Gwangju City Receives Letters of Intent from 17 Companies for Pyeongdong Semi-Industrial Area Urban Development Project

Poem Reaffirms "No Apartment-Centered Reckless Development" Policy

Gwangju City Hall

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 23rd that, as a result of receiving letters of intent for the Pyeongdong semi-industrial area urban development project through a private sector public offering method from the 20th of last month to the 20th of this month, 17 companies (10 construction, 2 financial investment, and 5 others including real estate) submitted proposals.

The Pyeongdong semi-industrial area has been designated as a semi-industrial area since 1998, and due to indiscriminate development, residents' complaints demanding development have been continuously raised. Gwangju City decided to proceed with a development project public offering to accommodate these demands and to establish this area as a hub for future strategic industries such as eco-friendly automobiles, energy, and cultural content industries.

The project will be promoted through a private sector public offering method to utilize the creativity, financial capacity, and advanced technology of the private sector, considering Gwangju City's financial conditions.

With 17 companies submitting letters of intent, Gwangju City plans to receive business plans by January 29 of next year and to form a related department collaboration TF team early this month to systematically promote the project.

In particular, to resolve issues raised by some regarding indiscriminate development for large-scale apartment complexes, damage to the Hwangryong Riverside waterfront space, and concerns about fairness in the recruitment and selection process of business operators, all matters related to the project will be transparently disclosed and handled fairly. An organic cooperation system will be established with related departments and affiliated organizations.

Park Nam-eon, Director of the City’s Job and Economy Office, said, “We will proceed with follow-up procedures such as the submission of business plans, selection of priority negotiators, and signing of agreements with private business operators without any setbacks,” and added, “We will do our best to ensure that the development is systematic and eco-friendly, rather than apartment-centered.”

This content was produced with the assistance of AI translation services.