In late 2021, Edn Central Hannam, a project finance investment company (PFV) jointly established by Edn Asset Management and the developer UOD Consortium, acquired the Namsan Grand Hyatt Hotel parking lot site for around KRW 200 billion. The site was originally planned to be developed into a high-end residential complex, but construction was delayed due to approval and permit delays stemming from high interest rates, rising construction costs, and economic recession. The site was put back up for sale less than a year later. The seller tried to find a buyer directly without consulting an advisor, but the process faced difficulties and an EOD occurred when the loan went unpaid. […]