Shinsegae, OKO Group To Form $500 Million Property Joint Venture

According to Yonhap, South Korean retail conglomerate Shinsegae Group said Tuesday it will set up a $500 million joint venture with global real estate developer OKO Group to develop luxury hotels and other properties. Shinsegae Group Chairman Chung Yong-jin and OKO Group Chairman Vlad Doronin signed a memorandum of understanding in Seoul to create the venture, and the companies plan to work together on luxury hotels and branded residences in Asia and North America as well as commercial and mixed-use real estate projects in South Korea. OKO Group owns the luxury hospitality brands Aman and Janu and has developed hotels and branded residences under both names.