The collapse of a developmental mirage

Posted on : 2013-03-14 14:22 KST Modified on : 2019-10-19 20:29 KST

Dark clouds hang over Yongsan International Business District in Seoul on Mar. 13. The project’s main actor Dream Hub Financial Investment announced that it has defaulted on 5.2 billion won in debt. The project is South Korea’s largest ever property development and is now in danger of collapsing. It was started seven years ago by then-Seoul mayor Oh Se-hoon. The project has been criticized for its extravagance. (by Ryu Woo-jong, staff photographer)

A miniature model of the vision for the Yongsan International Business District, which was planned to have many skyscrapers.

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