Projects adrift as Cheju revamps investment plans

Some Chinese-backed property projects are being held up on South Korea's Cheju Island as the local government has decided to re-examine previously approved plans and substantially raise the requirements for foreigners to obtain permanent residence through real estate investment, media reports said.

According to the National Business Daily, real estate projects that were previously approved but haven't started construction will be re-evaluated. The newspaper cited a local government official.

A resort complex under development by the Jeju Free International City Development Center and China property developer Landing International Development Ltd, for instance, is one of the projects that have been affected.