As many as 100 golf courses could be put up for sale as shareholders fear the impact of the Improper Solicitation and Graft Act, industry sources project.
Of these, 29 are either under court receivership or undergoing workout processes. The majority of the remainder are said to be facing financial difficulties, which are likely to be amplified by the new act.
The Improper Solicitation and Graft Act, also known as Kim Young-ran Act, prohibits officials in both public and private sector from receiving entertainment or gifts exceeding a certain value.
Golf has long been used as a tool for business, and golf courses are considered among businesses most likely to feel the hardest impact from the implementation of the new law.
By Choi He-suk (email@example.com