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Finance

Policy finance unit subsidiaries to be consolidated; relocation of financial public institutions remains variable

South Korea plans to consolidate facility and customer management subsidiaries scattered across policy finance institutions into function-based entities, under a broader push to reform public-sector functions. Five facility management firms will be merged into a tentatively named Policy Finance FMC, while two customer management firms will be integrated as Policy Finance CS. The government also plans mergers of certain subsidiaries into parent institutions. Separately, it will review criteria for keeping public bodies in the capital region as it prepares a second relocation plan to be finalised in the fourth quarter.

Finance

FSS to step up financial support for housing supply, focus on 325 capital area PF projects

South Korea\'s Financial Supervisory Service will strengthen oversight and financial support for residential real estate project financing to bring forward housing supply in Seoul and the greater capital region. It will prioritise 325 projects, including residential sites in regulated capital-area districts scheduled for supply by 2027. The watchdog plans to expand dedicated staff, assign managers to each site and check progress. It will work with the transport ministry, LH and financial institutions to address delays and funding difficulties.

Games & Commerce

CJ Olive Young says foreign sales up 47%, Gangwon surges 105%

CJ Olive Young said foreign customers’ cumulative purchases at its domestic offline stores topped 1 trillion won as of August, three months earlier than last year. It said the January-August number of transactions reached 11.01 million. The top five purchasing countries were the United States, Singapore, Japan, China and Thailand. It said foreign customers accounted for 33 percent of offline sales as of August, up from 2 percent in 2022, with non-capital regions showing larger gains.