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Cheongna International City vows to bring the City Tower project back on track



▲ To celebrate the New Year, Kim Jin-yong, Commissioner of theIncheon Free Economic Zone Authority, and Kim Yeon-jung, Director of theCheongna-Yeongjong Project at the Korea Land and Housing Corporation (LH), metat the construction site for Cheongna International City’s new City Towerproject to reiterate their commitment towards bringing the City Tower projectback on track. Bird's eye view of the Cheongna City Tower.

To celebrate the New Year, KimJin-yong, Commissioner of the Incheon Free Economic Zone Authority, and KimYeon-jung, Director of the Cheongna-Yeongjong Project at the Korea Land andHousing Corporation (LH), met at the construction site for CheongnaInternational City’s new City Tower project to reiterate their commitmenttowards bringing the City Tower project back on track.

Given the massive obstaclesthreatening to derail the Cheongna City Tower project, this latest meetingbetween the two partners - the IFEZ Authority and LH - is an encouraging signthat shows the Cheongna City Tower is indeed the first order of business forIncheon and the Korean government.

Commissioner Kim congratulatedDirector Kim Yeon-jung on being entrusted to lead the project again this year,and shared his thoughts on the progress the Cheongna City Tower has shown sofar. He also said that the IFEZ Authority and LH should work in lock-step tosolve the myriad of problems at hand and proceed with the project as originallyplanned. In particular, the Commissioner added that he is well aware of howimportant the Cheongna City Tower project is, which is something Cheongna’sresidents have yearned for a very long time, and will do his absolute best tobring the project back on track as quickly as possible.

The IFEZ Authority is concernedabout project delays caused by differences in sharing additional constructioncosts for the Cheongna City Tower between LH, which commissioned the project,and Cheongna City Tower Co., Ltd., the Special Purpose Corporation (SPC)serving as the developer of the project. A special task force, featuring members of the public, government, andlawmakers, was created to review and resolve issues surrounding LH’sconstruction of the Tower and the IFEZ Authority’s management/operations linkedto the project.

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