Lotte Construction Signs MOU with Engineering Guarantee Fund for Real Estate Investment and Development Projects

Lotte Construction CEO Ha Seok-ju (right) and Engineering Mutual Aid Association Chairman Kim Su-bo (left) signed a business agreement and are taking a commemorative photo at Leel Gallery on the 16th.

Lotte Construction announced on the 17th that it has signed a strategic business agreement with the Engineering Mutual Aid Association regarding real estate investment and development.

The Engineering Mutual Aid Association is a specialized mutual aid organization established in 1989 to contribute to the development of the engineering and energy industries, as well as knowledge-based industries. It is a special corporation under the Ministry of Trade, Industry and Energy. As of the end of January 2021, it has 2,786 member companies, and its asset size is 1.6 trillion KRW.

Through this business agreement held on the 16th at Leel Gallery in Seocho-dong, the Engineering Mutual Aid Association can participate as an investor in real estate development projects that Lotte Construction wins from the private sector and constructs. Lotte Construction can review and participate as a constructor in projects where the Engineering Mutual Aid Association participates as an investor.

The Engineering Mutual Aid Association generates profits by investing funds it holds in land acquisition and various project costs incurred in the early stages of the project, while Lotte Construction can secure the stability of real estate development projects through a stable business structure and securing financial resources.

Furthermore, for projects in which Lotte Construction participates as an investor and constructor and projects in which the Engineering Mutual Aid Association participates as an investor, both Lotte Construction and the Engineering Mutual Aid Association can provide various credit facilities. This is expected to reduce financial costs required for various real estate development projects.

In addition, Lotte Construction provides various real estate development consulting services for real estate development projects directly or indirectly invested in by the Engineering Mutual Aid Association. A Lotte Construction official stated, "Through Lotte Construction’s know-how in real estate development projects, the Engineering Mutual Aid Association will be able to secure expertise and stability in business permits and individual work areas."

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