HanmiGlobal Subsidiary Obtains REITs AMC Main License... Full-Scale Market Entry

[Asia Economy Reporter Tae-min Ryu] HanmiGlobal announced on the 4th that its subsidiary, HanmiGlobal Investment Management, has obtained the official approval from the Ministry of Land, Infrastructure and Transport to operate as a REITs (Real Estate Investment Trusts) Asset Management Company (AMC) and will officially enter the REITs market.

HanmiGlobal Investment Management was established with capital from HanmiGlobal and received preliminary approval from the Ministry of Land in August last year. The company completed preparations for its official launch by recruiting external executives such as a CEO and division heads. Jang Bu-yeon, CEO of HanmiGlobal Investment Management, is a first-generation fund manager in Korea and a capital market expert with extensive experience in both traditional assets and real assets. He previously served as CEO of Mirae Asset Global Investments and Hyundai Asset Management.

HanmiGlobal Investment Management plans to introduce a business model that not only operates REITs by purchasing and selling core assets but also creates value from non-core assets.

A HanmiGlobal representative said, "By entering the REITs market, we have become the only comprehensive real estate group in Korea that covers the entire real estate business from A to Z," adding, "We will provide a one-stop real estate service responsible for the entire lifecycle of real estate, including development, design, construction management, construction, operation, and sales."

In addition to its main business of PM (Construction Management), HanmiGlobal owns subsidiaries such as HanmiGlobal D&I (Real Estate Development and Investment), HanmiGlobal E&C (Building Construction), HanmiGlobal PMC (Comprehensive Supervision), iArc (Architectural Design), Ecosian (Eco-friendly Consulting), and Turner & Townsend Korea (Cost Management). Overseas, it also has subsidiaries including Otak in the United States (Comprehensive Engineering) and K2 in the United Kingdom (PM). With the addition of financial functions, it has formed a value chain covering the entire real estate development process.

A representative from HanmiGlobal Investment Management stated, “We will expand our asset management professionals, including financial experts and investment analysts, and focus on early stabilization in the REITs market.”