Chinese projects in South Korea's Jeju hit roadblocks  

济州叫停多个中国项目 房企韩国投资遇阻

近日韩国济州道新任知事发表言论称，中国目前投资济州的大项目属于“投机资本”，担心未来中国人在济州圈地成为“中国城”，要求已经获得上届道政府批准、但未开工的项目“从头再来”。他还宣布，将大幅提高外国人通过购买房地产获得济州永居权的条件。[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.