According to Pulse by Maeil Business News Korea,

Gangwondo Development Corp. is set to sell Alpensia Resort located in Pyeongchang, the venue for South Korea’s first winter Olympics in 2018, to Chinese companies. According to Gangwondo Development Corp. and the investment banking industry on Friday, the company recently signed a memorandum of understanding (MOU) with two Chinese companies for the prospective sale that could reach up to 1 trillion won ($872 million).

Gangwondo Development Corp. has hired Deloitte Anjin LLC and Bae, Kim & Lee LCC to lead the sale and started negotiations with the two Chinese companies as they were allowed to conduct due diligence.

Gangwondo Development Corp. has been looking for a buyer of Alpensia Resort since 2014. The company aims to cut debt ratio from the current 214 percent to 160 percent by 2018 through the sale.

Alpensia Resort is a main venue for the 2018 Pyeongchang Winter Olympics, and the opening and closing ceremonies will be held at a stadium in the resort. It will also host biathlon, ski jump, cross country and skeleton games as facilities have been built inside the resort.

By Kim Hyo-hye and Ko Min-suh

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Jul. 1, 2016)