Established in 1986, HDC Hyundai Development Company has emerged as a comprehensive construction company, building up on Korea City Development's strength in the housing business and Halla Construction's leading position in the civil engineering segment. As Korea’s leading developer, Hyundai Development Company has maintained its leadership in the domestic housing market, been active in the construction, civil engineering and plant industries and expanded its businesses to include engineering and plastic materials with the establishment of the petrochemical unit. With the inauguration of Chairman Chung Mong-gyu and honorary president Chung Se-yung in 1999, Hyundai Development Company was separated from Hyundai Group in August 1999. Thereafter, Hyundai Development Company has evolved into the parent in HDC Group. Hyundai Development Company ranks top in the domestic housing market and is active in various technically demanding areas such as super high-rise buildings, spatial structures, roads, bridges, ports and plants. Hyundai Development Company launched a new brand, IPARK, in March 2001. As part of its efforts to fulfill its corporate social responsibilities, the company created a charity organization, IPARK Volunteers, in 2004 and established a scholarship organization, PONY Chung Foundation in 2005.