HK developer unveils $2b Jeju Island project

Hong Kong-listed housing developer Landing International Development Ltd unveiled a complex project in Jeju Island, South Korea on Thursday in the latest move by Chinese companies to explore overseas housing markets.

Planned in cooperation with Genting Singapore PLC, the complex, with an investment of 2.2 trillion won ($1.998 billion), will feature a world-class theme park, water theme park, and casino, as well as large five-star hotels and villas, the company said.

The villas, as part of the complex with an area of 2.52 million square meters, enable buyers to have resident visa for South Korea, the company said.

The Anhui-based private company said the complex is expected to attract 15 million tourists after completion in 2017, higher than the current annual number of tourists in Jeju Island.