Hyundai beats out Samsung for $10B Seoul property

Hyundai Motor Co. outbid fellow South Korean conglomerate Samsung Electronics Co. for a plot of land in Seoul's posh Gangnam district, but the 10.55 trillion won ($10.19 billion) price tag brought little cheer to investors in the automaker.

Hyundai shares fell as much as 10.1 percent to a 16-month low on Thursday as investors felt the car maker was wasting cash on a trophy property when the company is struggling to compete with foreign rivals, according to the Wall Street Journal.

"We deem our bidding price [for the Gangnam site] to be reasonable given the need to build a global [business] control tower and the future value of the land," said a spokesman for Hyundai Motor.

Read more from the Wall Street Journal.