China’s Far East Silk Road Strategy: building China Town around US Military Base ?
A plan to construct a Chinese-friendly city of size 8.4 square kilometers in Korea was made visible.
Hwanghae Free Economic Zone announced on 16th that it approved China Castle Development Co., Ltd‘s plan of construction in Hyeonduk district in Hwanghae Free Economic Zone of Pyeongtaek city, Pengcheng, Gyeonggi province.
Korea China Castle Development Co., Ltd. is a special purpose corporation (SPC) established in China with 50 billion won in equity capital by a group of people handling real estate and building materials (50%), Chinese individuals (20%) and Korean individuals (20%) , and in July 2015, they applied for a plan for the Hyeonduk district.
The Korea China Castle Development Co. plans to construct a project financing (PF) with a financial institution and a construction company to secure capital to fiance the project which costs around 755 billion won, and to pay compensation from the second half of this year.
By 2022, it will be sold to attract the domestic logistics, distribution, real estate, construction companies, etc., and finalize the creation of Chinese friendly city in South Korea.
The Korea China Castle Development Co. has a development concept called “cultural heritage”, “business” as a shopping hub, and spiritually as “family healing”.
It will include a 6,000-room residence hotel, a 4,000-suites luxury hotel, an amusement facility and an international conference hall, a large-scale shopping facility including a duty-free shop, and a permanent K-pop concert hall.
An official from the Hwanghae Free Economic Zone said, “The compensation for the district is expected to start in September, and the compensation amount is expected to reach 290 billion won.”
Despite the promotions of the project, many citizens in South Korea are expressing concern over security for the US military bases near by the construction site of the new China Town.