The China-based real estate developer Baitong Group will invest $70 million in a resort complex development project on the South Korean island of Jeju.

According to the Ministry of Knowledge Economy, Baitong Group plans to build condominiums on the southern island that will be sold to Chinese consumers.

The Chinese company’s intentions were confirmed at an event held on the sidelines of a conference for investing in Korea organized by the Korean government in Beijing as part of Minister of Knowledge Economy Choi Joong-kyung’s two-day visit to China.

In addition to attending the event, Choi met with the Chinese Minister of Commerce Chen Deming.

The two industry ministers are said to have discussed a range of issues including a free trade agreement between the two nations.

Following the meeting, the Ministry of Knowledge Economy signed a memorandum of understanding with its Chinese counterpart to expand cooperation in economic matters including industry, trade and investment, the ministry said.

On Tuesday, the seventh meeting of the Korea-China investment committee was also held in which Korea requested China to provide more opportunities for Korean firms to take part in China’s state procurement projects, and to increase collaboration in lowering trade barriers.

The Chinese side brought to the table matters of improving the environment for Chinese concerns investing in Korea, and Korea’s cooperation in establishing an industrial zone in the Shandong Peninsula, the Ministry of Knowledge Economy said.

By Choi He-suk  (cheesuk@heraldcorp.com)