(From Korea Times)
South Korea will build a new Chinatown near Seoul that will serve as an international shopping and tourism hub, authorities said Wednesday.
The Chinatown, expected to be over 2.3 million square meters in size, will be built in Pyeongtaek, some 70 kilometers southeast of Seoul, according to the Yellow Sea Free Economic Zone (YSFEZ) authority.
The YSFEZ is one the country’s several free economic zones (FEZs) located near the capital area.
The project, proposed by a special purpose company (SPC) established with major investment from Chinese firm Legions Group, has been reviewed by the related bodies as of March and is waiting official approval from the authorities.
The company, capitalized at 50 billion won ($43 million), is 50-percent owned by Legions, 20 percent by Chinese individuals and 20 percent by South Korean private investors.
The plan is to build hotels, recreation and convention centers, as well as large-scale shopping facilities with duty-free shops in the newly envisioned town, named China Castle. The company said it will also establish medical centers, an international school and apartments in the area. Read More