TONG-YEONG, SOUTH KOREA URBAN REGENERATION

Shina sb dockyard, which was a major source of economic growth in Tongyeong, went bankrupt on November 2015. As a result, workers lost their jobs en masse and residential units in the surrounding areas became vacant. The vacant residential units resulted in rapid stagnation and a decline in the regional economy.
In response, the Ministry of Land, Infrastructure and Transport designated Shina sb shipyard and the surrounding area as a beneficiary for the Urban Renewal New Deal (economy-based) in December 2017 and plans to provide support for the area from the national budget; the implementer of the project, the Korea Land and Housing Corporation, purchased the Shina sb shipyard site in March 2018, and will carry out the project as a joint development program in tandem with Tongyeong city.
The purpose of the (former) Shina sb dockyard urban regeneration project is to form a cultural and tourist hub on the site of the closed dockyard, thereby establishing a global hub of tourism through industrial reorganization.
By using the former dockyard as a tourist attraction, a globally recognized model for a comprehensive waterside town consisting of international core facilities, resort facilities, areas for seaside leisure activities, high-end residential facilities, etc., will be established.