JEJU-DO < invest Korea

Jeju announced that size of Jeju land owned by Chinese stood at 2.45 million m2 as of June, showing a 1.7 times increase compared to 1.41 million m2 at the end of 2011.

Total appraised value of the land owned by Chinese amount to KRW 137.4 billion.

Currently five Chinese companies, including the Green Land Group, are conducting development projects in Jeju, and four additional developers are planning to invest.

The Green Land Group invested KRW 1 trillion to build medical research and development (R&D) center, leisure and cultural facilities and accommodations on a 778,000 m2 site, which accounts for a half of the Jeju Healthcare Town.

A company from Qingdao is developing a beer museum and condominiums in Seogwipo.

As of June, size of land owned by foreigners stood at 10.28 million m2, accounting for 0.56 percent of total land. Total appraised value reached KRW 406.2 billion.

It is an increase by 8.1 percent compared to 9.516 million m2 at the end of 2011.

Americans hold 14, 60 million m2 of land, followed by Chinese (2.455 million m2), Japanese (2.185 million m2) and those from other Asian countries, including Taiwan and Thailand (841,894 m2)

Korean-Americas hold the largest size of land 3.77 million m2), followed by joint corporations (1.94 million m2), foreign companies (1.89 million m2) and other Koreans overseas (1.29 million m2).

Purpose of land varied by leisure (3.38 million m2), housing (195,857 m2), industrial (64857 m2) and others (5.81 million m2).

Lands owned by foreigners are increasing in its size with 6.68 million m2 in 2008, 7.40 million m2 in 2009 and 7.672 million m2 in 2010.

Jeju is managing foreigners’ acquisition and sales of land and changes in prices and releasing quarterly reports.

Source Text

Source: Yonhap News (Aug. 23, 2013)

** This article was translated from the Korean.