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Article: Korean builders streamline their business operations.
- Article from:
- YON - Yonhap News Agency of Korea
- Article date:
- November 14, 2008
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SEOUL, Nov. 13 (Yonhap) -- South Korea's small and mid-size builders are downsizing and restructuring their operations to combat a financial crisis caused mainly by a rising inventory of unsold homes, industry sources said Thursday. Troubled builders are trying to secure liquidity by selling non-core assets and affiliates and reducing the price of new homes, the sources said. On Wednesday, Shinsung Engineering & Construction Co., a mid-sized local builder, asked a Seoul court to reschedule its debts with creditors amid growing concerns over the financial health of domestic construction firms. Woolim Co. downsized its operations and workforce on Wednesday to cut costs and ...