[단독]Reconstruction of Euljiro Building was also canceled due to PF fund crunch.

2024-05-14 08:00:02

[부동산 PF 정상화 방안]

550 billion won worth of main PF financing failed
Inevitable losses for investors participating in bridge loans

On the afternoon of the 13th, citizens are passing by the Yuanta Securities building near Eulji-ro, Jung-gu, Seoul, where reconstruction was recently canceled. Reporter Choi Hyuk-joong [email protected]

The reconstruction plan for the Yuanta Securities building in Eulji-ro, Seoul was virtually canceled due to failure to raise real estate project financing (PF) funds. The real estate industry is taking this more seriously because development projects in downtown business districts (CBD) such as Gwanghwamun and Euljiro, Seoul’s core commercial districts, have been stranded.

According to the real estate industry on the 13th, Capstone Asset Management attempted to raise 550 billion won in PF funds to rebuild the Yuanta Securities building in Euljiro, Seoul, but failed. Although it received attention as a ‘yolk land’ development project, the reconstruction and development plan came to nothing as the financial crunch in the domestic real estate PF market worsened.

It is expected that investors who participated in bridge loans (short-term loans) will inevitably suffer losses due to the collapse of this PF. Capstone Asset Management raised a bridge loan worth more than 300 billion won from Saemaeul Geumgo and others for reconstruction projects such as the acquisition of the Yuanta Securities building in April 2022. As Yuanta Securities, which was leasing most of the building in question, moved its headquarters to Yeouido, Seoul, the damage to investors increased.

The only large-scale commercial office development site that has succeeded in raising PF funds this year is the E-Mart headquarters site in Seongsu-dong, Seongdong-gu, Seoul. In most other PF businesses, it is difficult to extend a bridge loan, let alone the main PF. New PF plans are also being canceled one after another due to lack of funds and worsening profitability.

The real estate industry is concerned that investment sentiment will worsen further as failures occur even in key sites as the real estate PF market has frozen due to prolonged high interest rates and rising construction material costs.

A real estate industry official said, “As this PF is canceled in the future, there will be many PF businesses that go bankrupt.”

Reporter Lee Dong-hoon [email protected]

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2024-05-14 08:00:02