Foreign home purchases fall to 32-month low in S. Korea after new restrictions SEOUL, November 03 (AJP) - Purchases of residential properties by foreigners in the Seoul metropolitan area fell to their lowest level in nearly three years last month, following the government’s introduction of tighter restrictions on foreign real estate transactions. According to data from the court, 560 foreigners completed ownership transfers for homes in Seoul, Gyeonggi Province and Incheon in October — the fewest since February 2023, when only 427 transactions were recorded. Foreign purchases had climbed steadily earlier this year, from 606 in January to a peak of 1,051 in August, before slipping to 976 in September and continuing their decline in October. The downturn coincides with a new permit system for home purchases by foreigners, introduced on Aug. 26, which designated all of Seoul and several surrounding districts as restricted zones. The measure limits purchases to properties intended for residence and requires prior approval from local governments. The measure, part of a broader push to cool speculative housing demand, came amid growing public criticism that foreign buyers were gaining advantages in the housing market, including access to loans and tax loopholes. Under the new rules, foreigners seeking to buy houses must obtain government approval and move into the property within four months of purchase, maintaining residence for at least two years. Authorities have also intensified scrutiny of foreign real estate transactions, referring suspected tax evasion cases to the National Tax Service for investigation. Foreign home purchases dropped across all major regions in October: from 174 to 133 in Seoul, from 540 to 288 in Gyeonggi, and from 262 to 139 in Incheon. Chinese nationals accounted for the largest share with 438 transactions, followed by Americans with 133 and Canadians with 33. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 15:01:24

SK brings global tech giants as well as Korean startups in AI agent ecosystem SEOUL, November 03 (AJP) - SK Group, chip-strong and central to South Korea's AI ambitions through alliances with global leaders such as Nvidia, OpenAI and Amazon Web Services, is positioning itself as a front-runner in the emerging field of AI agent services by leveraging its strengths in high-performance memory chips, wireless networks and hyperscale data-center technologies. "AI is no longer a competition of scale, but a competition of efficiency. This paradigm shift is essential," SK Group Chairman Chey Tae-won said Monday at the opening of the conglomerate's annual AI summit for 2025. More than 30,000 attendees filled Seoul's COEX convention center, reflecting the intensity of AI investment and interest in Korea and signaling a broader shift toward autonomous Agent AI systems that require far more computing power than current AI applications. OpenAI chief executive Sam Altman, appearing via video message, highlighted the expanding partnership with SK, under which the Korean group's chip unit will supply 900,000 high-bandwidth memory (HBM) chips each month for the Stargate AI infrastructure project. Chey pointed to the maturation of inference models, accelerating business-to-business AI adoption, the rise of Agent AI, and intensifying sovereign AI competition as the four forces driving today's explosive computing demand. Global data-center investment reached $600 billion this year, he said, growing about 24 percent annually for the past five years. To ease chip supply bottlenecks, SK hynix is expanding production capacity at its Gwangju facility and pressing ahead with the Yongin semiconductor cluster, scheduled to begin operations in 2027. Each fab at Yongin will have roughly six times the capacity of the company's Cheongju M15X facility, Chey said. At the infrastructure layer, SK is building AI-optimized data centers in Ulsan with Amazon Web Services and in Korea's southwest region with OpenAI. "We are seeking the most efficient and ideal AI infrastructure structure," he said. Amazon chief executive Andy Jassy, in a video address, called SK a key partner in advancing global AI solutions, adding that performance improvements in semiconductors are becoming increasingly vital to building next-generation infrastructure. On the sidelines of the summit, universities and startups showcased Agent AI applications ranging from accessibility services to early childhood development. Chung-Ang University demonstrated an AI assistant that helps elderly and disabled users navigate restaurant kiosks by analyzing interfaces and presenting simplified choices. Yonsei University presented A-Eye, a walking-assistance service for the visually impaired that analyzes video input and provides real-time directions such as warning of obstacles or suggesting safe paths. Startup Todak Todac unveiled diagnostic tools that monitor muscle development, social interaction and cognitive patterns in young children, with plans to connect families to counselors for further support. SK stressed that it does not intend to compete with its partners but instead aims to create collaborative AI business opportunities. The group is already applying AI inside its manufacturing operations, including efforts to develop a fully autonomous memory-chip production system using Nvidia's Omniverse simulation platform. The summit also featured presentations from Nvidia's Tim Costa on next-generation semiconductor design, Kakao chief executive Chung Shin-a on sustainable AI agent development, and Anthropic co-founder Ben Mann on building safe and trustworthy AI systems. SK Group said it aims to contribute to building a Korean AI ecosystem that supports the government's goal of becoming one of the world's top three AI powers, with a focus on semiconductors, infrastructure and AI model development through partnerships with domestic and international companies. 2025-11-03 14:57:58

