A Special 'Appreciation Plaque' for an Entrepreneur from Naju

Completion of Defect Repairs for 10 Years Despite Contractor Bankruptcy in Ilsan, Goyang City

Generous Donation of 100 Million Won Scholarship to Suncheon University in 2018... Steady Support for Nurturing Local Talent

The photo shows Chairman Iljun Lee (first from the left) posing for a commemorative picture while donating 100 million won in scholarships to Suncheon National University in 2018. Photo by Daeyang Industrial Development Co., Ltd.

[Asia Economy Honam Reporting Headquarters Reporter Lee Gwan-woo] A mid-level entrepreneur from Naju, Jeollanam-do recently received a special plaque of appreciation from the residents' representative council of an apartment complex in Goyang-si, Gyeonggi-do.

The residents' representative council of ‘Wish City Blooming Apartment Complex 5’ in Ilsandong-gu, Goyang-si (hereafter Wish City Residents' Council) presented a plaque of appreciation on the 13th of last month to Chairman Lee Il-jun of Daeyang Industrial Development Co., Ltd., who diligently completed the 10-year defect repairs despite various difficult conditions, expressing the heartfelt gratitude of all residents.

Daeyang Industrial Development, led by Chairman Lee, first established a connection with ‘Wish City Blooming Apartment Complex 5’ in Goyang-si in 2007.

At that time, Daeyang Industrial Development participated in the implementation of a project to build a new town spanning 300,000 pyeong, the largest urban development project nationwide as a private enterprise, along with two other companies.

However, as the urban infrastructure construction was nearly completed and the framework of the new town was taking shape during the final stages of apartment construction, the 2008 global financial crisis struck. As a result, the construction company, which ranked 15th domestically in contract volume, faced bankruptcy, plunging the developer, prospective residents, and local community into great confusion.

Chairman Lee, responsible for the development, exerted every effort until the end. Together with Cheongwon Construction Co., Ltd., which formed a consortium, through asset sales and personal contributions from the chairmen of both companies, they ultimately completed the apartment construction and move-in without delay.

With the construction company gone, all responsibility fell on the developer. The guarantee fee exceeding 80 billion KRW assumed from Korea Housing Warranty Co., Ltd. was fully repaid by August 2019 through the sale of remaining personal assets of the chairmen and company assets. To secure repayment funds, Chairman Lee desperately sold valuable assets such as the ‘Goyang Country Club’ golf course and some American companies, fulfilling his duties as a responsible entrepreneur.

Additionally, he bore over 15 billion KRW in additional defect repair costs for 1,435 households in Wish City Complex 3 and 1,000 households in Complex 5.

Observing Chairman Lee’s responsible efforts, the Wish City Residents' Council stated, “We sincerely thank him for faithfully keeping his promise and completing the responsible defect repairs over the past 10 years despite difficult and challenging circumstances,” and awarded him a plaque of appreciation representing the feelings of all residents.

In response, Chairman Lee Il-jun of Daeyang Industrial Development said, “It was a masterpiece created with pride and utmost dedication alongside Cheongwon Construction to build a premium apartment, but it was very difficult as internal and external circumstances changed frequently,” adding, “As a trusted entrepreneur, I could not bring pain and tears to our customers and neighbors, the residents.”

Born in Yeongsanpo, Naju, Jeollanam-do, Chairman Lee established Daeyang Construction in 1993 and has conducted comprehensive construction and real estate development businesses centered on his hometown Naju, the Honam region, Seoul, and Goyang-si in the metropolitan area. In 1999, the company name was changed to the current Daeyang Industrial Development.

Chairman Lee has a special love for his hometown. Serving as vice chairman of the ‘Yeongsanpo Development Council,’ he has been donating annually for the development of his hometown. In 2018, he also donated 100 million KRW in scholarships to Suncheon University, continuously supporting the nurturing of local talent.

He is also active in the social return of corporate profits. He has fully supported the charity martial arts organization Angels Fighting Championship (AFC), enabling the holding of 14 numbered tournaments since the first event aimed at helping children with incurable diseases.

Furthermore, he serves as an operating committee member of the Korea-Asia Friendship Foundation, a non-profit organization under the Ministry of Foreign Affairs that conducts a ‘bilingual book distribution project’ by translating Korean fairy tale books into local languages in Cambodia, Laos, Kyrgyzstan, Vietnam, and Myanmar, engaging in volunteer work and donations.

Currently, Chairman Lee operates five domestic affiliates including Wellbiotech, a KOSPI-listed company, and overseas local subsidiaries in four countries: the United States, Vietnam, Mongolia, and Thailand, conducting businesses in construction, trade, and golf courses.

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