Jungheung Group Vice Chairman Jung Won-ju has been selected as the new chairman of Korea Housing Builders Association.

KHBA is one of the two largest housing associations in South Korea. The association has around 7,800 construction companies as its members.

The association on Thursday held a general meeting where they elected Jung as its new leader.

“I feel a great responsibility as business conditions for construction companies are becoming tougher amid recent interest hikes and real economy recessions,” Jung said upon his election. Jung added he will “put in a great effort to overcome the current crisis and contribute to developing the housing industry and securing public access to quality housing here."

Jung is vice chairman of Jungheung Group, the largest shareholder of Daewoo E&C. Jung is also chairman of Daewoo E&C and chairman of Herald Corp., publisher of The Korea Herald and Herald Business.