Chairman Jung Wonju of Daewoo E&C Explores Real Estate Development Projects in the U.S.

Discussing Joint Development and Cooperation with Local Developers
Eldest Daughter Seoyun Jung to Join U.S. Subsidiary... Driving Business Expansion

Daewoo Engineering & Construction announced on the 23rd that Chairman Jung Wonju visited the United States in mid-March to meet with local development industry officials and political figures to exchange views on local real estate development projects.

On the 16th, Chairman Jung met with Nicole Kushner Meyer, CEO of Kushner Companies, to discuss the possibility of joint investment and cooperation on residential development projects in New York and New Jersey. Meyer is the sister of Jared Kushner, former White House Senior Advisor and son-in-law of U.S. President Donald Trump, and currently leads the company.

On the 18th, Chairman Jung met with Edward Minskoff, Chairman of local developer EJME, known for projects such as the World Financial Center, and other key executives to discuss potential collaboration. He also met with Korean-owned companies such as H Mart and Incoco to explore opportunities for mixed-use development projects and joint investments in the New York and New Jersey areas. Daewoo Engineering & Construction is considering jointly pursuing mixed-use development projects that combine residential and commercial facilities on prime sites and commercial districts owned by these companies.

Seung Han, Head of Overseas Business Division at Daewoo E&C (from left), Seoyun Jung, Nicole Kushner Meyer, CEO of Meyer Kushner Company, Wonju Jung, Chairman of Daewoo E&C, and Nick Mackey, Chief Investment Officer of Kushner Company, are taking a commemorative photo after discussing the possibility of joint investment and residential development cooperation in the United States. Provided by Daewoo E&C

During this visit, Chairman Jung also met with local political figures including Ellen Park, Deputy Speaker of the New Jersey General Assembly, and Gordon Johnson, New Jersey State Senator. They discussed opportunities for Korean companies to participate and collaborate in local energy and infrastructure sectors. Daewoo Engineering & Construction is currently promoting a residential development project in Palisades Park, New Jersey, which is within Deputy Speaker Park’s electoral district.

From 1992 to 2006, Daewoo Engineering & Construction carried out 20 real estate development projects in the United States. The company developed approximately 5,400 residential units and directly invested around 170 million dollars. In 2023, it established a U.S. subsidiary in New York and signed memoranda of understanding for development cooperation with local developers, seeking further investment opportunities. The company is also considering entering the New York and New Jersey markets not only as an investor, but also as a developer and contractor.

Chairman Jung was accompanied by his eldest daughter, Seoyun Jung, during the visit. According to the company, Seoyun Jung is scheduled to join the U.S. subsidiary of Daewoo Engineering & Construction at the end of this month. By attending meetings during this business trip, she gained a deeper understanding of the local market and built a network. The company stated that she will play a key role in business development and investment review at the U.S. subsidiary, contributing to the company’s medium- to long-term business expansion.

A representative from Daewoo Engineering & Construction said, “We plan to expand our development business platform in North America by collaborating with leading local developers and partners.”

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