[BizHanKook] It has been confirmed that NHJ, a company in which Nexen Group Vice Chairman Kang Ho-chan is the largest shareholder, has relocated its headquarters to Banyeo-dong, Haeundae-gu, Busan. NHJ holds a significant amount of land in Banyeo-dong. As redevelopment projects are underway in parts of Banyeo-dong, the value of the land owned by NHJ is likely to rise. Analysts suggest that the relocation of the headquarters may be aimed at pursuing real estate development projects.
NHJ is a company 100% owned by Vice Chairman Kang Ho-chan’s family. According to the audit report, as of the end of last year, Vice Chairman Kang held a 95.56% stake in NHJ, while his children, Kang Na-yoon and Kang Heon-gu, each held 2.22%. Although NHJ is a company engaged in real estate-related business, its revenue last year was zero. In other words, it had no significant business operations.
NHJ holds a considerable amount of land in Banyeo-dong, Haeundae-gu, Busan. According to the audit report, the official assessed value of the Banyeo-dong land owned by NHJ was 35.8 billion won as of the end of last year. Actual market value may differ from the official assessed value. It has been confirmed that this land was owned by Vice Chairman Kang Ho-chan’s father, Nexen Group Chairman Kang Byeong-joong, before being sold to NHJ in 2021. Given that NHJ had no revenue last year, it appears that no rental income or other revenue was generated from the land.
NHJ’s previous headquarters was located at an apartment in Seocho-gu, Seoul, which is the residence of Vice Chairman Kang Ho-chan. According to the corporate registry, NHJ relocated its headquarters to Songjeong-dong, Haeundae-gu, Busan, in June this year, and moved again to Banyeo-dong, Haeundae-gu, one month later in July. Both the Songjeong-dong and Banyeo-dong buildings are owned by an individual surnamed Kim, whose specific identity has not been confirmed.
Redevelopment and other urban improvement projects are being pushed forward in Banyeo-dong. Reconstruction is already underway at some aging apartment complexes. The Centum 2 District Urban High-Tech Industrial Complex project is also being promoted in the Banyeo-dong, Bansong-dong, and Seokdae-dong areas. As regional improvement and development projects progress, NHJ, as a landowner, may potentially benefit.
There is speculation that NHJ’s relocation of its headquarters to Banyeo-dong indicates a possibility of participating in future real estate development projects. Regarding the land in Banyeo-dong, NHJ explained in its audit report: "As the lease was terminated at the end of the previous year (end of 2024) and the land is scheduled for sale as part of a housing project, the land, which was previously classified as tangible assets, was reclassified as construction land (inventory assets) during the current period (2025)."
Analysts suggest that the interest of Vice Chairman Kang Ho-chan’s family in Busan-area real estate development is related to their regional ties. The Nexen Group has its main business foundations in the Busan-Gyeongnam (PK) region. Nexen Corporation’s headquarters is in Gimhae, Gyeongsangnam-do, and Nexen Tire’s headquarters is in Yangsan, Gyeongsangnam-do. Nuri Networks, another affiliate of the Nexen Group, has its headquarters in Changwon, Gyeongsangnam-do. Nexen Corporation is also the largest shareholder of KNN, a private broadcaster in the Busan region. Bizhankook attempted to contact NHJ for comment, but could not reach them.