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Hyundai Engineering & Construction Enters Bid for Mokdong District 10 Redevelopment Hyundai Engineering & Construction is officially entering the bidding process for the redevelopment of Mokdong New Town. On August 5, the company announced plans to showcase a differentiated design for the Mokdong District 10 redevelopment project in collaboration with the renowned architectural firm Morphosis and the global design group Sasaki. To prepare, key design personnel, including Erik Leach, an architect from Morphosis, and Im Seong-beom, the representative of the Korean branch, visited Mokdong District 10 on August 3. They assessed the complex and its surrounding urban environment, intending to incorporate the planned urban characteristics of Mokdong New Town and the site conditions of District 10 into their design. Morphosis, founded by Pritzker Prize winner Tom Mayne in 2005, has worked on various projects, including the California Department of Transportation Center and the San Francisco Federal Building. The firm also participated in the global design team for the redevelopment of Apgujeong District 3. Sasaki is an integrated design group that encompasses landscape architecture, architecture, urban planning, interior design, and civil engineering. The firm has been involved in large-scale park and urban waterfront projects, including the Beijing Olympic Green, Chicago Riverwalk, and New York's Greenacre Park. Sasaki will provide comprehensive consulting focused on three main areas for Mokdong District 10: landscaping, individual units, and community spaces. The landscaping plan includes seasonal greenery, resort-style water terraces, and private healing walking paths. For individual units, they propose flexible floor plans that maximize views and natural light, along with designs for windows that allow natural ventilation. In the community area, plans include an eco-friendly high-end club that connects indoor and outdoor spaces, along with hotel-style interior finishes. As the bidding for the Mokdong redevelopment intensifies, construction companies are differentiating themselves not only through construction cost conditions but also through collaborations with global design firms and high-end brand competitiveness. Hyundai Engineering & Construction has been expanding its engagement with local residents by opening a dedicated space for its high-end residential brand, 'D.H. Mokdong Lounge,' near the complex in March. A representative from Hyundai Engineering & Construction stated, "Mokdong District 10 is a prime complex that combines excellent living infrastructure, educational districts, and business viability. We aim to create a residential complex that represents Mokdong New Town by combining Morphosis's architectural design, Sasaki's integrated design capabilities, and Hyundai's residential technology." The Mokdong District 10 redevelopment is a large-scale project that will transform the existing 2,160 units into a maximum of 4,248 units across 40 floors. The estimated construction cost is approximately 2.6135 trillion won.* This article has been translated by AI. 2026-08-05 10:32:00
Real Estate and Taxation Must Return to Common Sense The government's recent tax reform proposal signals significant changes in the real estate market. The plan aims to increase property tax burdens on high-value and non-residential properties while restructuring long-term capital gains tax exemptions to focus on actual residents. The intention to protect genuine homebuyers while imposing greater responsibilities on speculative holdings is understandable. However, there are considerable concerns in the market about reduced transactions and increased tax burdens. Policies are evaluated based on their outcomes, not intentions. The government must closely monitor market reactions and prepare supplementary measures.Real estate policy has always been one of the most challenging tasks for any administration. When home prices rise, taxes are increased; when transactions decline, regulations are relaxed. Throughout this process, comprehensive real estate taxes, capital gains taxes, and acquisition taxes have been revised multiple times, and exemption systems have continually changed. Citizens have found it difficult to understand the complex tax laws, and the market has struggled to trust the consistency of policies. The real estate market is far more sensitive to future policy changes than to the current tax rates. When predictability is lost, both transactions and investments inevitably decline.This tax reform, which emphasizes taxation based on actual residency, is a meaningful direction. However, expectations that the market can be moved solely through tax measures should be approached with caution. The instability in home prices in Seoul and the surrounding metropolitan area is the result of a combination of factors, including supply shortages, concentration of education, transportation, and job opportunities, and abundant liquidity. Strengthening taxes will not resolve supply shortages, and there are clear limits to controlling demand through taxation