HDC Hyundai Development Company Strengthens 'Win-Win Management' with Financial Support for Partners Ahead of Chuseok

[Asia Economy Reporter Yoo In-ho] HDC Hyundai Development Company will implement special financial support amounting to approximately 13.3 billion KRW for construction and material payments ahead of Chuseok.

This Chuseok, HDC Hyundai Development will carry out special financial support. On the 11th, the scope of cash payments for materials will be expanded to include in-house projects. The amount of this expansion is 2.3 billion KRW. Since March, HDC Hyundai Development has improved payment conditions for partner companies, paying the full amount of construction payments in cash except for some materials costs for in-house projects.

On the 16th, partial early payment of September construction payments to partner companies is planned. This special financial support will prepay up to 50% of the September construction payments to 37 partner companies, with a scale of 11 billion KRW. To ensure smooth cash flow for partners this year, the payment process for construction payments was improved, shortening the payment date from the 14th to the 11th by 3 days, thereby strengthening support for partner companies.

In addition, HDC Hyundai Development implemented interest-free loans amounting to 20 billion KRW for short-term financial support to partner companies. For long-term financial support, a 30 billion KRW win-win fund was established, providing a 2% point interest rate reduction benefit when partner companies take out loans.

Meanwhile, HDC Hyundai Development launched the Fair Coexistence Team this month. The team was renamed from the existing Outsourcing Management Team to realize sustainable management and strengthen areas of win-win cooperation and fair trade.

An HDC Hyundai Development official said, “In a situation where the economy is struggling due to COVID-19 and frequent heavy rains and typhoons, we hope this small but significant support will help our partner companies and workers ahead of the holiday,” adding, “Based on trust with our partners, we will expand partnerships through increasing the size of the win-win fund, providing educational support, and operating an online call center.”

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