REIT stocks fell in early trading on the 29th. News that JR Global REIT filed for court receivership appears to be roiling listed REITs.
As of 9:25 a.m. on the 29th, Hanwha REIT was trading at 6,020 won, down 8.65% (570 won) from the previous session.
SK REIT is also down 5.58%, Samsung FN REITs 5.47%, LOTTE REIT 4.42%, ESR Kendall Square REIT 4.37%, and Shinhan Alpha REIT 3.57%.
A selling wave appears to have formed after news that the previous day JR Global REIT failed to repay 40 billion won in short-term bonds and filed for court receivership.
JR Global REIT is a listed REIT that invests in the Finance Tower in Belgium and a building in Manhattan, New York. JR Global REIT recently failed to repay the principal of 40 billion won that came due. The Korea Exchange (KRX) suspended trading in JR Global REIT and designated it as an issue under management.