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Dilemma of Changing Construction Companies in Redevelopment Projects Redevelopment and reconstruction associations are seeking to lower construction costs or apply high-end brands by changing contractors. However, legal disputes with existing contractors are causing project delays, accumulating financial costs, and leading to claims for damages. Experts emphasize the need to weigh the benefits of a change against the associated costs.According to the construction industry on September 13, the Gangnam Wonhyo Villa Reconstruction Association in Seocho District, Seoul, recently voted to cancel its selection of Daewoo Engineering & Construction as the contractor. Daewoo was chosen last June after proposing an alternative design with a total construction cost of 338.7 billion won, or 15.5 million won per 3.3 square meters. Disagreements over construction costs and contract terms arose, prompting Daewoo to signal potential legal action.In Seongnam's Sangdaewon 2 District, conflicts arose with the existing contractor, DL E&C, over the application of the high-end brand 'Acro' and construction costs. The association voted to terminate the contract in May and selected GS Engineering & Construction as the new contractor, proposing a cost reduction and an August start date.However, at the end of July, a court partially granted a request to suspend the effectiveness of the assembly's resolution, halting the contract termination and the selection of a new contractor. Since then, the association and DL E&C have been negotiating to normalize the project by adjusting construction costs and start dates.During this process, financial costs continue to accumulate. The association estimates that financial costs related to relocation and project expenses in Sangdaewon 2 District amount to about 100 million won per day. As the start date is delayed, the burden of interest continues to grow.In Busan's Hadang 1 District, disputes over contractual responsibilities are ongoing. Kolon Global received a notice of contract termination worth approximately 116.8 billion won in July for a project where it signed a contract in May 2024. The association claims that the financing for the project was not properly executed and that demands for increased construction costs were excessive. In contrast, Kolon Global argues that it has been reviewing the need for adjustments to construction costs due to changes in the project plan in accordance with contractual procedures.The Sangyeok Jugong 5 District in Nowon District, Seoul, signed a contract with GS Engineering & Construction in January 2023 for a total construction cost of 334.2 billion won, or 6.5 million won per 3.3 square meters, but terminated it in November of the same year. Owners found the shared costs unacceptable and deemed the contract terms unfavorable.GS Engineering & Construction claimed the termination was unilateral and sought the return of the bid bond and damages. In July, the Seoul Central District Court recognized the liability for damages, resulting in the complex having to pay a total of 2.54 billion won, including 2.2 billion won in principal and 340 million won in delayed interest.Even if construction costs or contract terms improve through a change of contractor, prolonged litigation, re-bidding, and contract negotiations can diminish expected benefits. Delays in recovering funds through sales and in occupancy can make it difficult to assess the effectiveness of the new contractor's proposed terms.A system for verifying and mediating construction costs is also in place. If a contractor is selected before the approval of the project implementation plan, verification is required if construction costs increase by more than 10%, and if selected afterward, by more than 5%. Inflation adjustments are excluded. However, the verification results are not binding, necessitating negotiations between the association and the contractor. The Seoul city government reported that it mediated conflicts through cost verification and coordinator mediation in 37 redevelopment projects from 2024 to 2025.Shin Bo-yeon, a professor at Sejong University’s Department of Real Estate AI Convergence, stated, “Changing contractors is not as simple as exchanging goods. The project timeline can be delayed by 1 to 2 years while terminating the contract with the original contractor and selecting a new one.”Professor Shin urged that as costs increase during the litigation and contractor re-selection process, which ultimately burdens the members, the role of public mediation and adjustment should be strengthened to prevent unnecessary cost increases.* This article has been translated by AI. 2026-09-12 09:04:00 -
