As South Korea's status as a player in the global economic arena rises, so does the cost of living.

The real-estate market is out of control. Speculation in real estate in Korea has resulted in the government passing new tax laws on owning multiple properties, where the sale of a second home could result in a 50 percent capital gains tax. Five years ago, a new luxury condominium project in Seoul sold for around $1 million. That same condo today is going for $2.5 million. The biggest real- estate boom is in the Kang Nam area (south of Hang River), where property prices have increased tenfold in the last six to eight years.

The real-estate boom has created a new wealthy class that got a windfall overnight.

With the new tax laws, political concern about North Korea, and diversifying assets, South Koreans are investing their real-estate profits abroad. South Koreans do not need a visa to go to Australia, and many have purchased homes there, increasing the real-estate valuation there as well.

South Koreans are also investing in the U.S. market in an effort to diversify their assets. A few weeks ago, I was in Los Angeles, where the Korean population — 750,000 strong — is the largest in the U.S. The parking lots at restaurants and golf courses are lined with Mercedes-Benzes (S Class and E Class), Lexuses, BMWs and Bentleys. I have never seen so many Bentleys in one location other than at a dealership.

I had to ask my friends there what is going on. Where is all this money coming from? They told me that there has been a lot of investment money coming from South Korea into the California market. Many building owners in Kang Nam have assets in excess of $20 million to $50 million and consider prices in the U.S. very affordable, and feel as if they are paying half-price for luxury goods such as automobiles and houses.

Hawai'i has seen some of this South Korean investment money as well. Koreans are buying many units in the new condominiums going up around Honolulu.

The corporate world is changing as companies give incentives for early retirement for employees who are in their mid- to late-40s. Men in this class are often taking the early-retirement package and emigrating abroad. Many come to the U.S. on investment visas looking for a small business to invest in. Then there are others who decide to take it easy and live like a king by emigrating to countries like the Philippines or Malaysia, where the cost of living is comparatively low.

South Koreans do need a visa to enter the U.S., and this is the main reason Koreans are investing in other countries such as Australia and in Southeast Asia. There is a call for a visa waiver for South Koreans coming to the U.S., a move that would spur a jump in tourism and investment from South Korea.

Jeff Chung is general manager of KBFD, which televises Korean dramas. If you have a K-drama question or comment, contact him at 521-8066 or jeffchung@kbfd.com.

THIS WEEK'S K-DRAMA SYNOPSES

'INFAMOUS CHILL SISTERS'

EPISODES 47 AND 48

Tonight at 7: Deok-chil is offended by Shin-ja's brashness. Shin-ja asks Seon-taek to reconcile. Ha-nam stops calling when Yang-pal tells him to stay away from Seol-chil. Tae-ja gets a draft notice.

Tonight at 8: Ha-nam tells Seol-chil he'll never give up on her as long as she wants him. But Seol-chil can't give him an answer. Tae-ja and Jong-chil call the police when Chan-soon fails to come home.

'LOVER'

EPISODES 3 AND 4

Tomorrow at 7:50 p.m.: Miju fusses over Sai-yeon's surprise visit. Sai-yeon invites Miju again to visit him in China. Yu-jin visits Kang-jae. Miju is fired from her job.

Tuesday at 7:50 p.m.: Miju is taken aback when a mystery woman walks in on her while she's taking a bath at Kang-jae's place. Kang-jae offers to be her tour guide.

'LOVE & AMBITION'

EPISODES 75 AND 76

Wednesday at 7:50 p.m.: Mi-ja visits her father's grave for the first time. Jung-ja is disappointed when Hoon doesn't bring his wife to see her. Tae-soo is still unhappy with Hyun-jung. Tae-soo asks Aunt Paju to live with him, but she's adamant about leaving.

Thursday at 7:50 p.m.: Jung-ja's heart sinks when Hoon brings his wife to meet her, and Hoon also breaks into tears. Tae-soo sends Hoon to bring Aunt Paju back. Eun-hwan tries to teach manners to Hyun-jung, but Hyun-jung is proving to be a difficult challenge.

'GREEN ROSE'

EPISODES 11 AND 12

Friday at 7:50 p.m.: Soo-ah calls out to Joong-won when he walks into the hospital room. Hyun-tae is furious when he hears about Joong-won's visit to Chairman Oh's hospital room.

Saturday at 7:50 p.m.: Director Suh advises Soo-ah to carefully consider marrying Hyun-tae. Hyun-tae is shocked when his chauffeur tells him he saw Cha Yoo-ran. Director Suh asks Soo-ah to show Joong-won around the city. Yoo-ran lures attorney Yoo to the bedroom while Dong-wook makes a copy of the CD.