Korea Telecom (KT) has started involving itself in the real estate development market. The company recently hired an external CEO to develop the real estate business.
KT plans to enhance the value of the company's real estate assets. They are also preparing to cooperate with construction companies and develop a U-City. The initial capital for the new corporation is estimated to be KRW 8 billion and about 10 professionals are lined up to get things started.
Last year, KT's revenue in the real estate business was KRW 300 billion. Since the business grows over 30 percent annually, one can say that KT has already been successful in real estate development. Each year, KT highly engages the real estate business by building apartments.
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