(Nov. 28, 2024) Urban Redevelopment, Corporate Shakeups, and Surprising Demographics: Key Updates from Korea
[K-News] South Korea is embarking on ambitious redevelopment projects in its first-generation new towns, targeting 36,000 homes across Bundang, Ilsan, and more, with construction starting in 2027 and move-ins by 2030. Meanwhile, Samsung Electronics reshuffles its leadership to stabilize its semiconductor operations, and Lotte Group uses the iconic Lotte World Tower as collateral to back its chemical subsidiary amid a credit crunch.
Key Updates from Korea
Urban Redevelopment, Corporate Shakeups, and Surprising Demographics
South Korea's First-Generation New Towns Begin Major Redevelopment Projects
South Korea is launching large-scale redevelopment projects in its first-generation new towns, with 13 zones across Bundang, Ilsan, Pyeongchon, Bucheon, and Gunpo identified as pioneers. The Ministry of Land, Infrastructure, and Transport announced on the 27th that these areas, comprising 36,000 households, will initiate detailed reconstruction plans starting next year. The government aims for construction to commence in 2027 and move-in dates set for 2030, signaling a significant push to modernize aging urban infrastructure.
Corporate Realignments: Samsung and Lotte Restructure Amid Market Shifts
Samsung Elevates Leadership to Steer Semiconductor and Foundry Strategies
In a decisive leadership reshuffle, Samsung Electronics appointed Yoon Young-hyun, head of its Device Solutions division, as head of the Memory Business Unit, while simultaneously promoting Han Jin-man, Vice President of DS Americas, to president of the Foundry Business Unit. Industry insiders interpret these moves as a strategic response to fluctuating memory markets, with Yoon's expertise expected to stabilize operations, and Han leveraging his deep knowledge of the U.S. market to enhance client-focused foundry services.
Lotte Group Pledges Financial Support Using Iconic Tower as Collateral
In a bold financial maneuver, Lotte Group has pledged its Lotte World Tower—valued at over KRW 6 trillion—as collateral to support Lotte Chemical amid its credit crisis. Banks are using the iconic skyscraper to guarantee corporate bonds, highlighting the group's commitment to stabilizing its chemical subsidiary.
Baby Boom and Scandal: Birth Rates Rise While Yonsei Faces Exam Controversy
Birth Rates Surge After Over a Decade of Decline
According to Statistics Korea, the number of newborns in September rose by 10.1% year-on-year to 20,590—the highest growth rate in over 13 years. Analysts attribute this unexpected baby boom to an increase in marriages following the COVID-19 endemic period, signaling a potential demographic turnaround for the nation facing long-term population decline.
Yonsei University Schedules Retest After Exam Leak
Yonsei University announced plans to hold an additional exam on December 8 following allegations of leaked questions during the natural sciences admissions test for 2025. Both original and supplementary test-takers will be considered for next year’s freshman class, as the institution grapples with legal battles and public scrutiny over the scandal.
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