According to the firms moved into the Pos-Plaza on Thursday, POSCO selected a global consulting company PricewaterhouseCoopers as an agent in July and has been trying to sell the building to a U.K. based fund company. The price of the building is reported to be over $400 million.

Pos-Plaza stands four floors underground and 34 floors above the ground, and was constructed by POSCO in 1999 with an investment of US$ 150 million. It is the first skyscraper built by a Korean conglomerate in China, and it houses a number of Korean financial companies like the Korea Development Bank, Woori Bank, and Daegu Bank.

Until four or five years ago, the price of the building was less than $200 million because it failed to attract businesses. But thanks to booming office building business, the price soared. The British company that wants to purchase the building completed the survey earlier this month and is expecting to sign a contract with POSCO soon. A staffer with a company in Pos-Plaza said, “We heard that the new owner of the building will visit the Korean businesses in Pos-Plaza after the holidays end.”

There is speculation that POSCO wants to secure the cash needed to acquire Daewoo Shipbuilding and Marine Engineering from the government. However, POSCO denies this, saying it is only trying to secure cash flow.

(englishnews@chosun.com )