November 07, 2024

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Daewoo E&C Vice Chairman Jung Jin-haeng (fourth from left) and other company officials pose during a meeting with Brookfield Asset Management in New York on Oct. 31. (Daewoo E&C)

South Korean builder Daewoo Engineering & Construction said Wednesday a delegation of its executives recently visited the US to meet with private equity firms and developers as part of its efforts to expand its real estate development operations in the country.

The delegation, which included Vice Chairman Chung Jin-haeng, Jung Jung-gil, director of the North America Development Department, and other company officials, visited Chicago and New York last week to explore potential partnerships with local developers and investment firms.

In Chicago, the delegation met with private equity firm Equity International, developers Sterling Bay and Farpoint, and asset management company Ameritus. Daewoo stated that during these meetings, it emphasized its intent to operate as a full-scale developer in the US, managing all project phases -- from land acquisition and permitting to construction, leasing and sales.

In New York, the delegation met with industry leaders, including Global Holdings, RXR, Brookfield and FX Collaborative. In particular, a meeting with RXR Group Chairman Scott Rechler, a former president of the New York Federal Reserve, provided the delegation with insights into RXR’s approach to US developments.

Daewoo stated that this US visit helped build a foundation to accelerate its real estate development initiatives in North America by showcasing the company’s capabilities and commitment to key industry figures while expanding its network in the region.

“Overseas real estate development projects require a long-term approach, from planning to completion. Rather than short-term results, we are focusing on setting detailed medium- and long-term strategies to grow as a global construction company,” a Daewoo official said.

In late 2023, Daewoo E&C established local investment arm Daewoo E&C USA Investments in New York, focusing on partnerships with local developers to enter the US and Canadian housing markets alongside its expanding network across African and Southeast Asian countries.

By Hwang Joo-young (flylikekite@heraldcorp.com)