{"id":10993,"date":"2021-02-11T14:47:44","date_gmt":"2021-02-11T07:47:44","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=10993"},"modified":"2021-06-04T15:59:59","modified_gmt":"2021-06-04T08:59:59","slug":"constructors-detect-foreign-lng-projects-as-new-cash-source","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/constructors-detect-foreign-lng-projects-as-new-cash-source\/","title":{"rendered":"South Korean constructors detect foreign LNG projects as new cash source"},"content":{"rendered":"

In the first half of 2020, reliance on the housing market increased by nearly 60\u00a0percent<\/span>\u00a0<\/span><\/p>\n

\"\"
Further dips in oil price may draw out domestic builders\u2019 profitability, as industrial facilities account for around 60 percent of such builders\u2019 overseas projects. SangaPark\/Shutterstock<\/figcaption><\/figure>\n

Due to the\u00a0<\/span>South Korea<\/span>n government\u2019s strict regulations to control housing prices,<\/span>\u00a0construction firms\u00a0<\/span>have been contemplating foreign LNG projects as a new cash source to lower their dependence on the domestic real estate market, reported The Korea Times.<\/a>\u00a0<\/span>\u00a0<\/span><\/p>\n

As stated by the International Contractors Association of Korea, 359 builders won 567 contracts valued at USD35.1 billion across 98 countries in 2020. This surge of 57 percent compared to 2<\/span>019 is partly due to the recovery of oil prices in\u00a0<\/span>order to attract large-scale orders <\/span>from the Middle East.\u00a0<\/span>\u00a0<\/span><\/p>\n

The association anticipates similar volumes this year, adding that \u201corders from oil-producing firms may decline if talks over production cuts fail and oil prices plunge further.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

Further dips in oil price may draw out domestic builders\u2019 profitability, as industrial facilities account for around 60 percent of such builders\u2019 overseas projects.\u00a0<\/span>\u00a0<\/span><\/p>\n

Korean buildings have continuously sought-after overseas projects, as their main\u00a0<\/span>revenue stream<\/span>, the domestic housing market has slowed down <\/span>as a result of the<\/span>\u00a0government\u2019s efforts to re<\/span>gulate<\/span>\u00a0housing prices.\u00a0<\/span>\u00a0<\/span><\/p>\n

More: South Korea foreign ownership increased by 1.2% in first half of 2020<\/strong><\/a><\/p>\n

Since oil prices stayed low in the first half of 2020, their reliance on the housing market jumped by almost\u00a0<\/span>a\u00a0<\/span>60 percen<\/span>t<\/span>\u00a0average among the top five construction firms.\u00a0<\/span>\u00a0<\/span><\/p>\n

As of December, Daewoo E&C landed a USD456 million deal\u00a0<\/span>for<\/span>\u00a0the Mozambique LNG Area 1 project.\u00a0<\/span>\u00a0<\/span><\/p>\n

Industry officials mentioned that\u00a0<\/span>several<\/span>\u00a0large-scale gas projects are still planned for this year<\/span>.\u00a0<\/span>Korean builders\u00a0are\u00a0<\/span>striving\u00a0<\/span>for these contracts<\/span>, so LNG projects are expected to be an important revenue stream.\u00a0<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

In the first half of 2020, reliance on the housing market increased by nearly 60\u00a0percent\u00a0<\/p>\n","protected":false},"author":12,"featured_media":20999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[209,650,1090,198],"class_list":["post-10993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-construction","tag-housing-market","tag-lng-projects","tag-south-korea","news_country-south-korea","news_author-property-report"],"acf":[],"yoast_head":"\nSouth Korean constructors detect foreign LNG projects as new cash source | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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