Following three years of uncertainty surrounding the project, South Korea has announced a consortium involving Chinese investors as a preferred bidder to build a theme park in partnership with US-based Universal Parks and Resorts.

Estimated for completion around 2020, detailed plans of the $4bn theme park will be drawn up in the first half of 2016.

The resort will be located in Hwaseong, which is about 40 miles south of Seoul and near Incheon International Airport.