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Investment From Chinese Groups Rushes to Jeju


April 16, 2013 - Jeju, South Korea

The number of Chinese visitors to Jeju is increasing every year. In 2012 alone, 1.08 million Chinese tourists visited Jeju, a 12-fold increase in 10 years compared to 90,000 in 2002. Jeju is geographically close to China and allows Chinese visitors to travel to the island without a visa. For the reason, Jeju was named among the top three favorite overseas resort islands, along with Hawaii and the Maldives, in a 2010 survey by China's Global Times. In 2012, China's Travel Weekly chose Jeju as the top honeymoon destination, helping to boost the popularity of Jeju in China.

Just as Jeju has drawn greater interest from Chinese tourists, Chinese enterprises are investing in Jeju more than ever before. On April 12, Jeju Free International City Development Center (JDC, http://english.jdcenter.com/index.htm) and Landing Investment Group, the largest property developer in Anhui Province, China, signed an MOA to develop an all-season resort complex for the Myths and History Theme Park, one of JDC's core projects. Under the agreement, Landing Investment Group will develop theme zones, amusement facilities, and a resort that will enable visitors to fully enjoy and experience the myths and history of Jeju. The Myths and History Theme Park project is designed to create a world-class theme park reflecting Jeju's unique myths and history in Andeok-myeon, Seogwipo, Jeju.

During the MOA signing ceremony, JDC Chairman Byon Jong-il said, "When the world-class theme park reflecting Jeju's unique characteristics is built here, the island will attract greater attention not only from Asia but also from around the world. JDC is sparing no efforts to grow Jeju into a true Northeastern hub."

Prior to the agreement with the large Chinese property developer, Jeju's Myths and History Theme Park Project attracted the attention of a Malaysian enterprise, EMG Group. EMG Group signed an MOU with JDC on April 3 regarding investment of KRW1 trillion (approximately US$1 billion) to build an all-season resort.

Over at the Resort-type Residential Complex, another project to make Jeju a free international city, Malaysia-based Berjaya Group will invest KRW2.5 trillion (approximately US$2.5 billion), the largest amount ever injected by a foreign developer in Korea's tourism industry, to build Yerae Resort-type Residential Complex in Jeju. Recreation facilities, accommodations, restaurants, shopping centers, theaters, casinos, health & medical centers and spa resorts are planned to be completed here by 2017.

Moreover, Greenland Group, the largest real estate developer in Shanghai, China, selected Jeju as its first overseas investment destination and agreed to invest KRW1 trillion (approximately US$1 billion) in Jeju Healthcare Town in 2012.

Jeju's success in drawing foreign investment is due in large part to JDC, which is committed to turning Jeju into a free international city, like Hong Kong and Singapore. JDC has driven Jeju's core six projects over the past ten years, which include the Myths and History Theme Park, Resort-type Residential Complex, Healthcare Town, Jeju Science Park, Seogwipo Tourism Port and Jeju Global Education City. It's no exaggeration to say that the Jeju landscape has changed since the establishment of JDC (http://english.jdcenter.com/index.htm).

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