BJFEZ Selected H-Land as Preferred Bidder for Foreign Investment Business Lot

Busan Jinhae Free Economic Zone Authority (BJFEZ) announced that it received proposals to select a preferred bidder for the development of the land lot (block 1 and 2) in Myeongji International New City for foreign investors from October 23 to 25 and chose H-Land as a preferred bidder at the review committee on October 31.

The committee, which is consisted of external members, analyzes six categories, such as project performance capability, financing plan, comprehensive development plan, foreign investment, management and operation plan and returning development profit, to select a preferred bidder.

H-Land formed a consortium with three foreign companies, including Forbes Finance & Investment Corporation, and was chosen as a preferred bidder with the proposal under the terms that it would jointly take part in construction with large construction companies, such as Doosan and Hanyang E&C. 

BJFEZ will review the project performance capability of the preferred bidder and sign a formal contract within 60 days after the selection to proceed the project in earnest.