Overseas Chinese to invest $500 mil. in Korea

``We will collect overseas Chinese capital and invest $500 million in Korea for the coming two years.``

Tagalda Co., a multinational investment firm, plans to purchase the former site of Sang Myung junior and senior high schools in Yongsan from Ssangyong Group and use it for the construction of what its president described as an ``astonishing building.``

According to Peter Chun, 36-year-old president of the company, which is active in Canada and Hong Kong, Ssangyong had earlier planned to erect a $32 million (about 40 billion won) building on the site.

``We will construct a 45-floor high-tech building complete with a shopping center, hotel and apartments on the site,`` he said. ``Corporations like Daewoo and real estate now involved in the restructuring process are our investment targets.`` The Chinese-Canadian entrepreneur added that his company has a keen interest in Korea as an investment target for overseas Chinese capital.