Busan is good

Global fund eyeing Dongbusan Tourist Complex

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With prominent foreign investment companies showing interests in the development of Dongbusan Tourist Complex, which is one of the key projects of Busan, Dongbusan Tourist Complex is emerging as a hot item among global capitalists.

Busan Metropolitan Government said on November 20 they are looking at various ways of luring foreign investments as prominent foreign real estate developers have expressed their interests in buildling a theme park,

Busan added, "MGM will partially invest in brand and contents and Busan and other investors will develop the tourist complex through a SPC. We plan to devise various ways to attract foreign investments with brand companies such as MGM, developers and financial companies in mind."

Lately, Busan has got a positive answer from Somerston Holdings, an American property investment company who looked around the theme park site and looked at the master plan of their own and Busan's development plan.

Prior to this, officials of Village Roadshow, an Australian film producing company which has successfully developed a theme park 'Move World' in Melbourne, Australia, visited Busan last month and looked around the site and hinted a possibility of making an investment.

In particular, late this month, Digital Hollywood, an American film company, will visit Busan and around 10 prominent property investment companies and entertainment companies have asked for information.

A Busan official said, "With high interest of foreign investors in Dongbusan Tourist Complex, we expect to find investors on better conditions, laying the foundation for the successful development of the complex. We will select the developer after carefully considering their ability to develop and manage a theme park not just their finance and develop Dongbusan Tourist Complex into a global tourist spot.

[Source: The Financial News (November 20, 2006)]