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According to Yonhap News,
(INCHEON=Yonhap News) Incheon City announced November 16 that Chow Tai Fook Enterprises Limited (CTFE), one of the four largest conglomerates in Hong Kong, submitted an investment letter of intent (LOI) to the city to develop an integrated resort in Yeongjong Island worth USD 1 billion.
Incheon Mayor Yoo Jeong-bok received an investment LOI from the executives of CTFE Group at the Grand Hyatt Hong Kong during his visit to Hong Kong.
According to the CTFE’s investment LOI, the company will first establish an integrated resort that includes a foreigner-only casino, hotels, shopping facilities and entertainment facilities in Yeongjong Island to take Korea’s tourism market to the next level.
The company also plans to establish an integrated development project to promote the real estate investment immigration system near the integrated resort based on successful cases of the integrated development of new cities, including Hong Kong and Shanghai.
The CTFE is run by Chairman Cheng Yu Tung, who ranked 64th in Bloomberg’s list of the World’s 200 Richest People. Its major affiliates include New World Development Co., Ltd. and Chow Tai Fook Jewellery Group Ltd.
Cheng, the largest shareholder of Macau Tourism Corporation, is currently developing and operating a five-star hotel and casino in the Philippines.
The investment LOI, an agreement weaker than a memorandum of understanding, is not legally binding. That is why there are many cases in which the LOI is nullified before reaching an agreement. In this regard, Incheon city should do its utmost for the CTFE’s LOI to lead to an investment agreement.
"We sincerely welcome the LOI of the CTFE, a world-leading company in real estate, department stores, hotels and conventions, and we will spare no effort in cooperating with the central government to provide the company with policy support,” said Yoo.
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Source: Yonhap News (November. 16, 2014)
** This article was translated from the Korean.