Hyundai Development completed the acquisition of a 31% stake in Asiana from Kumho Industrial for $2.16bn.

Hyundai Development, a comprehensive real estate services provider, completed the acquisition of a 31% stake in Asiana, a provider of air cargo, and passenger transportation services, from Kumho Industrial, a construction engineering company for $2.16bn. South Korean airlines are struggling to be profitable and keep lid on debt as they deal with rising competition from budget rivals, falling tourism traffic between South Korea and Japan, higher fuel costs and unfavourable currencies.