Society
Property investors turn to outland for windfall
By Zuo Likun (chinadaily.com.cn)
Updated: 2010-05-04 16:06
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Scores of holiday villas on South Korea's Jeju Island have been snapped up by about 150 investors from Shanghai as Beijing tries to keep a real estate bubble from exploding.
By May 2nd, 58 real estate contracts said to be worth of $26.7 million had been signed during a three-day business tour by Chinese investors at the island's Raon Private Town, a booming holiday zone still under construction. Many of the luxury villas will be rented to Chinese tourists, the China News Agency reported.
Jeju Island in the Korea Straits, also known as the "Island of the Gods", is a popular vacation spot for Koreans, Japanese and neighboring Chinese.
