Since its founding in 2003, Incheon Metropolitan City Development Corporation (IMCD) has left many traces of history in the process of challenging and responding to citizens' housing stability and happiness realization by recreating urban spaces. Through the expansion of organizational expansion, capital expansion, and the ability to raise public bonds, the IMCD has begun full-fledged urban regeneration projects such as the Geomdan New Town and Yeongjong Sky City Housing Development Project. However, faced with a threatening situation, such as the 2008 global financial crisis, IMCD faced difficulties for a considerable period of time. A number of projects were delayed or reduced, and business feasibility fell, causing difficulties in issuing construction bonds. In 2014, the size of IMCD's debt soared to 8.98 trillion won. IDCD was able to overcome this with three business restructurings and investments in cash and in kind by Incheon Metropolitan City. At one time, it was regarded as the main culprit of the deterioration of local finances, but by investing more than 20 trillion won in project expenses, it is leading the housing supply and welfare improvement in the Incheon area. As much as possible. To this end, the SER-M paradigm of “the performance and sustainability of a company is determined by a mechanism in which three factors such as the subject, the environment, and resources are combined” was used to focus on a case study. As a result of the study, IMCD, which was launched in 2003, was able to deal with the management crisis caused by the global financial crisis in 2008, despite the changes in the progressive and conservative markets. It was found that it was due to the cooperative efforts of the group of subjects to build a city where the original city center and the new city grow together and the cooperation mechanism with the central government and LH.