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[THE INVESTOR] South Korea's home furnishing company Hanssem is entering China set to start business next year, it announced Aug. 25.
The company established a corporation in Shanghai with 30 billion won (US$26.8 million) capital stock earlier this year, estimated to amount to 7 percent of its equity capital. About 30 employees from the headquarters are conducting market research and business feasibility, according to media reports, aiming to start selling furniture and kitchenware to Chinese consumers in the second half of 2017.
The company established a corporation in Shanghai with 30 billion won (US$26.8 million) capital stock earlier this year, estimated to amount to 7 percent of its equity capital. About 30 employees from the headquarters are conducting market research and business feasibility, according to media reports, aiming to start selling furniture and kitchenware to Chinese consumers in the second half of 2017.
Hanssem has been highly dependent on the domestic market, which accounted for 99 percent of its revenue, but is expecting to tap the home furnishing market in China, estimated to be worth 720 trillion won as of 2014. It plans to invest 100 billion won in Chinese operation in the next two decades.
The largest South Korean furniture-maker posted a 61.4 billion won operating profit in the first half of this year, a 13 percent decrease on-year.
By Hwang You-mee (glamazon@heraldcorp.com)
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