As the Dunchon Jugong PF case, which was the first test of the new year for real estate project financing (PF) risks in the securities industry, passed the hardship, securities companies also took a breather.



However, the real estate PF issue is still acting as a detonator in the industry, such as the polarization between small and medium-sized companies and large companies, which have a relatively high proportion of high-risk real estate financing.



According to the financial investment industry today (16th), the Dunchon Jugong reconstruction (Olympic Park Foreon) business association received a loan guarantee from the Housing and Urban Guarantee Corporation (HUG) and received a project cost of 750 billion won from 5 domestic commercial banks. decided to procure.



Initially, it was known that the association would repay the project cost by receiving the general pre-sale down payment, which will be held until tomorrow (17th).



In this case, it was estimated that lump sum repayment is possible only when the initial contract rate is at least 77%.



However, as HUG started to guarantee the loan, the cooperative was able to repay the PF project cost of KRW 723.1 billion according to the maturity date (the 19th) regardless of the general pre-sale contract rate.



The stock market is a heartbreaking atmosphere.



Kim Sang-man, a researcher at Hana Securities, said, “Dunchon Jugong is an individual business, but it is a symbolic project in many ways, including its size.” It was interpreted as a reflection of the will.”



However, the real estate PF risk issue in the securities industry is still on thin ice as the root cause of the real estate recession has not been resolved.



In particular, concerns are being raised about small and medium-sized companies that have a larger proportion of high-risk assets than large securities companies, especially in the credit rating industry.



According to Korea Credit Ratings, out of the real estate contingent liabilities of large securities companies with capital of KRW 3 trillion or more, bridge loans (19.6%) and middle- and subordinated main PF (15.9%) account for 35.5%.



On the other hand, the combined ratios of bridge loans and PF loans of medium-sized securities companies with capital of KRW 1 trillion to KRW 3 trillion and small securities companies with capital of less than KRW 1 trillion reached 69.3% and 76.5%, respectively.



Bridge loans in the form of high-interest short-term loans made at the stage of uncertainty regarding business licenses or mid- and subordinated-priority main PFs that are behind in repayment order are classified as contingent liabilities with greater risk than senior main PFs.



In terms of regional composition of bridge loans and this PF, the fact that small and medium-sized companies have a higher proportion of high-risk non-Seoul workplaces than large companies is also considered a risk factor.



Recently, in terms of running the real estate finance business amidst the recession, a phenomenon of 'the rich get richer and the poor get poorer' appears between large companies and small and medium-sized companies.



For example, Daol Investment & Securities is focusing on fund transfusion by selling subsidiaries to resolve the liquidity crisis caused by real estate PF. They were actively seeking real estate financial investment opportunities.



However, some point out that it is not a situation to be relieved just because it is a large company.



Kim Eun-gi, a researcher at Samsung Securities, said, “Recently, investor sentiment in the corporate bond market has recovered and PF ABCP refinancing is smooth, but real estate issues can arise at any time in a recession like the present, and if the market shakes again, it may be difficult for large companies to raise funds. "I saw.



(Photo = Yonhap News)