Universal plans US$ 2.7 billion Korean theme park

By Richard High20 January 2010

Universal Studios, the US film production company, is to construct a KRW 3 trillion (US$ 2.67 billion) theme park in South Korea.

The park will be its third and largest in Asia.

Universal first announced the resort in November 2007 but had to delay the project due to lack of funding.

Universal has now secured funding from 15 partners. Lotte Asset Development, part of South Korea's Lotte Group, the country's second-largest retailer, has the largest stake with 26.7%.

Pohang Iron and Steel Company (POSCO), the world's fourth largest steel maker, is the second largest partner with a 24.4% stake.

POSCO Engineering & Construction will now begin construction in 2011, with the movie theme park, water park and resort, including a golf course and condominiums, due to open in early 2014 in Hwaseong City, near Seoul.

Universal, has theme parks in Osaka, Japan and is opening one in Singapore.

There are also parks in Los Angeles and Orlando, US.

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