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Top 10 S. Korean companies operating in China

President Xi Jinping arrived in Seoul on July 3 at the start of his first visit to South Korea since taking office last year.

Upon arrival in Seoul, President Xi said he looks forward to exchanging in-depth views with South Korean President Park Geun-hye and jointly mapping out the future of bilateral cooperation.

China is South Korea’s leading export destination and source of imports – and it is thus South Korea’s largest trading partner. Two-way trade hit $274.2 billion in 2013, a 55-fold increase since 1992 – the year the two countries established diplomatic ties.

South Korea is China’s third biggest trading partner, and its investment in China rose 87.9 percent in the first five months this year.

The following list concerns details about the top 10 South Korean companies that have contributed the most to trade ties between the two countries.

Source: Fortune Global 500 2013 list

 

No. 10: S-Oil

China office location: Shanghai municipality

Fortune Global 500 2013 rank: 371

CEO: Nasser Al-Mahasher

Employees: 2,691

Revenues: $30,829.9 million

Profits: $519.5 million

Assets: $11,674.9 million

No. 9: Korea Gas Corporation

China business unit location: Hong Kong SAR

Fortune Global 500 2013 rank: 365

CEO: Kangsoo Choo

Employees: 2,976

Revenues: $31,103.40 million

Profits: $325.6 million

Assets: $37,948.3 million

 

No. 8: Kia Motors Corporation

China headquarters location: Shanghai municipality

Fortune Global 500 2013 rank: 252

CEO: Hyoung-Keun Lee

Employees: 47,083

Revenues: $41,945.8 million

Profits: $3,431.4 million

Assets: $30,266.1 million

 

No. 7: GS Caltex Corporation

China business unit location: Shandong province

Fortune Global 500 2013 rank: 239

CEO: Jin-Soo Huh

Employees: 4,535

Revenues: $43,407.6 million

Profits: $651.8 million

Assets: $21,060.4 million

 

No. 6: Korea Electric Power Corporation

China headquarters location: Beijing municipality

Fortune Global 500 2013 rank: 235

CEO: Hwan-Eik Cho

Employees: 38,611

Revenues: $43,612.9 million

Profits: $-2,811.6 million

Assets: $136,534 million

 

No. 5: LG Electronics Inc

China headquarters location: Beijing municipality

Fortune Global 500 2013 rank 225

CEO: Bon-Joon Koo

Employees: 86,697

Revenues: $45,246.1 million

Profits $59.3 million

Assets $29,387.1 million

 

No. 4: POSCO (Pohang Iron and Steel Company)

China headquarters location: Beijing municipality

Fortune Global 500 2013 rank: 167

CEO Joon-Yang Chung

Employees 35094

Revenues: $56,472.5 million

Profits: $2,186 million

Assets: $74,049.1 million

 

No. 3: Hyundai Motor Company

China headquarters location: Beijing municipality

Fortune Global 500 2013 rank: 104

CEO: Mong-Koo Chung

Employees: 98,348

Revenue: $74,998.5 million

Profits: $7601.8 million

Assets: $113,539 million

 

No. 2: SK Holdings Co Ltd

China headquarters location: Beijing municipality

Fortune Global 500 2013 rank: 57

CEO: Tae-won Chey

Employees: 78,593

Revenue: $106,258.8 million

Profits: $931.3 million

Assets: $84,679.5 million

 

No. 1: Samsung Electronics Co Ltd

China headquarters location: Beijing municipality

Fortune Global 500 2013 rank: 14

CEO: Oh-Hyun Kwon

Employees: 236,000

Revenue: 178,554.80 million

Profits: $20,585.7 million

Assets: $169,154.6 million

Hawaii’s New Foreign Real Estate Buyers

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Wealthy Koreans and Chinese from three locations join Japanese and Canadian buyers in the local market

BY DENNIS HOLLIER

Honolulu is one of the top 10 real estate markets in the country for international buyers.

Maybe you’re not surprised, but, according to Inman News, a prominent national source of real estate intelligence, 3.6 percent of all homes sold on Oahu between May 2011 and January 2012 went to buyers with a foreign tax bill address. That’s roughly twice the national average.

On the one hand, this factoid seems to confirm the obvious. Resort towns have always gotten the biggest slice of the international market, which is comprised mostly of affluent people seeking second homes. In that sense, high-end communities like Kahala, Wailea and Hualalai look like the quintessential market for these wealthy foreigners. But if you look closely at the numbers, the story becomes more complicated.

