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South Korea’s Legoland is an unlikely poster child for the global struggle to fight inflation while maintaining financial stability.But a default on 205 billion won (US$155mil or RM682mil) worth of debt by the theme park’s developer triggered the worst meltdown in South Korea’s credit market since the global financial crisis. And as interest-rate hikes batter real estate markets around the world, it’s a reminder that even relatively safer financial systems like South Korea’s face threats of contagion. ....
The Legoland Korea Resort, which replaced its British divisional director with a Korean earlier this month, has also recruited a communications director and hired a new public relations (PR) agency recently. This series of staffing changes by the Lego-themed amusement park s operator is regarded as part of its efforts to cope with the ongoing negative media coverage of the company. ....
Legoland Korea Resort s operator expressed concerns over negative news reports about the Chuncheon-based theme park in Gangwon Province, which could possibly see a reduction in visitors, damaging the company s business, as well as the brand image of Lego. ....
The main opposition Democratic Party of Korea (DPK) on Thursday called on Gangwon Province governor to step down over a debt default linked to the Legoland theme park project. . ....
Gangwon Province will fulfill a payment guarantee for the developer of Legoland Korea Resort by mid-December, one month earlier than scheduled previously, amid a liquidity crunch, the provincial government said Thursday. ....