[Special Report] REITs Stocks Fall One After Another Due to Legoland Impact
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[Asia Economy Reporter Kwon Jae-hee] Stocks related to real estate investment trusts (REITs) are showing a downward trend due to the Legoland incident.
As of 10:31 AM on the 20th, Lotte REITs is trading at 3,860 KRW, down 3.74% from the previous trading day. Lotte REITs peaked at 6,250 KRW on June 3rd and has fallen by about 40% since then.
Other REITs such as Shinhan Alpha REITs (-2.42%), Aegis Value REITs (-0.63%), Aegis Residence REITs (-2.19%), NH Prime REITs (-2.29%), ESR Kendall Square REITs (-5.84%), and KB Star REITs (-2.93%) are also recording declines.
REIT stocks have plummeted this year due to interest rate hikes and the recent default on the Gangwon-do Legoland private asset-backed commercial paper (ABCP) that emerged earlier this month, cooling investor sentiment.
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Despite Gangwon-do’s payment guarantee, the relevant bonds were finally declared in default on the 4th of this month.
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