Reuters: Hot Stocks: Korea Hot Stocks-Lotte Tour falls on botched investment

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Korea Hot Stocks-Lotte Tour falls on botched investment Mar 14th 2013, 01:12 SEOUL, March 14 | Wed Mar 13, 2013 9:12pm EDT SEOUL, March 14 (Reuters) - South Korea's main KOSPI share index was down 0.2 percent at 1,995.61 as of 0036 GMT. Shares of Lotte Tour Development fell by their daily limit of 15 percent to hit a record-low after a high-profile property development project in Yongsan, Seoul, in which it had invested 151 billion Korean won ($137.59 million), had defaulted. Thirty public and private companies, including Lotte Tour Development, invested in the project promoted as the country's largest-ever development project worth 31 trillion Korean won, but Lotte said the project's executor, Dream Hub, defaulted on 5.2 billion won interest, and it had not determined whether Dream Hub would go bankrupt. (Reporting by Hyunjoo Jin; Editing by Anand Basu)

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