A growing number of local brokerages are revising down their target prices for construction industry shares, in an attempt to better reflect the project financing risks highlighted by the case of Taeyoung Engineering & Construction s debt renegotiations, market watchers said Sunday.
Taeyoung Engineering & Construction filed for corporate debt restructuring, prompted by a failed payment of 48 billion won ($37 million) on a project financing debt due Thursday.
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Competition is heating up among major Korean builders to gain the upper hand in the market for modular construction, which involves producing standardized components of a structure in an off-site factory and assemblage on-site.