E-Land teams up with Mission HillsE-Land Group is teaming up with Chinese golf resort operator Mission Hills to build and sell luxury villas and has signed a memorandum of understanding with the Chinese company, the retail-to-restaurant business giant said.
A ceremony to inaugurate the joint cooperation between E-Land and Mission Hills was held at the Chinese company’s headquarters in Shenzen, China, attended by E-Land Vice Chairwoman Park Sung-kyun and Mission Hill Chairman Ken Chu, who is also known as “Mr. Golf.”
The target market for the luxury villas are rich Chinese.
Mission Hills operates large golf resorts in Hainan and Shenzhen with global hotel chains like Ritz Carlton and Renaissance.
Mission Hills has a track record of successfully building and selling 5,370 units of luxury villas with prices between 5 billion won ($4.6 million) and 20 billion won.
E-Land, which plans to build theme parks and resorts across Seoul, will collaborate with the Chinese company over sale of villas and other properties within resorts.
“Mission Hills is good at selling hyper-expensive luxury real estate properties,” said E-Land Chairwoman Park, adding that she expects Mission Hills to act as a reliable partner for E-Land.
Mission Hills, as the operator of the world’s largest golf resort, has a strong footing across Asia.
E-Land will also have the opportunity to introduce its fashion including Teenie Weenie, Who A.U and Mixxo and retail brands at shopping malls operated by Mission Hills in China, according to the company.
E-Land plans to build theme parks and resorts across Korea and is working on a blue print for a theme park on Jeju Island. The group will spend 500 billion won through 2022 on the projects, and luxury villas will be built within the resorts.
BY PARK JUNG-YOUN [park.jungyoun@joongang co.kr]
with the Korea JoongAng Daily
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