Gyeonggi-do, Despite K-Culture Valley In-Kind Contribution Approval Not Submitted to Plenary Session, 'Proceeding Normally'

Gyeonggi Province has decided to continue the swift resumption and stable promotion of the K-Culture Valley complex development project despite the failure to submit the proposal for in-kind contribution consent of the K-Culture Valley complex development project to the Gyeonggi Provincial Council.

On the 21st, Gyeonggi Province announced that the proposal for in-kind contribution consent of the K-Culture Valley complex development project was not submitted to the plenary session of the provincial council on the 20th, causing disruptions to the public offering for private operators of the K-Culture Valley.

Originally, if the in-kind contribution consent proposal had passed, Gyeonggi Housing and Urban Corporation (GH) planned to prioritize the public offering for private operators for the T2 site, including the arena, in April, aiming to start construction within the year.

Gyeonggi Provincial Government

However, due to the failure to submit the K-Culture Valley in-kind contribution consent proposal to the plenary session this time, the schedule for the private public offering is inevitably delayed by at least one month.

Gyeonggi Province expects that if the scheduled April extraordinary session is held and the proposal is approved, the private public offering will be possible by late May.

Accordingly, Gyeonggi Province plans to explore ways to shorten the period as much as possible, such as carrying out preparatory tasks in advance to reduce the schedule for the private public offering.

Son Im-seong, Director of the Urban Housing Office of Gyeonggi Province, said, "The K-Culture Valley area is a region that Gyeonggi Province is focusing on for balanced development in the northern Gyeonggi area with a consistent goal of establishing it as an advanced base for the industrialization and globalization of Hallyu culture. Although it is very regrettable that the in-kind contribution consent proposal failed, we will strive to ensure the project proceeds normally by exploring ways to shorten the private public offering schedule as much as possible."