Ranked 116th in construction capability evaluation, Ankang Construction has filed for court receivership due to financial difficulties.
According to the construction and legal industries on the 26th, Ankang Construction applied for corporate rehabilitation procedures at the Seoul Bankruptcy Court on the 24th. On the same day, the court issued a comprehensive injunction to prevent forced execution of assets.
Founded in 2015, Ankang Construction built 'The Luxnine' officetels in Gimpo and Yongin, and in 2022, constructed Diornine in Pangyo Daejang and a logistics center in Seonggok-dong, Ansan. As the company expanded its business by establishing a golf team, its construction capability evaluation ranking rose from 154th in 2022 to 138th the following year. However, it is reported that the company recently faced financial difficulties due to delayed payment for the Seonggok-dong logistics center project.
This year, Shindonga Construction, Sambu Construction, and Daejeo Construction have consecutively filed for court receivership. The construction industry anticipates a deepening crisis overall, as rising construction costs and decreasing orders are compounded by a reduction of about 1 trillion won in the social overhead capital (SOC) budget, a major revenue source for small and medium-sized construction companies.
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