Jeju projects forge ahead despite tourism slump

Hong Kong-listed Landing International Development opened its Shinhwa World theme park at the end of September, as IR projects for the honeymoon island forge ahead despite the uncertainty caused by a diplomatic spat with China and tensions with the North. Tourism numbers to the island have slumped following Beijing’s decision in March to ban all tour group travel to South Korea following Seoul’s decision to deploy a U.S. anti-missile system. More recently the accelerated pace of nuclear tests and bellicose rhetoric from the north has raised tension and had a further impact. Tourist arrivals from China have fallen more than 48 percent in the eight months through August, according to figures from the Korea Tourism Organization. In the month of August, the most recent available, China arrivals were down more than 60 percent. The number of Chinese tourists who visited Jeju from June 30 to July 6 was tallied at 9,386, about...

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