Bigger Picture

That’s because Hawaii differs from other U.S. markets in important ways. First, Hawaii real estate doesn’t offer the bargains international investors can find elsewhere. According to the Inman report, we don’t have the high vacancy or foreclosure rates that have depressed prices in Phoenix, Las Vegas and Florida. For example, in 2010, Cape Coral-Fort Myers, Fla., one of the top 10 markets for international buyers, had a vacancy rate of 37 percent, the highest in the country. The national figure is about 13 percent. In Hawaii, the vacancy rate is barely more than 8 percent.

That same divergence is reflected in the low number of foreclosure sales in the Islands. In Miami, during the fourth quarter of 2011, foreclosure sales accounted for 24 percent of all residential sales. In Phoenix, it was 39 percent. In Las Vegas, the country’s distressed property capital, an amazing 58.7 percent of all homes sold were foreclosures. In contrast, just 6.1 percent of Honolulu sales were foreclosures. The comparative health of Hawaii’s real estate market hasn’t yielded bargain-basement prices, so it’s not surprising that most foreign buyers have looked elsewhere.

Home Front

The biggest difference with the Hawaii market may simply be the mix of foreign buyers. Across the country, Canadians make up 23 percent of all international buyers, followed by the English and other Europeans. In Florida, which has six of the top 10 markets for foreign buyers, that trend is even more pronounced, with Canadians comprising more than 70 percent of the international market. In Hawaii, of course, Asian buyers predominate. According to the National Association of Realtors (NAR), Japan-based buyers still account for more than 58 percent of all international sales in Hawaii. Canadians are also an important market, but they make up just over 16 percent of foreign buyers. The next largest group is the fabled Chinese, comprising nearly 6 percent of all international sales.

This is a familiar landscape to Hawaii Realtors who specialize in foreign buyers. But there are subtle changes obscured in that data. Those changes aren’t lost on Patricia Choi of Choi International, Hawaii Business’s Top Realtor for three out of the past five years, largely due to international sales.

“Now, we have two or three new sets of buyers,” Choi says. “The first is the Koreans. They don’t have to have a visa anymore, and they can stay up to 90 days. Because of that, we have more people from Korea who are looking to buy vacation homes here. And they come in all ages, from young ones who’ve been very successful to older retirees.

“The second group is the Chinese – and actually you have three groups of those. You have the ones from mainland China, those from Taiwan and those from Hong Kong.”

It’s the group from mainland China that has some Realtors on the edge of their seats. After all, the country’s booming economy has produced hundreds of thousands of new millionaires, and, according to Juwai.com, a popular Chinese real estate portal, as many as 85 percent of them would like to immigrate to the U.S. or send their children to school here. That’s why smart Realtors like Choi see so much potential in the China market. Although Choi says that 60 percent to 70 percent of her business last year was from Japan, she’s focusing more and more attention on China.

“I’ll be leaving on a flight to China next week,” she says. “This is my third year in a row that I’m going to China.” She’s also going to Seoul this year instead of Tokyo.

Understanding foreign buyers isn’t just important for Honolulu Realtors; foreign buyers also play an important, albeit diminished, role in the market for high-end property on the Neighbor Islands. “We currently have about 300 members (owners),” says Rob Kildow, principal broker and director of sales for Hualalai Realty, which handles sales for the Hualalai Resort on Hawaii Island. “It looks like about 3.5 percent of our members are Japan-based. We also have members from Australia, Canada, Holland, Hong Kong, Korea and Singapore; but everybody is less than 1 percent except the Japan contingent.” Overall, though, he estimates nearly 20 percent of his sales are to foreign buyers. Given the amount of international money coming in, Kildow, like Choi, is keenly aware of what drives foreign buyers.

“Without getting too complicated,” he says, “a lot of it has to do with currency valuations. With the weak dollar, that’s made us more attractive to international buyers.” Probably the best example is the yuan, which is up 34 percent against the dollar over the past three years. That amounts to a 34 percent discount on U.S. real estate for Chinese buyers. That same scenario is playing out with the yen, the Korean won and the Canadian dollar.

“Lift is also an important part if it,” Kildow says. “Now, for example, there’s a once- or twice-a-week flight out of Hong Kong. There was an almost immediate jump in buyers with that. That works whenever you get more lift; you always get a pick-up in interest from those areas. People are creatures of convenience.”
Probably the most important issue for foreign buyers is the difficulty in obtaining financing. Banks simply don’t want to offer a typical mortgage to foreign nationals, which means these transactions often involve large quantities of cash. This is particularly troubling for Chinese buyers, who, because of tight currency regulations, often have difficulty getting money out of China.

