South Korea’s real estate conglomerate Booyoung Group is seeking a buyer for one of its most pricy property assets - an office building in Euljiro located in downtown in Seoul - amid business downturn and arrest of its chairman on corruption charges.
According to real estate sources on Wednesday, Booyoung Group is tapping to sell the Eulji Building, former headquarters for Samsung Fire & Marine Insurance it had bought at 438 billion won ($464.6 million) from the insurance firm last year. The building is currently vacant for renovation work.
The sale of the group’s most valued asset suggests troubles of the group following the arrest of chairman Lee Joong-keun being tried for embezzlement, tax evasion and other crimes.
Booyoung Group, a mid-sized constructor mainly builds and leases out apartments. It recently became a frequent name on the property market, purchasing buildings from Samsung Fire & Marine Insurance and KEB Hana Bank. It operates a total of 24 affiliates ranging from holding company Booyoung to resort units and recently added local news media Incheon Ilbo.
By Chung Soon-woo and Lee Ha-yeon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]