Hyundai Boards Approve Chung’s $10 Billion Land Purchase
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The boards of Hyundai Motor Co. and two affiliates approved a 10.55 trillion won ($10 billion) land purchase that triggered enough investor concern to wipe out just as much off the trio’s market values.
The nation’s largest carmaker will pay 55 percent of the total, followed by Hyundai Mobis Co. with 25 percent and Kia Motors Corp. footing the rest, the companies said in statements today. All three are part of billionaire Chairman Chung Mong Koo’s automotive group, which plans to move its headquarters to the prime Seoul location and develop the area into a tourist attraction rivaling Germany’s Autostadt, or “Car City.”