Articles by Son Ji-hyoung
Son Ji-hyoung
consnow@heraldcorp.com-
Doosan in talks to sell HQ building for W700b
Debt-ridden Doosan Group is in talks to sell its real estate asset Doosan Tower to Mastern Investment Management for roughly 700 billion won ($572.3 million), according to industry sources. Doosan and Mastern are said to be at the final stage to confirm the price of the commercial building located in Seoul, which the troubled conglomerate has been using as the headquarters of its holding company for over two decades. Doosan looks to sell the asset and lease it back from the proposed buyer Maste
Market May 11, 2020
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DreamCIS likely to reopen Korea’s IPO market
South Korea is likely to end its monthslong drought in the initial public offering scene with Seoul-based pharmaceutical services company DreamCIS moving to raise 20.2 billion won ($16.5 million). DreamCIS, a company that provides contract-based research services to pharmaceutical and health care firms, said Monday it has fixed its offer price at 14,900 won per share, at the higher end of the price band. Its two-day institutional portion until Friday was 926.11 times oversubscribed. The compan
Market May 11, 2020
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Korea’s spending for unemployment allowances approaches W1tr in April
South Korea’s monthly spending for supporting unemployed workers hit another all-time high in April, as the fallout from the novel coronavirus is hampering efforts to remedy the damage done to the job market, data showed Monday. In April, when Korea’s virus spread peaked, the amount of unemployment benefits came to 993.3 billion won ($814.3 million), up 35 percent on-year, according to preliminary data from the Labor Ministry. This extended the record streak for the third consecuti
Economy May 11, 2020
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[M&As Weekly] Infection slowdown pushes deal closures, new bids
The mergers and acquisitions scene in South Korea remains relatively vigorous, as small and medium-sized enterprises are looking for more chances to cash out assets amid the continued COVID-19 threat to markets and industries. With a slowing number of confirmed cases, deals that have been postponed for weeks due to the virus are back on the table. Below is a roundup of major M&A deals here and their progress in the previous week. Centroid to take over Woongjin book unit Woongjin unveiled
Market May 10, 2020
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Subsidy registrations via credit cards start Monday
Credit card issurers will start receiving registrations of relief subsidies on Monday under governmental guidelines that could expand payment transaction volume by 10 trillion won ($8.2 billion). The news comes along with the central government’s move to distribute 14.3 trillion won among Korean citizens to help them fight the fallout from the coronavirus. Of the total, around 10 trillion won is expected to be spent via credit cards, according to market observers. Taking subsidies via cr
Economy May 10, 2020
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SK affiliate to acquire Young City office complex for W545.8b
An affiliate of Korean real estate developer SK D&D is poised to acquire the Young City office building complex for 545.8 billion won ($444.6 million), a regulatory filing showed Thursday. A real estate investment trust established by SK D&D’s wholly owned subsidiary D&D Investment will take over the asset from investors including London-based investment firm Actis within May, according to the disclosure. Young City REIT is designed to acquire the asset, generate income th
Market May 7, 2020
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Yulchon scouts US litigation expert from O’Melveny & Myers Seoul office
South Korean law firm Yulchon said Monday that it had named Kim Yong-sang, a US lawyer specializing in international litigation and arbitration, as co-head of its international dispute resolution team. Kim had previously worked as co-representative of the Seoul office of Los Angeles-based international law firm O’Melveny & Myers since 2016. Kim is noted for his 15 years of experience and expertise in US litigation involving antitrust, anti-corruption, international arbitration a
Market May 4, 2020
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Mirae Asset drops $5.8b US hotel deal as litigation escalates
Mirae Asset Global Investments, the asset management arm of Korean financial group Mirae Asset, said Monday that it scrapped a $5.8 billion deal to acquire 15 luxury hotel properties in the United States from Chinese investor Dajia Insurance, weeks after it called off the takeover. Mirae Asset, which acts on behalf of funds it manages, also said it invoked its right for the return of the 10 percent deposit from a third-party escrow agent as the transaction had failed. Amid ongoing litigation,
Market May 4, 2020
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Lotte chief likely to push for Hotel Lotte IPO to win power struggle
Lotte Group Chairman Shin Dong-bin is likely to accelerate the initial public offering of its subsidiary Hotel Lotte to consolidate his grip on the multinational group’s South Korean entities amid a resurfacing proxy battle with his elder brother Shin Dong-joo, analysts said Monday. This comes as he immediately needs to increase the value of Lotte Corp., a Seoul-based holding firm of Korean-Japanese retail giant. The Hotel Lotte IPO will not only water down its Japanese control but also
Market May 4, 2020
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C&W Korea to provide social distancing-friendly office model
Commercial real estate service firm Cushman & Wakefield said Sunday it was looking to introduce a social distancing office design concept to help its clients reopen their workplace and embrace the new norm in the wake of the COVID-19 pandemic. The concept -- dubbed “Six Feet Office” -- was unveiled as the stay-at-home restrictions has been showing signs of imminent alleviation. Ranging from creating visual boundaries using colored carpets and plexiglass shields to office signa
Market May 3, 2020
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WeWork opens 20th location in Korea
Shared working space platform WeWork said Wednesday that it had opened a 20th location in South Korea. The location in Apro Square, WeWork Shinnonhyeon, is the 12th in Seoul’s affluent Gangnam area, according to WeWork’s Korean unit. The news came over a year after its announcement in March 2019. This is the first location opened since WeWork Korea named Patricia Chun as its new general manager earlier in April. “We have strong belief in Korea as we see the growing demand f
Market April 29, 2020
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US-based Psomagen eyes at least W57.5b IPO in Korea
Psomagen, a US company dedicated to genome sequencing technology and DNA testing, said Wednesday it looks to raise at least 57.5 billion won ($47.2 million) in an initial public offering on the Korean bourse. Under the plan to be listed on Kosdaq, Psomagen seeks to issue 4.2 million new common shares, amounting to a 25 percent stake, and offer them to investors in an IPO set to take place in May. Shinhan Investment is an underwriter of the IPO deal. The IPO proceeds will be used to boost its
Market April 29, 2020
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[Herald Interview] Boosting ‘K-quarantine’ drive by safeguarding patent rights of Korean testing kit
Amid growing global demand to learn South Korea’s unique quarantine methods that have contributed to bringing the novel coronavirus under control, the nation’s patent office said Tuesday that it will closely work with overseas partners to share its know-how while protecting intellectual property rights of Korean testing kits and other related products at the same time. “The homegrown COVID-19 testing kits are seeing a soaring demand from across the globe, because companies tha
Market April 29, 2020
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KDB, K-Growth vow W2.5tr growth capital with 18 partners
Policy lender Korea Development Bank and fund-of-funds investment firm Korea Growth Investment Corp. said Tuesday they have selected 18 external partners to inject a total of 2.5 trillion won ($2.05 billion) in growth capital to support the scaling up of venture companies here. Of the total of the latest batch, a combined 830 billion won will be backed by state-run financial institutions including KDB, while 50 billion won will come from the state budget. This marks the latest addition to KDB
Market April 28, 2020
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Koramco closes W134b fund to invest in pre-IPO REITs
Korean real estate investment firm Koramco Asset Management said Tuesday it has signed a combined 134 billion won ($109.5 million) in commitments to its two blind-pool funds to capitalize on the potential of the nation’s growing properties market. Mainly targeting real estate investment trusts that eye initial public offerings here, the funds received commitments by undisclosed institutional investors and corporate investors. A REIT refers to a company that owns income-generating commerc
Market April 28, 2020
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