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10th-Jun-2006 01:57 am
Samsung and Morgan Stanley join a 1.5 trillion-won (1.5 billion $) project for building 72-story and 59-story office towers, a shopping mall and a hotel project. This will be one of the highest office buildings in Korea in Yoido, Seoul's financial district. Guess who is the owner of the site where these buildings will stand.
10th-Jun-2006 01:31 am (UTC) - Moon?
Who else could it be? Or maybe Young I cho??
10th-Jun-2006 09:09 am (UTC) - Re: Moon?
Good guess, Nick. Yonggi Cho could have been it as well, as he also posesses real estate in Yoido (Seoul's Manhattan-like financial district). His mega-church is located there as well, in the financial district. Exactly where it belongs.
10th-Jun-2006 05:53 am (UTC)

It belongs to Unification Foundation of Korea set up by Sun Myung Moon's Unification Church. Real estate is the most preferred form of capital for many Korean people. Many big Korean conglomerates like Samsung speculate in real estate instead of investing business profit in R&D. Investing in R&D is riskier than speculating in real estate in Korea. Samsung would rather wait for Sony or Motorola to do R&D and later on just copy their technology. So Samsung makes a lot of money on real estate speculation and save a lot of money on R&D.

Samsung's current CEO is a son of Samsung founder. Most of Samsung businesses are run by the family members of CEO and the late founder. Basically Samsung is a private family business. Samsung has built its business by bribing many corrupted government officials. Samsung is built on corrupttion because Korean modern industrialization was steered by authoritarian government set up by the late dictator Park Jung Hee. Only those who sided with him by supporting his authoritarian rule by providing him with a lot of money could survive and run successful business.

Because of this corrupted practice, many Korean companies didn't use their business profit to create innovation in technology and management but used all their profit to bribe government officials. You find this kind of corrupted practice in all areas of Korean society besides business. For example, in UBF many Korean missionaries didn't work to innovate their bible study and mission work. But they used all their energy and time to glorify Samuel Lee and his spiritual dictatorship because it was easier way to protect their position in UBF business. Any attempt of innovation is considered rebellion in UBF. Therefore it is much safer to just obey Samuel Lee's dead legacy and to just go with the flow.

The dictator Park Jung Hee did a lot of harm to Korean society. But many Koreans consider him a hero who rescued them from poverty even though he was a cruel dictator. I heard so many times Korean people say that dictatorship works better for Korea. I even heard it among UBFKoreans in Chicago. Currently one of his daughter is a chairman of the largest opposition party in Korea. Many Korean people are speculating that she would run for the next president. If she wins, it will be the greatest irony of all in modern Korean history.
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