Shanghai-based property developer the Greenland Group will invest about 1 trillion won ($872 billion) into the Jeju Healthcare Town project in the coming months.
According to the Jeju Free International City Development Center, or JDC, the Chinese firm signed a memorandum of agreement with the Jeju business organization during a ceremony held in Shanghai, China, on Wednesday.
Under the agreement, the Greenland Group will build recreational and cultural facilities, a medical research and development center, accommodations and more on a 778,000-square-meter plot of land located within the grounds of the Jeju Healthcare Town.
Byon Jong-il (right), chairman of Jeju Free International Development Center, shakes hands with Zhang Yuliang, president of the Greenland Group, after signing an agreement on investment at a ceremony in Shanghai on July 11. (JDC)
The group plans to establish a special purpose company this year to carry out this three-stage project, according to the JDC.
JDC officials said that other local and overseas companies and organizations are looking to invest in the JHT project as well.
Among them include Seoul National University Hospital, which may follow up on its 2008 memorandum of understanding with the JDC by operating medical check-up and rehabilitation centers in the Jeju area.
The Jeju Healthcare Town project is expected to be completed sometime in 2015.
By Renee Park (
renee@heraldcorp.com)