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Universal Studios to build $3.1 billion park in South Korea

A group of investors led by US Universal Studios announced Tuesday plans to open a 2.9 trillion won ($3.1 billion) theme park in South Korea.

The resort is to open in 2012 in the city of Hwaseong, 70 kilometers south of Seoul. USK Property Holdings Co and Gyeonggi province and other partners signed a memorandum of understanding on the deal Tuesday. The western province of Gyeonggi is expecting the park’s accommodation and resort facilities, golf course, spa and shopping mall to become an Asian tourism hub and to create up to 60,000 new jobs. Universal Studio has theme parks in Los Angeles, Orlando in the US and in Osaka, Japan. Development of parks in Dubai and Singapore are being planned. The Korean unit of Universal Studios, which is owned by General Electric, first announced plans for the park in May. The firm is joining forces with South Korea’s POSCO Engineering and Construction, a unit of steel giant POSCO, Gyeonggi province, the Korea Development Bank and other financial partners. (m&