HDC Hyundai Development Company

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.

HDC Hyundai Development Company
Native name
HDC현대산업개발
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

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. Starting from Hyundai Apartment complex in Gangnam, Seoul, Korea City Development had built apartments around the country and emerged as the largest private housing builder in the early 1980s, introducing apartment as a new housing style in Korea. 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. Halla Construction built a number of power plants including Samcheonpo Thermal Power Plant, civil engineering projects such as road construction, land reclamation, port development and other various projects in Korea. Halla Construction actively pursued overseas business and undertook road, construction and plant projects in the Middle East and Southeast, starting from the Jizan cement plant project in Saudi Arabia in 1977.

Established in 1986, HDC Hyundai Development Company has emerged as a comprehensive construction company, building up on Korea City Development's strength in the housing business and Halla Construction's leading position in the civil engineering segment. As Korea’s leading developer, Hyundai Development Company has maintained its leadership in the domestic housing market, been active in the construction, civil engineering and plant industries and expanded its businesses to include engineering and plastic materials with the establishment of the petrochemical unit. 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 ranks top in the domestic housing market and is active in various technically demanding areas such as super high-rise buildings, spatial structures, roads, bridges, ports and plants. Hyundai Development Company launched a new brand, IPARK, in March 2001. As part of its efforts to fulfill its corporate social responsibilities, the company created a charity organization, IPARK Volunteers, in 2004 and established a scholarship organization, PONY Chung Foundation in 2005.

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]

Areas of business

Housing business

Since its establishment in 1976, Hyundai Development Company has built more than 400,000 housing units in Korea, starting from its Hyundai Apartment Complex in Gangnam with 6,000 units. In terms of housing units constructed, Hyundai Development Company ranks top in Korea. Hyundai Development Company specializes in the housing market among Hyundai Group’s construction subsidiaries. Hyundai Development Company was the first builder, which enabled prospective residents to conduct preliminary quality checks before their move-ins, bearing standards for quality service and construction. Hyundai Apartments built by Hyundai Development Company had been synonymous with apartments in Korea. After Chairman Chung Mong-Gyu took the reins, Hyundai Development Company launched a new apartment brand IPARK in March 2001, adding a sophisticated and upscale touch to Hyundai apartments’ sturdy, trustworthy image. Hyundai Development Company continues to build up its reputation, creating landmarks across the country such as IPARK apartment complexes in the most-coveted areas such as Samsung-dong in Seoul, Haeundae in Busan and Suwon in Gyeonggi-do.

Construction

Hyundai Development Company has emerged as a leading company in the large venue construction, completing the world's largest office building, Gangnam Finance Center in 2002, and building sports facilities across the nation, including Daejeon World Cup Stadium with a semi-retractable roof, the first of its kind in Korea, and Korea’s first domed baseball stadium. Hyundai Development Company has been active in the super high-rise building market, completing a 45-story office building complex, Gangnam Finance Center, a 46-story high Samsung-dong IPARK and a 72-story high Haeundae IPARK (2011). Hyundai Development Company has also pursued various construction projects including Yongsan Express Train Terminal Private Equity Project, one of the largest multi-purpose cultural centers in Asia, other retail facilities, educational facilities, hotels, production and exhibition facilities.

Civil engineering

Hyundai Development Company has undertaken civil engineering projects in various areas such as roads, bridges, ports and railways, which require advanced technologies. Hyundai Development Company has taken part in the construction of key expressways around the country such as Gyeongbu Expressway, Jungbu Expressway, Seoul Circular and Namhae Expressway and proved its technological prowess in various bridge projects such as Bukhang Bridge, Gwangan Bridge and Hantan Bridge. Starting from the pilot section of Gyeongbu High Speed Way, Hyundai Development Company has taken part in various subway, railway and high-tech speed rail projects such as High Speed Railway in the Greater Seoul Area and Honam High Speed Railway. Hyundai Development Company is active in both publicly and privately financed projects. Starting from New Daegu-Busan Expressway, Hyundai Development has undertaken privately financed SOC projects in the road and railway segments such as Seoul Chuncheon Highway, Suseok-Hopyeong Expressway, Gangnam Beltway and Busan-Gimhae Light Rail Transit. Hyundai Development Company has also undertaken various SOC projects in the port development segment such as 1-1 phase of the Ulsan New Port, 1-1 phase of the Masan Port, 2-3 and 2-4 phases of the Busan New Port and East Pier of the Pyeongtaek Port. In addition, Hyundai Development Company has undertaken other SOC projects such as Bukhang Bridge and Daegu Art Museum.

Plant business

Halla Construction, Hyundai Development's predecessor, constructed the Samcheonpo thermal power plant in South Gyeongsang Province. Hyundai Development Company has also undertaken various plant projects such as desulphurization facilities, gas supply, gasoline stations, incineration plants and water treatment facilities. Hyundai Development Company has expanded its market reach globally and conducted Jizan Cement Plant Project in Saudi Arabia and constructed power plants, sulfur production plants, water treatment facilities in the Middle East and Southeast Asia. It has further been expanding its plant business such as Dongducheon LNG combined cycle power plant project and Tongyong Combined-Cycle power plant.

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.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.