Bank of China (Seoul Branch) provides ₩15.7 billion KRW loan facility for Haeundae LCT Development Project

Project narrative

In late 2016, the Seoul Branch of the Bank of China provided a ₩15.7 billion KRW loan facility for Haeundae LCT Development Project. LCF PFT Co. Ltd — a Korea-based developer company owned by Lee Young-bok — was the likely borrower of the loan and developed the building. The purpose of the project was to construct a set of multi-use beachfront skyscrapers in Busan, South Korea, known as Haeundae LCT The Sharp (해운대 엘시티 더샵). The facilities include an 85-story residential high-rise complex, commercial complexes, and a 101-story luxury hotel. It was South Korea's first and tallest beachfront residential complex. Construction began on October 28, 2013, and the facility was completed on November 30, 2019. Posco E&C constructed the site. However, China State Construction Engineering Corporation signed a construction agreement with LCT PFV Company in 2013, but rescinded their participation. South Korean prosecutors accused Lee of managing slush funds as well as lobbying and bribing government officials in relation to the financing and permitting of the facility; Lee denied the allegations.