Kim Ju-hyun, Chairman of the Financial Services Commission, said on the 29th, "Real estate project financing (PF) sites that are obviously problematic need to be resolved quickly in any way."
At the 'Loan Refinancing Service Users and Practitioners Meeting' held on the 29th at Front1 in Mapo, Seoul, hosted by the Financial Services Commission, Kim Ju-hyun, Chairman of the Financial Services Commission, is delivering the opening remarks. Photo by Heo Young-han younghan@
After a meeting on loan refinancing services held at Front1 in Mapo, Seoul, Chairman Kim told reporters, "Since the business is conducted through debt rather than one's own money, it is impossible for the operator to resolve the issue without any damage."
He pointed out, "Under the existing (soundness classification) standards, restructuring of (real estate PF sites) is not being properly carried out," adding, "If the (non-performing assets) are left as they are, problems such as disruption of fund circulation will arise."
Chairman Kim said, "The policy of orderly resolution of problematic sites while minimizing market shocks remains the same as before," and added, "For example, Taeyoung Construction had about 60 projects, and through the process of audits by accounting firms, the supervisory authorities' understanding has improved. Through this, we will rationalize and finely design the evaluation standards for (real estate PF sites)."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
