Woori Financial Group Provides Liquidity Support for Real Estate PF Project Worth 500 Billion KRW
Creating a Real Estate PF Loan Fund Through Affiliates
Woori Financial Group announced on the 18th that it will establish a blind real estate PF loan fund worth 500 billion KRW to support liquidity in the real estate project financing (PF) business.
The blind real estate PF loan fund is a fund established by raising investment funds from major investors, and an asset management company selects PF projects and executes loans.
To support the new 500 billion KRW funding, Woori Financial plans to set up a blind fund through its affiliate Woori Global Asset Management and receive investments from Woori Bank and others. Liquidity support will be provided to redevelopment projects facing difficulties due to increased construction costs (300 billion KRW) and rental housing projects with LH purchase commitments (200 billion KRW).
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A Woori Financial official said, “To stabilize the real estate PF market, Woori Financial independently established a fund to promote liquidity support. We expect it will greatly help resolve difficulties faced by developers, contractors, and homebuyers.”
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