The South Korean unit of Korean-American iron ore supplier Bizpost and its Chinese partners will invest KRW1 trillion (USD838 million) in Incheon port’s Golden Harbor project.
The Golden Harbor project is an ocean tourism complex and Incheon Port Authority (IPA) is hoping to attract 3 million annual tourists once it is ready in 2018.
The development will be on more than 1.3 million ft² (120,774 m²) of land and would comprise a hotel, entertainment complex, water park, apartments, and marina.
Bizpost Korea has signed agreements with Chinese construction company Pan-China Group and Chinese finance company JD Capital.
Incheon, like many Korean ports, aim to compete for cargo volumes and passenger arrivals with the country’s busiest port Busan. Besides expanding the port to accommodate giant container ships, Incheon is also building a new passenger terminal.
In 2016, Incheon will welcome Götheborg, the biggest operational wooden sailboat ever built. It would also host 1,000 yachts owned by Chinese tycoons.
IPA president Yoo Chang-keun said, “US and Chinese groups are working hand in hand to generate growth for Incheon. Golden Harbor is a new concept for marine culture and tourism. I will do my best to create a win-win situation for us and our partners.”