Dunchon Jugong General Meeting on the 9th Canceled... Association Takes Steps to Recover After Chairman's Resignation (Comprehensive)

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 Reporters Donghyun Choi, Chunhee Lee] The Dunchon Jugong Reconstruction Association in Dunchon-dong, Gangdong-gu, Seoul, has canceled the temporary general meeting of association members that was 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 resolve the management disposition plan even if the meeting is held." Additionally, Association Chairman 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 issues, 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 sales schedule. However, the schedule has been disrupted. Previously, the Dunchon Jugong construction consortium (Hyundai Engineering & Construction, HDC Hyundai Development Company, Daewoo Engineering & Construction, and Lotte Engineering & Construction) had stated that if the sales schedule was not set at the meeting, they would halt construction, raising expectations of conflict with the construction companies.

The association stated, "The chairman has resigned, and now the project team may forcibly stop construction," adding, "We will immediately establish a plan and continue work to prevent project delays, construction stoppages, and damage to members' property." To calm the members' unrest, the association has set future plans including ▲establishing a proxy system to maintain project promotion and work continuity ▲preventing construction stoppage through consultation with the construction consortium ▲preparing countermeasures against the sale price ceiling system ▲and establishing a realistic project plan that is acceptable.

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