Foreign Capitals Are Pouring Into Yeoido, ``Wall Street of Korea``

The influences of foreigners become stronger in Yeoido, known as the `Wall street of Korea`. While large-sized buildings are consecutively sold to foreigners, new advance by the foreign financial companies and the expansion of business fields by the existing foreign companies are following. Therefore, Yeoido, moving beyond the level of the `Wall street of Korea`, is transforming to the arena of competition in the world financial organizations.

In case of real estate, 10 buildings have been sold to the foreigners. For instance, Daewoo Securities Co., Ltd and KTB building were sold to Goldman Sachs and Allianz respectively.

Moreover, it is highly possible that foreigners may buy all the buildings in Yeoido since quite a few of buildings are already put on the market for sale and the foreigner are active in the real estate purchase.

Foreign companies in the stock market have become relatively more important than before. Especially, the way the foreign companies make inroads in Korea is changing from the participation in share of the Korean companies to the direct advance.

British investment trust company Schroeder began its business last week with the permission for corporation establishment. The U.S. Fidelity plans to establish a company which will be operated by its own funds, and the U.S. AIG will begin its business in Korea as soon as the negotiation to take over of the Hyundai Investment Trust is over.

In addition to this, it was reported that world-renowned financial companies are trying to determine the time to advance to Korea by dispatching businesspeople to observe the Korean market.

The existing security companies tend to expand the business field to the sales business. Therefore, domestic companies are hastening their improvement to counteract the foreign companies. Woo Jae-Ryong, president of the Korean Fund Evaluation, said that ``the change in the so-called `software`, which indicates the advancement of the financial system derived from the introduction of advanced financial technique, requires more attention than the change in `hardware`, which indicates the foreigners` purchase of buildings.``

Keum Dong-Keun gold@donga.com