The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Kim Min-gyu, Go Bo-gyeol bid farewell to 'The Heavenly Idol'

  • 3

    Han Suk-kyu on return of 'Dr. Romantic' with Season 3

  • 5

    Genesis launches 2023 G90 sedan

  • 7

    Churches, Seoul gov't unite to fight low birthrate

  • 9

    N. Korea tests 'underwater nuclear attack drone,' cruise missiles for nuclear warhead: KCNA

  • 11

    Burnout: Cardiothoracic surgery residents work 102 hours a week

  • 13

    What's next for Do Kwon?

  • 15

    Second daughter of Daesang chairman promoted to vice president

  • 17

    Over 70% of firms unwilling to embrace longer workweek

  • 19

    Crypto founder Do Kwon is indicted in US, following Montenegro arrest

  • 2

    Zoo shares sad story of what caused Sero the zebra to escape

  • 4

    Kim Nam-gil to embark on Asia fan-meeting tour

  • 6

    Kyochon heralds 30,000 won fried chicken era

  • 8

    North Korea will pay price for reckless provocations, warns Yoon

  • 10

    Hybe to sell SM shares to Kakao following failed takeover bid

  • 12

    Kakao Entertainment, Colombia Record team up for IVE's North American debut

  • 14

    Do Kwon, Korea's crypto 'genius' turned disgraced fugitive

  • 16

    BTS' Jimin releases solo album

  • 18

    Montenegro charges crypto fugitive Do Kwon with forgery

  • 20

    More companies adopt electronic voting amid increase in shareholder activism

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Sun, March 26, 2023 | 14:13
-------------------------
S. Korea's Universal Studios plan hits snag over funding
Posted : 2016-08-23 11:14
Updated : 2016-08-23 11:14
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
South Korea is facing rough sailing in its ambitious plan to build a Universal Studios theme park south of Seoul due to a row over how to bankroll the big-budget project, sources said Tuesday.

Korea Water Resources Corp. (K-Water), the state-run water resource management company, is pushing to build the amusement park in Songsan Green City, an industrial complex being developed on its own land in Hwaseong, about 60 kilometers south of Seoul, by 2020.

K-Water estimates around 5 trillion won ($4.45 billion) will be invested in the complex envisioned on a 4.2 square-kilometer plot, which will include the Universal Studio theme park and a Korean pop concert arena, as well as accommodations, a golf resort, a water park and a shopping center.

In December, K-Water picked a Universal Studios Korea consortium led by China's top state-run builder China State Construction Engineering Corporation and its leading state tourist agency China Travel Services as a preferred bidder for the project. The consortium also includes South Korean builders Daewoo Engineering & Construction and Dohwa Engineering.

According to K-Water, both sides had planned to sign a formal contract by the end of August, but they remain divided over the project's financing. K-water said it has agreed with the consortium to extend the negotiation deadline.

Watchers said the biggest hurdle to a formal deal is whether the state-run Korea Development Bank (KDB) will be able to fund part of the cost as it is playing a leading role in South Korea's restructuring of troubled shipbuilders, shipping lines and other companies.

"At the moment, the touchiest issue is whether the consortium will be able to receive state funding," a consortium official said. "We are hoping for good news before long as related government agencies are discussing the issue in earnest."

A lack of state funding may make it difficult for the consortium to raise the necessary money, potentially derailing the project entirely, they pointed out.

In an effort to make the project more viable, the government has decided to provide funding and infrastructure support, as well as offer incentives by designating the site as a foreign investment zone. K-Water has also offered the land to cut the construction cost.

The plan for the theme park was floated in 2007 amid hopes it would be up and running in 2012, but the project was delayed by the global financial crisis and put on ice in 2012 over funding. But South Korea has again been pushing for the project after President Park Geun-hye, the then-ruling-party candidate, offered it as one of her promises for the presidential election in December that year.

 
Top 10 Stories
1Zoo shares sad story of what caused Sero the zebra to escape Zoo shares sad story of what caused Sero the zebra to escape
2Genesis launches 2023 G90 sedan Genesis launches 2023 G90 sedan
3Kyochon heralds 30,000 won fried chicken era Kyochon heralds 30,000 won fried chicken era
4Churches, Seoul gov't unite to fight low birthrate Churches, Seoul gov't unite to fight low birthrate
5North Korea will pay price for reckless provocations, warns Yoon North Korea will pay price for reckless provocations, warns Yoon
6Burnout: Cardiothoracic surgery residents work 102 hours a week Burnout: Cardiothoracic surgery residents work 102 hours a week
7What's next for Do Kwon? What's next for Do Kwon?
8Second daughter of Daesang chairman promoted to vice president Second daughter of Daesang chairman promoted to vice president
9Over 70% of firms unwilling to embrace longer workweek Over 70% of firms unwilling to embrace longer workweek
10More companies adopt electronic voting amid increase in shareholder activism More companies adopt electronic voting amid increase in shareholder activism
Top 5 Entertainment News
1Kim Min-gyu, Go Bo-gyeol bid farewell to 'The Heavenly Idol' Kim Min-gyu, Go Bo-gyeol bid farewell to 'The Heavenly Idol'
2Han Suk-kyu on return of 'Dr. Romantic' with Season 3 Han Suk-kyu on return of 'Dr. Romantic' with Season 3
3Yoo Yeon-seok threatens to sue people spreading accusations about him Yoo Yeon-seok threatens to sue people spreading accusations about him
4Kim Nam-gil to embark on Asia fan-meeting tour Kim Nam-gil to embark on Asia fan-meeting tour
5Lee Som, Ahn Jae-hong to play married couple in Tving's new series Lee Som, Ahn Jae-hong to play married couple in Tving's new series
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group