This article was displayed on the ChosunBiz MoneyMove (MM) site at 9:46 a.m. on Apr. 7, 2026.
Korea's golf course mergers and acquisitions (M&A) market has hit a transaction cliff, flooded with potential assets for sale and would-be buyers. Many courses are effectively on the market as "permanent listings," and many firms are hunting for assets, but deals are not closing because of a gap in price expectations.
According to the investment banking (IB) industry on the 7th, a domestic private equity fund (PEF) manager recently reviewed but halted the acquisition of Ujeong Hills Country Club (CC) in Cheonan, South Chungcheong. Ujeong Hills CC had not seen a transaction because Chairman Lee Woong-yeol of Kolon Group was hoping for a price nearing 250 billion won, but his expectations have recently come down to around 200 billion won. The PEF is said to have judged that even this price is expensive, citing the course's distance from the Seoul metropolitan area, despite its reputation as a prestigious course.
Ujeong Hills CC is an 18-hole course operated by Green Narae, a subsidiary of Kolon Glotech. The ownership structure is "Chairman Lee Woong-yeol → Kolon Co., Ltd. → Kolon Industries → Kolon Glotech → Green Narae."
Cascadia Golf Club (GC), an "ultra-luxury" course with green fees exceeding 500,000 won, is also on the block. Until last year, Factum PE pursued an acquisition but talks fell through, and The Sienna Group is now said to be reviewing it. The Sienna Group is a golf specialist that last year acquired Aekyung Group's Jungbu CC and Seragio GC in quick succession.
A golf industry official said, "It is no exaggeration to say The Sienna is looking at almost every good golf course on the market, and most potential buyers have taken a look at Cascadia CC as well."
Separately, POSCO Group's Jack Nicklaus GC in Songdo, Incheon, continues to face sale rumors. With membership liabilities of about 230 billion won, even a sale would net only a few tens of billions of won, but the group is said to be trying to exit the golf course business, viewed as a "luxury industry," to align with government expectations. According to the industry, POSCO Group recently called in some lead managers to ask about the possibility of selling Jack Nicklaus GC.
Rexfield CC, owned by Woongjin group, is also effectively considered a permanent listing. The group denies it, but potential buyers are said to have already made contact.
Currently, high-end golf courses in Korea basically expect a price tag of at least 11 billion won per hole. That was last year's per-hole sale price for Jungbu CC. An industry official said, "The Jungbu CC sale price has effectively become the 'floor' for premium courses' valuations."
By contrast, potential buyers feel that even 10 billion won per hole is expensive. They say Korea's golf market has peaked and is now heading down.
The downturn in the golf industry is borne out by data. According to the Korea Leisure Industry Research Institute and golf industry materials, the number of golf course users nationwide fell by about 1 million last year from a year earlier, marking a decline for the second straight year. The operating margin of public golf courses in the Seoul metropolitan area, which neared 40%–50% during the COVID-19 pandemic, fell to the low 30% range in 2024 and is said to have dropped into the 20% range last year.