Chaebol General Motors and Renault. The chaebol debts were not only to state industrial banks but also to independent banks and their own financial services subsidiaries. The scale of the loan defaults meant that banks could neither foreclose nor write off bad loans without themselves collapsing, so the failure to service these debts quickly caused a systemic banking crisis, and South Korea turned to the IMF for assistance. The most spectacular example came in mid-1999, with the collapse of the Daewoo Group, which had some US$80 billion in unpaid debt. At the time, it was the largest corporate bankruptcy in history.
Urban regeneration in South Korea create employment based on existing industrial functions and industries and to stimulate economic recovery to surrounding areas. The institution links urban regeneration, development and urban regeneration with key facilities that have significant economic recovery. It targets areas where employment can be created through composite development projects(anchor businesses). Typical example Urban regeneration in South Korea Urban regeneration in South Korea began with the reconstruction following the Korean war. (For brevity, references to Korea hereafter refer to South Korea.) In the 1980s, the policies and paradigms for establishing new towns changed greatly. Urban regeneration examples include Housing redevelopment projects, housing refurbishment projects,