Hyundai Engineering & Construction and Shinhan Financial Group Sign MOU to "Expand Development-Linked Real Asset Discovery and Joint Investment"

[Asia Economy Reporter Yuri Kim] Hyundai Engineering & Construction announced on the 12th that it has signed a 'Memorandum of Understanding (MOU) for Expanding Joint Investment' with the GIB (Group & Global Investment Banking Group) division of Shinhan Financial Group.

The signing ceremony held at Shinhan Financial Investment Tower in Yeouido, Seoul, was attended by key officials from both companies, including Jang Jae-hoon, Executive Director and Head of Development Business at Hyundai Engineering & Construction, and Jung Woon-jin, Head of the GIB division at Shinhan Financial Group.

Through this MOU, the two companies will cooperate to expand joint investments in the real estate tangible asset sector. They will also establish a new cooperative relationship for the proactive acquisition and operation of high-quality assets linked to development, as well as joint investment in future additional development projects.

The MOU mainly covers joint investment plans through defining roles and cooperation methods between Hyundai Engineering & Construction and Shinhan Financial Group. The two companies plan to pursue development-linked tangible asset investments by acquiring aging assets in urban areas, operating them for a certain period, and then increasing the added value of existing assets through redevelopment.

Jang Jae-hoon, Executive Director at Hyundai Engineering & Construction, said, "This MOU will be an opportunity for Hyundai Engineering & Construction to expand beyond construction into development and operation through tangible asset investment." He added, "As leading companies in the domestic construction and financial industries with diverse business experience, the two companies expect to create synergies through tangible asset investment based on each other's strengths."

Jung Woon-jin, Head of the GIB division at Shinhan Financial Group, stated, "This agreement signifies the meeting of Hyundai Engineering & Construction, the top construction company in Korea, and Shinhan Financial Group's GIB division, which has strong investment banking capabilities, to present a new paradigm in tangible asset investment and development." He added, "The collaboration between the two companies will establish a leading model of a cooperative platform that jointly discovers high-quality investment assets based on world-class core competencies and increases additional added value."

Meanwhile, Hyundai Engineering & Construction is actively seeking collaboration with financial investors (FI) to revitalize investment development projects as part of its new growth business initiatives.

This content was produced with the assistance of AI translation services.