(MENAFN - Qatar News Agency) The value of land owned by South Korea's 10 largest family-controlled conglomerates jumped 30% over the past three years, an online business data provider said Monday.
South Korea's (Yonhap) News Agency said that their land holdings were valued at 78.3 trillion about (US72 billion) won as of the end of last year, up 30.8% from 2008, according to Chaebul.com. which closely monitors developments of the country's conglomerates known as chaebol.
The data provider said conglomerates' mergers and acquisitions and expansion of their affiliates have pushed up the value of land owned by chaebol.
Another key factor was the government's move to reassess prices of land held by chaebol to reflect changes in property prices in recent decades.
Hyundai Heavy Industries Group, which includes Hyundai Heavy Industries Co., the world's largest shipbuilder, saw its land holdings jump 78.5% over the past three years to 7.75 trillion won as of last year. The move comes as the group took over companies that own lots of land in recent years.
The value of land owned by Hyundai Motor Group, South Korea's top automaking group, skyrocketed 44.6% over the period as it has taken over Hyundai Engineering & Construction, and its affiliates have also expanded their businesses.
Conglomerates' land holdings accounted for 11.1% of their total assets in 2008, though the share has dipped to 7.9% as of the end of last year amid a prolonged property market slump, said Chaebul.com.