DB Savings Bank Raises 'Dream Big' Deposit Rate to 3.2% DB Savings Bank announced on September 12 that it is raising the interest rate for its 'Dream Big' savings account to 3.2% per year.The new rate applies to deposits of up to 70 million won. The 'Dream Big' account allows for unlimited deposits and withdrawals without restrictions on the amount or duration. Individuals aged 19 and older can open one account through the mobile app or at a branch.There are no special conditions for preferential rates, such as salary transfers or card usage. The increased rate will apply equally to both new and existing customers.The interest rates are tiered based on the deposit amount. For amounts up to 70 million won, the rate is 3.2%. For amounts exceeding 70 million won and up to 1 billion won, the rate is 1.5%. For amounts over 1 billion won, the rate is 0.5%.A representative from DB Savings Bank stated, “We decided to raise the interest rate to allow customers to manage their funds more flexibly and efficiently in response to recent changes in the financial market. We will continue to offer competitive financial products and services that customers can truly benefit from.”* This article has been translated by AI. 2026-09-12 09:04:00
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Gangnam Prices Decline While Outer Areas Surge: Seoul's Housing Market Shift Seoul's apartment prices have seen a slowdown in growth for the second consecutive week, with notable regional disparities emerging. While the Gangnam districts have experienced a uniform decline due to tax and loan regulations, the relatively affordable northern areas are witnessing an influx of genuine demand, leading to continued price increases.Gangnam Districts Decline While Northern Areas RiseAccording to the Korea Real Estate Agency's report on weekly apartment price trends for the first week of September (as of September 7), Seoul's apartment sale prices rose by 0.20% compared to the previous week, a decrease of 0.02 percentage points from the prior week's 0.22%, marking a second week of reduced growth.In Seoul, the northern district of Gangbuk saw the highest increase at 0.46%, driven by small to mid-sized complexes in the Mia and Beon-dong areas. Dobong and Seodaemun districts followed with increases of 0.43% and 0.42%, respectively, highlighting the strength of the northern region.Despite challenging loan conditions leading to a slowdown in transactions, the lack of available sale and rental listings has prevented significant drops in asking prices. Areas near subway stations with apartments priced under 1.5 billion won ($1.1 million) continue to attract genuine demand due to their relative affordability.Conversely, Gangnam saw a decline of 0.35%, while Seocho dropped by 0.30%, continuing a five-week downward trend since the announcement of tax reforms last month. Songpa, which had seen a slight increase of 0.01% last week, also turned negative this week with a 0.02% drop.The reduction in long-term holding tax rates and the introduction of new limits on long-term residence income deductions appear to have increased selling pressure on high-priced homes. This trend is particularly evident in older apartments in need of reconstruction, where living conditions are relatively poor.The decline in Songpa is interpreted as a spreading adjustment in prices that began in the Gangnam area. Localized price corrections in the Han River belt, including Apgujeong and Banpo, are influencing homeowners in Songpa to lower their asking prices as they consider moving to Gangnam or Seocho.Demand Shifts to Affordable Areas: 'Circular Trading' Expected to ContinueThe regional differentiation in Seoul's housing prices is expected to persist for the time being. The high price levels, tax burdens, and loan regulations in the main Han River belt have dampened buying interest, while demand is likely to shift to the more affordable outer areas of Seoul and non-regulated regions in Gyeonggi Province.In the Han River belt, some original members of redevelopment projects are beginning to list their properties due to concerns over future property taxes and capital gains taxes. Loan restrictions from financial institutions remain in place, limiting the influx of demand from lower-priced areas to higher-priced ones.Nam Hyuk-woo, a researcher at Woori Bank, stated, "With the expansion of total loan management by 3% and the easing of income qualification requirements for mortgage loans, favorable financial policies are expected for first-time homebuyers in their 20s and 30s. The 'circular trading phenomenon' in outer Seoul and non-regulated areas in Gyeonggi Province, with prices under 1 billion won, is likely to continue for the foreseeable future."As the fall moving season approaches, the shortage of rental listings is expected to increase the financial burden on tenants. There are concerns that not only sale prices but also rental prices, including jeonse (long-term lease) and wolse (monthly rent), may rise in the outer areas of Seoul where genuine demand is concentrated.Kwon Dae-jung, a professor of economics and real estate at Hansung University, noted, "As demand increases while housing supply remains insufficient, prices will inevitably face upward pressure. The government's tightening of residency requirements for non-occupied homes and land transaction permit zones is further limiting the supply of jeonse, and monthly rents are likely to continue rising, which could lead to significant challenges for tenants this fall."He added, "The potential for increased taxation is also contributing to a shift of tax burdens onto rental prices, suggesting that rental prices may continue to rise from this fall into the first half of next year."* This article has been translated by AI. 2026-09-12 09:04:00
