YUON: The Rebranding and Urban Regeneration of Yuseong Hot Springs District
DAEJEON, South Korea, Dec. 18, 2024 /PRNewswire/ -- Yuseong Hot Springs, located in Bongmyeong-dong, Yuseong District, Daejeon, South Korea, is a renowned hot spring destination. Its origins date back to the ancient Baekje era, with records indicating that Taejo, the founder of the Joseon Dynasty, and his son Taejong visited Yuseong for hot spring baths.
The hot spring water in Yuseong contains over 60 beneficial minerals, known to be effective for neurological disorders and chronic diseases. However, the 2010s saw the closure of famous hotels, leading to a decline in visitors and a crisis for the hot spring city with over 1,000 years of history.
Three Strategies for Revitalizing Yuseong Hot Springs
Jung Yong-rae, the mayor of Yuseong District, stated, "We aim to transform the Yuseong Hot Springs district into a complex space of hot springs and culture that citizens can enjoy, revitalizing Yuseong's tourism ecosystem." To achieve this, regional management companies WingWing, Zosless Studio, Planin, and WalkintoKorea have joined the effort. They, along with the Yuseong District Office, have devised future strategies for Yuseong Hot Springs, shifting from a traditional bath-focused image to that of a young, modern hot spring city.
The advantage of Yuseong Hot Springs district is its accessibility, located in the heart of South Korea, in Daejeon. The city offers good transportation options with buses and subways. The hot springs are in the city center, providing ample facilities for various meetings, and motels and hotels offering hot springs and relaxation remain in place. Lee Hee-byeong, president of the Daejeon Tourism Association, stated, "Yuseong Hot Springs is being reimagined as the ideal location for leisure activities during business trips," appealing to global citizens to enjoy Yuseong Hot Springs when visiting Daejeon, South Korea.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Walk into Korea Introduces: Yuseong Hot Springs, A Historic Urban Spa with Over 1,000 Years of History Attracts the World
MANILA, Philippines, Dec. 18, 2024 /PRNewswire/ -- Ayala Corporation signed a €50 million (₱3.1 Billion) social loan from leading European bank ING to support AC Health's portfolio growth.
Key officers of Ayala Corporation on December 16, including Chief Finance Officer Albert de Larrazabal and Treasurer Estelito Biacora, finalized the deal with ING, represented by Jun Palanca, Country Manager for ING Philippines, and Lenin Dueñas, Head of Corporate Sector Coverage and Financial Institutions for ING Philippines.
This social loan from ING comes at an opportune time, as AC Health continues to make strides in addressing significant pain points in the Philippine healthcare sector. Proceeds of the social loan are allocated to AC Health portfolio growth, and capital expenditures for retail pharmacy and hospital, including QualiMed and Joseph Drug. This enables Ayala, through AC Health's integrated healthcare ecosystem, to continue providing accessible, affordable, and quality healthcare to all Filipinos.
Jun Palanca, Country Manager for ING Philippines, said: "As a global bank with deep expertise in sustainable finance, we are proud to play a crucial role in enabling Ayala to address pressing challenges in the healthcare sector. This social loan marks an important milestone for ING and our partnership with the Ayala Corporation. ING's commitment to sustainability goes beyond financing; it is about empowering businesses to drive meaningful, long-term impact."
The €50 million social loan (approximately ₱3.1 billion) is the first Euro denominated social loan that ING has structured for a Philippine conglomerate. The social loan is structured with adherence to the latest Social Loan Principles published by the Loan Market Association, Asia Pacific Loan Market Association, and the Loan Syndications & Trading Association, paving the way for other foreign banks, including European banking institutions, to come in and participate in financing the growth of sustainable projects in the Philippines.
"At Ayala, we always look for like-minded partners who believe in our purpose. This sustainable finance transaction from ING confirms our commitment to building businesses that enable people to thrive," Larrazabal said. "This social loan from ING will enable us not only to build and scale our AC Health portfolio, but it will also enable us to serve more Filipinos by providing them access to quality and affordable healthcare."
About Ayala Corporation
For 190 years, Ayala Corporation has been building businesses that enable people to thrive.
Ayala, currently one of the largest conglomerates in the Philippines, has meaningful presence in real estate, banking, digital solutions, and renewable energy. It likewise has a growing presence in healthcare, mobility, and logistics as well as investments in industrial technologies, education, and other ventures. Ayala manages its corporate social responsibility initiatives through Ayala Foundation.
Visit our website at https://ayala.com and by follow us on LinkedIn to learn more about the company.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Ayala Corporation partners with ING to secure sustainable finance €50 million, advancing healthcare growth in the Philippines
