KRW 2.9 trillion investment MOU signed… Will open in March 2012

* On November 27, Hwaseong City (Gyeonggi Province) and the Korea Water Resources Corporation signed an investment MOU with USK to create a Universal Studios Theme Park at Songsan Green City in Hwaseong

* Hwang In-joon, Vice Chairman of USK (Left), Kim Moon-soo, Governor of Gyeonggi Province (Second from left), Kwak Kyul-ho, President of the Korea Water Resources Corporation, and Choi Young-geun, Mayor of Hwaseong City, are signing the MOU to establish a Universal Studio in Korea.

Universal Studio, a world-class theme park headquartered in the United States, will be building a theme park in Korea at Songsan Green City in Hwaseong City, Gyeonggi Province.

The municipal government of Hwaseong City in Gyeonggi Province and the Korea Water Resources Corporation met at the Grand Intercontinental Hotel, Seoul, to sign a KRW 2.9 trillion investment MOU with USK for the creation of a Universal Studio Korea Resort.

The USK consortium, which is exclusively pursuing the construction of the Universal Studio theme park in Korea, is composed of USK Property Holdings (USK), POSCO E&C, Shinhan Bank, Korea Development Bank, and the Korea Investment and Securities Company. USK will be in charge of developing and managing the complex, POSCO will be in charge of construction, and the other three banks will manage the investment and financial matters.

Universal Studios Korea, which is scheduled to open in March 2012 on a 4.7 million¡×？ø plot in the eastern part of Songsan Green City, Sinoe-dong, Hwaseong City, Gyeonggi Province, will be a resort where families can enjoy their vacation and relax that includes the following facilities: a theme park, a City Walk consisting of cinemas and department stores, water parks, premium outlets, convention center, wellness center equipped with spa and therapy facilities, a hotel, and more.

Gyeonggi Province has announced that the construction of Universal Studios Korea will have the following benefits: In the construction stage, the effect on production inducement will amount to KRW 5 trillion, and 49,000 jobs will be created. Tax revenue will increase by KRW 190 billion per year. During the operation stage, production inducement will amount to KRW 2.9 trillion, and 57,000 jobs will be created.

USK reviewed many other candidate cities, but in the end, selected Songsan Green City as its location for the theme park, based primarily on its close proximity to Seoul (one hour’s driving distance) and the wider Gyeonggi region, with 24 million people living in the nearby metropolitan areas, as well as the fact that it is close to the Incheon International Airport, which USK believes will make it easy to attract tourists from China and other countries.

Provincial Governor Kim Moon-soo stated, “The construction of Universal Studios Korea will not only bring positive economic effects such as job creation, but will also greatly contribute to the development of the culture and tourism industry in Korea. It is a remarkable achievement that will burnish the image and brand of Korea, as well as of Gyeonggi Province.”