◈ Development Strategy

• Build a tourism complex that utilizes and leverages the resources of the islets and surrounding lake
• A Universal Studio or Legoland type theme park, miniature world type development is strongly preferred.
  

◈ Property Information and On-site Construction Regulations

• Islets located in Lake Uiamho,
• Fully leveled and developed grounds now being used as a picnic area and supply campground,
  
• Some infrastructure already installed (electricity, and local water)
  
• Land prices still to be appraised. Current estimates are as follows:
  - Sangjungdo - US$ 56.231 million
  - Hajungdo - US$ 65.385 million Transportation Improvement Plan
  - Bungeo Islet - US$ 15.385 million
• On-site construction regulations
  - Building-to-land ratio: 7% or less
  - Height limit for structures: Three-story maximum

• Road: National Highway 46 connects Seoul and Chuncheon (1 hour 30 minute drive)
  
• Rail: Gyeongchun Line connects Seoul and Chuncheon (travel time - 1 hour 40 minutes). The line is currently being double-tracked and electrified. Upon completion of construction in 2009, travel time will be reduced to 40 minutes.
  
• Proposed Road: The Dongseo (East-West) Expressway, currently under consideration, would connect Seoul, Chuncheon, and Yangyang. With the completion of this expressway, travel time between Seoul and Chuncheon will be reduced to 45 minutes.

• Tourist and leisure attractions: Soyanggang Multipurpose Dam, Cheongpyeongsa Temple, Gugok Waterfalls, Gangchon Tourist Area, Chuncheon Dam, Uiam Dam
  
• Golf courses: Chuncheon Country Club (27 holes), Gangchon Country Club (27 holes), Chuncheon Hanhwa Country Club (18 holes, under construction)
  
• Ski resorts: Gangchon Resort (11 ski runs, under construction), Hanhwa Resort (8 ski runs, under construction)
  
• Local events and festivals: Chuncheon International Mime Festival (May), Chuncheon International Puppet Show Festival (August), Chuncheon International Animation Festival (August), Chuncheon Amateur Play Festival (September).

• Separate investment development in either Sangjungdo, or Hajungdo and Bungeo Islets possible,
  
• Foreign direct investment, or
  
• Joint venture with domestic investors, or
  
• Tripartite joint investment by foreign and domestic investors, and the Gangwon Provincial Government (government to invest in kind).

• Government financial support will be granted to investors if the following investment criteria are met:
  - Tourist hotel or international convention facilities - US$ 30 million or over, or
  - Comprehensive leisure business -US$ 50 million or over.
• The following forms of financial support will be offered to qualified investors:
  - 100% reduction in national taxes (corporate tax and income tax) for the first 7 years and 50% reduction for 3 years thereafter,
  - 100% reduction in local taxes for 15 years (acquisition tax, registration tax, property tax, aggregate land tax),
  - Preferencial leasing or buying of national or public property (rent reductions up to a term of 50 years, installment payment plan), and
  - Infrastructure development: Access roads, waterworks and sewage systems, electricity, and communications.