Hyundai shares down after €8bn land deal

Hyundai Motors and its two affiliates yesterday approved Asia’s biggest property deal since the financial crisis when their board members agreed to pay €7.96bn ($10.12bn) for a trophy plot of land to house a new headquarters in downtown Seoul.

The Hyundai-led group — which includes Kia Motors and Hyundai Mobis — agreed to the price, more than triple the appraised amount, prompting a sharp sell-off in the companies’ shares.

About 11.6 trillion Korean won ($11.11bn) have been wiped of the market values of the companies since the purchase was announced last week.