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Thu, February 3, 2022 | 04:18
Companies
Financial groups see opportunities in real estate
Posted : 2019-08-08 16:32
Updated : 2019-08-09 20:15
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Shinhan Financial Group Chairman Cho Yong-byoung, fourth from right, and company executives gather during a ceremony at the group's headquarters in Seoul, Wednesday. The ceremony celebrated the launch of a consultative body for the group's real estate businesses. / Courtesy of Shinhan Financial Group
Shinhan Financial Group Chairman Cho Yong-byoung, fourth from right, and company executives gather during a ceremony at the group's headquarters in Seoul, Wednesday. The ceremony celebrated the launch of a consultative body for the group's real estate businesses. / Courtesy of Shinhan Financial Group

By Park Jae-hyuk

Real estate financing has emerged as a new growth engine for giant financial groups here.

The nation's four largest banking groups ― Shinhan, KB, Hana and Woori ― have sought to devise various services and products related to real estate financing to strengthen their non-banking sector businesses.

Shinhan Financial Group said Wednesday it formed a consultative body for its real estate businesses. In May, the financial group acquired Asia Trust as its 15th subsidiary.

Shinhan said it has consulted experts over the past three months to enhance the group's real estate businesses and provide customers with products and services that satisfy their demand for real estate.

The new consultative body has a committee for real estate business strategies, a council for real estate financing and another council for the wealth management division's real estate businesses.

According to the company, Chairman Cho Yong-byoung will direct the committee for the group's real estate business strategies and discuss them with CEOs of the group's subsidiaries.

"With the consultative body, we will suggest new ways of real estate management by boosting real estate financing," Cho said.

KB Financial Group has diversified its real estate business portfolio, with KB Real Estate Trust specializing in real estate development, finance, asset management and real estate investment trusts (REITs).

The group also formed a foreign real estate research team to find more deals overseas.

KB Securities, which gives its customers advice on real estate investments, also has helped the group expand its presence in the market.

Hana Financial Group has held meetings to discuss real estate financing.

It also recently devised a platform that enables investors to make transactions in digital certificates for real estate trusts.

Woori Financial Group, which acquired Kukje Asset Trust on July 25, plans to offer comprehensive real estate financing services that include real estate development, loan services, consultation and investments.


Emailpjh@koreatimes.co.kr Article ListMore articles by this reporter



 
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