Hyundai Development Company was created in 1986 through the merger between Korea City Development established in 1976 and Halla Construction founded in 1977. Hyundai Development Company is the parent entity in HDC Group (Hyundai Development Company Group), which has subsidiaries in construction, petrochemicals, retail, property and financial management, healthcare, leisure, musical instrument production, sports and finance. Chung Mong-Gyu is the chairman and Kim Jae-Sik is the president.
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.