“You can get money out of Hong Kong or Taiwan,” says Pat Choi, “But out of mainland China, you’re restricted to something like $50,000 per person per year.”
This is a serious impediment to buying real estate, she notes. “Some are able to get 50 percent loans. And they have big families. But most of the people doing this are pretty affluent; they’re people who have a lot of cash saved up.”

According to Choi, if young Realtors want to get into the international market, they have to understand all these issues. “They need to educate themselves,” she says. “They need to go to the NAR meetings and be active in the international section.” Maybe most important, they need to understand the needs of the international buyer. Choi recommends traveling to foreign countries and learning what potential buyers are like in their own environment.

She offers one more piece of wisdom: “This doesn’t happen overnight. It takes time.”

Top 10 U.S. Markets for Foreign Buyers

Foreign buyers as a percentage of all buyers in each market

Lakeland-Winter Haven, Fla. 9.2%
Cape Coral-Fort Myers, Fla. 8.5%
Orlando-Kissimmee-Sanford, Fla. 6.9%
North Point-Bradenton-Sarasota, Fla. 6.5%
Miami-Fort Lauderdale-Pompano Beach, Fla. 5.3%
Phoenix-Mesa-Glendale, Ariz. 4.2%
New York County, N.Y. (Manhattan) 3.7%
Honolulu 3.6%
Tampa-St. Petersburg-Clearwater, Fla. 2.9%
Las Vegas-Paradise, Nev. 2.8%

Photo: Thinkstock

Source: Inman News, reporting on all homes sold between May 2011 and January 2012.

Photo: Thinkstock

Launch a Business, Get a Green Card

One way Chinese real estate buyers are getting around visa rules and currency restrictions is by investing in U.S. businesses. According to the U.S. Citizenship and Immigration Service, over the past four years there’s been a 35 percent up-tick in EB-5 applications, a program that awards permanent resident status to foreigners who invest at least $500,000 in new U.S. business ventures that create a minimum of 10 jobs. Last year, 78 percent of all applicants for the program were Chinese nationals.

Hawaii Business

American Luxury Real Estate Popular With Chinese Buyers

American Luxury Real Estate Popular With Chinese Buyers

Buying overseas real estate is popular among affluent Chinese for a number of reasons. They may be buying property for a son or daughter studying overseas, as a tangible investment or the first step in a long term goal of emigrating to a new country. The following is a curated list of articles that provide insight into the growing trend of Chinese purchasing real estate for personal and investment reasons overseas.

China’s Super Rich to Rise By 80% in Next Decade

china wealthy

According to a report by Knight Frank LLP, the number of Chinese super-wealthy, those who own more than US$30 million in assets (excluding their main residence), will grow by 80 percent over the next decade , Global Times reports.

China will have over 14,200 ultra-wealthy individuals by 2024, which will rank China 13th in the world in terms of the number of multi-millionaires. This would place Hong Kong, Shanghai, and Beijing as third, fifth, and sixth, respectively, as the cities with the most ultra-wealthy people.

According to Thomas Lam, the head of research and consultancy at Knight Frank, “The Chinese mainland will have a growing presence on the list. And Hong Kong will enjoy the advantage of being the unofficial bridge that connects the Chinese mainland and the rest of the world in the next decade.”

The rise of the super-wealthy in China is also driving up the prices of luxury real estate both in China and abroad. In fact, high-end residences in Beijing increased in price 17 percent in 2013 to reach US$17,100 per square foot after only a 2 percent gain in 2012.

The high-end real estate boom has also carried over into international markets. According to Knight Frank, China’s super-rich contributed 13 percent of the United States’ and 30 percent of Australia’s inbound capital to each country’s property development markets in 2013.

“The economic meltdown in 2008 and 2009 dealt a hard blow to high-end residential and commercial properties in North America and the UK,” said Thomas Lam. “While a buyer needs to pay 70,000 yuan to 80,000 yuan per square meter for prime office space in Beijing, he only has to pay 30,000 yuan to 40,000 for a similar property in the US or Europe. That motivates multi-millionaires to buy abroad.”

So far, the Chinese real estate investments are concentrated in second-tier foreign cities such as Houston, Texas and Birmingham, England. The only thing holding back these investors is a lack of understanding of local property markets and laws, and many of these Chinese investors are looking for foreign partners for assistance in these areas.

