Shanghai Greenland Group Co has agreed to invest 6 billion yuan (US$983.6 million) in a mixed-use project on Jeju Island, South Korea's most popular tourist destination, as the Chinese company continues to expand overseas quickly.
The 218-meter-tall Jeju Dream Tower — the company's second project on the island — will comprise 1,000 luxury serviced apartments, an upscale hotel, various entertainment facilities as well as duty-free shops with total gross floor area exceeding 300,000 square meters, said Greenland, which signed an agreement yesterday with a subsidiary of Lotto, one of South Korea's key conglomerates.
"The new project is a further demonstration of our optimism in Jeju Island where our first project has received very positive feedback from investors, the majority of them Chinese mainlanders," said Zhang Yuliang, chairman of Shanghai Greenland. "We will remain committed to expanding our overseas presence at a rather fast pace as we continue our globalization process."
The construction of the twin-tower project, touted as the highest on Jeju on completion, will take about three years, Greenland said. The company targets Chinese buyers for the apartments.
Greenland may reap over 2.5 billion yuan from its overseas operations, including in South Korea, Australia and the US, this year and above 10 billion yuan next year.