China’s Greenland Group Decides to Invest in Jeju
JEJU, KOREA — Jeju Free International City Development Center (JDC) said on July 11 that it has signed a memorandum of agreement (MOA) with Greenland Group in Shanghai, China, to attract investment to the Jeju Healthcare Town (JHT) project.
Chairman of JDC Byon Jong-il, Vice Governor for Administrative Affairs of Jeju Special Self-Governing Provice Kim Hyung-Sun, Director-General’s Local Economy of Seogwipo City Yang Dong Gon, President of the Greenland Group Zhang Yuliang and representatives from Shanghai participated in the MOA signing ceremony held in Greenland Group, Shanghai.
Under the agreement, Greenland Group will build a medical R&D center, recreational and cultural facilities, and accommodations, investing some KRW1 trillion in approximately 778,000 square meters out of the JHT’s 1.54 million-square-meter site.
China’s leading real estate developer plans to establish a special purpose company (SPC) this year and conduct development work stage by stage: recreational condominiums in the first phase; Wellness Mall, Well-being Food Zone, and Healing Garden in the second phase; and R&D and anti-aging centers in the third phase.
In addition to Greenland Group, many local and overseas companies have shown interest in investing in the JHT project.
The ‘Seowoo–Jungdae Real Estate’ consortium, selected as the preferred bidder for the project in December 2011, is negotiating for the formal contract to build a medical check-up center, geriatric & rehabilitation hospital, and recreational resort on a 450,000 square-meter site with an investment of approximately KRW 467 billion.
In addition, Seoul National University Hospital, which inked an MOU in April 2008, is considering taking part in the project by operating rehabilitation and medical check-up centers. JDC said that the JHT project is expected to be successful, helping the nation’s medical industry become a growth engine and further vitalizing the Jeju economy.