"'Affordable and Durable Homes' Founder Kyung Jae-yong of Dongmun Construction Passes Away"

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[Asia Economy Reporter Kangwook Cho] Kyung Jae-yong, chairman of Dongmun Construction, has passed away at the age of 69.

Chairman Kyung, who founded the company in 1984, grew the business with the firm belief that "affordable and sturdy homes are chosen" by supplying houses to pre-sale buyers. Overcoming the 1997 IMF financial crisis, the mid-sized construction company thrived, achieving sales exceeding 600 billion KRW by 2005. However, due to the global economic downturn in March 2009, the construction market deteriorated, leading the company into workout. Despite this, Dongmun Construction secured several major reconstruction projects in regional cities such as Busan and Daejeon during the workout period and successfully completed the workout independently. In 2021, the company received a presidential citation on Housing Construction Day.

Survived by his wife Park Ok-bun, eldest son Kyung Woo-sun (partner at McKinsey & Company), and eldest daughter Kyung Joo-sun (vice chairman and CEO of Dongmun Construction). The funeral is being held at Seoul St. Mary's Hospital Funeral Hall, Room 31, with the funeral service scheduled for the 22nd. The burial site is at Yangpyeong Galwolsan Natural Burial Ground.

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