PRESS DIGEST - South Korean newspapers - May 21

SEOUL May 21 (Reuters) - The following is a summary of major South Korean newspapers on Thursday, prepared by Reuters in Seoul. Reuters has not checked the stories and does not guarantee their accuracy.

CHOSUN ILBO

A finance ministry official said on Wednesday the government would set up investment funds to direct increased liquidity into the corporate sector to be used for facility investments, rather than the property market, due to concerns about possible asset price bubbles.

A Blue House spokesman said on Wednesday the government was urging social leaders to warn against a trend of lavish wedding ceremonies that were burdening the public.

The government has decided not to grant approval for large gatherings in city centres if the rallies are expected to cause violence.

MAEIL BUSINESS NEWSPAPER

Shipbuilder Samsung Heavy Industries (010140.KS) said on Wednesday that it would invest about 600 billion won ($481.5 million) to develop its wind power facility business by 2015.

Total foreign currency debt in the South Korean corporate sector rose 49 percent in 2008 from the previous year, according to an analysis released by Bank of Korea on Wednesday.

DONGA ILBO

LG Electronics (066570.KS) plans to shut down its mobile phone production plant in Mexico by June, due to low productivity and the country's zero tariffs on imported cell phones, the company said. ($1=1246.0 Won)