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This Futuristic Korean Real Estate Project Is On The Verge Of Collapse

Max RosenbergMar 15, 2013, 03:55 IST

Via Yongsan IBDThe "Dream Hub" in Seoul was supposed to be a "city within a city" — home to a dozen skyscrapers, waterfront parks, and business and residential facilities.

But the $28 billion project, officially called the Yongsan International Business District, is on the line after developers defaulted on a major loan repayment amid a real estate slump, AFP reports.

We won't know whether the project will go bankrupt until June, when another round of loans matures.

While ground has been broken on the project, it's still a far way from the gleaming city pictured in the Dream Hub's promotional materials.