Busan
Rising Costs, Loan Cuts Hit Busan Builders
Busan, South Korea - The construction industry in Busan is facing its most severe crisis in recent years as soaring costs, tighter lending policies, and a sluggish housing market place mounting pressure on developers. With construction costs surging by 29% over the past three years and financial institutions imposing stricter loan requirements, small and mid-sized construction firms are being pushed to the brink of insolvency. The wave of bankruptcies among local developers is raising concerns a