- On Jul. 9, Gangwon Province and Gangneung City sign MOU with Chinese investor, while land is secured

□ Gangwon Province and Gangneung City signed an MOU with Shangchao Holdings for investing in ‘the Project for Creating China Dream City’ which is worth minimum 200 billion won at Gangneung Mayoral Office on Jul. 9 at 10 a.m. The development of ‘China Dream City’ includes completing a hotel and a condominium with accessory facilities such as a terrace house and entertainment (a mall, a ball room, performance facilities etc.) by the end of 2017, and a site of 501,000m2 was secured around Jeongdongjin, Gangneung as of Jul. 1. The project is expected to be the first case among foreign investments in tourism in which Chinese money invests in the east coast of Gangwon Province.

□ ‘China Dream City’ is an initiative in creating ‘Multiple Cultural Tour-Oriented China Town’ where visitors will stay in a pleasurable space to enjoy shopping and entertainment at the same time. It will be created in waterfront area where the breathtaking scenic view of the East Sea meets with mountain edge, thus conserving the natural landscape and realizing a harmony with the natural terrains and ensuring convergence of Korean and Chinese cultures through the mix of traditional Korean culture and scenery with Chinese culture.

Shangchao Holdings estimates that the development of ‘China Dream City’ in Jeongdongjin will create economic spillover effects worth 1.95 trillion won and 3,890 or so jobs.

□ As Shangchao Holdings is going to push for upgraded friendship and cultural exchange between Korea and China in connection with the ‘China Dream City’ project, it is expected to make great contribution to revitalizing the regional economy and improving tourism environment. The company plans to participate in GTI International Trade & Investment Expo 2014 with a 100-person commercial observation group, and is also going to expand economic and cultural exchanges between Korea and China through China-Korea Chamber of Commerce and Industry soon to be created.