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Interview Chairman and CEO of Korean Shinhan Eng. & Const.Co.,Ltd., Choon Hwan Kim to hear his plans for the future
2008.01.22
 
WOW TV
 

 After our news report, we will next review the real estate market trends and issues of the past week as well as interview Chairman and CEO of Korean Shinhan Eng. & Const.Co.,Ltd., Choon Hwan Kim to hear his plans for the future.
 
Recently, the Korean market has been inundated with news of positive, optimistic prospects in construction stocks with great expectations for a strong recovery in the domestic market. Despite the quality of the current business climate, one construction company has declared its intent to maximize revenues through overseas market development.
I’m Ju-Eun Lee from WOW TV.
 
Reporter: The Libya Development Project started with the development of a 5,000-unit apartment building in a new community area of Tripoli, Libya in August last year.
Since then, Korean Shinhan E&C Co., Ltd. has won five other government-led development projects in Libya in 4 months, totaling USD 1.8 billion.
 
Chairman: We’ve been promoting a comprehensive residential building improvement project across Libya just like the Saemaeul Movement in Korea. We first won the bid to construct a 5,000-unit apartment complex in Tripoli, Libya in August last year. Since then, we have…
 
Reporter: As opposed to other construction companies, Shinhan has concentrated on government-led projects, which in turn has reduced the uncertainty of profitability. Advances on construction that help avoid project financing have also been possible along with the set contract amount. 
 
Chairman: That’s right. The project is completely planned and led by the Libyan government body that is the counterpart of the Korea National Housing Corporation in Korea. Because the Libyan government sells the houses to the public at a low price, we don’t have to worry about sales….
 
Reporter: It’s been said that Shinhan is about to promote another project next month.
 
Chairman: Actually, we are under negotiation with Jawiya University, which is close to the 5,000-unit apartment building development site. We’re also going to develop a 10,000-unit apartment building once the current construction site development works in Zliten and Al Khums are completed.
 
Reporter: Shinhan has steadily maintained a 60% debt ratio with an A- credit rating since it was listed on the KOSPI in 1978
Due to recent successful bids on various government-led projects in Libya (a total of about USD 2.1 billion), the company has greatly increased its reputation. The company now plans to further expand its business in Libya.
 
I’m Ju-Eun Lee from WOW TV.

 
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