중앙데일리

A Building Buying Boom among Foreign Firms

Sept 11,1998
With the decline in real estate prices since the IMF bail-out, foreign companies in Seoul are finding buying their own buildings very attractive.
According to foreign business circles on September 10, the Hong Kong Bank, the Hong Kong- Shanghai Bank, Volvo Motors Korea, Korea Hewlett Packard, Korea Oracle, and Fila Korea are the foreign companies that have already bought, or are trying to buy their own office buildings. Before the IMF bail-out only German companies like Hoechst Korea and Adidas Korea owned their office buildings.
The Hong Kong-Shanghai Bank bought from the first to seventh floors of the Samsung Insurance Namdaemoon Building recently and will move in January 1999. Volvo Trucks Korea bought the eight story Hannam Chain Building at Hannamdong, Seoul early in this year to use as Volvo headquarters in Korea. Fila Korea is now constructing a five story office building near the Seoul Arts Center, Sochodong, which will open in December this year. Korea Oracle, which rents two separate office buildings in Seoul, is now searching for a 12 or 13 story office building.
Real estate experts said that the real estate purchases by foreign companies increased by four to five times more than last year due to the real estate market opening to foreigners and the decline in real estate prices. They expect that this trend will continue.



dictionary dictionary | 프린트 메일로보내기 내블로그에 저장