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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 becoming bankrupt 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.
The vacant residential units followed by the departure of dockyard workers have led to an overall doughnut-pattern of development in the region, resulting in rapid stagnation and a decline in the regional economy.
In response, the Ministry of Land, Infrastructure and Transport designated Shina sb dockyard and the surrounding area as a beneficiary for the Urban Regeneration New Deal (economy-based) last December 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 dockyard site in March 2018, and will carry out the project as a joint development program in tandem with Tongyeong.
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.