Chinese projects in South Korea's Jeju hit roadblocks  

濟州叫停多個中國項目 房企韓國投資遇阻

近日韓國濟州道新任知事發表言論稱，中國目前投資濟州的大項目屬于“投機資本”，擔心未來中國人在濟州圈地成為“中國城”，要求已經獲得上屆道政府批準、但未開工的項目“從頭再來”。他還宣布，將大幅提高外國人通過購買房地產獲得濟州永居權的條件。[查看全文]

(ECNS) --Chinese real estate developers in South Korea's southernmost island province Jeju have hit a roadblock, as the new governor began to curb the influx of investments, the National Business Daily said.

Several large-scale development projects being pushed by Chinese companies or joint consortiums involving Chinese have been asked to renew their permits under the new administrative government.

The new governor of Jeju said last Tuesday that incoming speculative capital from China in real estate will turn the island into another Chinatown.

A groundbreaking ceremony for a planned theme park should have been launched on Tuesday in Jeju, but it was canceled as the project failed to pass inspection four days ago.

The project, co-developed by Jeju Free International City Development Center and Chinese developer Landing Investment Group, is designed to create a world-class theme park reflecting Jeju's unique myths and history.

Another planned skyscraper by Chinese property developer Greenland Group is also in gridlock, a Korean newspaper said.

Nearly 80 percent of property buyers in Jeju are from China, and the area of land Chinese investors own on the island surged from 49,000 square meters at the end of 2010 to 485,000 sq m by March 2013.

The former policy of granting permanent residency to real estate investors who purchase property worth $50,000 or more has contributed to the surge.

Last Friday, the new Jeju government demanded that foreign investors buy municipal bonds worth 500 million South Korean won ($491,183) in addition. It also proposed to control the number of immigrants at no more than one percent of its total population, or around 6,000.