Founder of Jo Naebyeok Life Group Passes Away

Starting with Misung Apartment in Yeouido in 1978, Jo Naebyeok, the founder of Life Group who consecutively built large apartment complexes in Gangnam and Mokdong in Seoul, as well as in Incheon during the 1980s, passed away due to old age at around 9:40 PM on the 23rd, the family announced on the 26th. He was 85 years old. (Photo by Yonhap News)

[Asia Economy Reporter Ryu Tae-min] The founder of Life Group, Jo Nae-byeok, known as the first generation of domestic housing construction along with Hyundai Development Company, passed away on the 23rd due to old age, the family announced on the 26th. He was 85 years old.

Born in 1935 in Bongsan, Hwanghae Province, Jo graduated from Gyeonggi High School and Korea University. He entered the business world starting with Hanseon Enterprises, a clothing distribution company established in 1962, and expanded his business by founding Life Housing Development in 1975. Beginning with the Miseong Apartments in Yeouido, Seoul in 1978, he supplied apartments under brands such as Life, Jinju, Jangmi, and Miseong in areas including Sincheon-dong, Songpa-gu, and Apgujeong-dong, Gangnam-gu, and also participated in the development of the Mokdong New Town. Expanding his business through Life General Trading, Life Distribution, Hanseong Construction, Miju Mutual Credit Union, Life Shoes, Gyeongju Chosun Hotel, Dongbang Marine, and Daehan Securities, the group's sales reached 350 billion won in 1983.

However, in the early 1980s, the second oil shock led to a downturn in the overseas construction market, causing the business to decline, and in 1987, the company was designated as an industrial rationalization firm. Chairman Jo also stepped down from the front lines of management in 1993 following the exposure of political funding scandals involving his younger brother, Vice Chairman Jo Jeong-min, during the Roh Tae-woo administration. Subsequently, Seoul Trust Bank took over management, leading to the group's dissolution, and the main company, Life Housing Development, closed in 1997.

The bereaved family includes his wife Kim Seok-young, sons Jo Myung-hee (President of Radix Plus) and Jo Si-jin, daughters Jo Eun-su and Jo Su-yeon, daughters-in-law Lee Hye-jin and Song Jin-young, and son-in-law Kim Bae-yong. The funeral hall is set up at Seoul Asan Medical Center. The funeral will be held at 8 a.m. on the 27th, and the burial site is Donghwa Gyeongmo Park. (02)3010-2000