South Korea’s Hyundai Development Company Group that adopted a holding company structure earlier this month said on Friday that it has changed its name to HDC Group and combined corporate image of affiliated companies in a move to enhance business connectivity and identity.
According to HDC Group, acronym HDC inherits the tradition of Hyundai Group while at the same time shows the company’s urge to increase city and life value as a development company.
Following the name change, the names of all units under the group and their corporate logos will contain HDC - such as HDC Hyundai Development Co., HDC Incons Co., HDC Hyundai EP Co., HDC Hyundai PCE Co., HDC I’Park Mall Co, HDC Shilla Duty Free, Hotel HDC, HDC I-Controls Co., HDC Asset Management Co., HDC I-Service Co., HDC Youngchang Co., and HDC Sports.
Real Estate 114 Inc., an online real estate information database provider which HDC Hyundai Development acquired last year, will not add HDC to its name.
HDC Group said that the latest name change and corporate identity integration will boost its identity and enhance business connectivity and allow it to provide new differentiated services and contents. The conglomerate plans to boost connection between businesses of various sectors including construction, real estate development, manufacturing and construction resources, real estate management, information technology, finance and asset management, and cultural sports.
An unnamed official from HDC Group said that it plans to secure new growth engines by creating diverse business models based on synergies between the operating company and its units and also introduce a unique brand of its own that provides new value and experience to consumers.
HDC Group, meanwhile, is led by Chairman Chung Mong-gyu, son of Chung Se-yung, the group’s late honorary chairman and younger brother of late Hyundai Group founder Chung Ju-yung.
By Sohn Dong-woo and Lee Eun-joo
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]