Mirae Asset Gyeongdo Development, 'It Is Turning from Investment into Speculation'

Provincial Assembly Member Min Byung-dae Urges Prioritizing the True Landmark Symbolizing 'Gyeongdo'

[Yeosu=Asia Economy Honam Reporting Headquarters, Reporter Sim Kyung-taek] Concerns have been raised that the development of the Gyeongdo Marine Tourism Complex in Yeosu, Jeollanam-do, promoted by Mirae Asset, is turning into speculation rather than investment.

Min Byung-dae, a member of the Jeollanam-do Provincial Council (Democratic Party of Korea, Yeosu 3), argued during the Jeollanam-do Provincial Council's administrative inquiry held on the 6th that in order for the Gyeongdo Marine Tourism Complex to become a world-class tourist destination, a true landmark symbolizing Gyeongdo must be prioritized first.

Councilor Min said, “When the Mirae Asset consortium took over Gyeongdo and announced plans to invest a whopping 1.5 trillion won to develop Gyeongdo, many places in Yeosu welcomed it with statements and banners filled with expectations. The government and local governments also invested over 100 billion won in the budget to plan a connecting bridge, which is currently underway.”

However, he pointed out, “While residents of Yeosu believe that Mirae Asset is investing 1.5 trillion won in stages to develop Gyeongdo, the actual progress shows that Mirae Asset’s development of Gyeongdo is heading toward speculation rather than investment.”

Councilor Min claimed, “YK Development (YKD) has changed or planned to change the land use plan three times in total. In April 2019, they reduced the areas for the theme park, corporate training center, and auto camping site to zero. Then, in July 2020, they reduced the commercial area and applied to Jeollanam-do to build tower-type residences.”

He continued, “In November last year, just four months after submitting the second amendment, they again proposed a change plan to build and sell detached residences on hotel and condo sites. At this point, it is questionable whether Mirae Asset’s development of Gyeongdo is truly aimed at creating a world-class tourist complex or if it is a speculative business.”

He also criticized, “YKD has never presented a firm plan for the Gyeongdo Marine Tourism Complex landmark to the residents of Yeosu, only pushing for ‘residence construction.’”

Councilor Min questioned, “The landmark YKD proposes for Gyeongdo is hotels and condos, but can this really be called the landmark of Gyeongdo development?” He argued, “To become a world-class tourist destination, priority should be given to creating a symbolic landmark for Gyeongdo that can be called the ‘Korean Sentosa.’”

Governor Kim Young-rok, who responded, said, “Jeollanam-do will continue to supervise and regulate the purpose validity of issues such as the residence problem to ensure that Gyeongdo can advance as a sustainable and world-class marine tourism destination.”

He added, “I fully agree with the need for a landmark and will urge that the Gyeongdo Marine Tourism Complex be developed not only as a representative of the southern coast of Jeollanam-do but also as the top marine tourism resort in Asia.”

Yeosu=Asia Economy Honam Reporting Headquarters, Reporter Sim Kyung-taek simkt7@asiae.co.kr

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