Logistics Center PF Troubles Drive Loan Delinquencies at Korean Banks - Seoul Economic Daily
· Source: en.sedaily.com
In short
Korean banks are facing rising loan delinquencies linked to logistics center project financing (PF) deals that surged during the COVID-19 pandemic. Oversupply and slowing leasing demand have turned once-stable investments into bad debt, with Woori Financial Group's credit exposure to companies under workout doubling to 578 billion won. Notable troubled sites include Coupang's Oryu-dong logistics center and the Goyang Samsong logistics center, with cold-storage facilities particularly hard hit at 37.3% vacancy rates.
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Tags: logistics, PF, Korean banks, delinquency, cold storage, real estate