DAEWOO MOTOR SALES, PARAMOUNT SIGN DEAL TO OPEN THEME PARK
Wednesday, December 12, 2007; Posted: 10:10 PM

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SEOUL, Dec 13, 2007 (AsiaPulse via COMTEX) -- DWOMF | charts | news | PowerRating

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-- Daewoo Motor Sales Corp. (KSE:004550) said Thursday it has signed a formal contract with U.S. film studio Paramount Pictures Corp. to build a theme park in western South Korea.

The contract calls for Daewoo Motor Sales and Paramount to spend 1.5 trillion won (US$1.6 billion) to develop the park in Incheon, west of Seoul, by 2010, the South Korean company said in a statement.

Construction will begin in July next year.

The park would be Paramount's first resort facility outside North America, analysts say.

"The theme park will give an opportunity for Incheon to become a hub city of Northeast Asia," Daewoo Motor Sales Chief Executive Lee Dong-ho said.

The park, on 499,500-square-meters of land, will feature movie studios, a 300-room hotel, a water park and shopping malls, according to the statement.

(Yonhap)

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