11 Dec 2015
(11 December 2015, Hong Kong) Landing International Development Limited (“Landing International” or the “Company”, HKEx Code: 00582) announced that the district of “Myth-History Park”, the Company’s integrated resort project at Jeju, Korea, has been designated as “Foreign Investment Zone” under the Foreign Investment Promotion Law.
According to the regulation, investors of the “Foreign Investment Zone” will be entitled to the following multiple tax relief benefits:
| Tax Items | Details |
| Corporation Income Tax | 100% exemption according to foreign investment ratio for 5 years, 50% reduction for subsequent 2 years |
| Custom/Individual Consumption Tax/Value Added Tax |
100% exemption for imported capital goods for 5 years |
| Acquisition Tax/Property Tax | 100% exemption for 15 years |
According to the legal advice obtained by the Company, the project is expected to enjoy the tax benefits with effect from 1 January 2016 after the completion of several subsequent filing and approval procedure.
Mr. Yang Zhihui, Chairman of Landing International, said, “The tax benefits signify the recognition of the Group’s foreign investment by the local government of Jeju Korea. Being one of the six core projects in Jeju, the “Myth-History Park” is anticipated to attract visitors from countries around the world to Jeju and become one of South Korea’s largest integrated resorts. Landing International will undoubtedly invest its best efforts in developing this world-class tourism project and work closely with the local government in order to accelerate the development and establishment of the Jeju Project. While creating substantial returns for our shareholders, we shall write new history in the Jeju tourism industry.”
As a US$1.8 billion (approx. HK$14 billion) integrated resort project, the Myth-History Park spans across a land area of approximately 2.5 million square meters and is slated to open progressively from 2017. “Resorts World™ Jeju”, located in Zone A of the Myth-History Park, will house Jeju’s largest family theme park offering more than 20 rides and attractions in 7 different zones themed after myths and legends from all over the world, as well as Jeju’s largest adventure waterpark and one of Korea’s most exciting themed retail and food complexes. Its premium hotels will have more than 2,000 rooms, luxury villas, Jeju Island’s first 6-star hotel and a destination spa center. The hotels are equipped with full meeting and conference facilities that are suitable for hosting regional and international meetings, incentives, conventions and events (MICE). In addition, there will be gaming entertainment; cultural facilities, leisure and entertainment amenities, as well as approximately 900 luxury resort condominiums and villas. The entire development is expected to be completed by 2019.
- End -
