4대금융 부동산신탁사 건전성 ‘빨간불’…부실자산 비율 80%

At the end of the first half of this year, the ratio of impaired assets among major financial property trust companies averaged 80%, indicating a serious risk to their stability. This rise in impairment rates is linked to a slowdown in the construction sector due to a prolonged downturn in the property project financing (PF) market, a surge in construction costs, and a rise in litigation over responsibility for completing projects on time.

According to the fourth-quarter reports of the four major financial companies (KB, Shinhan, Hanara, and KY), the average proportion of fixed assets below the valuation threshold (yellowish assets) for the four major property trust companies at the end of the second half of last year was 80.38%.

The impairment rate has increased by 3 percentage points compared to the end of last year (77.53%). Property trust companies classify their held assets into five categories: normal, sub-standard, doubtful, loss, and doubtful assets estimated. They consider fixed assets, loss assets, and doubtful assets estimated as impaired assets.

Among the individual companies, Shinhan Asset Trust had an impairment rate of 88.59%, Hanara Asset Trust at 85.67%, KB Property Trust at 73.67%, and KY Property Trust at 73.57%, all falling within the 70-80% range.

Analysts attribute the deterioration in the financial stability of property trust companies to the long-lasting decline in the property project financing market, the expansion of disputes surrounding the contract-to-perform construction (CTP) trust business, and the increase in the number of lawsuits over responsibility for timely completion of projects.

The recent slowdown in the property market and surge in construction costs have led to numerous legal disputes over CTP obligation, with some of these claims being settled through the trust company's own funds (trust account). As companies invest in their own funds to support ongoing construction projects, the impairment rate has risen significantly.

KB Finance, in its half-year report, noted that the property sales market and project financing development businesses have been in decline due to ongoing slowdowns in the property sales market and reduced project financing developments. The company emphasized that property trust companies are currently focusing on managing CTP liability-related lawsuits.