenue last year. An SK ecoplant official said the company will continue to raise corporate value by strengthening profitability and financial soundness based on its differentiated competitiveness in semiconductors and AI infrastructure. * This article has been translated by AI. 2026-04-28 17:53:04
  • Korail to Offer Up to 75% Off Partner Services on KorailTalk in May
    Korail to Offer Up to 75% Off Partner Services on KorailTalk in May Korea Railroad Corp., known as Korail, said Monday it will offer discounts of up to 75% on its partner services under “Korail MaaS (Mobility as a Service)” throughout May, marking South Korea’s Family Month. Korail MaaS is an integrated mobility service built into the KorailTalk mobile app. In addition to train ticket bookings, it provides access to travel and transportation services such as rental cars, car sharing, sightseeing taxis, and coffee and bread pickup. Customers who use the “rental car” option in KorailTalk will receive an immediate discount of up to 75% off the rental fee. The “car sharing” service, which lets users rent shared vehicles near stations, will be discounted 60%. Discounts will also be available for “sightseeing taxi” trips to tourist attractions in 23 areas, including Yeongju, Pyeongchang and Hongseong. Other offers include 20% off purchases of 10,000 won or more through the “coffee & bread” service, which allows customers to pre-order food and pick it up at stations without waiting. The “baggage delivery” service, which ships items such as suitcases ahead to destinations, will be discounted by 1,000 won regardless of luggage size. “We prepared this discount event so train trips with loved ones during Family Month can be more worthwhile and enjoyable,” said Lee Minseong, head of Korail’s customer marketing unit. He said Korail will continue to roll out linked transportation and tourism products that customers can feel in practice.* This article has been translated by AI. 2026-04-28 16:22:07
  • South Korea to Shift High-Speed Rail Signaling to Homegrown KTCS-2, Aiming for $1.2B Savings
    South Korea to Shift High-Speed Rail Signaling to Homegrown KTCS-2, Aiming for $1.2B Savings South Korea is moving to replace foreign-dependent high-speed rail signaling with the Korean Train Control System, known as KTCS-2. The shift is expected to cut costs by about 1.2 trillion won, and the National Railroad Authority said it will also cover the cost of retrofitting onboard equipment, accelerating efforts to standardize the system nationwide. The authority said Monday it will move this month to tender construction contracts for three sections of the Honam high-speed line (Osong~Iksan~Gwangju Songjeong). It will also begin design work for parts of the Gyeongbu Line where high-speed and conventional rail intersect, including the Seoul~Gwangmyeong section and the Daegu urban area. Design work is also set this month for the Daejeon and Daegu urban sections and for the Geoncheon connection line~Pohang section, where KTX and SRT services mainly operate. Once procurement is completed through an August tender for the Suseo high-speed line (Suseo~Jije), the localization of signaling on major high-speed routes is expected to move fully into implementation. The authority is pursuing a roadmap to integrate the national high-speed rail network into a single signaling system by 2028. KTCS-2 is a Korean train control system developed under the authority’s lead by 13 public and private organizations. It is described as the first in the world to control trains through a fourth-generation wireless network, LTE-R. Train control systems are central to rail operations and control, and South Korea has relied on foreign technology, including French systems known as ATC, which the authority said has driven up costs and caused delays when systems are expanded or modified. A core component of KTCS-2 is the radio block center, or RBC, which generates real-time control information based on train location and transmits it wirelessly to trains via LTE-R to calculate optimal operating speeds. The RBC has received the highest safety integrity certification, SIL4, from the international safety assessment body TUV SUD of Germany, the authority said. The most immediate impact is expected to be economic. The authority said its analysis shows that localizing trackside signaling equipment across 643.1 kilometers (399.6 miles) of high-speed lines could reduce project costs by about 94%, or 1.2149 trillion won, compared with existing systems. It said savings are expected to grow further in maintenance as reliance on imported parts and licensing fees declines. The authority said it will also invest about 254.1 billion won to