Asia PR News

SEOUL, Sept. 29 /PRNewswire-AsiaNet/ –

Developers of New Songdo City Announce Domestic CEO
and Other Key Executives

On behalf of the Board of Directors of New Songdo Development, LLC ("NSC"),
Stanley C. Gale, Chairman of the Board, announced the expansion of the
development team of Gale International Korea, LLC ("GIK"). GIK is the entity
established by NSC two years ago to implement the project’s objectives on its
behalf.

Mr. Gale announced the appointment of Cho Yong-Kyung as Domestic Chief
Executive Officer, Anthony S. Conigliaro as Chief Operating Officer, and
Kyuhong Yuh as General Counsel. Cho Yong-Kyung has played pivotal roles in the
project including that as a member of the Board of Directors of NSC since the
inception of the New Songdo City Development Project in 2002. In addition, he
has extensive experience within the Republic of Korea so as to aggressively
carry out the outstanding issues of the project such as governmental approvals
and certifications, land acquisition strategies, and investor relations.

"The New Songdo City Project is about advancing the Korean and the Incheon
communities and to make Songdo a leading international city," stated Mr. Cho.
"As GIK is a joint venture between The Gale Company in the United States and
POSCO E&C in Korea, I will endeavor to serve as coordinator between both
companies, as well as both countries."

John B. Hynes, III, Representative Director and International CEO of GIK,
said, "We expect that through the appointment of our domestic CEO, Cho
Yong-Kyung, and these experienced, key executives, issues relating to the
Songdo Development Project will be addressed and managed appropriately and
effectively. I am confident that New Songdo City will become the business hub
in Northeast Asia, as planned."

New Songdo City, "The Gateway to Northeast Asia," has been designated a
Free Economic Zone, which provides significant tax incentives for corporations
and residents. The International Business District (IBD) of New Songdo City is
being built on 1,500 acres of reclaimed land along Incheon’s waterfront at a
cost of $20 billion. The IBD, which broke ground November, 2004, will
eventually include fifty million square feet of office space, thirty million
square feet of residential space, ten million square feet of retail, five
million square feet of hotel space and ten million square feet of public space.
Every conceivable cultural, recreational and technological amenity will be
available.

New Songdo City is a joint venture between New Jersey-headquartered The
Gale Company, one of the world’s largest privately held commercial real estate
companies, and POSCO E&C, a subsidiary of Korean steel giant POSCO.

Additional information about New Songdo City can be accessed via
http://www.NewSongdoCity.com

SOURCE: Gale International Korea, LLC

CONTACT: Hyewon Chang,
Domestic/ROK Queries,
+011-822-6260-3353,
hwchang@galeintlkorea.com, or

Mary Lou DiNardo,
International/U.S. Queries,
+1-212-572-0767,
tkpr1@aol.com;

both for Gale International Korea, LLC

Web site: http://www.NewSongdoCity.com