Chinese, the biggest foreign landowner in Jeju

Chinese claim 43 percent of the total land area that foreigners hold in Jeju Island, South Korea, worth nearly 3.63 billion RMB($590 million), reported by AJU Business Daily on its website on Aug 31, 2014.

Statistics show that the land area invested by Chinese in Jeju Island has driven a 296-fold increase over the past 5 years to 5,92 million-square-meters by the end of June 2014, almost twice the size of the US investors, the past No1 landowner.

The rapid property investment may be a result of an investment immigration program practiced in Jeju Island. The program stipulates foreigners can earn a Korean residence visa by investing property valued $500,000 or more. Investors and their immediate family members have the opportunity to get permanent residency five years after investment.

But the trend drew criticism. Most properties used as holiday houses are vacant for most of the year, which is unconducive to boosting consumption. Some investment programs also trigger people's concern over environmental disruption. The local government will work to improve investment policy.