alone. The market considers not just tax policies but also supply, finance, economic conditions, and interest rates.Particularly, the balance between property taxes and transaction taxes must be handled with care. If the burden of ownership increases while transaction burdens also rise, the market may see a decrease in available listings and a contraction in transactions. Suppressing speculation and hindering normal transactions are entirely different issues. Taxes should not be barriers that freeze the market but rather mechanisms that facilitate its normal operation. A market where individuals cannot act due to tax concerns is not a healthy market.It is time for real estate policy to shift from a tax-centric approach to a comprehensive strategy. Revitalizing urban reconstruction and redevelopment is essential to expand the supply of quality housing, alongside enhancing transportation networks and industrial and educational infrastructure. Financial policies should strictly manage speculative loans while ensuring ample opportunities for genuine homebuyers, including young people, newlyweds, and first-time buyers. When supply, finance, and taxation align in the same direction, the market can find stability.Good taxation is not about collecting more taxes. It is about creating a system that citizens can understand, accept, and sustain over the long term. If tax systems are significantly disrupted with each change in administration, citizens cannot plan their assets, and businesses and markets struggle to make long-term decisions. The real estate tax system should be viewed not as a short-term tool for responding to home prices but as a long-term national institution. The fundamental principles of tax equity, market functionality, and protection of citizens' property rights must be balanced.The goal of real estate policy is not to artificially inflate or deflate home prices. The essence lies in creating an environment where citizens can reside stably, the market can operate normally, and genuine homebuyers are protected. Taxes should be designed based on the same principles. They are not a means to control home prices but a tool to stabilize the market. Both real estate and taxation should be approached with common sense, not politics. Only on a foundation of consistent principles that the market can trust can citizens' housing stability and the normalization of the real estate market be achieved. 2026-08-05 10:32:00
Debate Over Casino Regulations: Investment Threat or Necessary Reform? The debate surrounding casinos is intensifying. The tourism industry is pushing back against the government's proposal to increase the burden rate of the tourism development fund and introduce a five-year renewal permit system, arguing that these measures will stifle investment and undermine the industry's competitiveness. The Ministry of Culture, Sports and Tourism contends that many of the industry's claims are inaccurate.Following a National Assembly forum last month, a policy meeting was held on August 4, where industry and academic representatives discussed directions for regulatory improvement.The crux of the debate is not merely about the intensity of regulation. The key issue is how to create a system that maintains the public nature of the casino industry while not compromising investment and competitiveness.There is likely broad agreement on the need to revise casino regulations. The foreigner-only casino market has seen the emergence of large-scale integrated resorts, with business sizes and investment amounts that are difficult to compare with the past. However, the system for regularly verifying whether casino operators continue to meet licensing requirements has been insufficient. The payment system for the tourism development fund has also remained unchanged since its introduction in 1995, maintaining a basic framework that imposes a maximum of 10% based on revenue brackets.The government's rationale for regulatory reform is understandable. Unlike general tourism businesses, the casino industry is one that the state permits only under limited circumstances. There is a need for mechanisms to continuously assess operators' qualifications, financial soundness, and management transparency. The argument that as the industry grows, its social responsibilities and public contributions should be adjusted to reflect reality is also valid.The Ministry explains that even if the fund burden rate is raised to a maximum of 15%, it will not apply uniformly to all revenues. They are considering a progressive system that would create new high-revenue brackets, applying the 15% rate only to amounts exceeding those thresholds. They noted that revenue-based assessments for fund contributions are also used in major casino-operating countries like the U.S., Singapore, and Macau.Similarly, the five-year renewal permit system is described not as a complete re-selection of operators but as a mid-term evaluation to check whether they continue to meet licensing requirements. According to the government, this reform is more about refining a long-standing management system than erecting new barriers.However, it is problematic