Gigantic "8City Project" in Danger of Collapse
Gigantic "8City Project" in Danger of Collapse
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2013.05.13 23:05
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SEOUL, KOREA - The gigantic development project to build a gambling and entertainment destination on the Yongyu-Muui Islands off the city of Incheon is likely to fold any time soon. The Incheon Free Economic Zone Authority said on May 10 that 8City, the development company responsible for the US$290-billion project, has failed to make a 50-billion-won deposit by the 10th to secure the development license. The authority would extend the deadline by ten days until the 20th and discuss ways to deal with the situation with related authorities.
 
Huh Jong-shik, spokesperson for the Incheon Metropolitan City government, said, "Many of those involved in the project argue for its cancellation as 8City is unable to abide by the commitment made earlier. Given the fact that we might be embroiled in lawsuits raised by the Incheon Free Economic Zone Authority if we decide to cancel it now on the grounds that we are in violation of contracts, we want to proceed with more caution."
 
Last October, 8City had promised that it would increase its capital by 50 billion won to secure the business license before commencing on the project. Scheduled to open in 2030, 8City, named after the shape of the city to be built representing a lucky number for the Chinese, was touted to be three times larger than Macau, with luxury hotels, condominiums, casinos, shopping malls, and a theme park.

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