Universal builds largest theme park in Korea
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The Hankyoreh said the Gyeonggi provincial government signed a memorandum of understanding with Universal yesterday for the new site in Hwaseong, a city about 70km south of Seoul and close to the capital’s main international airport in Incheon.
Forbes said the new US$3.1 billion theme park will also include a convention centre, hotels, golf courses and an outlet mall apart from the usual park attractions. When ready by 2010, it’s expected to be a magnet for tourists from China and Southeast Asia.
The Wall Street Journal, quoting a Universal official, said the Hwaseong complex represented the largest investment Universal has made in a theme park.
The report said the latest comes as developers have announced plans in recent months to build three other large theme parks around South Korea.
It said the burst of park construction is a sign of South Korea’s rising affluence and increasing leisure time after the country amended its work week to five days.
One of the new parks, involving Viacom’s Paramount studios, will be built by 2009 in the neighbouring city of Incheon. Last month, a real-estate developer announced plans to build a theme park connected to movies from MGM. The provincial government of Jeju Island is developing a large Asia-themed park with investors from Hong Kong and the U.S.
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