[Courtesy of K-Water]
South Korea has decided to go ahead with a long-stalled project to build a global theme park in partnership with U.S.-based Universal Parks and Resorts.
The state-run Korea Water Resources Corporation (K-Water) said on Tuesday it had chosen a consortium of domestic and Chinese investors as a preferred bidder to build a Universal Studio theme park, a water park, a Korean pop concert hall and accommodations in Hwaseong, about 60 kilometers south of Seoul by 2020. .
K-Water estimated that around 5 trillion won (US$4.24 billion) will be invested into the project.
"The global theme park is expected to help draw Chinese travelers as Chinese investors joined the project," K-Water said in a news release.
Plans for the theme park were originally planned to be up and running in 2012, but the project was on hold due to a lack of foreign investors during the global financial crisis as well as concerns regarding land and infrastructure
By Alex Lee .
reporter
Park Sae-jin
swatchsjp@ajunews.com
