Another Example of Damage: Tourism Development Projects in Jeju Led by Chinese Investors Interrupted | BusinessKorea

Tuesday, December 12, 2017

Looggin Jeju’s tourism complex construction project in Gashi-ri, Seogwipo, in Jeju island which started early this year, was put on hold in June owing to the Chinese government’s as remittance regulations.
Looggin Jeju’s tourism complex construction project in Gashi-ri, Seogwipo, in Jeju island which started early this year, was put on hold in June owing to the Chinese government’s as remittance regulations.
SEOUL,KOREA
30 August 2017 - 6:45pm
Choi Mun-hee

An increasing number of China-led development projects in Jeju are coming to a halt. For example, Looggin Jeju’s tourism complex construction project in Gashi-ri, Seogwipo, which started early this year, was put on hold in June. Looggin Jeju is a company invested by Chinese investors and a total of 270 billion won was planned to be invested in the project covering an area of 520,000 square meters.

Greenland Holding Group’s Jeju Healthcare Town construction project in Topyeong-dong, Seogwipo went awry as well. Four years ago, condominiums were sold in the first phase of the project. The construction of hotels, stores and additional condominiums in the second stopped two months ago with more than 50% of the phase completed.

It is said that these cases have to do with the Chinese government’s overseas remittance regulations that have been strengthened since THAAD deployment in South Korea. Under the circumstances, disputes are increasing between firms that participated in the projects. “We had to suffer substantial losses after the contractor abruptly halted the project,” said one of them that took part in the tourism complex construction project of Looggin Jeju. The local government said that it is proposing cooperation with South Korean investors.

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