This article was published on August 23, 2026, at 9:55 a.m. on the capital-market service Signal.
JoongAng Group has decided to sell Phoenix JoongAng as part of a self-rescue plan, and Hanyang Securities, one of the group's creditors, has joined the advisory team. Because a creditor has been named as an adviser, Hanyang Securities is understood to be prioritizing the completion of the deal over price.
According to investment banking sources on the 23rd, the founding family that controls JoongAng Group has selected Hanyang Securities and Deloitte Anjin as advisers for the sale of Phoenix JoongAng. Phoenix JoongAng falls outside the scope of the court's rehabilitation proceedings, but the group decided to sell it as part of the self-rescue plan.
Phoenix JoongAng is a leisure business in which JoongAng Resort Investment — held by the group's controlling family, including Chairman Hong Seok-hyun — owns an 80% stake. Phoenix JoongAng has as a wholly owned subsidiary Phoenix JoongAng Jeju, which operates Phoenix Pyeongchang, Phoenix Island at Seopjikoji on Jeju Island, and Playce Camp in Seongsan-eup, Jeju Island. It has no direct shareholding ties to the group's holding company JoongAng Holdings, its content affiliates Contentree JoongAng and SLL JoongAng, or its media affiliates JoongAng Ilbo and JTBC.
What stands out is that Hanyang Securities, which has about 84 billion won ($60 million) in credit exposure to JoongAng Group, is participating directly as an adviser. Hanyang Securities' position is that appropriate collateral has been secured, leaving fund recovery unaffected, but the market has cited reputational risk and potential damage to its bond and structured-finance businesses as key risk factors. Under these circumstances, its involvement is seen as an effort to speed up debt recovery by taking direct part in the sale.
A sale of Phoenix JoongAng was also pursued last year. At the time, the price JoongAng Group sought was understood to be about 250 billion won for a 100% stake. Because the sale is now being pursued as a self-rescue measure, the group is expected to have difficulty securing the price it originally wanted. An investment banking source said, "Even if Phoenix JoongAng does not fetch a sufficient price, Hanyang Securities has a strong will to complete the sale," adding, "A significant portion of the sale proceeds is expected to go toward repaying Hanyang Securities' loans."
Hanwha Hotels & Resorts is seen as a leading acquisition candidate. In fact, last year it conducted due diligence under the leadership of Kim Dong-sun, president of Hanwha Machinery & Services Holdings. At the time, the deal between Hanwha and JoongAng Group failed to close as the two sides differed over price. This time, however, with JoongAng Group undergoing rehabilitation proceedings and the room for price negotiation now wide open, the prevailing view in the market is that Hanwha Hotels & Resorts will jump back into the bidding.
Hanwha Hotels & Resorts, which owns a nationwide chain of condominium resorts, needs to secure locations in the Gangwon region — with strong access from the greater Seoul area — and on Jeju Island to counter rivals' premium-resort strategies. On Jeju, Hanwha Resort has been located only near Jeju City and has drawn criticism for its poor access to well-known tourist sites such as Seongsan Ilchulbong Peak.
