Hoban Construction and Industry Early Pay 150 Billion KRW Construction Fees to Partners for Lunar New Year

Hoban Group's construction affiliates, Hoban Construction and Hoban Industry, announced on the 23rd that they will advance payment of 150 billion KRW in construction fees to about 400 partner companies ahead of the Lunar New Year holiday. This measure aims to support the smooth financial management of partner companies amid growing concerns over a downturn in the construction market from the beginning of the year.

Exterior view of Hoban Construction headquarters / Photo by Hoban Construction

A representative from Hoban Construction stated, "Due to the real estate market downturn and workout situations among mid-sized construction companies, the construction industry has been facing difficulties since the start of the year. Therefore, we decided to advance the payment of construction fees to help our partner companies manage their finances." He added, "Hoban will continue to strive for mutual growth and coexistence with our partner companies." Hoban Construction and Hoban Industry pay the full amount of construction fees in cash to their partners every year before the holidays.

On the 2nd, Hoban Group invited partner companies to its opening ceremony and held an 'Excellent Partner Company Awards Ceremony.' Awards and plaques of appreciation were presented to 42 partner companies across three categories: architecture, civil engineering, and safety. Additionally, Hoban Group has established a total of 85.6 billion KRW in large and small business mutual growth cooperation funds over the past six years.