SM Group's construction affiliates have expedited payments to subcontractors ahead of the Chuseok holiday.
On September 22, SM Group announced that Samra, SM Line's construction division, and SM Steel's construction division have made early payments to subcontractors in light of the upcoming holiday. This measure aims to support partners facing increased short-term financial demands for raw materials, equipment rentals, wages, and bonuses during the festive season.
The construction industry has been struggling recently due to a downturn in the real estate market, rising interest rates, and increasing prices for raw and construction materials. Particularly after the holiday, various costs tend to accumulate, which can intensify the financial burden on small and medium-sized subcontractors.
Considering these circumstances, Samra, SM Line's construction division, and SM Steel's construction division have moved the payment schedule for subcontractor payments ahead of the originally planned dates. SM Group expects this will assist partners in managing their finances and stabilizing operations around the holiday.
An SM Group official stated, "As the construction market has cooled, we hope this payment will serve as a much-needed relief for our partners facing various challenges. We will continue to develop and implement various measures to overcome crises together and achieve mutual growth based on trust with our partners."
Additionally, SM Group announced on September 17 that Chairman Woo Oh-hyun received a 'Sponsor Company Certification' from the Korea-U.S. Alliance Foundation in recognition of his support for the foundation's activities and the Korea-U.S. Alliance Forum.
* This article has been translated by AI.
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