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Credit Card Companies Launch Marketing Campaigns Ahead of Chuseok Holiday 추석 황금연휴를 앞두고 카드사들이 마케팅 경쟁에 나섰다. 12일 금융권에 따르면 KB국민카드는 오는 30일까지 KB국민 개인 신용·체크카드로 50만원 이상 이용하면 추첨을 통해 경품을 제공한다. 세라젬 안마의자 2명, 여행지원금 50만원 5명, 신세계상품권 30만원 10명, 쿠팡캐시 5만원 200명, KB Pay 머니 1만원 1000명 등이 대상이다. 오는 28일까지 진행하는 ‘추석 빅보너스 1000만원’ 행사에서는 KB Pay 머니쿠폰 1000만원을 비롯해 신세계상품권 50만원, 컬리캐시, 주유권, 던킨도넛 등 다양한 경품을 추첨한다. 여행 수요를 겨냥한 행사도 마련했다. 10월 5일까지 응모한 KB Pay 회원을 대상으로 추첨을 통해 100만원·50만원·5만원 상당의 여행지원금을 제공한다. KB체크카드 고객을 대상으로는 오는 30일까지 이용금액에 따라 신세계상품권 1만원 또는 2만원을 추첨해 지급한다. 추석 선물세트 구매 고객을 위한 할인 혜택도 마련했다. 농협 하나로마트와 이마트, 롯데마트, 홈플러스 익스프레스, GS더프레시 등 주요 유통업체에서 선물세트 할인과 상품권 증정 혜택을 제공한다. NH농협카드도 추석 연휴를 맞아 9월 한 달간 최대 6개월까지 무이자 할부를 제공한다. 국세와 지방세 등 일부 항목은 제외된다. NH Pay를 통한 생활 밀착형 혜택도 마련했다. 개인 신용카드 회원을 대상으로 공항 라운지와 다이닝, 리무진, 영화 예매 할인 등을 제공한다. 10월 31일까지는 NH Pay에서 롯데시네마 영화 예매 시 결제금액 1만원당 메가커피 아메리카노 쿠폰을 최대 10매까지 제공한다. CGV에서 2만원 이상 결제하면 영화 관람권 1매도 추가 지급한다. ‘캐치이벤트’를 통해서는 전국 주유소에서 5만원 이상 결제하면 1000원, 대형마트에서 10만원 이상 결제하면 2000원을 할인한다. SSG·쿠팡·G마켓 등 주요 온라인 쇼핑몰에서도 청구할인과 포인트 적립 혜택을 제공한다.* This article has been translated by AI. 2026-09-12 09:04:00
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North Korea Launches Ballistic Missile, South Korea Holds Emergency Security Meeting North Korea launched a ballistic missile into the East Sea early on September 12, prompting the Blue House to convene an 'Emergency Security Situation Meeting' and emphasize readiness. The National Security Office stated, "In response to North Korea firing several short-range ballistic missiles into the East Sea from the Wonsan area, we held an 'Emergency Security Situation Meeting' with relevant agencies, including the Ministry of National Defense and the Joint Chiefs of Staff." The office added, "During the meeting, we assessed our response situation and analyzed the impact of this launch on our security, reviewing necessary measures." It also noted, "The government stressed the importance of maintaining our readiness and urged North Korea to immediately cease its ballistic missile launches, which are serious violations of UN Security Council resolutions." This missile launch marks North Korea's first since August 20, occurring just a day after the conclusion of the Freedom Shield exercises conducted by South Korea and the United States in the waters off Jeju. Analysts suggest this may be a response to those drills, which North Korea criticized as a 'U.S.-led war demonstration.' The previous launch on August 20 coincided with the ongoing 'Ulchi Freedom Shield' joint military exercises between South Korea and the U.S. This marks the 13th ballistic missile launch by North Korea this year. 2026-09-12 08:48:00
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North Korea Launches Ballistic Missile One Day After Joint Drills End North Korea launched a ballistic missile into the East Sea on September 12, a move analysts suggest is a response to recent joint military exercises conducted by South Korea, the United States, and Japan.The Joint Chiefs of Staff reported that the military detected several ballistic missiles launched from the Wonsan area at around 5:20 a.m. They added that the military has heightened monitoring and vigilance in preparation for any additional launches, while South Korea, the U.S., and Japan are closely sharing information related to North Korean ballistic missiles.This launch occurred just one day after the conclusion of the Freedom Shield exercises, which took place in the waters southeast of Jeju from September 7 to 11. Analysts view this as a retaliatory action.The Freedom Shield drills, first held in June 2024, are designed to address North Korea's nuclear and missile threats and enhance the interoperability of the three nations' forces. North Korea has criticized these exercises as a demonstration of U.S.-led aggression.Notably, this marks North Korea's first ballistic missile launch in 23 days, following a series of joint military drills by South Korea and the U.S. known as the Ulchi Freedom Shield (UFS) conducted on August 20. This year alone, North Korea has launched ballistic missiles 13 times.* This article has been translated by AI. 2026-09-12 08:40:00
