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Korean-Owned Commercial Properties Worth $1.3 billion

Korea Daily, news, Posted: Mar 18, 2009

LOS ANGELES Koreans own thousands of commercial properties in LA's Koreatown and Downtown areas which are valued at more than a billion dollars, reports Korea Daily. According to a survey the newspaper jointly conducted with Kim Heeyoung Realty, a Korean real estate firm, as of February 2009, Koreans own 1,286 commercial properties worth $1.3 billion in total. Considering the survey method, which excluded properties owned by corporations and living-trusts, the actual number of Korean-owned properties and their value would be more than that. The average purchase price of the Korean-owned commercial properties is $1.2 million, and most of the landlords made a 40 percent down payment for a property. Korean owned properties are concentrated in Pico and Olympic areas, reports the newspaper.


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