This article was displayed on the ChosunBiz MoneyMove (MM) website at 2:37 p.m. on Feb. 12, 2026.
The likelihood is growing that Woongjin group will again push to sell affiliate Woongjin Playdoci. With the maturity of the 200 billion won raised on credit during last year's acquisition of funeral service provider Preedlife coming due in June, the group is said to be debating internally whether to pursue refinancing or to sell the asset pledged as collateral to repay it.
The assets that Woongjin group can realistically sell are the Rexfield Country Club (CC) golf course and Woongjin Playdoci, but Rexfield is understood to have little chance of being sold because Chairman Yoon Suk-geum of Woongjin group is strongly attached to it. Woongjin Playdoci is an asset that Woongjin group has tried to sell multiple times in the past, and Hanwha Group is understood to have once reviewed acquiring it.
According to the investment banking (IB) industry, the 200 billion won that Woongjin group raised on its own credit during last year's acquisition of Preedlife will mature in June.
Woongjin group fully financed the roughly 900 billion won acquisition price when it bought Preedlife, the country's largest funeral service provider, in June last year. For the 500 billion won senior acquisition financing, Woori Bank and DB Securities handled half each, and for the 100 billion won mezzanine tranche, DB Securities took 80 billion won and Woori Investment & Securities took 20 billion won.
The remaining 300 billion won is equity credit-type funding based on the group's credit. Of that, excluding the 100 billion won perpetual bond (30-year maturity), 200 billion won was set with a one-year maturity. Group-owned tangible assets such as Rexfield and Woongjin Playdoci were provided as collateral for the equity credit.
With roughly four months left until the maturity of the 200 billion won raised as a bridge, Woongjin group faces a decision on whether to pursue refinancing or sell the asset pledged as collateral. For the acquisition financing, a refinancing is not said to be urgent.
As a result, rumors occasionally surface in the market about the sale of Rexfield CC owned by Woongjin group, but industry officials say a sale of Woongjin Playdoci is more likely than Rexfield CC.
Rexfield CC is a prestigious 27-hole membership golf course located in Yeoju, Gyeonggi. It is currently led by Vice Chairman Yoon Hyung-deok, the eldest son of Chairman Yoon, and is known within the group as an asset to which the chairman is strongly attached.
Woongjin group also strengthened its control over Rexfield CC last year. Previously, Woongjin Co. and Sewoon Construction subsidiary Geukdong Construction each held 43.24%, but through a paid-in capital increase, Woongjin Co. raised its equity stake to 66.67%. Before that, in 2024, Woongjin group also acquired the "Ohara Onjuku Golf Club (GC)" in Chiba Prefecture, Japan.
By contrast, Woongjin Playdoci is an asset that Woongjin group has already tried to sell several times. Woongjin Playdoci operates a water park in Bucheon, Gyeonggi, and Woongjin Co. holds about 80% as voting preferred shares.
Since entering corporate rehabilitation proceedings in 2012, Woongjin group has sequentially disposed of solid affiliates such as Woongjin Coway (now Coway) and Woongjin Chemical (now Toray Chemical), and it also sought to sell Woongjin Playdoci. However, the transaction fell through due to a gap in price expectations with potential buyers, and a renewed sale attempt in 2019 also failed. Last year, Hanwha Group is said to have reviewed an acquisition for development purposes.
Even if Woongjin group resumes the sale of Woongjin Playdoci, many variables remain before a transaction can close. Given the leisure industry's high seasonality, earnings volatility is large, and the burden of facility investment (CAPEX) makes it difficult to bridge valuation gaps with buyers on items such as real estate and goodwill, analysts say.