In South Korea, fund managers and bankers are braced for a wave of loans going sour because of poorly timed punts on overseas property and local project finance.
Banks and asset managers are expecting a wave of bad loans to hit South Korea in the coming months, as the country counts the cost of an ill-starred splurge on overseas office blocks and local infrastructure.
Fund managers in Seoul were among the biggest investors in European and US commercial buildings in recent years, and the property crisis has left them with swaths of assets whose values have plunged, many due for refinancing. Others piled into domestic infrastructure projects, where defaults have already soared.
https://www.bloomberg.com/news/articles/2023-12-20/in-south-korea-a-giant-bet-on-overseas-office-blocks-is-going-from-bad-to-worse
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