Eightcity plan sinks

Incheon officials said the proposed $290 billion Eightcity mega-resort project had collapsed after hotelier Kempinski AG, a member of the development group, failed to meet an extended deadline to deposit $40 million. The consortium, which also includes Korean Air Lines Co. and Daewoo Engineering & Construction Co., however said it would continue to pursue the project to develop a 80-square-kilometer area that would connect Yeongjongdo, home to Incheon International Airport, to two small islands in a figure 8 shape of reclaimed land on which it would develop casinos, hotels, performance halls, shopping malls, a marina and a racetrack.