Shinhan, Woori agree to finance for big Daelim bid

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Shinhan, Woori agree to finance for big Daelim bid

Shinhan Bank and Woori Bank signed an agreement with Daelim Industrial on Monday to finance its bid for a redevelopment project in Hannam-dong in Yongsan District, central Seoul.

Both banks will cover up to 7 trillion won ($5.9 billion) each, which means that Daelim is entitled to up to 14 trillion won in loans.

Daelim Industrial is vying with GS Engineering & Construction to win the bid. The redevelopment project is to build nearly 200 apartments for 5,816 households.

According to local media outlets, Daewoo Engineering & Construction and Hyundai Engineering & Construction also considered entering the bidding.

Bidding is set to close on Oct. 18 and the builder will be announced in December. Daelim has been aggressive in expressing its interest for the project as it was the first to make its participation in the project public and pay the deposit.

By Park Eun-jee

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