South Korean Workers 'Forced To Buy' Unsold Homes (Video)

by
Sameera Ehteram
This video shows a South Korean construction worker Kim Keon-Hoon, in possession of an apartment he never wanted. His employer told him he had to take the unsold property to help keep the firm afloat.

This video shows a South Korean construction worker Kim Keon-Hoon, in possession of an apartment he never wanted. His employer told him he had to take the unsold property to help keep the firm afloat.

He had to pay more than 716, 000 dollars.

Kim says he was threatened with a poor appraisal if he refused to buy and it seems he's not alone.

The Korean Federation of Construction Industry Trade Unions says at least five firms in receivership had done the same.

Apparently South Korea's building boom has turned to dust. Apartment prices in South Korea plunged nearly 15 per cent between July 2008 and the end of 2012.

Some property specialists fear more building firms could be in trouble. Alongside the housing slump, personal debts have doubled in a decade to more than 983 billion dollars.

That's adding to the pain in what was once one of Asia's tiger economies.

Carbonated.TV