Taeyoung Construction "Holding Over 400 Billion Won in Cash, No Liquidity Concerns"

Taeyoung Construction recently dismissed rumors of a liquidity crisis spreading in the construction and finance industries as baseless malicious rumors. The company explained that it holds over 400 billion KRW in cash, so there is no situation warranting liquidity concerns.

On the 26th, Taeyoung Construction released a statement saying, "So far, we have achieved 2.5 trillion KRW in orders, mainly for public projects without project financing (PF) guarantees."

Taeyoung Construction issued the statement after reports surfaced that a major construction company experiencing a liquidity crisis requested assistance from financial authorities, and the government asked the financial authorities to provide emergency funds, leading to rumors that the company in question was Taeyoung Construction.

Taeyoung Construction stated, "We have reported the dissemination of unverified rumors and the creation of malicious articles that interfere with the company's management to the Financial Supervisory Service's joint rumor control team," and warned, "We plan to respond strictly to absurd rumors."

Taeyoung Construction explained, "The outstanding PF contingent liabilities amount to approximately 2.5 trillion KRW, including 1.4 trillion KRW for projects under construction and 1.1 trillion KRW for projects not yet started," adding, "For projects not yet started, we are implementing a phased execution plan to either sell some project implementation shares or accelerate the promotion of 'long-term PF conversion'." The company also noted that major projects under construction have a sales rate of over 90%, so there is no burden of unsold units.

A Taeyoung Construction official said, "We are pursuing new orders focusing on high-quality projects with low risk, including those without PF guarantees," and added, "We have continuously improved financial stability by successfully securing large-scale funding consecutively."

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