Hyundai E&C signs MOU on New Zealand housing projects

SEOUL, Feb. 21 (Yonhap) -- Hyundai Engineering & Construction Co. (E&C) said Friday it, together with a public firm here, has signed an initial pact with a government agency of New Zealand to enter New Zealand's housing development market.

Hyundai E&C and the Korea Overseas Infrastructure & Urban Development Corp. (KIND) have signed a memorandum of understanding (MOU) with Kainga Ora-Homes and Communities for cooperation in New Zealand's housing development projects, the company said in a press release.

Kainga Ora is a government agency that provides rental housing for New Zealanders in need.

Under the MOU, Hyundai E&C is responsible for the construction of housing complexes, while KIND will draw up financial plans for housing projects and Kainga Ora will secure approval from local authorities, the release said.

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