March 24, 2014 11:35
The total amount of real estate held by Korea's top 10 conglomerates surpassed W60 trillion for the first time last year (US$1=W1,080). Big businesses took advantage of falling property prices during the latest market slump to buy up real estate rather than investing their money in facilities.
Conglomerate research firm Chaebul.com on Sunday tallied the real estate holdings of 93 listed companies owned by the nation's top 10 business groups and found that their total value stood at W60.30 trillion as of 2013, an increase of 4.8 percent from 2012.
Their factories and offices alone were worth W52.51 trillion, up 5.3 percent compared to 2012, while real estate for investment purposes stood at W7.79 trillion, up 1.5 percent.
The top three business groups -- Samsung, Hyundai Motor and Lotte -- each owned more than W10 trillion worth of real estate. Hyundai Motor Group was the wealthiest land owner among conglomerates with W11.97 trillion worth for business use and W650.3 billion for rent. Samsung Group came in second with W11.73 trillion and Lotte Group third with W10.78 trillion.
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