The Seoul Metropolitan Government said yesterday that it has scrapped plans for a 31 trillion won ($27.3 billion) Yongsan International Business District. Shareholders in the mega-project have faced trouble in funding the construction.
The decision came five months after the Korea Railroad Corporation (Korail), the state-run railway operator and largest shareholder of the development plan, said it was pulling out, citing a lack of funding.
“A combination of the economic downturn, the project operators’ inability to secure funds and Korail’s decision all contributed to the collapse of the project,” a city official said in a statement.
Stick a fork in it—Yongsan Dream Hub’s done
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