Mirae Asset: "If You Want to Ruin Yeosu Gyeongdo, Better Withdraw"

City Councilor Sangwoo Lee Criticizes Mirae Asset's Residence Plan Point by Point

Kyungdo Calls for More Creative Tourism Products Over Residences

[Asia Economy Honam Reporting Headquarters Reporter Shim Kyung-taek] Recently, Mirae Asset has caused controversy by reversing its stance on the Jeonnam Yeosu Gyeongdo Marine Tourism Complex project, alternating between withdrawing from and resuming the project. Amid this, a claim has been raised stating, “If you want to ruin Gyeongdo, then you should just stop investing and withdraw.”

On the 11th, Lee Sang-woo, a Yeosu city council member, stated during a 10-minute speech at the 211th Yeosu City Council regular meeting regarding the construction of the Yeosu Gyeongdo Residence, “If you intend to ruin Gyeongdo and Yeosu as it is now, I solemnly demand that you cease further investment and withdraw.”

Councilman Lee expressed concerns that the Gyeongdo development is becoming a ‘zero-sum development’ where only the developers and buyers profit, while Yeosu city and its citizens lose a lot, pointing out various problems related to the Residence construction.

First, regarding the investment amount, he argued that the 750 billion KRW construction cost for the Residence will be raised through investment funds, sales proceeds, and bank loans, so this should be excluded from the total investment amount.

Regarding suspicions of real estate speculation in the Gyeongdo development, he raised issues with the special purpose corporation established for the Residence construction, which is valued at 15 billion KRW.

Councilman Lee said, “The special purpose corporation is expected to gain profits exceeding 200 billion KRW,” and pointed out, “Mirae Asset is already making significant profits from the Residence alone.”

He especially added, “The Residence enjoys benefits without the obligations of multi-family housing,” and “If lodging facilities are needed, hotels or condos should be built; proposing to build a Residence looks like an attempt at real estate speculation.”

Lee also raised suspicions that Mirae Asset’s plan to relocate and newly establish Gyeongho Elementary School, which currently has about 40 students, to accommodate 300 students might be intended for the Residence residents.

Furthermore, he criticized Yeosu city for not voicing opposition to the Residence construction plan and the Gwangyang Bay Area Free Economic Zone Authority for approving and announcing it.

Lee stated, “Mirae Asset’s actions appear to be investments aimed solely at maximizing profits even if it ruins Yeosu and Gyeongdo,” and earnestly requested, “Please invest not in building Residences that benefit only investors and buyers, but in creating creative and innovative tourism products that benefit both the company and the citizens.”

He particularly criticized Mirae Asset’s attitude, describing it as “arrogant and dismissive of Yeosu and its citizens,” in light of their indication of possible project abandonment amid local opposition to the Gyeongdo Residence construction and their recent announcement of intent to resume the project.

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