Celltrion wins Irish approval for purchase of Eli Lilly plant in New Jersey SEOUL, November 03 (AJP) - South Korean biopharmaceutical company Celltrion said Monday that it has received approval from the Irish government for its planned acquisition of Eli Lilly’s manufacturing facility in the United States, leaving only U.S. regulatory clearance before the deal can close. The Competition and Consumer Protection Commission of Ireland granted final approval for the purchase on Oct. 31, according to Celltrion. The deal requires the review under Irish competition law because it involves an Eli Lilly subsidiary that generates revenue in Ireland. Celltrion’s U.S. subsidiary is now seeking to acquire the New Jersey-based plant from Eli Lilly for about $330 million. Celltrion said the approval was granted swiftly thanks to what it called “effective communication and the anticipated benefits of the acquisition.” With U.S. approval now the final step, the company said it has encountered no significant issues in the acquisition process so far. "We will diligently prepare for the remaining steps to secure approval promptly," the company said in a press release. Celltrion aims to complete the deal by the end of the year, positioning the acquisition as part of its strategy to reduce tariff risks and strengthen global supply chain resilience amid geopolitical uncertainty. The company said it plans to integrate local production, packaging, logistics and sales to enhance operational efficiency. The company described the purchase as a “key driver” for expanding its global production capacity and boosting shareholder value. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 14:11:13

Heritage agency raises concerns over Seoul's decision to ease height limit near Jongmyo Shrine SEOUL, November 3 (AJP) - The Korea Heritage Service (KHS) on Monday expressed regret over a decision to raise a height limit for buildings in Seoul's derelict district of Sewoon near Jongmyo Shrine. The KHS had been in talks with the Seoul Metropolitan Government to adjust the height limit for the area, which is slated for redevelopment into an urban complex, but the city government abruptly decided last week to raise the limit from 71.9 meters to 145 meters. The KHS worries that the change may diminish the historical and cultural value of the UNESCO World Heritage site, designated in 1995 for its unique architectural landscape and historical significance as a royal ancestral ritual space. Under UNESCO's recommendations, which specify that no high-rise buildings should be permitted near the site to preserve its serene environment, the KHS urged Seoul to conduct relevant assessments before implementing any changes. Despite this, Seoul proceeded with the plan. Once home to the country's first mixed-use apartment complex, the area later became a hub for electronic goods but fell into decline after new, shiny malls opened in Yongsan in the late 1980s. Today, it remains a rundown cluster of low-end electronics shops and dilapidated housing. 2025-11-03 14:06:05