Boom Times for Chinese Tourism in Los Angeles Suburb

city-los-angeles-luxury

About 12 miles east of Los Angeles, the suburb of San Gabriel is becoming a popular destination for Chinese tourists.

Although San Gabriel, a city of 40,000, has “no beaches, no major landmarks and few A-list shops and restaurants” to speak of, its perks for Chinese visitors and residents alike are many. According to the Seattle Times, the suburb boasts a “thriving” array of Chinese restaurants, multilingual travel agencies, Asian banks, and Chinese-style hotels. And the list continues to grow. A 316-room Crowne Plaza Hotel is expected to open next to the town’s Hilton in 2015.

One of the town’s more prominent points of interest is 219,000-square-foot San Gabriel Square, which hosts so many luxury retailers that it is now informally known as the Great Mall of China.

“San Gabriel is famous in China. It has become a brand name destination,” said chief executive of Hing Wa Lee Group David Lee. Lee’s business recently opened a jewelry store in San Gabriel to cater to the city’s Chinese tourists, who form about 70 percent of the clientele.

Julie Tang, general manager of the San Gabriel travel agency Park Place International, echoed Lee’s comments, saying that San Gabriel’s “name recognition has become luxury.”

About a third of Chinese travelers in the United States visit Los Angeles, and, according to the U.S. Office of Travel and Tourism Industries, Chinese tourists spend approximately $3,000 on each California trip, more than any other country.

What’s more, emigration to the United States is becoming a popular option for affluent Chinese with concerns about the future of their nation’s economy and environment. In fact, more than 60 percent of millionaires in China are considering emigration, according to the Hurun Report, a publication that documents wealth in the country.

Chinese immigration to US still rising

The number of foreign-born Chinese Americans in the US doubled between 2000 and 2010, according to a UN report, and experts attribute the increase in large part to China’s growing middle class, who have left in droves to pursue education or business opportunities abroad.

Among approximately 3.79 million Chinese now living in the United States, 2.2 million were born in China, according to the report by the UN Department of Economic and Social Affairs (UN-DESA).

Chinese immigration to US still rising

“There has been an astronomical increase in Chinese students coming to US, driven by economic growth in China, improved educational infrastructure and a continued uncertainty about China’s trajectory,” said Madeleine Sumption, a senior policy analyst and assistant director for research in the international program at the Migration Policy Institute in Washington. “Having an education outside China is viewed as being an insurance policy, and more and more parents are able to afford to take advantage of that.”

In 2000, 22,000 visas were issued to Chinese nationals in the US; in 2012, that number jumped to 189,000. Increased government investment in China’s education system has also contributed to a larger portion of the Chinese population being able to apply for study abroad, she said.

Zai Liang, a professor in the sociology department at the University of Albany with a focus on immigration and Chinese demography, said he believes that the UN figures are slightly misleading. A significant portion of the 2.2 million Chinese-born immigrants currently in the US are in the country on temporary visas for school or short-term business and will not stay, he said. Some of the students may have been counted twice as a result of exiting the country for holiday trips or other short vacations, he said.

Other factors possibly contributing to increased immigration from China include lenient US immigration policies that encourage high-skill workers from China to take jobs in the US, said Karthick Ramakrishnan, associate professor of political science at the University of California, Riverside. Ramakrishna directs the National Asian-American Survey, and is working on a book on immigration legislation.

The US is working to make its policies more competitive in drawing higher-educated immigrants equipped to work in high-skill industries, he said.

Although immigration from China has increased steadily over the last decade, various push and pull factors play a role in how it plays out in developing countries. Increased wealth provides the means for people to leave, but increased opportunity can also attract many to return home upon graduation, Sumption said.

Immigration reform in the US will likely continue to prioritize visas for educated, high-skill workers from China, but will make it more difficult for Chinese families to bring extended family members with them when they relocate. Adult siblings will no longer be eligible.

The UN-DESA report, which was released ahead of a summit on migration and development held by the General Assembly in early October, noted that 232 million people now live abroad worldwide. In 2000, that number was 175 million. The US remains the world’s most preferred destination for immigration: between 1990 and 2013, nearly 23 million immigrants arrived in the country.

“Even though many people think of immigration as being most important to the Latino community, it’s also incredibly important to the Asian community as the US’ fastest-growing racial group,” Ramakrishnan said.

kdawson@chinadailyusa.com