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Concerns over Lotte E&C s financial soundness are widely being seen as the main reason the builder lost to Daewoo E&C in a bid to win a 790-billion-won ($563 million) order to redevelop a 115,000-square-meter site in Yongsan District in central Seoul, according to industry officials, Sunday. During last Saturday s vote to select the company to take charge of the largest redevelopment project for the second half of this year, Daewoo E&C won 410 votes, while Lotte E&C got 342 votes. As a result, the former will be able to build its Hannam Summit apartment complex in Area 2 of the Hannam Redevelopment Zone.

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