retrofit onboard signaling equipment for 118 KTX and SRT trainsets. An industry official said the move is intended to push standardization by removing the risk that operators might hesitate to adopt the domestic system due to upfront costs. Operational changes are also expected. With wireless, real-time control, the authority said safe separation between trains could be reduced to 8.1 kilometers (5.0 miles) from 10.5 kilometers (6.5 miles), raising line capacity by at least 1.2 times. It also said the probability of failures could be 5.81 times lower than with existing ATC systems, improving on-time performance. A National Railroad Authority official said, “The introduction of KTCS-2 is significant in that it completes rail technology self-reliance by moving away from overseas dependence,” adding that the authority will seek global competitiveness by upgrading to KTCS-3, a next-generation system that includes automatic train operation, or ATO. * This article has been translated by AI. 2026-04-28 16:05:54
  • National Railway Authority, Korea Defense Diplomacy Association sign MOU on overseas projects
    National Railway Authority, Korea Defense Diplomacy Association sign MOU on overseas projects The National Railway Authority said April 28 it signed a memorandum of understanding with the Korea Defense Diplomacy Association to expand overseas business and strengthen cooperation in defense diplomacy. The authority said the agreement is aimed at building a broader foundation for South Korean companies to enter overseas markets by combining the authority’s capacity to carry out international rail projects with the association’s experience and expertise in defense diplomacy. Under the MOU, the two organizations will cooperate on sharing information related to overseas projects, providing technical advice and linking global networks. They also said they will work to produce tangible results by leveraging their respective strengths. Lee An-ho, acting chair of the National Railway Authority, said combining rail expertise with defense diplomacy know-how could create greater synergy on the international stage. “We will continue to strengthen the basis for cooperation to expand our companies’ global reach,” he said. * This article has been translated by AI. 2026-04-28 14:36:53
  • Seoul to Add Bus, Subway Service; Expands Off-Peak Commute Fare Refunds
    Seoul to Add Bus, Subway Service; Expands Off-Peak Commute Fare Refunds The government will increase bus and rail service during rush hours to ease crowding and expand fare refunds for commuters who travel earlier or later than usual under staggered work hours. Public agencies will be urged to have at least 30% of employees participate in staggered commuting, and the government will encourage private companies to adopt flexible work arrangements. The Ministry of Land, Infrastructure and Transport said it announced a joint plan with nine related ministries on the 28th at the Government Complex Sejong to reduce congestion on public transportation during commuting hours. The plan includes 32 tasks in four areas: expanding transit supply, spreading out commuting demand, discouraging car use and running a public campaign. Service will be expanded on heavily crowded routes in the Seoul metropolitan area. On weekdays, Seoul will add four more runs on 196 city bus routes and on the Shinbundang Line section between Jeongja and Sinsa. Subway service will also increase by 18 runs on parts of Lines 2 and 7, including the Sadang-Bangbae and Cheolsan-Gasan Digital Complex sections. Five stations with concentrated demand for Gyeongin Line express trains — Daebang, Singil, Gaebong, Dongam and Jemulpo — will get 15 additional daily stops. If the national oil alert is raised to the highest level, “severe,” the government will also pursue intensive dispatching of urban rail and buses comparable to measures taken during a city bus strike. By 2029, the government will provide 40.9 billion won to the crowded Gimpo Goldline and Seoul subway Lines 4, 7 and 9, and will push to shorten headways by introducing domestically developed communications-based train control, or CBTC. In September, the government will cut by 50% the spending threshold used to calculate refunds under the public transit reimbursement service “Moduui Card” (flat-rate K-Pass). For riders who use public transportation during designated off-peak windows around rush hour, the refund rate will rise by 30 percentage points. Flexible work in the public sector — including staggered hours and telework — will be strengthened in stages. The plan recommends applying staggered commuting to at least 30% of public-sector workers. If the oil alert level rises, it