Gwangju City Extends Deadline for Pyeongdong Urban Development Project Agreement by 30 Days
Request for Extension by Hyundai Engineering Consortium as Preferred Negotiation Partner
Decided to Conduct Additional 30 Days of Negotiations to Uphold Three Major Negotiation Principles
[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 4th that it will extend the deadline for signing an agreement with the Hyundai Engineering Consortium, the preferred negotiation partner for the Pyeongdong semi-industrial area urban development project, by 30 days.
Since selecting the Hyundai Engineering Consortium as the preferred negotiation partner on March 3, Gwangju City has been conducting negotiations based on three principles: aligning with the development of Gwangju and the interests of its citizens, ensuring the definite participation of a capable large entertainment company, and reducing the number of apartment units to a level that citizens can agree upon.
In particular, the city proposed negotiation agendas to curb apartment-centered development and to operate effective regional strategic industries. However, the Hyundai Engineering Consortium raised objections to some of the agendas and requested an extension of the negotiation period.
Accordingly, Gwangju City judged that additional negotiations are necessary for the unresolved and unanswered negotiation issues with the Hyundai Engineering Consortium in order to engage sincerely in negotiations on an equal footing, and explained that it approved a 30-day extension of the negotiation period in accordance with the public offering guidelines.
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Kim Dae-jung, head of Gwangju City's Investment Attraction Division, said, "We requested the Hyundai Engineering Consortium, the preferred negotiation partner, to present negotiation proposals within the additional negotiation period that citizens and experts can agree upon, and we will make every effort to ensure that the three principles, including responses to omitted negotiation agendas and key issues such as the reduction of apartment units, are upheld."
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