to dismiss the industry's concerns as mere self-interest. Integrated resorts are long-term investment projects that develop not only hotels and casinos but also performance venues, exhibition and conference facilities, and shopping and dining options. These projects can require investments of trillions of won, and even after opening, ongoing funding is needed for facility expansion and content development. The structure relies on loans from financial institutions and external investments to recover capital over an extended period.In such ventures, the stability of permits is directly linked to investment decisions. Even if the government describes the renewal permit system as a mid-term evaluation, it cannot be assumed that financial institutions and investors will interpret it the same way. Increased uncertainty about business continuity could lead to more conservative lending assessments and investment decisions.Concerns about this were specifically raised during the August 4 meeting. Lotte Tour Development reported that amid ongoing discussions about regulatory changes, its major lenders expressed negative reactions regarding loan extensions, and it received early repayment requests from convertible bond investors.However, early repayment of convertible bonds is a right that investors can exercise under the terms of their contracts. It cannot be definitively concluded that the discussions about regulatory changes were the direct cause. Nevertheless, the government should consider how its policies may be perceived by financial markets and investors.The issue of increasing the tourism development fund is similar. The industry argues that casinos pay the fund based on revenue rather than profit, which imposes a burden even on operators that are operating at a loss.Lee Jang-seong, the financial officer at Lotte Tour Development, stated that despite generating over 470 billion won in casino revenue last year and contributing 51.5 billion won to the fund, the company recorded a pre-tax loss of 4.5 billion won. He argued that if the burden increases by hundreds of billions more, it could severely impact management.Inspire also noted that if the fund burden increases, it could reduce the capacity for follow-up investments in cultural and tourism facilities, including the arena, where casino profits are reinvested.The Ministry's explanation should not be taken lightly. The tourism development fund is used for attracting tourists, expanding tourism facilities, providing loans to tourism businesses, and training personnel across the tourism industry. Given that the casino industry has grown based on tourism infrastructure, it is difficult to overlook the intent to share its successes with the entire industry.The government must clearly disclose the actual burdens resulting from the regulatory changes. It should specify how much fund contributions will increase based on revenue brackets for each business and clarify what will be evaluated during renewal assessments and under what circumstances permits may be revoked. The timing of implementation and transitional measures should also be thoroughly discussed. If the criteria are unclear, market anxiety will inevitably grow.The industry should not simply reject the changes to the regulations. It must strengthen management transparency and internal controls and present practical measures for responsible gambling and user protection. To argue the impact on employment and investment, it should also provide objective data. It will be difficult to persuade public opinion by prioritizing investment and competitiveness while avoiding social responsibility.Time is also of the essence. In Osaka, Japan, a project is underway to open the Yumeshima integrated resort around the fall of 2030. Once a large-scale resort with global casino operators and significant capital opens, competition for attracting foreign tourists in Northeast Asia will become even more intense.While South Korea is mired in internal regulatory debates, its competitors are enhancing their facilities, content, and marketing capabilities. However, this does not justify loosening management and oversight or demanding special privileges in the name of international competitiveness.What is needed is a framework that allows investors to predict the future of their businesses and for the public to trust the casino industry. It is the government's responsibility to create and uphold that framework. Regulations should exist for the benefit of the industry, and the industry can only grow on the foundation of public trust.* This article has been translated by AI. 2026-08-05 10:28:00
