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Hyundai Motor Group will pay a record $10 billion for the site of its new headquarters in Seoul's high-end Gangnam district, out-bidding Samsung Electronics Co. and sparking investor concerns that it is wasting cash on a trophy property.

The conglomerate smashed the previous record auction price for a single plot of land in South Korea with its 10.55 trillion won ($10.14 billion) bid, more than triple the appraisal value.

It would be the highest price by far for a single piece of land in Asia since the global financial crisis, according to CBRE Research, topping the $3.6 billion paid last year by Hong Kong's Sun Hung Kai Properties for a site in a commercial district in Shanghai.



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Investors Worry That Hyundai Is Wasting Money On $10 Billion HQ

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