FSS Holds Seminar on "8·13 Measures" Support Programs and PF Project Sale Briefing
Koramco REITs & Trust Introduces Low-Interest Products
Banking and Insurance Sectors Explain KRW 5 Trillion Syndicate Loans
LH Details Construction Cost Support Programs and Tax Benefits
The Financial Supervisory Service announced on September 15 that it held a seminar on financial support programs and a real estate development project sale briefing at its Yeouido headquarters in Seoul, in line with the “8·13 Housing Supply Revitalization Measures.”
During sessions 1 to 4, five organizations that provide housing supply financial support programs—Korea Land & Housing Corporation (LH), Shinhan Bank, Koramco REITs & Trust, Korea Asset Management Corporation (KAMCO), and Housing & Urban Guarantee Corporation (HUG)—participated to explain the details of each institution's support programs.
According to the Financial Supervisory Service, residential real estate development projects generally proceed in the following order: land acquisition and permits, commencement of construction, and completion.
Koramco REITs & Trust introduced a low-interest product designed for the early stages of land acquisition and permitting. This product, financed through project financing (PF) Development Anchor REITs, offers a total of KRW 610 billion in funds at rates lower than those for standard bridge loans.
HUG explained its PF guarantee product, which is required at the stage where a bridge loan is converted into a main PF loan. The presentation included details on the expansion of guarantee limits and PF guarantee products dedicated to small and medium-sized construction companies.
The banking and insurance sectors explained the application criteria and procedures for PF syndicate loans, which may be requested in cases of temporary liquidity difficulties at any stage of a project. According to the Financial Supervisory Service, the limit for PF syndicate loans has recently increased from KRW 1 trillion to KRW 5 trillion.
LH introduced support measures, including funding for land purchases and construction costs throughout all project stages, as well as the acquisition rental business designed to mitigate unsold inventory risk and information regarding recent tax benefits.
In the fifth session, representatives from financial associations and asset management companies held the project sale briefing, primarily focusing on resuming delayed or suspended projects at residential project sites in the Seoul metropolitan area.
Additionally, the Financial Supervisory Service set up twelve consultation booths to offer detailed information and consulting services concerning the housing supply financial support programs and individual project sales sites.
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A Financial Supervisory Service official stated, "We are committed to providing all necessary support to ensure that the required housing can be supplied quickly, by closely managing each residential PF project and swiftly resolving financial difficulties."
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