Cheon Ha-ram Questions Defense Minister Ahn Gyu-baek's Leadership Amid Controversies Cheon Ha-ram, the floor leader of the Reform Party, criticized Defense Minister Ahn Gyu-baek on recent controversies within the Ministry of National Defense, including the failure to equip frontline posts with live ammunition and a mistaken incident involving a U.S. drone. He questioned, "How can the Ministry of National Defense be managed well when the suspicions surrounding Minister Ahn's desertion have not been resolved?"On August 5, during an appearance on Channel A's radio show 'Political Signal,' Cheon stated, "The Ministry of National Defense is fundamentally a place that operates regularly under the defense system, so issues do not often arise."He attributed the various controversies to the unresolved suspicions regarding Minister Ahn's desertion, asking, "How can the Ministry of National Defense stand firm?"Cheon emphasized that a military record is a basic document that a minister should provide for verification, noting, "In our country, we are sensitive about military service issues, so we even check the military records of ministers and their children from unrelated departments."He mentioned that when he requested the military records from the Defense Security Command, he was told, "We cannot find them as the command is being disbanded." He questioned, "This is not just an individual's record but that of the Defense Minister; how can it be missing?" He added that he would request the records again now that the establishment of the Defense Security Headquarters has been completed.Cheon pointed out, "The fact that the Defense Minister cannot provide the most basic documents indicates there is a problem, which is why they cannot be disclosed. They should actively resolve the suspicions, but they are just brushing them aside."He expressed concerns about the morale and discipline within the military, stating, "There are even discussions about whether the Defense Minister should be dismissed or replaced. If we simply change the minister and move on, it will set a bad precedent."Furthermore, he remarked, "Whether it is the president or the minister, if they do not acknowledge their mistakes and apologize, but instead subtly change personnel, it will lead to a regression for South Korea. They must take responsibility."* This article has been translated by AI. 2026-08-05 10:24:10
GS Construction Shares Rise Nearly 9% on AI Data Center Contract Hopes GS Construction is showing strong performance in early trading, driven by expectations of securing contracts for artificial intelligence (AI) data centers.According to the Korea Exchange, as of 9:52 a.m. on August 5, GS Construction's shares rose by 2,550 won (8.87%) to 31,300 won. The stock opened at 29,100 won and peaked at 32,350 won during the session.The increase in stock price is attributed to heightened expectations for long-term growth centered around the AI data center business.Lee Sun-il, a researcher at BNK Investment & Securities, noted in a report that if GS Group follows through on its announcement to build a 1.2 GW data center by 2028, approximately 10 trillion won worth of construction orders could be issued within less than three years. He stated, “This would provide GS Construction with a level of contract and performance momentum not seen before.”Additionally, he mentioned that GS Construction is seeking its first foray into overseas nuclear power projects through the Ninh Thuan 2 project in Vietnam. The company is currently supporting Team Korea, led by Korea Hydro & Nuclear Power, as a non-regular contractor, with results expected to be announced within the year.Lee also highlighted that GS Construction has regained its position as a leader in the housing maintenance market after overcoming the Incheon Geomdan incident. The company ranked third in the industry for maintenance project orders last year, with 6.3 trillion won, and has recorded 7.5 trillion won in the first half of this year, placing it second, just behind Hyundai Engineering & Construction at 7.7 trillion won.Reflecting this growth momentum, BNK Investment & Securities has maintained its target price for GS Construction at 50,000 won and its investment rating at 'Buy.'* This article has been translated by AI. 2026-08-05 10:24:00
Hanwha Solutions Shares Surge 16% on Kim Dong-kwan's Capital Increase Participation Hanwha Solutions shares have surged over 16% in early trading, buoyed by the participation of Kim Dong-kwan, vice chairman of Hanwha Group, in a capital increase and expectations of improved performance.According to the Korea Exchange, as of 9:55 a.m. on August 5, Hanwha Solutions was trading at 31,300 won, up 4,500 won (16.79%) from the previous trading day. The company has seen gains for two consecutive days, following an 8.06% increase the day before.Market analysts believe that news of Kim Dong-kwan's participation in the capital increase has boosted investor sentiment.On August 3, Hanwha Solutions disclosed that Kim acquired 23,153 common shares in the capital increase for existing shareholders on July 31, at a price of 22,100 won per share, totaling 511.68 million won.As a result, Kim's total shareholding increased from 81,400 shares to 104,553 shares, representing a 0.05% stake.The largest shareholder, Hanwha, also increased its holdings by participating in the capital increase, raising its total to 80,357,854 shares, which corresponds to a 35.61% stake.Initially, Hanwha Solutions announced a plan for a 2.4 trillion won capital increase but scaled it back to 1.2 trillion won due to opposition from shareholders, requests for corrections from the Financial Supervisory Service, and a decline in stock prices.Analysts are focusing on the potential for improved performance based on the expansion of the solar business in the United States and new business momentum.Hwang Seong-hyun, a researcher at Eugene Investment & Securities, stated, "Considering the start of operations at the Cartersville plant in June and the expected increase in sales in the second half, we believe the trend of improved performance will become more evident. Additionally, given the momentum in space solar power, the current stock price, which has fallen to the level of the capital increase issuance price, presents a buying opportunity."* This article has been translated by AI. 2026-08-05 10:24:00
