The "Dream Hub" in Seoul was supposed to be a "city within a city" — home to a dozen skyscrapers, waterfront parks, and business and residential facilities.
But the $28 billion project, officially called the Yongsan International Business District, is on the line after developers defaulted on a major loan repayment amid a real estate slump, AFP reports.
We won't know whether the project will go bankrupt until June, when another round of loans matures.
While ground has been broken on the project, it's still a far way from the gleaming city pictured in the Dream Hub's promotional materials.
The ambitious 'Dream Hub' development plan is conveniently located near the airport. Promotional materials go so far as to call it "Center of the World."
The $28 billion development will be situated by the Han River, one of the most important in Korea.
The layout of the buildings is supposed to resemble the Golden Crown of Shilla, an ancient treasure of South Korea.
See the rest of the story at Business Insider
Please follow The Life on Twitter and Facebook.