Samsung C&T wins $1.4 billion carbon capture contract in Qatar SEOUL, November 03 (AJP) - Samsung C&T’s construction division has won a $1.4 billion contract to build one of the world’s largest carbon compression and transport facilities in Qatar. The contract, valued at 1.91 trillion won, was awarded by QatarEnergy LNG, the state-run liquefied natural gas producer, and covers engineering, procurement and construction for the project. The new facility will be built about 80 kilometers north of Doha, in Ras Laffan Industrial City, a hub for Qatar’s energy production. Once completed, it will compress and transport up to 4.1 million tons of carbon dioxide a year to depleted gas fields for permanent underground storage — the largest carbon capture and storage capacity in the country. The project will require sophisticated systems for pressure and temperature control to ensure the safe handling of carbon dioxide, one of the most technically demanding elements of large-scale carbon management. Samsung C&T will oversee the full process from design to construction. The deal marks another milestone in Samsung C&T’s expansion beyond traditional construction into decarbonization and renewable energy sectors, including solar power and battery storage. “With our extensive experience in large-scale projects in Qatar, this contract will strengthen our contribution to the country’s sustainability goals,” said Lee Byung-soo, executive vice president of Samsung C&T’s Overseas Business Division. “It builds on our previous collaborations in solar and other clean-energy projects.” The project aligns with Qatar’s national strategy to reduce emissions from its LNG operations. For Samsung C&T, it reinforces the company’s position as a global contractor capable of integrating advanced environmental technologies into industrial-scale projects, company officials said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 13:45:49

Red-hot chip streak bolsters KOSPI as other Asian markets stay muted SEOUL, November 03 (AJP) - South Korea’s benchmark KOSPI extended its record-setting rally on Monday, far outperforming other Asian markets as optimism from the APEC week—marked by Nvidia-linked momentum, eased U.S. tariffs, and expectations of China lifting its unofficial ban on Korean content—kept risk appetite high. The KOSPI rose 1.9 percent to 4,183.52 in early trading, while the KOSDAQ gained 1 percent to 909.09. SK hynix briefly touched 600,000 won ($419) on heavy institutional and retail buying, driven by broad conviction that the world’s leading HBM supplier will dominate the AI memory cycle. Nomura Securities projected the company could overtake Taiwan Semiconductor Manufacturing Co. (TSMC) in operating profit by 2027, raising its target price by more than 55 percent from 540,000 won to 840,000 won. SK Securities went further, lifting its target to 1 million won. Investor sentiment strengthened after President Donald Trump and President Lee Jae Myung concluded a bilateral summit on October 29 that finalized the long-delayed U.S. import tariff framework. The agreement removed one of the biggest overhangs for the Korean economy and helped revive appetite for local equities. Morgan Stanley raised its 2025 growth forecast for South Korea to 1.6–1.7 percent from 1.5 percent, citing reduced risks tied to Korean institutional investments in the United States. The firm said Washington’s new investment cap would help contain capital outflows, while lower U.S. tariffs on auto parts would restore price competitiveness for Korean-made goods. The Federal Reserve’s rate cut at its October FOMC meeting—its first reduction this year—added external support. Lower U.S. borrowing costs are expected to ease global liquidity pressures and draw more capital into Asia’s biggest semiconductor hub. Entertainment stocks also rallied after JYP Entertainment founder and chief producer Park Jin-young met with Chinese President Xi Jinping, fueling speculation that Beijing may be preparing to lift its unofficial ban on Korean pop culture. JYP jumped 6.7 percent to 86,300 won, while SM Entertainment rose 3.4 percent, Cube Entertainment gained 3 percent, and HYBE advanced 0.9 percent. Market enthusiasm grew after reports that Xi offered positive remarks on Korean artists performing in China during a state banquet following Saturday’s Korea–China summit. Park, who serves as JYP’s chief creative officer, also co-chairs the Presidential Commission for Cultural Exchange. Elsewhere in Asia, China’s Shanghai Composite Index slipped 0.2 percent to 3,947.14, while Hong Kong’s Hang Seng Index inched up 0.3 percent to 25,981.31. In Taipei, the TAIEX rose 0.6 percent to 28,399.55, though TSMC—Taiwan’s $1.5 trillion market-cap champion—fell 1.3 percent to $300.4. 2025-11-03 11:45:31

