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The Shina sb dockyard was founded in 1946 and served as a major source of economic growth in Tongyeong. However, due to stagnation in the shipbuilding industry, the company began to experience a slowdown in business after 2010, eventually filing for bankruptcy on November 26, 2015.
As a result, approximately 5,000 workers at the Shina sb dockyard and related businesses lost their jobs en masse, leading to 70% of residential units in the surrounding areas becoming vacant.
Vacancies due to the departure of shipyard workers have led to a hollowing out of the local population and business activity, leaving the local economy to continue experiencing a rapid decline.
In response, the Ministry of Land, Infrastructure and Transport, in December 2017, designated Shina sb dockyard and the surrounding area as a beneficiary of the Urban Regeneration New Deal (economy-based) and plans to provide support for the area from the national budget. The project operator, the Korea Land and Housing Corporation, purchased the Shina sb dockyard site in March 2018, and will carry out the project as a joint development program with the city of Tongyeong.
The purpose of the Shina sb dockyard Urban Regeneration Project is to establish a future-oriented waterside town for settlement and to build a cultural and tourist hub on the site of the closed dockyard, thereby establishing a global hub of tourism through industrial reorganization.
The transformation of the former dockyard into a tourist attraction will help establish a globally recognized model for a comprehensive waterside town consisting of various attributes, including international core facilities, resort facilities, business resources, areas for seaside leisure activities, and high-end residential facilities.