HDC Hyundai Development Company announced on the 22nd that it will pay approximately 6.5 billion won in advance to alleviate the financial burden on its partner companies ahead of the extended Lunar New Year holiday.
This early payment targets 52 small partner companies that are experiencing concentrated financial demands ahead of the Lunar New Year. It is approximately three weeks earlier than initially scheduled.
HDC Hyundai Development Company explained that it has continued various win-win cooperation activities, including early payment of funds and interest-free lending, to secure the liquidity of its partner companies. Last year, it provided approximately 220 billion won in advance payments for the Lunar New Year.
HDC Hyundai Development Company operates a win-win management partnership system that includes various support in finance, technology, and education to enhance the competitiveness of its partner companies. As part of its financial support, it operates a win-win fund of 82 billion won, providing low-interest loans to help partner companies secure funds according to their corporate sizes.
Last year, it adjusted the operating agreement bank deposits to facilitate smooth loans for partner companies to manage their finances. It is also helping alleviate financial difficulties through a low-interest loan and an early payment system for subcontracting payments.
Additionally, HDC Hyundai Development Company operates a partnership registration system that allows partner companies to expect stable long-term revenue while securing stable sources of supply. Through this system, it categorizes partner companies and selects outstanding partners, planning to increase practical financial support and benefits, including awarding outstanding partners and providing win-win bonuses this year.
HDC Hyundai Development Company is also providing technical support, such as granting partners new commercialization opportunities through a technology proposal competition system. For example, the latex admixture developed by Eugene Ready-Mix, which won in the 2023 technology proposal competition, was first applied at the Seocho Central I-Park site, with plans to gradually expand its application to other sites.
In terms of educational support, it operates the HDC Win-Win Campus, which can be used by all employees of registered companies. The program supports various training in construction roles as well as management and leadership, planning to provide various lectures this year, including those on ESG management, to contribute to enhancing the ESG capabilities of partner companies.
An official from HDC Hyundai Development Company noted, 'This year, in addition to financial support such as early payments for the Lunar New Year, we are planning new financial support programs to help reduce the financial burden on partner companies, as well as various programs such as the technology proposal competition to further strengthen cooperation with partners.' They added, 'We will establish various support systems aimed at creating long-term co-growth and win-win relationships with partner companies.'