HDC Hyundai Development Company, Early Payment of 240 Billion KRW to Partners for Lunar New Year
[Asia Economy Reporter Yoo In-ho]
HDC Hyundai Development Company (HDC) will make early payments of 240.4 billion KRW for construction and material costs to its partner companies over two days from the 14th to the 15th ahead of the Lunar New Year holiday.
This is to strengthen support for partner companies that have high cash flow demands before the Lunar New Year. The early payment will be made to about 320 partner companies.
An HDC official stated, "We are reviewing various practical measures to provide real benefits to partner companies facing management difficulties due to recent wage increases," and added, "We will continue to strive for sustainable win-win cooperation."
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Meanwhile, HDC implements interest-free loans every month to provide short-term financial support to partner companies. HDC has expanded the win-win fund established with financial institutions to 30 billion KRW, offering a 2%p interest rate reduction benefit when partner companies take out loans.
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