recommends 50% participation and actively encourages working from home. The government will also urge flexible work in the private sector by offering guidelines, incentives and consulting. It plans to encourage voluntary efforts to ease commuting congestion by reducing traffic-inducing charges for companies that cut vehicle use. A public-sector odd-even driving restriction that began on the 8th will be expanded step by step to the private sector if the oil alert level is raised. The government also plans to launch, next month, an auto insurance rider that discounts premiums for vehicles participating in the program. Land Minister Kim Yun-deok said the government will implement the added rail and bus service and expanded Moduui Card benefits without disruption, and that ministries and local governments will jointly inspect conditions and take immediate steps as needed to minimize commuting inconvenience. He also urged public cooperation to help overcome what he called an energy crisis, even if it causes some inconvenience. * This article has been translated by AI. 2026-04-28 14:29:33
  • GS E&C to Run Xi Brand Pop-Up in Seoul’s Seongsu-dong
    GS E&C to Run Xi Brand Pop-Up in Seoul’s Seongsu-dong GS Engineering & Construction said it will launch a customer campaign to showcase the updated direction of its Xi apartment brand following a rebranding. The company said April 28 it will run the “Find Your Inspiration” campaign from May 1-15 at a Xi brand pop-up venue in Seoul’s Seongsu-dong, tied to the Seoul International Garden Show. The pop-up space will feature a residential area using Xi’s specialized design, a wellness community video hall and hands-on experience zones. Visitors will be able to experience the future housing concept Xi is promoting. GS E&C also said it will create “Elysian Forest,” a companion garden at the Seoul International Garden Show reflecting Xi’s landscaping philosophy. The company said it plans to link the garden visit naturally to the Xi pop-up venue to introduce the brand’s direction to more customers. Through the campaign, GS E&C said it aims to strengthen brand experience and expand Xi’s positioning as a brand that connects living spaces and lifestyle. “As customer expectations for living spaces become more diverse, it is important to go beyond simple supply and propose new residential experiences,” a GS E&C official said. The official added the company will continue activities to broaden customer touchpoints and communicate brand value. * This article has been translated by AI. 2026-04-28 11:08:22
  • Nearly 400,000 Leave South Korea’s Housing Subscription Accounts as Seoul Cutoffs Hit Perfect Scores
    Nearly 400,000 Leave South Korea’s Housing Subscription Accounts as Seoul Cutoffs Hit Perfect Scores The point-based apartment subscription system, designed to protect end users, is increasingly criticized as favoring a small group of asset-rich applicants. With presale prices rising on surging construction costs and strict lending rules limiting financing, some applicants with high scores are giving up because they cannot raise the money. Others say winning has become unrealistic without both cash and a large number of dependents. As a result, more would-be buyers are either crowding into no-rank lotteries or leaving the subscription market altogether. According to Cheongyak Home data released on the 26th, the number of housing subscription account holders fell from 26,438,085 to 26,051,929 over the past year (March 2025 to March 2026), a drop of more than 380,000. Monthly declines were modest in the first half of last year, ranging from 0.03% to 0.09%, but the pace accelerated from October. The decline peaked in December at 0.305% from the previous month, and this year the monthly drop has continued at nearly 0.2%. Over the past 14 months, the cumulative net decrease totaled about 400,000. Critics link the exodus to unusually high barriers, including complexes where the cutoff has reached a perfect score. In a first-round subscription held on the 9th for “Acro de Seocho” in Seoul’s Seocho district, the cutoff for the 59-square-meter Type C unit was the maximum 84 points, the first such case in Seoul’s private apartment presale history. Competition for that type hit 1,099.1 to 1, the highest on record. But general sales accounted for only 4.8% of the project, or 56 units, prompting assessments that the market has become a contest for a tiny group of wealthy applicants with perfect-score accounts. As regular subscriptions have effectively narrowed, demand has surged into no-rank subscriptions held just days later. On the 13th, 106,093 people applied for two no-rank units at “Gangdong Heritage Xi,” a