More Chinese Invest In Korean Properties
kpopluv, Sept. 11, 2014, 8:43 a.m.
Chinese property investors are buying up land on Jeju Island. The amount of land owned by Chinese soared from 20,000 sq.m. in 2009 to 5.92 million in June this year.
This trend has gained pace since the launch of a scheme in 2010 which gives foreign investors and their families who buy property worth US$500,000 or more on Jeju Island and live there for five years the same health and welfare benefits as Koreans.
The Jeju provincial government and the Ministry of Justice launched the investment program to raise funds, but the plan could backfire as Chinese investors are buying up land at an alarming rate.