Mayor Yoo Jeong-bok announced his vision for a global Korean culture town at a meeting with the Association of Korean Residents in Europe.

City exploring an evolution from conventional real estate deals involving overseas Koreans... Also reviewing real estate development and healthcare REITs

Mayor promises, “A thorough review of proposed plans and to work on creating a living environment with tangible benefits for overseas Koreans”

Incheon unveiled its blueprint for a new global Korean culture town.

Incheon Mayor Yoo Jeong-bok, who is on an official trip to Europe, explained his vision for a new global Korean culture town at a meeting with the Association of Korean Residents in Europe held in Frankfurt, Germany, on February 24 (local time). 

<Incheon Mayor Yoo Jeong-bok takes a commemorative photo after a meeting with Yoo Je-heon, President of the Association of Korean Residents in Europe, and other overseas Koreans at the “Global Korean Culture Town Meeting” in Frankfurt, Germany, on February 23 (local time).>

 <Incheon Mayor Yoo Jeong-bok meets with Yoo Je-hun, President of the Association of Korean Residents in Europe, and other overseas Koreans at the “Global Korean Culture Town Meeting” in Frankfurt, Germany, on February 23 (local time).>

Mayor Yoo Jeong-bok said, “We plan to select a place that’s owned by the City and our public corporations, which means they can be developed quicker than other sites. We’re looking for a competitive location that can help us attract foreign investment.” The Mayor continued, “Considering that most overseas Koreans skew to the older end of the age spectrum, medical services are important. The City will consider building a large general hospital near the global Korean culture town.” 

Currently, Incheon City is reviewing several candidate sites within the Incheon Free Economic Zone. Moreover, the Mayor explained that, like the Songdo American Town, the City will keep the direct investment approach with individual real estate purchases, but it will also consider introducing a leasehold or account sales method (often used for condominium membership deals) for overseas Koreans who stay in Korea sporadically. 

In particular, to attract foreign investors, Incheon is looking into a dedicated Global Korean Culture Town REIT (real estate development REIT) or Global Korean Silver Town REIT (healthcare business REIT) that pays dividends to distribute its profits and earn the rights to use the properties involved. 

Previously, in November 2022, the City had signed a memorandum of understanding at a briefing session prepared for the European Korean Culture Town hosted by the Association of Korean Residents in Europe. At the time, both parties discussed the possibility of building a 3- to 4-story commercial and residential complex (1st floor used for commercial purposes and the 2nd~4th floors used for commercial, residential, and/or accommodation applications) in a more European style to help attract smaller manufacturing companies and small and medium-sized enterprises as well as overseas Koreans in Europe. 

Mayor Yoo Jeong-bok said, “Last year, thanks to plenty of support from our overseas Koreans, we succeeded in bringing the Overseas Koreans Agency to Incheon.” He emphasized, “We will carefully review our plans for the Korean Culture Town and do our best to create a better residential environment.”