Samsung, SK hynix wage next battle for AI memory leadership at FMS SEOUL, August 05 (AJP) - Samsung Electronics and SK hynix used the same stage at the Future of Memory and Storage (FMS) conference in Santa Clara this week to make two different arguments for who will shape artificial intelligence's next memory era, underscoring how South Korea's chip champions are now competing as much over future architecture as today's products. The rivalry matters well beyond the two companies. Together, Samsung Electronics and SK hynix dominate the high-bandwidth memory (HBM) market that has become one of the AI industry's most closely watched supply chains, making their technology roadmaps a barometer for where AI infrastructure is heading next. Samsung's keynote looked furthest ahead. The company unveiled concept models for zHBM, a new architecture that stacks high-bandwidth memory directly on top of AI accelerators rather than alongside them, a configuration Samsung says could eventually deliver roughly eight times the performance of HBM5 while improving power efficiency and memory density. It also introduced zNAND-O, an edge-AI NAND architecture, and revealed V10 Bonding V-NAND, the industry's first wafer-bonded NAND design exceeding 400 layers. None of the technologies carries a commercialization timetable, underscoring Samsung's emphasis on defining the next generation of AI memory architecture rather than near-term product launches. The broader roadmap nevertheless reinforced Samsung's ambition to remain an end-to-end AI memory supplier. The company highlighted HBM4E, HBM5, LPDDR5X-PIM and enterprise SSDs while stressing its position as an integrated device manufacturer spanning memory, foundry and advanced packaging. SK hynix, by contrast, arrived with technologies closer to deployment. The company and SanDisk released the industry's first open specifications for High Bandwidth Flash (HBF), a new memory tier designed to bridge the gap between ultra-fast HBM and conventional solid-state drives as AI inference increasingly requires terabyte-scale memory capacity. Published through the Open Compute Project (OCP) consortium, the specifications establish an open standard already backed by Google and AI chip startup Tenstorrent, aiming to accelerate adoption across GPU and CPU platforms. Rather than replacing HBM, HBF is designed to complement it by providing significantly larger memory capacity at far lower cost, addressing one of the biggest bottlenecks facing large-scale AI inference and agentic AI systems. SK hynix also showcased its 375-layer V10 4D NAND, with mass production of enterprise SSDs based on the technology scheduled for early 2027, reinforcing its strategy of bringing next-generation storage products to market quickly. Samsung focused on defining where AI system architecture could evolve beyond today's HBM, using concept technologies to position itself at the center of future memory design, whereas SK hynix concentrated on extending its leadership in commercial AI memory by advancing technologies already moving toward industry adoption through open standards and near-term production. FMS is less a product launch event than a forum where semiconductor companies stake out technology roadmaps years before widespread deployment. Both companies choosing the same conference to unveil competing visions beyond conventional HBM signals an increasingly strategic contest over who will define the next phase of AI infrastructure after today's HBM boom. Samsung's vision centers on vertically integrating memory and compute into increasingly three-dimensional architectures. SK hynix is betting the next bottleneck will be AI inference, requiring an entirely new tier of memory between HBM and storage. For now, the two companies are pursuing different routes toward the same goal: becoming the indispensable memory supplier for the AI industry's next decade. AJP Takeaways: — Samsung and SK hynix presented competing AI memory roadmaps at the Future of Memory and Storage (FMS) conference in Santa Clara, held the week of August 3-7, 2026. — Samsung unveiled concept-stage technologies with no commercialization date: zHBM (memory stacked directly on AI accelerators, claimed up to 8x HBM5 performance), zNAND-O for edge AI, and V10 Bonding V-NAND, the first wafer-bonded NAND exceeding 400 layers. — SK hynix and SanDisk published the industry's first open specifications for High Bandwidth Flash (HBF) through the Open Compute Project, backed by Google and Tenstorrent; HBF is designed to sit between HBM and SSDs for terabyte-scale AI inference workloads. — SK hynix's 375-layer V10 4D NAND enterprise SSDs are scheduled for mass production in early 2027. — The split reflects two strategies: Samsung is positioning itself around future 3D memory-compute architecture, while SK hynix is extending its lead in memory already moving toward open-standard, near-term commercial adoption. 2026-08-05 10:22:41
