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September 19, 2014

Hyundai paying $10B for land in Seoul to build HQ

  • It will build a super tall tower named Global Business Center for its 18,000 employees in Seoul.

    • SEOUL, South Korea (AP) — A consortium led by Hyundai Motor Co. offered more than $10 billion for land in Seoul's tony Gangnam district where it will build a new headquarters. The sky high price surprised shareholders who sent the automaker's shares down nearly 10 percent.

    The land's current owner, Korea Electric Power Corp., said Thursday the consortium of Hyundai Motor, its affiliate Kia Motors Corp. and auto parts maker Hyundai Mobis Co. outbid Samsung Electronics Co. in an auction for the 79,342 square meter (854,030 square foot) plot in the high-priced area.


     
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