On Wednesday, July 2, 2014, Incheon Metropolitan City and the Incheon Free Economic Zone Authority (IFEZ) signed the Hana Financial Town project agreement and land sale contract with Hana I&S, Korea Land and Housing Corporation, and Hana Financial Group. Hana Financial Town is a phased development project to build a cluster of financial facilities, including an integrated data center, a global talent development institute, and the group headquarters, on a 248,000㎡ site in Block 3-4 of Cheongna International City, with a total project cost of KRW 730 billion (approximately USD 720 million). Through this agreement, the participating institutions began full-scale cooperation on investment procedures, land supply, and project implementation, and planned to strengthen the financial industry base and create jobs in Cheongna International City.