Tuesday, January 19, 2010

South Korea to build Asia’s largest Theme Park

Updated on : Tuesday, January 19, 2010

SEOUL: Two of South Korea’s biggest companies have stepped in to rescue a $2.7bn deal to open a Universal Studios theme park in the country.

Plans for a movie-themed resort near Seoul were announced in 2007 but regional authorities admitted raising funds had proved difficult during the financial downturn.

Universal Studios on Tuesday signed a financing agreement with Korean companies.

South Korean authorities predict the Universal Studios park will be its largest in Asia.

Film director Steven Spielberg, responsible for Jurassic Park, is expected to act as creative director. There will be a water park, golf course and shopping complex. Universal will also invest directly itself, but has declined to specify by how much.

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