SKorea to sign $1b property deal with China
South Korea will later Thursday sign a $1 billion deal with a China investment group to fund a housing project for foreigners near Incheon international airport, a trade promotion agency said.
The state Korea Trade-Investment Promotion Agency (KOTRA) said it would sign the agreement in Shanghai with China's Tianyu Group, which will build the homes near South Korea's main aviation hub west of Seoul.
"South Korea only received $160 million out of China's $43.3 billion overseas investment in 2009, but the country has the capability to attract more funds," KOTRA President Cho Hwan-Eik was quoted by a spokesman for the agency as saying.
KOTRA said Tianyu would fund construction of the luxury "town house" project at a proposed leisure complex.
South Korea's Ministry of Knowledge Economy and Lippo Incheon Development signed a separate contract for the multi-billion dollar leisure complex.