SK Group to purchase building in Beijing

SK Group is seriously considering purchasing an estimated 500 billion won or US$500 million building, the “Capital Tower,” in Beijing’s central business district. The groups key affiliates such as SK Telecom, SK Energy and SK networks will finance the purchase. We are awaiting final approval from board members of all of our affiliates, a group spokesman said in July. SK Telecom and SK Energy will hold a board meeting to decide how much money they will chip in,” he said. The date of the purchase was not made available. Early this month, SK Telecom said it would enhance cooperation with China Unicom, a key competitor of China Telecom, even though the South Korea-based firm said that it doesn’t have immediate plans to buy any more shares. SK is one of many large Korean companies investing heavily in China. (July 21, 2008)