"Hallyuwood" plans progress in Goyang City, Korea
(Thanks to Jim Larson for the hint.)

According to KBS News Hallyuwood will be a 990.000 square meter Hollywood-style next-generation amusement park complex situated in Goyang City, Gyeonggi Province (ca. 1 hr away from Seoul). Its purpose is to boost "Hallyu", the Korean pop culture wave in East and South-East Asia. The plans of the ambitious project for the next-generation amusement park complex were announced in the end of 2005 and the project has been estimated to finalize in 2010.

The blog Brian in Jeollanam-do also discusses the futuristic concept of Hallyuwood which he sees as nice counterbalance for emphasizing the more traditional elements of Korean culture.

See also the promotional video of Hallyuwood on YouTube.