This document discusses Hwaseong Dongtan, Korea's first operational smart city located 40km south of Seoul. It provides an overview of the smart city components and budget, and analyzes the benefit-cost ratio from 2008 to 2018. It also discusses challenges around finance, services, and changes over time. Lessons learned focus on promoting private investment, regulation, evaluation, and stakeholder involvement. The document concludes by looking at new strategies around platforms, data, and citizen engagement to make cities smarter.