No Legal Action Against Cancellation of Designation as Gyeongja-Cheong Project Implementer
Gyeongnam Development Corporation has expressed its position amid the anticipated legal battle between the Busanjinhae Free Economic Zone Authority and Changwon City over the cancellation of the designation of the developer for the Woongdong 1 District development project in Changwon, Gyeongnam.
On the 30th, the Free Economic Zone Authority explained that the cancellation of the designation of the developer for Changwon City and Gyeongnam Development Corporation falls under Article 8-5, Paragraph 1 of the Special Act on Designation and Operation of Free Economic Zones, which specifies ▲incomplete development within the project period due to the developer's fault ▲failure to implement the execution plan without justifiable reason ▲failure to comply with the implementation order without justifiable reason.
They plan to cancel the designation of the two joint developers and proceed with a public contest to designate a replacement developer.
Contrary to Changwon City's announcement of legal action to maintain its status as the developer, Gyeongnam Development Corporation stated, "We are not considering legal action."
An official from the corporation said, "We prioritize the normalization of the Woongdong 1 District project," adding, "We will closely monitor the situation until the end and fulfill our roles and responsibilities as a public corporation according to the outcome."
They added, "As we have worked hard to carry out the project by handling public duties according to the business agreement and complying with permits and approvals, we will continue to uphold the law and principles and focus on normalizing the project."
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