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Completion of the Shareholder’s Agreement for Domestic Members of the SPC

(Incheon=Yonhap News) Chung Gwang-Hoon Reporter: On June 17^th, the Incheon Free Economic Zone Authority (IFEZ), under Incheon City, announced that it had recently completed the shareholder’s agreement for domestic members of the Special Purpose Company (SPC) pertaining to the development of Yongyu-Muui’s multifunctional cultural, tourism and leisure city so that it can begin the project in earnest.

After holding a business information meeting last February, the IFEZ and Yongyu-Muui’s PMC Corporation examined the overall financial ability and business know-how of the construction companies, strategic investors and finance corporations that applied to participate in the project, and it completed the shareholder’s agreement to form the domestic consortium of the SPC comprised of ten companies in the construction industry, including Daewoo Engineering & Construction, SK Engineering & Construction, and Korea Airlines, as strategic investors.

Additionally, the Kempinski Group, in charge of the development, completed the shareholder’s agreement with the local companies in Dubai and Abu Dhabi early this month, and one of China’s top three traveling groups, BTG, also announced its participation in the project.

After establishing the first draft of the master plan in early July, the IFEZ explained that it plans to complete the master plan by the end of August.

The Yongyu-Muui multifunctional cultural, tourism and leisure city is the biggest project in Yongjong area of the Incheon Free Economic Zone: it covers a land area of 24.4㎢, which is eight times the size of Yeouido. It is expected that KRW 10.2 trillion will be invested in the creation of the infrastructure alone.

The IFEZ plans to construct a world-class multifunctional tourism city combining tourism, entertainment, leisure, business and shopping by 2020. The project site is close to Incheon International Airport, and the Ministry of Knowledge Economy approved the development plan at the end of last year.