China firm plans $4.5b Incheon IR

LongRunn International, a Chinese real estate and resorts developer, has reportedly agreed to construct a $4.5 billion property near the Incheon International Airport in South Korea.

The company has agreed to buy a parcel of land for $80 million for the resort, which will be called Diamond City, Global Construction Review reports.

According to the company’s website, Diamond City is a new mixed development to be build on a 165,769m2 site comprising 740,925m2 of residences, a 7-star hotel, casino, office tower, retail mall, schools, medical and aesthetics centre, interactive world cultural avenue, K Pop hub and theme parks.
LongRunn said it will develop Diamond City in partnership with China state-owned enterprises and a prominent listed HK real estate developer.

The head of the Incheon Free Economic Zone, Kim Jin-yong, said the contract would help Yeongjong Island create an entertainment hub to compete with Las Vegas and Macau.

Last year, Paradise Co. and Japan’s Sega Sammy opened the Paradise City IR on Incheon, though progress on other planned resorts has been slow. Caesars Entertainment together with R&F Properties has a project in the works, as has tribal operator Mohegan Sun.