Korean Job Discussion Forums

[Zackback]

http://asia.nikkei.com/Politics-Economy/International-Relations/Jeju-growing-jittery-about-growing-Chinese-presence


October 5, 2014 7:00 am JST
Jeju growing jittery about growing Chinese presence

KOICHI KATO, Nikkei staff writer

Signboards written in Chinese can be seen everywhere in Jeju Island's urban center.

SEOUL -- Wariness over the increasing presence of Chinese is growing among residents of Jeju Island, a popular vacation spot off the southwest coast of South Korea.

The number of tourists from China has been increasing sharply since 2008, when South Korea granted Chinese citizens visa-free entry. More recently, so too has the number of home owners.

Chinese home buyers are taking advantage of an incentive that gives residency rights to foreign citizens who invest more than $500,000 in Jeju property.

Now, with some native residents fearing the island could come under strong Chinese influence, a backlash has begun.

Upon taking office in July, Won Hee-ryong, governor of the Jeju Special Self-Governing Province, rescinded permission for Greenland Holdings Group, a major Chinese property developer, to build a huge resort on the island.

The resort would include a casino, hotel, housing units and other facilities. Towers would stand taller than 200 meters. Greenland Holdings would spend an estimated $911 million. Since the resort would be a tourist draw, local business leaders are questioning the new governor's judgment.

But the backlash to the backlash does not appear to have wide support. In an August survey, 87% of the residents queried by the provincial assembly said they support Won.

The number of Chinese visitors to South Korea in 2013 increased 53%, to 4.32 million. Of those, 1.81 million made it down to Jeju, a 67% jump.

What is more, Chinese tourists account for more than 90% of all shoppers at the Galleria Duty Free shop, which opened in June in Jeju Airport's international terminal.

Although Chinese visitors give the island an economic spark, the beneficiaries are not necessarily happy. Among their complaints is traffic congestion on the streets in the center of Jeju City. In the afternoon, tourist buses pack themselves around the Lotte Duty Free shop.

There is also some discomfort among some South Korean residents of Jeju who are outnumbered by Chinese in their apartment and condo complexes.

One developer reports that when it began selling units in a new condominium complex in 2010, when South Korea began the Jeju residency incentive, more Chinese buyers showed up than South Korean purchasers.

The invest-and-immigrate deal is due to expire in 2018. But a representative of the company that opened the condo complex said the incentive is likely to be extended since growth in the Jeju property market now depends on Chinese buyers.

[basic69isokay]

Short answer:
Yes

[jvalmer]

No, they are just trying find something to park their cash in. Because communist governments, in the past have seize bank accounts, and property. The newly rich Chinese are just trying to protect their built up assets in foreign countries that they view as safer havens.

[Who's Your Daddy?]

I think if they bring their cash, they're given a residency. And I read in a newspaper article that investors don't have to have a Criminal Background check, unlike other residency visas.

So dirty Chinese money can get you residency. And then if the Chinese government starts chasing you, you can high-tail it over to South Korea.

[Lucas]

The sheer horror of having hundreds of people snorting and spitting in the street was enough to scare away a number of Chinese investors.

[SHGator428]

Good that the Chinese are shoveling $$ into the area, no?

[jvalmer]

[SHGator428]

[Stan Rogers]

The article doesn't portray a complete picture of what is going on. It discusses the Chinese investment/money angle but the issue is more complex than that. The majority of people residing in Jeju are elderly Jeju people and retirees from the Seoul area. The influx of Chinese people has been large and very sudden in nature which makes many Jeju people feel overwhelmed.

Elderly Koreans remember the war and do not trust the Chinese. They do not want Chinese dominance back in their lives again. These elderly people are not particularly fond of communists either. So there are a lot of mixed feelings about what is going on.

[SHGator428]

[optik404]

[jvalmer]

I know it's a pipe dream. But I'm hoping Jeju becomes more Singaporesque. So there is a place to enjoy good Chinese and Indian food. I say open the flloodgates to any Asian wanting to live in Jeju. It keeps the masses away from the Korean mainland, but still firmly under Korean control. Win-win, except for the original inhabitants of Jeju. Get their population from 500k to 5 million, and it might help with Korea's dismal birthrate.

But then you can give old-school Korean Jejuites preferential treatment in jobs, taxes, and housing. And only Koreans can vote in island elections. Just keep the money rolling in.

[SHGator428]

[SHGator428]

[jvalmer]