“The International Finance Center (IFC) in Yeouido is struggling to attract tenants for its two newly-opened office towers, denting Seoul City’s ambitious plan to make it Northeast Asia’s financial hub.
Seoul City signed a contract with AIG Real Estate allowing the latter to use the IFC site for 99 years in return for paying annual rent. From 2006 to 2010, AIG did not pay rent but from 2011 through 2017, it is required to pay 1 percent of the site’s appraised value.”
If Asia is a bicycle wheel, then the Hub of Asia is presumably Hong Kong.
Korea is on the rim.
A Korean woman had more success in the Korean courts than Lone Star in dealing with Korean financial products, as is related in the following story.
A 35-year-old Korean woman met a 33 year old Korean man through a friendly movie-going group in May 2010.
They dated until March 2011 then married in July 2011, after the Korean man artfully pretended that he had graduated from the economics departments of a leading private university in Seoul, was working for a trading company and had an apartment in Sillim-dong in southern Seoul.
After demanding a divorce the woman took the case to court and was awarded compensation of 67 million won ($60,000), including money spent on the wedding.