The Investor Vol. 41

Friday, April 28, 2006

New Investment Agreement Contains Plans for a “Venice in Korea” Image

Korea’s Southeastern Coast is destined to become a tourism hot-spot, especially in thanks to a new investment of US $160 million for the development of the Busan-Jinhae Free Economic Zone’s Namsan Amusement Park.

A business consortium comprised of Emerson Pacific and Morgan Stanley aims to develop this part of the country into a “Venice in Korea” by creating a resort quite unique from your typical golf courses, hotels and amusement park facilities.

The completed project will include man-made lakes and islands which will be inter-connected with Venice-style gondolas floating in the lakes. In addition, a vineyard and wine tasting bar will be built, as well as a green tea plant and factory, botanic garden, zoo, condominiums and other facilities for visitors to enjoy.

To ensure that world-class services are offered, the resort will be managed by global resort operator Hilton International.

Emerson Pacific’s investment will complement the Authority’s other foreign investment in the area made by UK developer SnowBox, which is constructing an indoor ski dome and related facilities also in the same vicinity.

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