HDC Hyundai Development Company ( ko, 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 Hyundai Group (; ) is a South Korean conglomerate founded by Chung Ju-yung. The first company in the group was founded in 1947 as a construction company. With government assistance, Chung and his family members rapidly expanded into various in ...

’s two subsidiaries –

Korea Korea ( ko, 한국, or , ) is a peninsular region in East Asia. Since 1945, it has been divided at or near the 38th parallel, with North Korea (Democratic People's Republic of Korea) comprising its northern half and South Korea (Republic o ...

City Development founded in 1976 and Halla Construction founded in 1977.

City Development Company was created in 1976 when

Hyundai Engineering & Construction Hyundai Engineering and Construction Co., Ltd. (HDEC; ) is a major construction company in South Korea. The company was founded by Chung Ju-yung in 1947 as the Hyundai Civil Works Company and was a major component of the Hyundai Group. Hyund ...

separated its housing business.

City Development specialized in

’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 Chung Ju-yung or Jung Joo-young (; November 25, 1915 – March 21, 2001), was a South Korean entrepreneur, businessman and the founder of Hyundai Groups, one of the largest chaebols in South Korea. Raised as the eldest son of a poor Korean far ...

, the founder and former chairman of

, 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 In government and politics, inauguration is the process of swearing a person into office and thus making that person the incumbent. Such an inauguration commonly occurs through a formal ceremony or special event, which may also include an inaugu ...

of Chairman

Chung Mong-gyu Chung Mong-gyu, born in Seoul in 1961, is one of South Korea's top business leaders and the chairman of HDC Group. He has been serving as the 53rd President of Korea Football Association (KFA), a title held for 2 consecutive terms since 2013. In ...

and honorary president Chung Se-yung in 1999, Hyundai Development Company was separated from

in August 1999. Thereafter, Hyundai Development Company has evolved into the parent in

HDC Group HDC Group is a large Korean ''chaebol'' (conglomerate). It is active in a wide array of business fields including property, petrochemicals, retail, leisure, sports, and finance. The current chairman of HDC Group is Chung Mong-Gyu. History Hyund ...

. Hyundai Development Company launched a new brand,

IPARK IPARK is an apartment brand launched by Hyundai Development Company in 2001. Prior to IPARK, Hyundai Development Company used Hyundai Apartment as the main brand for its housing business. Hyundai Apartment has been ranked the most powerful bra ...

, in March 2001. In November 2019, HDC Hyundai Development Company was selected as the preferred bidder for financially troubled

Asiana Airlines Asiana Airlines Inc. ( ) is a South Korean airline headquartered in Seoul.Home
." Asiana Airlines. Retrieved 13 September 2 ...

. However, on 11 September 2020, the

Korea Development Bank Korea Development Bank (KDB Bank, SWIFT: KODBKRSE) is a wholly state-owned policy development bank in South Korea. It was founded in 1954 in accordance with The Korea Development Bank Act to finance and manage major industrial projects to expedit ...

and

Kumho Asiana Group Kumho Asiana Group is a large South Korean ''Chaebol'' (conglomerate), with subsidiaries in the construction, leisure, and logistics industries. The group is headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga, Jongno-gu, Seoul, South ...

officially called off the merger with Hyundai Development Company. In January 2022 the company has faced public criticism and government scrutiny following the

Gwangju Hwajeong I-Park exterior wall collapse On Wednesday, 11 January 2022 at 15:46 KST, a building under construction collapsed in Gwangju, South Korea during demolition, killing at least one person, with five missing as of 19 January. The construction company HDC Hyundai Development Compa ...

, which occurred just months after the 2021 Gwangju building collapse.

References

External links

Official Website
{{Hyundai Companies listed on the Korea Exchange Construction and civil engineering companies established in 1976 South Korean companies established in 1976

History

See also

References

External links