Korean Air Subsidiary Korea Airports Sells Jeju Real Estate for 20 Billion Won

"From the Perspective of Securing Liquidity"

[Asia Economy Reporter Yu Je-hoon] Korean Airport, a ground handling subsidiary of Korean Air, has initiated asset sales to secure liquidity.

Korean Airport held a board meeting on the 20th and resolved to dispose of land and buildings located in Yeon-dong, Jeju City, Jeju Special Self-Governing Province, for 20 billion KRW, according to a disclosure on the 21st.

Korean Airport is a subsidiary of Korean Air that provides various ground handling services to airlines at airports including Incheon International Airport. Due to the large-scale suspension of passenger flights caused by the COVID-19 pandemic, Korean Airport has been facing difficulties in securing liquidity. Earlier this year, the company entered an emergency management system, with executives at the executive director level and above returning 40% of their monthly salary, managing directors returning 30%, and implementing leave of absence for employees.

Korean Airport explained that the asset sale is "to improve the financial structure and secure cash liquidity."

This content was produced with the assistance of AI translation services.