Homeplus Creditors' Group Formed to Demand 800 Billion Won Suppliers to Homeplus, which is undergoing rehabilitation proceedings, are joining forces to address unpaid debts. The Homeplus Creditors' Group was established on August 5, appointing law firm LKB Pyeongsan as its representative. The group plans to demand measures from the courts, government, and National Assembly.The group consists of suppliers who have not received payments for goods delivered since Homeplus filed for rehabilitation in March 2022. As of May 31, the total amount of unpaid claims held by these creditors is reported to be 793.9 billion won.Public claims are prioritized over general rehabilitation claims and must be repaid regularly. These claims include payments for goods supplied during the rehabilitation process to ensure the debtor's normal operations.The group stated, "It appears that Homeplus has recovered funds from selling goods, which should have been paid to the suppliers. We will take comprehensive action to ensure the rightful repayment of public claims, including submitting opinions and petitions to the court and negotiating with the administrator."Homeplus has been under court management for approximately 16 months since it began rehabilitation proceedings in March 2022. On July 3, the court decided to terminate the rehabilitation process, citing Homeplus's failure to secure the minimum required funding of 200 billion won to implement its rehabilitation plan. Subsequently, Meritz Financial Group approved emergency operating funds (DIP loans), allowing Homeplus to secure funding and file an immediate appeal. The court then canceled the termination decision on July 21 and extended the rehabilitation process until September 4.* This article has been translated by AI. 2026-08-05 10:20:00
Israel and Lebanon Begin Seventh Round of Negotiations in Rome Israel and Lebanon have commenced negotiations aimed at expanding the Israeli military withdrawal zone in southern Lebanon. The plan involves deploying Lebanese forces in areas vacated by Israeli troops to restore government control.On August 4, delegations from both countries began the seventh round of talks in Rome, mediated by the United States. The discussions are set to continue until August 6.A key agenda item for this round of negotiations is the designation of additional 'demonstration zones' in southern Lebanon. These zones would allow Lebanese forces to take over security and control in areas from which Israeli troops have withdrawn.Lebanon is expected to propose areas such as Bint Jbeil or Kiyam, located south of the Litani River, as potential demonstration zones. However, the specific locations have yet to be finalized.In June, the two countries reached a preliminary agreement, facilitated by the U.S., which included provisions for the disarmament of Hezbollah, a phased withdrawal of Israeli forces, and the deployment of Lebanese troops in the withdrawal areas.However, Israel maintains that further troop withdrawals are contingent upon Hezbollah disarming. The group has rejected disarmament and has expressed opposition to the negotiations, raising uncertainty about the potential for meaningful progress in the current talks. 2026-08-05 10:16:00
Krafton to bring five games, including new PUBG title, to Gamescom 2026 SEOUL, August 05 (AJP) - South Korean game publisher Krafton announced it will present five upcoming titles at Gamescom 2026, the industry's largest trade fair, headlined by an unannounced project built on its blockbuster PUBG franchise. The lineup, to be shown from Aug. 26 to 30 at the Koelnmesse in Cologne, Germany, spans internally developed games and second-party publishing projects, underscoring the company's push to broaden beyond the battle royale format that made its name. The unnamed PUBG Studios title will make its global debut at the show. Set in the deep forests and small towns of the Pacific Northwest, it is an action-driven first-person shooter that Krafton said stays true to the franchise's roots while forging a new story with every playthrough. Rounding out the slate are No Law, an immersive open-world FPS from Neon Giant set in the cyber-noir port city of Port Desire; Project Zeta, a multi-team tactical arena game pitting four three-player squads against one another; and Age Twisters, a two-player cooperative adventure that sends a grandfather and granddaughter across a near-future Barcelona. The fifth title, Tarae: The Unbound, is a quarter-view Eastern dark fantasy action RPG drawing on the Buddhist cycle of reincarnation, in which players choose one of six classes to confront a being bent on shattering the order of rebirth. 2026-08-05 10:13:05