The Financial Supervisory Service and nine financial sector associations have begun publicizing the details of real estate project financing (PF) sites that are currently being sold.
On the 23rd, the FSS held a 'Joint Sale Briefing for the Real Estate PF of the Entire Financial Sector' at the auditorium of the Korea Institute of Savings Banks in Mapo-gu, Seoul, and announced this information. Since the previous day, the nine financial sector associations have gathered and publicized the real estate PF listings for the entire financial sector in Excel file format on each association's website. Those interested in purchasing real estate PF sites can check all listings at once by visiting any association's website. The publicized file contains detailed site information such as the location, appraised value, and progress of public auctions. The publicized information will be updated monthly.
The FSS noted that the pace of the real estate PF restructuring and cleanup policy, which began last year, has been slow, leading to this joint public announcement. As of December last year, the FSS set a target to clean up 4.3 trillion won of real estate PF properties, but the actual amount cleaned up stands at around 3.5 trillion won. The FSS predicts that with the implementation of this public announcement, it will achieve cleanup results of 7.4 trillion won by the end of March this year.
Han Gu, deputy director of the FSS's Small Financial Division, explained, 'Currently, the Onbid system where real estate PF sites are being sold has a mix of various items, making it difficult to obtain listing information,' and added, 'This public announcement was promoted to open up transaction channels.'
On that day, representatives from the financial and construction sectors attended the briefing together. Each financial association set up consultation booths to provide information on the properties up for sale. About 200 representatives from the construction sector attended the briefing to check the information on the sale properties and receive loan consultations.
Lee Bok-hyun, head of the FSS, said, 'Due to recent domestic and external market factors, the pace of site cleanups has somewhat slowed, necessitating a push for cleanup once again.' He added, 'Through this public announcement, I hope to resolve information asymmetry and stimulate sales that match the market's expectations.'