[Alpha Biz=(Chicago) Reporter Paul Lee] Most of the KRW 280 billion worth of loans lent by local financial institutions to a landmark office building in Hong Kong four years ago at a low-interest rate are on the verge of not being returned.

According to the financial investment industry on the 16th, Multi Asset Asset Management affiliated with Mirae Asset will hold a collective investment property evaluation committee on the 18th to depreciate 80∼ 100% of the fund's assets created to lend to the Goldin Financial Global Center Building in Hong Kong.

As a result, investors, including corporations, who wanted an annual return of 5%, were forced to lose around 90%.

Earlier, domestic investors, including Mirae Asset Securities, lent KRW 280 billion based on the exchange rate to the building in June 2019 as a medium-ranking (Mezanne).

Mirae Asset Securities created a fund worth 250 billion won and sold it to domestic institutions. Securities firms such as Mirae Asset Securities, Korea Investment & Securities, and Eugene Investment & Securities invested 20 billion ∼ 40 billion won each with their own funds. The Bank of Korea's labor union and Woori Bank's ultra-high-value asset managers are also known to have invested.

Multi-asset Asset Management was in charge of managing the fund.

However, the rest of the investors, including the middle rank, as the Hong Kong billionaire, who guaranteed a rate hike, went bankrupt and building prices plummeted, the Singapore Investment Authority (GIC) and Deutsche Bank, the senior lender, exercised their rights to sell the building and recover the principal.

 

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