Posted January. 30, 2005 22:59,
The amount invested by Korean corporations and individuals in overseas real estate last year reached $300 million, marking an all-time record.
The Ministry of Finance and Economy said on January 30 that the amount of money invested in overseas real estate last year (based on the reported sum) stood at $281.2 million, up by 96 percent from last year`s total, $143.5 million.
Last years total amount of investment in foreign real estate was 2.9 percent more than the previous record sum set in1997, $273.3 million.
When categorized by investors, large-sized corporations topped the list in terms of last years foreign real estate investment by taking 51.3 percent ($144.2 million). Mid- and small-sized companies followed, investing $126.2 million, and individuals invested $ 10.9 million, taking up 3.8 percent of the total amount invested.
Among regions invested, Asia was where the most money was put into ($131.6 million), followed by Latin America ($86.7 million), North America ($47.3 million), Africa ($9.3 million), Oceania ($6.0 million) and Europe ($308,000).
An official at the Ministry of Finance and Economy explained, Behind the sharp increase in the reported amount invested in overseas real estate is Korean large, mid- and small-sized companies purchases of real estate in other countries to secure land for offices and plants after making inroads into those countries.
When individuals invest in foreign real estate through illegal means, including money exchanges without reporting, the money does not get included in official statistics.