‘매출 공백’ HM그룹, 4000% 부채비율 ‘경고등’

HM Group's debt-to-equity ratio surged to 4,845%, exposing the dangerous vulnerability of single-project dependency in real estate development when market cycles turn. The 90% revenue collapse following its flagship Pyeongtaek project completion demonstrates how quickly developers face liquidity crises when consumer confidence weakens amid high interest rates. This situation signals systemic fragility in Korea's real estate financing model, where project concentration and slowing demand can rapidly destabilize even major developers.