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Korean govt to grant 100-year lease in Saemangeum land to domestic firms

Collected: 2017.02.10

Distributed: 2017.02.13

Source: Go Direct

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Location of Saemangeum

Korean enterprises will be able to rent out public plots along the Saemangeum, the world’s longest manmade estuarine flat on the coast of the Yellow Sea that had been exclusively reserved for foreign and selective local businesses.

The Ministry of Land, Infrastructure and Transport said Thursday that it will be revising an administrative act on the reclaimed tidal area along the west coast to widen accessibility to the 100-year lease beyond foreign investors, hospitals and schools and a few Korean high tech and tourism businesses.

After feedback, the revised act would go into effect in the second quarter.

Tenants, however, would have to have assets of more than 30 billion won ($26 million) and pledge at least 1 billion won in the development.

By Chung Soon-woo

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