Unstoppable 'Chinatown' Construction... Gangwon-do Promotes 'China Dream City' in Jeongdongjin

480 Billion KRW Investment by Chinese Capital Xiangchao Holdings
Former Lawmaker Kim Jin-tae Says, "This Time They Plan to Build China Dream City in Gangneung Jeongdongjin"

Jungdongjin China Dream City Bird's-eye View [Provided by Gangwon Province]

[Asia Economy Reporter Ra Young-cheol] As Kolon Global, the implementing company of Gangwon Province's 'Korea-China Cultural Town' project, announced a "reconsideration of the project," attention is focused on whether the 'Jeongdongjin China Dream City' development project in Gangneung will also be affected.

According to Gangwon Province and Gangneung City on the 3rd, the 'Jeongdongjin China Dream City' project involves creating a themed tourist complex and integrated tourism resort with condos, hotels, and art museums on a 500,000㎡ site around Jeongdongjin through private investment from Chinese capital and foreign investment attraction (480 billion KRW). It is evaluated to be essentially similar to the Korea-China Cultural Town project.

The project operator secured the project site in 2014 and began attracting investment, but has faced difficulties in advancing the project due to the deployment of THAAD and COVID-19.

Earlier, in February, the province announced regarding the extension of the real estate investment immigration program for China Dream City and the Gangneung Jeongdongjin district, "The Ministry of Justice has resolved to extend the designated period until 2024 to support the successful hosting of the 2024 Winter Youth Olympics and to promote the difficult foreign investment attraction."

In response, Kim Jin-tae, chairman of the People Power Party Chuncheon City Party Member Council, said on his Facebook on the same day, "Governor Choi Moon-soon of Gangwon failed with the Chuncheon Chinatown, but it is not over yet. This time, they say they will build China Dream City in Gangneung Jeongdongjin."

He added, "Chinese capital Xiangchao Holdings has agreed to invest 480 billion KRW and has already purchased 170,000 pyeong of land. Gangwon Province recently extended the period of the real estate investment immigration program, giving momentum to the project."

Kim also reported, "Zhou Weibo (女), the head of the People's Daily Korea bureau, is building relationships and activities with key figures in the ruling party such as Choi Moon-soon, Lee Jae-myung, Song Young-gil, and Lee Nak-yeon."

He then quoted Governor Choi, saying, "Why on earth are they doing this? China's 'Belt and Road Initiative (一帶一路)' exactly matches Moon Jae-in's Northern Policy," and "Chinatown is a cultural Silk Road following the maritime Silk Road and the overland Silk Road."

Governor Choi Moon-soon of Gangwon Province in an interview with People's Daily Online [Screenshot from People's Daily Online video]

Governor Choi previously stated in an interview with China's 'People's Daily Online,' "I named this project the 'Cultural Belt and Road.' It will become a Belt and Road that is engraved in the heart."

The 'Belt and Road' referred to by Governor Choi is China's ongoing 'New Silk Road Strategy,' which means the overland Silk Road (Belt) connecting Central Asia and Europe and the vast maritime Silk Road connecting Southeast Asia, Europe, and Africa.

This is interpreted as being in line with the meaning of 'sharing the same will as China.'

Additionally, Governor Choi said, "The complex cultural town will be a luxurious space that gathers Chinese culture in one place to introduce Chinese culture to the world," and "We will spare no effort to ensure that Chinese cultural contents representing China come, settle, and are well designed by closely cooperating with Chinese local governments on permits and approvals."

After the Korea-China Cultural Town project was effectively withdrawn recently, Governor Choi expressed his feelings through local media, saying, "Anti-China and anti-Japan sentiments are serious. The hateful and angry sentiments have spread due to COVID-19, and this is manifesting as attacks against the province's (Korea-China Cultural Town) project."

Meanwhile, Kolon Global announced on the 26th of last month, "The company recognizes that it is no longer possible to proceed with the 'Korea-China Cultural Town' project, and even if it means bearing significant losses in time and costs incurred so far, we will fully reconsider the project plan," expressing its intention to withdraw from the project.

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