[INTERVIEW] HanmiGlobal expands presence in asset management

[interview] Hanmiglobal Expands Presence In Asset Management

HanmiGlobal AMC CEO Lyou Byeong-ki poses at his office in Seoul, Tuesday. Courtesy of HanmiGlobal

HanmiGlobal AMC CEO Lyou Byeong-ki poses at his workplace in Seoul, Tuesday. Courtesy of HanmiGlobal

Challenge administration agency’s subsidiary seeks to show disaster into alternative
By Park Jae-hyuk

„Problem“ and „uncertainty“ have been the key phrases HanmiGlobal Chairman Kim Jong-hoon utilized in his New Yr deal with to explain this yr’s market setting.

Though HanmiGlobal maintained stable earnings final yr with income from its international enterprise, the extended slowdown within the home housing market continues to be seen as an unfavorable issue for Korea’s main building mission administration firm.

Its asset administration subsidiary has due to this fact been making an attempt to show the present disaster into alternative, dwelling as much as the chairman’s request to suppose outdoors the field.

„The market has all the time been like two sides of a coin,“ HanmiGlobal AMC CEO Lyou Byeong-ki informed The Korea Instances in a latest interview. „The more severe the scenario will get, the extra market insiders discover funding alternatives.“

Lyou forecast that this yr’s actual property market will probably be as unhealthy as final yr’s, citing the rising delinquency ratio on actual property mission financing loans.

Nonetheless, he stated there needs to be a larger alternative when it comes to buying and selling nonperforming loans (NPLs) in gentle of the rise in mission financing loans dealing with occasions of defaults. Buyers usually anticipate returns from their buy of NPLs, as they will revenue from gross sales of associated properties at auctions.

„We plan to search for NPLs associated to logistics complexes, that are seen to have been oversupplied,“ the CEO stated.

HanmiGlobal AMC can be contemplating investing in rental housing, as many international buyers do recently.

„We should always all the time take note of international buyers, who’ve raked in big income by preemptive investments,“ the CEO stated. „Because of the weaker Korean received and the falling worth of home properties, international buyers will probably be extra aggressive in investing in Korea.“

Contemplating younger individuals’s concern about potential scams involving small rental housing, Lyou anticipated a progress in demand amongst single- or two-person households for credible rental contracts for handy properties.

He added that HanmiGlobal AMC is in talks with a world firm having a observe report in multifamily investing, to kind a three way partnership for a brand new sort of funding in rental housing. Multifamily investing refers back to the act of buying a property with a number of models that may be rented out to a number of tenants.

An illustration of Cheongna SpoWorld in Incheon / Courtesy of HanmiGlobal

An illustration of Cheongna SpoWorld in Incheon / Courtesy of HanmiGlobal

REITs administration

HanmiGlobal AMC was based in January 2022, a month after the federal government licensed it to handle actual property funding trusts (REITs).

Seven months later, the corporate obtained approval for its first REIT known as „Star Assortment,“ regardless of the COVID-19 pandemic and rising rates of interest making it troublesome to boost cash.

With the Star Assortment having 29.1 billion received ($19.9 million) in belongings beneath administration (AUM), the corporate acquired Incheon’s Cheongna SpoWorld consisting of three buildings and has profited off the rental funds from tenants, together with LG Electronics Finest Store’s Cheongna department, a Starbucks Drive Via retailer and an indoor golf vary.

In July 2023, Lyou joined HanmiGlobal AMC, after three many years as an asset supervisor and dealing for main home securities companies. He was appointed CEO in January final yr.

„As we have now continued establishing non-public fairness funds, our firm’s accumulative AUM surpassed 100 billion received through the first half of 2024,“ the 58-year-old stated. „In collaboration with a famend international actual property and infrastructure administration firm, we additionally performed a task as a home supervisor of an offshore fund.“

Plans for future

When HanmiGlobal AMC was based in 2022, the corporate aimed to extend its AUM to 2 trillion received by 2027 and develop into a top-tier supervisor of actual estate-related belongings.

As of the tip of final yr, its AUM was 80.9 billion received.

„To realize our objectives, we are going to consistently rent gifted individuals in the actual property market,“ Lyou stated. „We now have all the time shared enterprise goals with our workers.“

The asset administration agency pursues collaborations with its dad or mum firm, which holds the most important share within the home building mission administration market and the eighth-largest share within the international market.

„Based mostly on the capabilities of HanmiGlobal in mission administration, we are going to achieve belief by offering aggressive merchandise in asset administration to our clients, by the combination of actual property and finance,“ Lyou stated.

„Constructing on this belief, we are going to set up a blind-pool fund for growth financing, positioning ourselves as a subsidiary that gives monetary options to our dad or mum agency and associates.“

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