Hyundai Asset Management and Mugunghwa Trust Join Busan Smart City Consortium

[Asia Economy Reporter Minji Lee] Hyundai Asset Management announced on the 8th that it has joined the ‘The Grand Consortium’ for the Busan Smart City National Pilot City (Eco Delta Smart City) together with its parent company, Mugunghwa Trust.

Hyundai Asset Management will mainly handle financial tasks such as fund structuring and management, while Mugunghwa Trust will primarily perform real estate trust-related duties. The Smart City National Pilot City represents an advanced stage compared to the existing new town development method, which was led by government agencies focusing on infrastructure construction. In particular, as a project involving both public and private sectors, it is expected to leverage the creativity and innovation of the private sector based on public interest.

The Busan Eco Delta Smart City, in which Hyundai Asset Management and Mugunghwa Trust will participate, is planned on a scale of 840,000 pyeong (approximately 2.77 million square meters) with a total project cost of 4.9 trillion KRW. It will focus on energy, water, and robotics as key innovation elements, integrating Fourth Industrial Revolution technologies such as big data, autonomous driving, smart energy, and artificial intelligence to provide various innovative services aimed at improving citizens’ quality of life.

Lee Hee-joo, Head of Marketing at Hyundai Asset Management, who is in charge of promoting and managing the consortium participation, said, “It is highly meaningful that Hyundai Asset Management is joining the smart city, which will present the world’s first future-oriented city model, together with Mugunghwa Trust. Based on Hyundai Asset Management’s expertise in providing a wide range of financial services across diverse investment assets as a capital firm, we will actively strive for the successful execution of the project.”

Meanwhile, since becoming a subsidiary of Mugunghwa Trust, Hyundai Asset Management has been working hard to actively improve its organizational structure as a comprehensive asset management company. Aiming to grow into a ‘capital firm’ that offers diversified financial services, it has expanded its business areas through a major organizational restructuring to include private equity (PE), real estate development investment (DI), real estate investment trusts (REITs), and asset management companies (AMCO), in addition to its existing asset management operations.

This content was produced with the assistance of AI translation services.