Expansion of Youth Housing Supply... SH Corporation Partners with Woori Bank

Seoul Housing and Communities Corporation (SH Corporation) has partnered with Woori Bank to create housing opportunities for young people.

SH Corporation announced on the 2nd that it signed a 'Win-Win Financial Business Agreement' with Woori Bank to expand housing supply for young people without homes. The signing ceremony was attended by Kim Heon-dong, President of SH Corporation, and Cho Byung-kyu, President of Woori Bank, among others.

Kim Heon-dong, President of SH Corporation (left), and Cho Byung-kyu, President of Woori Bank, are posing for a commemorative photo after signing the 'Win-Win Finance Business Agreement' for youth housing supply. Photo by SH Corporation

Through this agreement, SH Corporation and Woori Bank will cooperate to ▲plan and discover new projects to revitalize youth housing projects ▲provide financial support to expand youth housing supply, aiming to stabilize young people's housing.

The two organizations plan to join forces to discover new business models that inject private capital into policy projects implemented to revitalize youth housing and to expand the supply of high-quality ‘Baeknyeon Jutaek’ (Century Housing) that satisfies young people. They are expected to launch a pilot REITs project for youth safety housing supply as early as the end of this year.

Kim Heon-dong, President of SH Corporation, said, “This agreement will be the starting point of win-win financial linkage that brings private capital into public projects. We plan to work with Woori Bank to find the best ways to create a more developed Seoul, including transit station area development. Furthermore, we will do our best to improve the housing standards of homeless citizens by expanding public-private cooperation.”