Hanwha Galleria acquires land in Sinsa-dong 2,367for won
Hanwha Galleria disclosed that it will acquire land in Sinsa-dong, Gangnam-gu, Seoul, for 2,367won. The contract is scheduled to be signed with Hana Asset Trust on 7month 14day, and the company said it plans to use its own funds and borrowings to expand its development business.
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Hanwha Galleria decided to acquire land located in Sinsa-dong, Gangnam-gu, Seoul, for 2,367won, it disclosed on 13day. This is important news for investors. It could affect finances and fund management because the company is directly securing a large-scale parcel of land and moving ahead in earnest with its real estate development business.
Hanwha Galleria said it plans to sign a contract with Hana Asset Trust on 7month 14day. The acquisition date and the scheduled registration date were disclosed as 9month 11day.
The company also said that it already paid a down payment of 7won on 8month 237day. The remaining balance of 2,130won is scheduled to be paid on 9month 11day.
The company said it would finance the land purchase with its own funds and loans from financial institutions. The specific loan size and terms will be disclosed later.
In its disclosure, Hanwha Galleria said it expects to improve profitability through business diversification, including real estate development projects. It said additional disclosures related to this transaction will be provided separately at a later date.
The disclosure was made on 7month 13day. Investors and other stakeholders need to check the status of the contract signing and registration, as well as additional financing disclosures.