[Courtesy of Yellow Sea Free Economic Zone Authority]
China's Chaoying Industry Group has agreed to invest some 1.43 billion US dollars in a project to develop a commercial complex in a South Korean free economic zone, officials said Thursday.
The Chinese group based in Xian has signed a memorandum of understanding on its investment worth 1.7 trillion won (1.43 billion US dollars), according to the Yellow Sea Free Economic Zone Authority.
Chaoying will build and operate a cluster of commercial facilities including hotels, a convention center, and office buildings in the Hyeondeok district of the economic zone under construction near the southwestern industrial port city of Pyeongtaek.
The zone aims to create a business, trade and transport hub connected with China's coastal Industrial belt covering Dalian, Shanghai, Weihai, Qingdao, and other ports.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
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