Deep six for 8City

 

The developers of the giant proposed 8City resort project in Incheon failed to make deadline to deposit 50 billion won ($45.3 million) to secure their development license. 8City, whose shareholders include Kempinski AG, Korean Air Lines Co. and Daewoo Engineering & Construction Co., announced a $290 billion plan to develop a 80-square-kilometer area that would connect Yeongjongdo, home to Incheon International Airport, to two small islands to its southwest in a figure 8 shape of reclaimed land and include casinos, hotels, performance halls, shopping malls, a marina resort and a racetrack. The local authorities said they would extend the development deadline by 10 days.