Chesterton Blumenauer Binswanger (CBB) has set up a new firm in South Korea riding the crest of the recovery wave in the once stricken Asian tiger.
Binswanger Korea has opened for business in Seoul and already has a portfolio of international clients. The new firm recently acted for Singapore Telecom when it acquired a new headquarters in Seoul.
The new firm is a joint venture with Korean consultants Pacific Real Estate Services, an associate company of Pacific Appraisal Company (PAC). PAC president Jong-Woon Shin will head the new firm, which will have offices in five cities and 186 staff.
Following the economic downturn South Korea has recovered in dramatic fashion. Last year the economy shrunk by 5.8% but in the first quarter of 1999, the country recorded 4.6%, the highest growth rate in Asia.
Since the economic crisis the South Korean government restructured the economy removing restrictions on foreign investment. CBB regional director of international corporate services Mark Pitman said: “Foreign investment associated with the excellent business opportunities on offer is coming back to Korea in a big way – and where the business goes, the property market follows.”
“The recession has definitely bottomed out and the only place to go from here is up”, he added.
EGi News 20/07/99
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