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Korean warehouse project financing on brink of debt crisis

Korea Economic Daily LogoKorea Economic Daily2 mo ago

Korean warehouse project financing on brink of debt crisis - Korea Economic Daily

Quick Summary:

Of 55 logistics centers to be built in Korea this year, each with a total floor area of 33,000 square meters or more, 15 centers are facing problems such as construction delays, real estate services firm Jones Lang LaSalle Korea’s report said on Tuesday.

As of end-March, Korea’s 24 major securities firms have 39% of their equities as PF and bridge loans, short-term loans for securing real estate sites and land development permits with mortgages on the land, according to the rating agency Korea Investors Service.

Industry insiders forecast this will lead to at least 1.9 trillion won ($1.4 billion) in distressed debts, given that project loans for building logistics centers generally range from 3.5 million won to 4.5 million won per 3.3 square meters or one pyeong, the Korean unit of area measurement.


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Article Details

Category: Economy

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-09-21 @ 19:12:20 (2 months ago)

News Timezone: GMT +8:00

Ranking: #1473 (out of 3381 stories this day)

News Source URL: kedglobal.com

Language: English

Article Length: 760 words

Reading Time: 5 minutes read

Sentences: 35 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Korea Economic Daily

News ID: 538500

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About Korea Economic Daily

Korea Economic Daily Logo

Main Topics: Economy

Official Website: kedglobal.com

Update Frequency: 10 posts per day

Year Established: 1964

Headquarters: South Korea

News Last Updated: 1 days ago

Coverage Areas: South Korea

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #91

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