competition rate of about 53,000 to 1. The units were offered at about 730 million won, the 2022 presale price, allowing an estimated market-price gain of about 1 billion won. Observers say the lottery system — with odds of about 1 in 50,000 — has become the only remaining channel for unsubsidized, score-disadvantaged households without homes. High cutoffs are also being driven by large-family, perfect-score accounts winning smaller units at price-capped projects in the Gangnam area. At “Otiere Banpo,” the minimum winning score across all unit types was 69 points, with many types in the low-to-mid 70s — levels seen as requiring a perfect-score account typically associated with families of five or more. This score inflation is spreading beyond Gangnam across Seoul. The maximum score a four-person household can receive after more than 15 years without owning a home — 69 points — has effectively become the minimum needed to win. Cutoffs have risen above 69 points not only in Jamsil and Banpo but also in major areas such as “The Fine Yeonhui” in Seodaemun district and “Ichon Rael” in Yongsan district. Even four-person families that have remained without a home for 15 years are finding it difficult to win newly built apartments in Seoul, intensifying debate over whether the system still works as intended. Cash requirements are also filtering out end users. For example, “Otiere Banpo,” which began taking subscriptions on the 13th, required winners to raise more than 1.1 billion won in cash within three months because it is a post-completion sale. The requirement led even some top-score applicants with 84 points to forgo applying due to insufficient funds. Park Ji-min, head of the Wol-yong Subscription Research Institute, said the current system remains centered on older, large-family household structures and “fails to serve as a housing ladder at all” for the rapidly growing number of one- and two-person households. Park urged an overhaul that increases the weight of points for time without homeownership or length of subscription account membership, so that smaller households that have remained without a home can receive meaningful advantages. * This article has been translated by AI. 2026-04-28 05:09:37
  • Korea Construction Association Holds Policy Meeting With Chungcheong Members
    Korea Construction Association Holds Policy Meeting With Chungcheong Members The Korea Construction Association said it held a policy meeting on the 27th at its Sejong office for member companies in Daejeon and North and South Chungcheong provinces. Attendees included association President Han Seung-gu; Choi Gil-hak, head of the Chungnam-Sejong chapter; Choi Tae-jin, head of the Seoul chapter; Jeong Hyeong-yeol, head of the Busan chapter; So Jae-cheol, head of the Jeonbuk chapter; Hwang Geun-sun, head of the Gyeonggi chapter; Choi Mun-gyu, head of the Daejeon chapter; Jang Hong-su, head of the Ulsan chapter; Yoo Jeong-seon, head of the Chungbuk chapter; Hwang In-il, head of the Gwangju chapter; Choi Sang-sun, head of the Gangwon chapter; and Kang Dong-guk, head of the Gyeongnam chapter, along with about 40 representatives from member companies in Daejeon, Chungbuk and Chungnam. Park Seong-yong, an attorney at law firm Bae, Kim & Lee, gave a presentation on key considerations and advance preparations for family business succession at small and midsize construction firms. The association also briefed participants on major initiatives and heard concerns and key issues raised by the regional construction industry. Han said the association plans to visit member companies nationwide through regional meetings this year, starting with the Chungcheong area, following last year’s nationwide meetings. He said that with worsening conditions at home and abroad, regional members are facing particularly severe difficulties, and the association will strengthen its response to help address them. * This article has been translated by AI. 2026-04-27 16:50:51
  • LH Holds Briefing With Builders to Advance Small-Scale Housing Renewal Projects
    LH Holds Briefing With Builders to Advance Small-Scale Housing Renewal Projects 한국토지주택공사(LH)는 민간 건설사와 소규모주택정비 관리지역의 사업 활성화를 위한 소통 간담회를 개최했다고 27일 밝혔다. LH는 이번 간담회에서 소규모주택정비 관리지역(서울시 모아타운)의 사업 장점과 인센티브를 소개하며, 우수 건설사의 참여를 유도했다고 설명했다. LH는 앞으로 시공사 선정이 필요한 관리지역 8곳(약 7300가구 규모)에 대한 선정 로드맵도 제시했다. LH는 올해 관악난곡, 서대문홍제, 강서화곡, 금천시흥2 등 4곳의 시공사를 선정할 계획이다. 내년에는 동작노량진, 성북종암, 종로구기, 인천가정 등 수도권 4곳의 시공사 선정을 완료할 예정이다. LH는 관리지역으로 지정되면 사업 면적을 최대 4만㎡까지 확대할 수 있어 규모의 경제를 기대할 수 있고, 설계·시공 통합발주가 가능해 속도와 효율을 높일 수 있다고 밝혔다. 또 주택도시기금의 저리 융자를 통해 초기 사업비를 안정적으로 조달할 수 있으며, 정비계획 수립 절차를 생략할 수 있어 사업 기간 단축에도 도움이 된다고 덧붙였다. 박현근 LH 수도권정비사업특별본부장은 “이번 간담회를 계기로 사업 규모 확대와 공공 지원책을 널리 알려, 역량을 갖춘 중·대형 건설사들이 적극적으로 참여할 수 있도록 노력하겠다”고 말했다.* This article has been translated by AI. 2026-04-27 16:30:15