UPDATE: Hanwha Aero and Hyundai Rotem show off K-defense muscles in Q3 SEOUL, November 03 (AJP) - South Korean weapons makers kept up their record-setting earnings streak in the third quarter, powered by solid demand for Korean defense systems known for proven technology and rapid delivery. Hanwha Aerospace posted its strongest third-quarter performance on record, lifted by robust exports and solid contributions from subsidiary Hanwha Ocean — underscoring the group’s growing dominance across Korea’s expanding defense-industrial value chain. The company said Monday its Q3 revenue surged 156.5 percent on-year to 6.5 trillion won ($4.55 billion), while operating profit jumped 79.5 percent to 856.4 billion won ($600 million) — the highest level ever for a third quarter. A key driver was the full consolidation of Hanwha Ocean, which contributed 3 trillion won in sales, representing the single largest chunk of group revenue. The land systems division, responsible for the K9 self-propelled howitzer and multiple-launch rocket systems, followed with 2.1 trillion won, trailed by Hanwha Systems — owner of Philly Shipyard — at 807 billion won and the aerospace arm at 604 billion won. Most of the profit, however, came from land systems, which generated 573 billion won in operating profit, or roughly 27 percent of the companywide total. Hanwha Ocean logged 290 billion won. Hanwha Systems saw a temporary earnings dip due to costs tied to its Philly Shipyard acquisition, while the aerospace segment swung back to profit after its Risk and Revenue Sharing Program (RSP) — a joint development mechanism where partners share profit and losses by equity ratio — turned profitable. RSP projects are known to incur front-loaded costs, so the turnaround is viewed as evidence the aerospace unit is entering a more stable earnings phase. “The land-systems backlog now stands at 31 trillion won, or around 69 percent of total orders,” a Hanwha Aero official said, adding that earnings momentum is expected to extend through 2029 as defense expansion remains the primary growth engine. Hanwha Aero is also accelerating its European push. The company plans to begin construction on a new production base in southern Romania by year-end, with local manufacturing to start in 2027. Hanwha entered the Romanian market last July by signing a 1.38 trillion-won deal to supply 54 K9 howitzers and 36 K10 armored ammunition resupply vehicles. It plans to partner with Romanian defense company PRO OPTICA and Italy’s Iveco for the new plant, ultimately targeting Romania’s infantry fighting vehicle (IFV) market. Hanwha Aerospace rose 6.44 percent to close at 1,042,000 won. Hyundai Rotem delivers best results since founding Hyundai Rotem also posted its best-ever results since its establishment, buoyed by soaring global demand for armored vehicles and main battle tanks. From January to September, the company recorded cumulative revenue of 4.2 trillion won and operating profit of 738 billion won — up 44 percent and 150 percent, respectively, from a year earlier. Even on a Q3-only basis, revenue rose 48 percent year-on-year, while operating profit more than doubled, up 102 percent. Like Hanwha Aero, Rotem’s standout performance came from its defense division. Cumulative new defense orders soared from 438 billion won in the first three quarters of last year to 9.14 trillion won this year — an explosive 1,988 percent jump — driven by skyrocketing demand for K2 main battle tanks across NATO states such as Poland and Romania, along with new export contracts for wheeled armored vehicles (WAVs) with Peru. Made-in-Korea armored assets have long been recognized for strong fundamentals, backed by Korea’s advanced manufacturing capabilities and its operational credibility as a nation effectively still at war. Sales gained renewed momentum after Russia’s invasion of Ukraine. Bordering NATO states, particularly Poland and Romania, began rushing to place large-scale tank orders amid mounting security concerns. Korean producers gained an edge with faster delivery timelines and high-performance systems, rivaling established European defense giants Rheinmetall and Krauss-Maffei Wegmann (KMW). Riding on its strengthened global position, Hyundai Rotem plans to continue research into hypersonic vehicles and dual-mode ramjet propulsion systems, aiming to develop maneuverable hypersonic missiles — a technology critical for penetrating missile defense systems and striking high-value targets. The company is also working to integrate robotics and drone technologies from Hyundai Motor Group to expand into next-generation autonomous and unmanned defense platforms. Hyundai Rotem shares surged 6.07 percent to 244,500 won. Eugene Investment & Securities analyst Yang Seung-yoon remains bullish on Korea’s broader defense sector, which also includes Korea Aerospace Industries and LIG Nex1, known for missile and radar capabilities. “NATO’s upward revision of defense spending targets and the EU’s exemption of defense-related debt limits could create meaningful opportunities,” Yang said. 2025-11-03 11:43:25

