HDC Hyundai Development Company () 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 group was founded in 1947 Hyundai Engineering & Construction, as a construction company. With government assistance, Chung and his family members rapidly expanded ...

's two subsidiaries –

Korea Korea is a peninsular region in East Asia consisting of the Korean Peninsula, Jeju Island, and smaller islands. Since the end of World War II in 1945, it has been politically Division of Korea, divided at or near the 38th parallel north, 3 ...

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

City Development Company was created in 1976 when Hyundai Engineering & Construction 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 (; 25 November 1915 – 21 March 2001) was a South Korean entrepreneur and the founder of Hyundai Group, Hyundai Group, one of the largest chaebols in South Korea. Raised as the eldest son of a poor Korean farme ...

, 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 inau ...

of Chairman Chung Mong-gyu 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. 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 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) is a South Korean state-owned development bank which aims to encourage the industrial development of South Korea. It was founded in 1954 in accordance with The Korea Development Bank Act to finance and manage ...

and

Kumho Asiana Group Kumho Asiana Group is a large South Korean ''Chaebol'' (conglomerate), with subsidiaries in the construction, electronics, information technology, IT, leisure, logistics, manufacturing, tourism and transportation sectors. The group is headquarte ...

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

References

External links

* {{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