HS Hwaseong to pay partner firms early ahead of Chuseok

HS Hwaseong announced Monday that it will make early payments to its partner companies ahead of the Chuseok holiday to ease their financial burden.

The company will pay more than 28 billion won ($20.8 million) in full cash to about 210 partner firms for construction work and materials supplied.

As part of its co-prosperity management policy, HS Hwaseong has advanced payments to partners before the Lunar New Year and Chuseok holidays each year.

The company has also contributed a total of 3 billion won to a large-and-small business co-prosperity fund — 2 billion won in 2018 and 500 million won each in 2020 and 2021.

It has separately contributed a total of 1.2 billion won to a rural co-prosperity fund — 500 million won each in 2019 and 2021, and 200 million won in 2022 — with the money used to support agricultural product retail distribution and social welfare facility operations.

"We hope this early payment helps our partner companies prepare for the holiday," said Park Taek-hyeon, head of HS Hwaseong's outsourcing and procurement team. "We will continue to pursue co-prosperity management as a steadfast partner going forward."