[Asia Economy Reporter Lee Seon-ae] The stock price of HDC Hyundai Development Company continues to decline day by day, hitting a new 52-week low.
As of 9:32 a.m. on the 18th, HDC Hyundai Development is trading at 17,600 KRW, down 6.13% from the previous trading day. Despite Chairman Chung Mong-gyu taking responsibility for the Gwangju apartment collapse incident and resigning, and the holding company HDC purchasing 1 million shares on the market, the downward trend has not been halted.
The stock price has recorded a decline for six consecutive trading days recently, with a drop rate exceeding 30% during this period.
At around 3:46 p.m. on the 11th, the exterior wall of an apartment collapsed at the Hwajeong I-Park construction site in Seo-gu, Gwangju. Six workers who were working nearby are missing. The construction of this apartment was carried out by HDC Hyundai Development, and the project was managed by the group affiliate HDC I&Cons. The apartment was scheduled for completion in November this year.
In response, Chairman Chung held a press conference on the 17th and announced his resignation from the chairman position. Expressing deep remorse for the accident, he stated, "If safety inspections of Hwajeong I-Park reveal any issues, we will consider contract cancellations with pre-sale buyers, as well as complete demolition and reconstruction."
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