China’s property developer LongRunn International Group is establishing a multi resort complex in the Yeongjong manmade island, home to the Incheon International Airport, at a total cost of 4.5 trillion won ($4.2 billion).

According to the Incheon Free Economic Zone Authority on Sunday, LongRunn International Group has signed a contract with Incheon Development & Transformation Corp to purchase a space of 76,000 square meters in Midan district of Yeongjong Island, at 87.1 billion won.

The Chinese developer plans to create a multi-purpose resort complex dubbed LongRunn Diamond City that includes a luxury hotel, residences, condos and shopping facilities at an initial investment of about 1 trillion won. It will expand the area to 199,000 square meters to build a large-sized resort complex by investing a total of 4.5 trillion won.

LongRunn International Group has been involved in various infrastructure and energy projects in China, Australia and Indonesia.

By Ji Hong-goo and Lee Ha-yeon

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]