World Trade Center Chuncheon And State Of Gangwon-Do Sign Memorandum Of Understanding To Develop One Of The Largest Multi-Use WTC Projects In Korea

Governor Jin Sun Kim declares the vision for WTC ChunCheon is to become the international business and tourism center of Northeast Asia

State of Gangwon-Do Governor Jin Sun Kim and officials of the World Trade Center Chuncheon today announced that it signed a memorandum of understanding to develop approximately 100,000 - 150,000 square meters in the city of ChunCheon.

When completed, preliminary plans indicate that more than 350,000 square meters square meters of multi-use space will be developed at an estimated cost of more than $500 million, on a phased basis.

Energy Group, Inc., licensee and developer of WTC Chuncheon, and KOJE Co., Ltd. will be the Co-Lead Developers of the consortium which will include a number of Korean companies such as IMS Co., Ltd. and World CM Co., Ltd. along with Woori Bank, Hana Bank, Kyobo Securities Co., Ltd., Morgan Stanley & Co., Xpem (Private Equity Management), HRD Group and Sonnenblick-Goldman Company.

Partnership already is done for the World Trade Center Chuncheon to include SIAPLAN, Kumho Engineering & Construction Co, Ltd., Doosan Industrial Development Co., Ltd and other major construction companies to build the project.

The preliminary vision for the project, located in ChunCheon, is a multi-use development. Centerpiece of the concept plan is the WTC ChunCheon Complex, which will include offices, conventions, hotel, retail and residence. When completed, the planned structure will be the tallest and biggest building in the State of the Gangwon-Do.

According to Governor Kim, the vision for WTC ChunCheon is to become the international business and tourism center of Northeast Asia. The development will be a planned, integrated community, featuring upscale office, commercial and residential structures, convention center as well as many specialty developments, including cultural facilities, a winter resort and other urban buildings. The project also will include hotels, ranging from resort-style to business and luxury properties.

“Gangwon-do, with its varied, beautiful scenery, is rapidly becoming Korea's tourist capital and Northeast Asia's tourist hub," Kim said. "On this basis, Gangwon-Do will host the 2014 Winter Olympic as well as 2010 World Leisure Convention. Estimated completion is slated for 2009.

Joshua K. Roh, president and CEO of WTC Chuncheon, said, "Taking the lead of the future information industry, Gangwon-Do has laid down a strategy 'Chuncheon-Vision of the 21st Century, and Its Development,' and is reorganizing its industrial structure oriented for the international trade and tourism-based industries. Governor Kim has ambitious plans and we intend to provide the expertise to help him and Gangwon-Do achieve its vision."

Having its regional headquarters in Seoul, Energy Group under Roh is the license holder and developer of WTC ChunCheon, CheongJu and Busan in Korea, and energy concern with many international branches.

About the World Trade Centers Association (WTCA)

The World Trade Centers Association (WTCA) is the world's leading international trade organization. It is a dynamic and growing non-political organization comprised of more than 300 members servicing 750,000 businesses in nearly 100 countries. Founded in 1970 and headquartered in New York, its mission is to support the establishment and successful operation of individual World Trade Centers as part of an extensive worldwide network to enhance trade, promote economic development, and foster peace. World Trade Centers stimulate their regional economies through trade and business leads, research information, online and e-commerce services, accredited trade education programs and the power of reciprocity through the extensive WTCA network.

For more information, contact:
WTC ChunCheon Info Desk
U.S. Tel. 1-800-WTC WTWP (982-9897)
Fax. 1-877- WTC WTWP (982-9897)
E-mail: info@wtca.net
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   Senior Vice President
   WTC ChunCheon
   Seoul,    Seoul,    135-535
   Korea, Republic of
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   (82-2) 572-3164 (fax)
   info@wtca.net
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