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North Korea Launches Ballistic Missiles into East Sea, Military on Alert North Korea launched several ballistic missiles into the East Sea early on September 12.The Joint Chiefs of Staff reported that at approximately 5:20 a.m., they detected multiple ballistic missiles fired from the Wonsan area.They added, "Our military has strengthened monitoring and vigilance in preparation for additional launches, while the U.S., South Korea, and Japan are closely sharing information related to North Korea's ballistic missiles and maintaining a state of readiness."This marks North Korea's first ballistic missile launch in 23 days. Previously, on August 20, North Korea fired about ten short-range ballistic missiles, presumed to be 600mm super-large multiple rocket launchers (KN-25), into the East Sea from the Pyongyang area.* This article has been translated by AI. 2026-09-12 08:24:00
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KDRT Team Returns After Rescuing One Chinese National in Nepal The first team of the Korea Disaster Relief Team (KDRT) has returned home.The Ministry of Foreign Affairs announced that the KDRT team arrived at Seoul Airport at 1:30 a.m. on September 12 via a military transport aircraft (KC-330). The team, consisting of 44 members, was dispatched to Nepal on September 2 at the request of local authorities. During their ten-day search operation, they successfully rescued one Chinese survivor.In a post on X (formerly Twitter), Dai Bing, the Chinese ambassador to South Korea, expressed gratitude, stating, "A Chinese national was safely rescued by South Korean and Nepalese rescue teams in the landslide and flood-affected area along the China-Nepal border. This miracle of life occurred ten days after the disaster. I extend my deep appreciation and respect to the rescue teams of both countries."However, the KDRT team was unable to locate nine missing South Koreans during their search. This led to some families of the missing individuals expressing dissatisfaction with the KDRT's efforts and holding a press conference to urge more active search operations.As the KDRT team concluded its mission, a second team arrived in Nepal on September 11. With Nepal shifting its focus, the new team is expected to prioritize reconstruction and recovery efforts while also continuing search operations.* This article has been translated by AI. 2026-09-12 08:16:00
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North Korea Launches Unidentified Projectile into East Sea North Korea launched an unidentified projectile into the East Sea on September 12. If confirmed as a ballistic missile, this would mark the first launch in 23 days.The Joint Chiefs of Staff announced that North Korea fired the unidentified projectile into the East Sea. They are currently analyzing the specifications and range of the projectile.If confirmed as a ballistic missile, this would be the first launch since August 20, when North Korea reportedly fired over ten short-range ballistic missiles, presumed to be 600mm super-large multiple rocket launchers (KN-25), from the Pyongyang area.* This article has been translated by AI. 2026-09-12 06:56:00
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Best-Selling Book 'Seneca' Returns to Top Spot; New Works by Kim Ae-ran and Jo Jung-rae Also Rank High 'Seneca: To You Who Are Losing Today' has topped the bestseller list at major bookstores. The classic literature trend continues, fueled by the success of the film 'Odyssey.'According to Kyobo Bookstore's bestseller rankings for the first week of September, 'Seneca: To You Who Are Losing Today,' translated by Hawaii's mansion, has claimed the number one spot overall. This book also reached the top position on Yes24. Buyers aged 50 and older accounted for 36.6% of purchases, while those in their 40s made up 35.1%, indicating that the 4050 demographic represents over 70% of sales.New releases from popular authors have also made it to the top ranks. Kim Ae-ran's essay collection 'I Wrote That' is ranked second on Yes24, while Jo Jung-rae's novel 'Frost Flower Set' is in third place. Kim's book is particularly favored by readers in their 40s (45.8%), while Jo's work is preferred by those in their 50s (44.5%).The classic literature trend, bolstered by the success of the film 'Odyssey,' shows no signs of slowing down. 'Odyssey' (Modern Intelligence) has reached sixth place on both Kyobo Bookstore and Yes24. 'The Odyssey' (Eulyoo Culture) is ranked ninth at Kyobo and seventh at Yes24. Hermann Hesse's 'Siddhartha' has also secured fourth place at both bookstores. Notably, sales of 'Odyssey' on Yes24 in August surged by 2,128.6% compared to the previous month, and compared to the same period last year, sales have increased by a staggering 393.2 times.The popularity of philosophy books continues as well. According to Kyobo Bookstore, sales of books related to Western philosophers from January to August this year have risen by 5% compared to the same period last year. Books related to Nietzsche have led this upward trend. 'Nietzsche's Transcendent' translated by Kim Cheol is ranked seventh at Kyobo and eighth at Yes24. 'Schopenhauer's Life Lessons' has climbed four spots to rank 31st at Kyobo compared to the previous week.* This article has been translated by AI. 2026-09-12 06:12:00