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Tongyang Leisure buys Pinestone Country Club in Dangjin for $73 mn
According to Pulse by Maeil Business News Korea

Consus Muju Pinestone PF Real Estate, a subsidiary of South Korea’s major wire supplier Taihan Electric Wire Co., has sold Pinestone Country Club at 78 billion won ($73.4 million) as part of its parent company’s efforts to streamline noncore assets to focus on its mainstay wire business.

Taihan Electric Wire said on Friday its real estate investment fund agreed to sell the 680,000-square-meter site in Dangjin, South Chungcheong Province including the golf course and adjacent buildings for 78 billion won. Tongyang Leisure and Line Industry will pay 71.1 billion won and 6.9 billion won, respectively.

Built in 2006, Pinestone Country Club was originally owned by Songam Corporation but later acquired by Kion Construction, the builder of the golf course. It changed hands again in 2011 and is now fully owned by Pinestone Resort.

Pinestone Resort is wholly owned by Consus Muju Pinestone PF Real Estate, which Taihan Electric Wire set up with a 71.06 percent stake.

By Woo Je-yoon and Kim Hyo-jin

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Jan. 29, 2018)


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