Hyundai Asan shifts focus to construction

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Summary
Hyundai Asan expects to expand of its domestic construction business despite of whole economic slump. This time, Hyundai Asan has a big image through exclusive tour programs to Geumgang Mountain in generally. However, it has a risk because it was affected relations between South and North Korea. So they select construction business to avoid this risk, and its size of business has been increasing steadily. At last, it grow into similar level with North Korea tour programs.
They also expect that it will be the main business for Hyundai Asan, in the concrete it will be charge 45% of the total.
They were 135th ranking in construction contract in South Korea, however they hope to rise up to 110th.

Opinion
Hyundai is one of the biggest groups in Korea and diversification like Samsung, LG. Hyundai structure business can grow depending on restoration business in 1950s. And it was the first group which broke into overseas expansion.
Hyundai changed their main business recently from programs related North Korea such as Geumgang tour, and gaeseong to domestic contracture.
I thought it had both good and bad point for success factors. To tell the truth, many Koreans still have prejudice or worries against North Korea, and they have expectation that they can come and go directly at once.
They plan to build its own brand to enter apartment business. Above all, it needs to strength its image as superior Structure Company. I think LG is the most successful company and Hyndai Asan has to make the high level and luxury life imagination. And it has to reinforce their business by selecting and concentration.
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(Ref: Koreaherald/ by Kim Yoon-mi / June 06, 2008 )