KH Group Plans Development of Alpensia Resort Based on Real Estate Development Expertise

[Asia Economy Reporter Hyungsoo Park] KH Gangwon Development has signed a basic agreement for the transfer and acquisition of Alpensia Resort and will actively develop the adjacent land.

KH Gangwon Development plans to strengthen its existing resort business and invest in idle and adjacent land. In addition, KH Gangwon Development has decided to 100% succeed in the employment of Alpensia employees.

Han Woo-geun, CEO of KH Gangwon Development, said, "KH Group has formed a separate acquisition team over the past year to prepare," adding, "We also have sufficient funding plans."

He continued, "The acquisition of Alpensia Resort is not limited to a profit business," explaining the background of the acquisition as "to prevent the leakage of public funds and to promote the development of Gangwon Province and national interests."

He also emphasized, "KH Group's real estate assets amount to about 1.2 trillion won," and "The total asset size is about 2 trillion won, so there is no problem in raising funds for the acquisition of Alpensia Resort."

KH Group focuses its capabilities on real estate development. Its affiliate, KH ENT, a general construction company, acquired a new office building (10,570 pyeong) in Madrid, Spain, for 240.6 billion won. It signed a 15-year lease contract with ING Bank, generating an annual return of 10%. It has also invested in the NH Investment & Securities building in Yeouido, Seoul, and real estate in Geumto-dong, Sujeong-gu. KH Philux successfully completed the high-end villa housing development project, Sangji Kyleum, in Dogok-dong, Seoul.

CEO Han emphasized, "Based on the rich business know-how in real estate development within KH Group, we have established a development plan for Alpensia Resort," adding, "We prepared funds reflecting not only the acquisition but also the development sector based on the group's real estate ownership scale and asset size."