  • Seoul’s Gangnam Home Prices Show Signs of Rebound as Lease Crunch Grows, Tax Overhaul Looms
    Seoul’s Gangnam Home Prices Show Signs of Rebound as Lease Crunch Grows, Tax Overhaul Looms Seoul home prices in the Gangnam area, which had been sliding, are showing signs of a rebound as bargain listings dry up and rising jeonse (lump-sum lease) prices push buyers back into the market. The shift has been led by Songpa-gu, where a string of record-high deals in smaller units and outlying neighborhoods has helped halt a decline that had lasted nearly two months. Songpa leads a broader Gangnam-area rebound as buyer sentiment turns positive According to the Korea Real Estate Board, Seoul’s average apartment sale price rose 0.15% from a week earlier in the third week of April (as of the 20th). Songpa-gu, which had fallen for eight straight weeks along with Gangnam and Seocho, switched to gains for the first time in nine weeks, ending a downturn that began in February as listings from multi-home owners hit the market. The Ministry of Land, Infrastructure and Transport’s transaction disclosure system shows a 27-square-meter unit at Ricenz in Jamsil-dong sold on April 4 for 1.83 billion won, topping 100 million won per 3.3 square meters. A 49-square-meter unit at Helio City in Garak-dong also set a new record at 2.17 billion won. As major complexes such as Jamsil’s Els saw 84-square-meter units recover to around 3.4 billion won, demand shifted toward smaller, more affordable units and outer areas. Buyer sentiment has also rebounded. The sales supply-demand index for Seoul’s southeastern region, which includes the three Gangnam districts, came in at 100.1 this week. It was the first time since mid-February — nine weeks — that the index rose above the 100 baseline, indicating more buyers than sellers. Rising jeonse prices add pressure, raising fears of a lease-driven price lift Rising jeonse prices across Seoul are also supporting sale prices. The Korea Real Estate Board said Songpa-gu’s weekly apartment jeonse price change was 0.39%, tied with Seongbuk-gu for the highest in the city. With jeonse listings drying up at large complexes, more tenants are shifting toward purchases. Seoul’s apartment jeonse prices have widened their gains for four straight months this year. The city’s cumulative jeonse increase stands at 2.17%, more than five times the 0.4% rise over the same period a year earlier. Four districts have already posted cumulative increases above 3%: Gwangjin (3.23%), Seongbuk (3.56%), Nowon (3.47%) and Seocho (3.22%). Experts warn that if the lease crunch persists, would-be first-time buyers could be pushed into “forced buying,” adding fuel to price increases. Nam Hyuk-woo of Woori Bank’s real estate research center said improved sentiment is being reflected in prices, but added that policy uncertainty remains. “With policy variables still in play, such as the possibility of reducing long-term holding deductions, a box-range market could continue as sellers and buyers watch each other,” he said. Broad tax package possible in July, from capital gains to holding taxes With signs of a market rebound, analysts expect the government to move faster. After President Lee Jae-myung called for an overhaul of real estate taxation to stabilize housing prices, a July tax law revision package is expected to include wide-ranging measures spanning capital gains tax and holding taxes, including the comprehensive real estate holding tax and property tax. A leading option is to scale back the long-term holding deduction for non-resident single-home owners. Under current rules, deductions can reach up to 80%. The plan would restructure the benefit around actual occupancy periods, sharply increasing taxes on a “one home for investment” that is not owner-occupied. The article said the approach reflects the president’s view that “cutting taxes just for holding encourages speculation.” Measures to increase the effective burden of holding taxes are also under review. The government is considering raising the fair market value ratio — which can be changed by enforcement decree — from the current 60% to 80% to 100% in stages. Still, criticism of a regulation-heavy approach is growing. An industry expert who requested anonymity said many multi-home owners have already adjusted to policy changes, and tougher taxes could instead deepen a “lock-up” in listings. The expert said it would be more important to present a concrete roadmap for urban housing supply than to rely on tax measures after the fact. * This article has been translated by AI. 2026-04-27 15:10:34