JEJU-DO < invest Korea

According to Yonhap News,

Raon Leisure Development, which is currently constructing a residential resort complex in Jeju Province, has signed agreements of purchase and sale worth KRW73 billion so far.

Raon Leisure Development said on April 26th that it has signed agreements of purchase and sale for 133 rooms by the end of last March among 934 rooms of Raon Private Town, which is under construction in Jaereung District, Hanrim-eup, Jeju city. The agreements are equivalent to the foreign capital of KRW73,098 million.

Contract parties are mostly Chinese, indicating that the immigrant investor program is playing an important role in inducing foreign investment.

The company will set up a medical center, which will provide health check-up and emergency treatment services, and Chinese restaurants, considering that the Korean food does not always suit Chinese tourists’ taste during their stay in Jeju.

Raon Private Town will be completed by the upcoming October, following the pre-review of occupants starting from August.

Team Leader Jwa Seung-hun of the Promotion and Strategy Team said “it is expected that a number of Chinese tourists will visit Raon Private Town during the Labor Day holiday,” and added “the agreement of purchase and sale are concentrated in March through June for condominiums, so we expect an increase in contracts in the near future.”

Source Text

Source: Yonhap News (April 26, 2011)

**This is an English translation of a Korean news article.