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Value of land owned by top 10 conglomerates slips in 2018

Industry 09:36 March 24, 2019

SEOUL, March 24 (Yonhap) -- The book value of land owned by South Korea's 10 largest family-run business conglomerates fell 0.3 percent last year from a year earlier, data showed Sunday.

Their land holdings were valued at 73.43 trillion won (US$64.75 billion) as of the end of last year, down 234 billion won from a year ago, according to Chaebul.com, which closely monitors developments of the country's conglomerates, known here as chaebol.

The market researcher said they sold off some land to improve their financial status and a recent rise in government-set land prices were not reflected.

Of the top 10 conglomerates, six chaebol, including POSCO and Hyundai Motor Group, saw the value of their land holdings increase last year.

Hyundai Motor Group saw the value of its land gain 0.1 percent on-year to 24.52 trillion won.

The automaking group bought a 79,345-square-meter plot of land in Seoul's posh Gangnam district for a staggering 10.55 trillion won in 2014.

Hyundai Motor Group is seeking to build its new headquarters on the lot.

The value of land owned by Samsung Group dipped 5.9 percent on-year to 14.42 trillion won last year.

Retail conglomerate Lotte came in third by owning land worth 10.74 trillion won, followed by LG Group with 6.29 trillion won, the data showed.

An artist's rendering of the Hyundai Motor Global Business Center (Yonhap)


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