Dunchon Jugong Will Not Hold General Meeting on the 9th... Union Leader Also Expresses Intention to Resign

On the 13th, demolition work for reconstruction is in full swing at Dunchon Jugong Apartment in Gangdong-gu, Seoul. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Donghyun Choi] The Dunchon Jugong Reconstruction Association in Dunchon-dong, Gangdong-gu, Seoul, has canceled the temporary general meeting of members scheduled for the 9th.

According to industry sources on the 8th, the Dunchon Jugong Association decided to cancel the temporary general meeting scheduled for the 9th. In a notice sent to members, the association explained the reason for the cancellation, stating, "Since many members do not recognize the sale price in the management disposition plan, it seems practically difficult to pass the resolution on the management disposition plan even if the meeting is held." Additionally, Association President Choi Chan-seong announced that he would step down from his position as of that day.

Dunchon Jugong, which had been experiencing internal conflicts between the association and its members over pre-sale and post-sale, had planned to vote at the meeting on whether to accept the sale price based on the Korea Housing & Urban Guarantee Corporation (HUG)'s high sale price review standards and proceed with the sale schedule, but the schedule has been disrupted. Previously, the Dunchon Jugong construction consortium (Hyundai Engineering & Construction, HDC Hyundai Development Company, Daewoo Engineering & Construction, Lotte Engineering & Construction) had stated that if the sale schedule was not set at the meeting, they would halt construction, so conflicts with the construction companies are also anticipated.

The association plans to announce future schedules following the cancellation of the meeting.