According to Yonhap News,

(BEIJING=Yonhap News) A high-tech company set up by China's Tsinghua University plans to open a "science park" in South Korea's western free trade zone, company officials said Wednesday.

Xu Jinghong, chief executive of the Chinese firm Tsinghua University Science Park (TusPark), and Cho Noi-ha, head of South Korea's POSCO Engineering Co., signed a memorandum of understanding earlier in the day in Beijing to build the facility in the Songdo International Business District near the western port city of Incheon.

Dubbed the TusPark, the so-called "science park" will consist of an international school, an art museum, a science exhibition hall, a condominium and other commercial buildings.

Xu said the facilities, which are expected to cost about 500 billion won (US$451 million) will be built in two stages and the first stage of construction will be completed in 2019.

The second stage of construction will be completed in 2025, according to company officials.

kdh@yna.co.kr

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