GANGWON-DO < invest Korea

(CHUNCHEON=NEWSIS) Gangwon Province announced February 5 that Shang Chao Holdings, a Chinese company, will invest KRW 200 billion in Gangneung to build a tourism complex and Sharp Gain Korea, a joint venture between Korean and Chinese companies, will invest KRW 250 billion in Pyeongchang to establish a Ski hotel and resort.

Shang Chao Holdings will invest KRW 200 billion by 2017 in the establishment of a China dream city (501,322 ㎡) in Jeongdongjin Beach, Gangneung. The dream city will include hotels, condominiums, a Chinese-themed park and cultural performance facilities.

Sharp Gain Korea will invest KRW 250 billion by 2017 in the establishment of a ski hotel and resort (26,146 ㎡) in Daegwanryeong, Pyeongchang. The resort will include hotels, condominiums, a convention center, spa and commercial facilities.

Apart from the above companies, other Chinese companies are planning to invest in Gangwon Province to build accommodations and other large-scale tourism-related facilities.

There are growing concerns over the Chinese large-scale investment in the development of outdated regions. The province is worried as the province’s development projects can be eaten into by China. If the projects turn into long-term projects, there is a high possibility of them becoming speculation in real estate.

ysh@newsis.com

Source Text

Source: Newsis (February 04, 2015)

** This article was translated from the Korean.