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HDC Hyundai Development Company

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HDC Hyundai Development Company
Native name
HDC현대산업개발
Company typePublic company
KRX: 294870
FoundedMay 2, 2018
Headquarters
Seoul
,
South Korea
Key people
Chung Mong-gyu (Chairman)
Kim Dae-Cheol (President)
SubsidiariesHotel HDC
Websitewww.hdc-dvp.com

HDC Hyundai Development Company (Korean: HDC현대산업개발) was created in 2018 through a spin-off from HDC Group's holding company HDC Holdings. The company is active in real estate development, construction and hospitality.

History

HDC Hyundai Development Company was established through the merger between Hyundai Group’s two subsidiaries – Korea City Development founded in 1976 and Halla Construction founded in 1977. Korea City Development Company was created in 1976 when Hyundai Engineering & Construction separated its housing business. Korea City Development specialized in Hyundai Group’s housing construction business and built apartments under the brand name, Hyundai Apartment. Halla Construction, founded by Chung In-yung, brother to Chung Ju-yung, the founder and former chairman of Hyundai Group, focused on civil engineering, plant and overseas businesses.

Hyundai Development Company has been formed in 1986 by the merger of both companies. With the inauguration of Chairman Chung Mong-gyu and honorary president Chung Se-yung in 1999, Hyundai Development Company was separated from Hyundai Group in August 1999. Thereafter, Hyundai Development Company has evolved into the parent in HDC Group.

Hyundai Development Company launched a new brand, IPARK, in March 2001.

In November 2019, HDC Hyundai Development Company was selected as the preferred bidder for financially troubled Asiana Airlines.[1] However, on 11 September 2020, the Korea Development Bank and Kumho Asiana Group officially called off the merger with Hyundai Development Company.[2]

In January 2022 the company has faced public criticism and government scrutiny following the Gwangju Hwajeong I-Park exterior wall collapse, which occurred just months after the 2021 Gwangju building collapse.[3]

See also

References

  1. ^ Choi, Kyong-ae (November 12, 2019). "HDC consortium chosen as preferred bidder for Asiana Airlines". Yonhap News Agency. Retrieved November 21, 2019.
  2. ^ "아시아나항공 매각 무산…기간산업기금 2.4조 지원" (in Korean). Yonhap News Agency. 11 September 2020.
  3. ^ "HDC chairman resigns over series of Gwangju accidents". m.theinvestor.co.kr. Retrieved 2022-01-22.
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