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Jeju sees a growing number of Chinese businesses investing in the development project of Musu Stream Entertainment District and Seongsan Harbor Marine Tourism District.
It signed an investment agreement with China City Development, a joint-venture among Beijing-based companies, to entice $300 million to build accommodation facilities and a museum. The joint venture purchased a 451,146 square meter-site in Musu Stream Entertainment District in March.
Jiangsu-based companies also formed a joint venture to build leisure and
accommodation facilities in Seongsan Harbor Marine Tourism District. It secured
a 30,000 square meter-land in the district to build tourism facilities targeting
Chinese visitors, with the total investment worth $100 million. It plans to start
construction in July after completing administrative procedures by June.
Source: Yonhap News (May 6, 2012)