Invest KOREA

 

Guang Group, China's leading real estate developer, inked a $500 million-investment memorandum of understanding (MOU) with Jeju at an investment seminar held in Shanghai in late August. Under the MOU, the Guangdong-based company will build a China Town including a hotel, membership resort, water park and shopping mall on an 820,000 square meter-land.

 

Guang Group is negotiating with Jeju Free International City Development Center in charge of development project for Myths and History Theme Park.

 

Myths and History Theme Park development project is designed to inject a total of 1.59 trillion won into establishing a worldwide theme park reflecting Jeju's unique myths and history on a 4.043 million square meter-land in Seogwipo City.

 

Another Chinese real estate developer submitted an $80 million-investment letter of intent to Jeju to develop a comprehensive tourism & resort facility including a tour hotel and shopping mall on a 1.13 million square meter-site.

 

Jeju will provide various administrative supports including permission and approval for development projects and designation of investment promotion zones.

 

Source Text

 

Source: Yonhap News (Aug. 30, 2012)

 

** This is the translation of a Korean article.