According to Yonhap News,

(INCHEONG=Yonhap News) The Incheon Free Economic Zone Authority (IFEZA) announced February 13 that the Chow Tai Fook Group (CTF), Hong Kong’s largest global group, will invest KRW 2.6 trillion (USD 2.6 billion) in Korea’s Yeongjong Island to develop a complex resort.

The IFEZA and Incheon City reached a memorandum of understanding with the CTF Group on February 12 to build a complex resort on the island. The CTF Group will invest KRW 2.6 trillion in the development of a complex resort from 2016 to 2022 on 94,121 ㎡ of land in Midan City. The resort will include a foreigner-only casino, luxury hotel, shopping mall, MICE industry-related facilities, entertainment facilities and facilities for the immigrant investor scheme for real estate.

The CTF Group will establish a Korean corporation in Incheon and implement a business plan by the first half of the year to apply for a preliminary examination of its project.

"The CTF Group has submitted an investment letter of intent, which is worth more than USD 1 billion, to Incheon City Mayor Yoo Jeong-bok, who visited Hong Kong last November. We will spare no effort in supporting the CTF Group as it works to be chosen as the project manager of the complex resort," said a city official.

kmg@yna.co.kr

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