Landing to hold Jeju groundbreaking on Feb. 12th

Monday 2nd of February 2015

Landing International said it will hold its delayed ground-breaking ceremony on a planned resort on Jeju Island, South Korea on Feb. 12th.

“The board considers that the groundbreaking ceremony is an important milestone in the group’s development and business growth,” the Chinese property developer said in a filing to the Hong Kong Stock Exchange.

Jeju, which is partnering with Genting Singapore on the $2.2 billion project, said it has the go-ahead to develop and construct a gaming and integrated resort with a total gross floor area of approximately 306,763 square meters.

The Myth-History Park project as the company had called it, will comprise premium hotels and villa hotels and other conferencing and exhibition facilities, a gaming facility, a theme park and shopping and other entertainment and tourism facilities.

“Landing Jeju will continue to work closely with the local government of Jeju, Korea to ensure the smooth progress and completion of the Jeju Project,” it said.

Landing has been expanding aggressively in the South Korean market, which is expected to benefit from growing Chinese visitor numbers.

In December, it announced a plan to buy the owner of the Alpensia Casino at the Holiday Inn Resort in Pyeongchang for HK$868.6 million ($112 million), while the previous month it disclosed another project on Jeju with Genting Hong Kong.

The two companies formed a 50/50 venture to run a casino inside the Hyatt Regency Jeju. Genting HK agreed to pay KRW130 billion ($117.2 million) to invest in the venture.