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In a dramatic turn of events, China's property titan, Evergrande Group, once hailed as the country's second-largest developer, lodged a bankruptcy petition in New York on Thursday. This move traces back to the severe debt crisis the company faced in 2021, which has since rippled across China's property sector and potentially even its broader economy. Borrowing, Defaulting, and Bankruptcy Evergrande's financial debacle began when it heavily borrowed and subsequently failed to service its debt.

In a major development that underscores Busan's urban landscape ambitions, the Busan Lotte Tower is slated to grace the city skyline as a defining structure by the first half of 2026. According to Lotte Shopping on the 16th, the company is poised to kick off construction, with a groundbreaking ceremony scheduled at the Busan Lotte Tower construction site at 11 am on the 17th. This announcement comes 27 years after acquiring the former site of Busan City Hall located in Jung-gu, Jungang-dong, a

In what has now become a cherished tradition, the Busan Cinema Center is set to host the prestigious 'Busan Craft Beer Masters Challenge' from the 18th to the 20th of this month. This three-day event promises to be a treat for craft beer enthusiasts, celebrating the artisanal flair of Busan's brewing scene. Several craft beer brands from around the region will compete in rigorous evaluations, vying for the coveted title of this year's best brew. Unlike other competitions, the uniqueness of the

Perched on the southeastern tip of the Korean Peninsula, Busan stands as South Korea's second-largest city. But beyond its bustling ports and modern skyscrapers lies a historical tapestry that captures the heart and soul of the nation. At the epicenter of this rich history is the Jung-gu district. The Jung-gu district, translating to 'Central District', isn’t merely a geographical indication of its position in Busan; it's a testament to its pivotal role in shaping the city’s narrative. Over the

BUSAN — In a drive to redefine urban living, the city of Busan has unveiled its selected areas for the second phase of its "Happy Challenge." This ambitious initiative aims to transform neighborhoods into spaces where all essential services are accessible within a 15-minute walk or bike. Busan's municipal government disclosed that the Saha-gu's Shinpyeong-Jangnim living area and the Sasang-gu's Gwaebeop-Gamjeon living area have been designated as the primary living quarters for the Happy Challe

The Global Scouting Event Meets Unforeseen Heatwave In an unanticipated turn of events, the 25th World Scout Jamboree currently underway in South Korea is facing an escalating crisis. An extreme heatwave, with temperatures consistently surpassing 35 degrees Celsius, has rapidly turned the much-anticipated global youth event into a scene of distress and urgency. The Jamboree, intended as a showcase of camaraderie, cultural exchange, and outdoor activities, has seen the joyous spirits of partici

BUSAN, SOUTH KOREA – In an ambitious move to bolster regional tourism, the Korea Tourism Organization (KTO) in partnership with Busan city announced on July 2, that a series of pilot projects will be launched to extend the city's tourism ecosystem from the Haeundae and Osiria tourist complexes in East Busan, to West Busan and beyond into the South Coast area. The disparity in tourism between the East and West regions of Busan is evident from various statistical data. A review of the most popula

Busan is one step closer to its aspiration of designating the Nakdonggang River as a national garden, following the creation of the city's first and the nation's largest local garden along the Nakdonggang River bank in Samnak Ecological Park. The Busan Metropolitan Government announced today that it has registered and publicized a riverfront area of 2.5 million square meters in Samnak Ecological Park as the first Nakdonggang River Local Garden in Busan. This land is state-owned and is located w