Coming-of-age indie film continues impressive run at box office SEOUL, November 3 (AJP) - Low-budget film "The World of Love" directed by Yoon Ga-eun has attracted over 60,000 viewers since its release late last month. The impressive feat for an independent film came after positive word of mouth boosted its popularity, with the 119-minute film still drawing hordes of moviegoers in its second week since its release on Oct. 22. In particular, it continues to draw viewers despite being shown on fewer screens, becoming the only film in the top 10 at the box office to maintain a double-digit seat occupancy rate for five consecutive days. "The World of Love," which earned critical acclaim at the Toronto International Film Festival (TIFF) in September, revolves around a teenage girl who becomes isolated and ostracized after refusing to participate in a school-wide petition. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 10:54:57

Hyundai Motor to cooperate with Singapore for development of hydrogen, low-carbon technologies SEOUL, November 03 (AJP) - Hyundai Motor Group has signed a memorandum of understanding with Singapore’s Economic Development Board to cooperate on the development of hydrogen and low-carbon technologies. Under the agreement, Hyundai will use its experience in fuel cell and hydrogen infrastructure to help Singapore identify and develop opportunities in hydrogen-based, low-carbon technologies. The EDB, a government agency under Singapore’s Ministry of Trade and Industry, will support Hyundai’s efforts to establish a hydrogen ecosystem in the city-state. Hyundai said it plans to expand its hydrogen business in Singapore, focusing on applications such as power generation and long-distance hydrogen transport. The company also intends to work with local partners to introduce hydrogen-powered vehicles, helping raise public awareness of cleaner energy alternatives and sustainable mobility. “This collaboration aligns with Singapore’s commitment to a low-carbon economy,” said Jingxin Zheng, director of mobility at the EDB. Park Jae-ha, who oversees Hyundai’s global hydrogen business, said government backing would be crucial to establishing the foundations of a hydrogen economy. “Through this partnership with EDB, we hope to develop policies and practical models that can accelerate hydrogen adoption,” he said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 10:36:08

HD Hyundai Heavy to develop submarines for Peruvian Navy SEOUL, November 03 (AJP) - South Korea's HD Hyundai Heavy Industries has signed a letter of intent with Peru’s state-run SIMA shipyard to jointly develop a new class of submarines for the Peruvian Navy, in what could become one of its most significant defense export ventures in Latin America. The agreement, announced Monday, builds on a series of accords between the two countries over the past year. It follows a memorandum of understanding signed at the APEC summit in Peru last November and a memorandum of agreement reached during the SITDEF defense exhibition in April. The letter of intent, timed to coincide with the APEC 2025 in Gyeongju, lays the groundwork for a final contract on submarine development and construction. At the signing ceremony were Joo Won-ho, president of HD Hyundai Heavy Industries, Teresa Mera, Peru’s minister of trade and tourism, and Adm. Bravo de Rueda, commander of the Peruvian Navy. Under the agreement, the two companies will discuss cooperation in design, production, and technology transfer, as well as broader industrial partnerships. The aim is to conclude a formal development contract later this year, with Peruvian engineers working alongside HD Hyundai teams at the company’s Ulsan shipyard to design submarines tailored to Peru’s naval requirements. The deal builds on an existing collaboration: HD Hyundai and SIMA are already constructing four naval vessels, including frigates and patrol ships, part of a broader effort to modernize Peru’s maritime capabilities. The partnership also includes training programs intended to bolster Peru’s shipbuilding workforce and expand local production capacity. “The joint construction of four surface vessels has strengthened Peru’s shipbuilding industry and deepened bilateral cooperation,” Joo said in a statement. “This submarine project will take that partnership to the next level, enhancing the Peruvian Navy’s operational capabilities.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 10:17:56