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Financial risks weigh on Lotte E&C's bids for construction projects

Concerns over Lotte E&Cs financial soundness are widely being seen as the main reason the builder lost to Daewoo E&C in a bid to win a 790-billion-won ($563 million) order to redevelop a 115,000-square-meter site in Yongsan District in central Seoul, according to industry officials, Sunday. During last Saturdays vote to select the company to take charge of the largest redevelopment project for the second half of this year, Daewoo E&C won 410 votes, while Lotte E&C got 342 votes. As a result, the...
Soult Ukpyolsi South Korea Cholla Namdo Kwangju Gwangyoksi Korea Development Bank Yongsan District

Land minister, builders on trip to win construction projects in Saudi Arabia

A delegation led by Land Minister Won Hee-ryong has embarked on a trip to Saudi Arabia, a key prospective partner in Koreas overseas construction projects, the land ministry said, Friday. The six-day trip is the latest in a government policy initiative to help local builders win overseas construction contracts of $50 billion (71 trillion won) every year through 2027, a drive the ministry says will revive the industry.
Saudi Arabia Ar Riya United Arab Emirates South Korea International Contractors Association Of Korea Transport Won

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