[Seoul = Australia Brake News Reporter Yang Sung-mo]
KH Group embraced the Alpensia Resort. On the 20th, it signed the acquisition contract at the conference room of the Gangwon Development Corporation. The total amount of water transfer is 711.5 billion won.
Han Woo-geun, CEO of KH Gangwon Development, presented a blueprint, saying, "We will leap forward to a global resort."
KH Group officially said, "We have completed all related schedules, including due diligence and contract negotiations for the main contract of the Alpensia Resort, which had been pushing for the acquisition."
▲From the left, KH Gangwon Development CEO Han Woo-geun and Gangwon Development Corporation CEO Lee Man-hee are taking photos after signing the contract. (Photo courtesy = KH Group)
KH Group KH Gangwon Development formed a due diligence team and conducted a two-month main inspection after being selected as the preferred bidder for the acquisition of Alpensia Resort on June 24.
KH Gangwon Development paid 35 billion won in a bid deposit in June, followed by an additional 35 billion won on the same day. About 10% and 70 billion won in down payment was paid. It is expected that the balance payment and transfer of ownership will be completed by February next year.
▲KH Gangwon Development CEO Han Woo-geun
"The schedule of due diligence and contract negotiations was smooth," said Han. "The asset transfer contract has also been completed. "Alpensia will be reborn as a global resort in name and substance by developing additional cultural spaces and luxury residential spaces along with existing resort facilities."
"I will sublimate it into a healthy workplace through dialogue and harmony between labor and management," he added. "I will inherit the glory of the Winter Olympics and develop it into a landmark in Gangwon-do."
For the 2018 Pyeongchang Winter Olympics, the Alpensia Resort was constructed on 4.91 million square meters of land in Daegwallyeong-myeon, Pyeongchang-gun, Gangwon-do, with a cost of 1.6325 trillion won. The project, which was originally expected to be worth 1.2 trillion won, has increased to 1.6 trillion won due to frequent design changes. In addition, sales failed. It was pointed out that he was left with 1 trillion won worth of debt in Gangwon Province to pay taxpayers' money.
Alpensia's debt costs 770 billion won last year. Interest amounts to 16.9 billion won a year and 46 million won a day.
Meanwhile, KH Group aims to make Alpensia Resort a popular attraction for three major families throughout the four seasons based on abundant business know-how in the real estate development sector. To this end, it is going to push ahead with design competitions for new businesses. It is also known that it draws development sketches with experts from various fields.
Industry officials said, "The real estate development industry is already looking forward to what Alpensia Resort will look like in the future, which has welcomed KH Group as its new owner."