PF Project Rescue Initiated... 260 Billion KRW Investment in Credit Card Industry
PF Normalization Support Fund Fully Launched
Support Provided to 6 Sites Including Busan, Daegu, and Gyeonggi
The credit finance sector’s PF Normalization Support Fund, launched to normalize the real estate project financing (PF) market, has selected PF projects to support and will invest 260 billion KRW.
The Korea Federation of Credit Finance (KFCF) announced on the 17th that the fund manager of the PF Normalization Support Fund has finalized the selection of six projects targeted for normalization and is beginning full-scale investment.
Previously, on September 26, the credit finance sector launched the PF Normalization Support Fund led by nine capital companies including Shinhan, Hana, KB, Woori Financial, IBK, Meritz, BNK, NH Nonghyup, and DGB. Since then, the fund manager, Korea Investment Real Asset, completed project screening, investment feasibility reviews, and on-site inspections, selecting six projects located in Busan, Daegu, and Gyeonggi. Among these, four projects involve acquiring the business sites, while the remaining two will receive business funding support.
The total investment amount is approximately 260 billion KRW. This consists of 160 billion KRW in fund commitments (capital contributions from the credit finance sector) and about 100 billion KRW expected from financial investors.
Going forward, the Korea Federation of Credit Finance plans to actively encourage autonomous PF project restructuring and resolution through the formation and operation of financial sector funds.
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Jung Wankyu, Chairman of the Korea Federation of Credit Finance, stated, "The credit finance sector’s PF Normalization Support Fund is significant as it serves as a catalyst for private-led project normalization efforts. In particular, this time, the fund attracted financial investors for the first time in the industry, which will contribute to promoting project restructuring."
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