China Tianyu Group Build Luxury Housing Near Incheon Airport Korea

South Korea signed an agreement worth a billion dollars with China's investment group to fund housing projects for foreign residents near the international airport in Incheon, a promotional agency said.

Trade and Investment Promotion Institute, South Korea (Kotra) said it will sign an agreement in Shanghai with China Tianyu Group, which plans to build housing near the center of South Korea's main airline, west of Seoul.

"South Korea is the only recipient of 160 million dollars from China's overseas investments worth 43.3 billion dollars in 2009, but the country has the capability to attract larger funds," the President said Cho Hwan-oak Kotra quoted a spokesman for the agency , last week.

Kotra said Tianyu will fund the construction of the project "town house" luxury on a proposed complex.

Ministry of Economy and Science, South Korea and Lippo Incheon Development signed a similar contract for multi billion dollar luxury complex.

Institutions that trade will also sign a memorandum of understanding (MoU) with the Industrial and Commercial Bank of China that could push the bank's direct investment in South Korea.

The agreement also could help South Korean businessmen operating or see new opportunities in China