The financial crisis triggered by the interest rate hike in the United States is weighing on the real estate development projects financed through project financing transactions.
Jipyong’s Real Estate PF Normalization Center was established in 2008 for the normalization of project financing projects affected by the 2008 financial crisis. Through thorough review and analysis of each project financing, it has successfully normalized the project financing projects by providing tailored solutions taking each project’s distinctive characteristics into account.
Based on Jipyong’s exposure to and its accumulated experience in financial advisory, financial litigation, as well as construction real estate litigation, Jipyong aims to contribute to the normalization of PF projects in risk by strengthening the workforce and reorganizing the structure of the Real Estate PF Normalization Center.
The characteristics of the PF entities in 2022 have both similarities and differences to the situation of the 2008 financial crisis. The main difference is that, in 2008, the majority of the lenders holding PF loan receivables were commercial banks, while in 2022, the majority of the lenders are savings bank, credit unions, unit cooperatives, and capital firms. As the nature of the lenders has changed, the means to overcome the crisis should also change according to the characteristics of the financial institution. There is, however, a similarity between the situation in 2008 and that in 2022: construction companies that have undergone credit enhancement are currently facing restructuring including workouts and rehabilitation as a result of contingent liabilities incurred due to financial crunch and credit enhancement.
Jipyong, which has grown alongside with customers based on trust, desires to reciprocate such trust by promptly and accurately resolving difficulties our customers may face during the upcoming challenging times. We will exert our utmost effort and dedication to be remembered as a Real Estate PF Revitalization Center that resolves customers’ difficulties together during times of crisis.
Key Practice Areas Close
- Thorough analysis and due diligence on the status, rights relations, and legal risks of PF entities
- Diagnosis of PF entities based on its details, progress phase, involved parties, and applicable laws
- Analysis of disputes and potential disputes related to the PF entities and analysis of resolution and countermeasures
- Providing comprehensive solutions based on analysis on PF entities
- Assisting clients in decision-making process by providing accurate legal risk assessment for each solution
- Providing solutions tailored to the economic situation of each entity
- Providing customized solutions based on the phase of business development, the specifics of the business, and the relationship of rights
- Establishing a strategy and plan for the acquisition of the right to develop the project
- Analyzing the legal relationship of the individual components constituting the right to develop the project and providing detailed advice on how to acquire such right
- Advising on and implementing measures to respond to injunctive proceedings relating to the acquisition of the right to develop the project
- Advising on strategies for developer to secure control
- Advising on the strategies for addressing contingent liabilities and tax matters in connection with the acquisition of the developer
- Analyzing legal relationships in connection with construction companies’ workouts and rehabilitation procedures
- Advising on construction companies’ restructuring and M&A
- Advising on change of construction companies
- Advising on the legal issues relating to the construction completion guarantee
- Advising on legal issues relating to the obligation to acquire debts
- Advising on credit enforcement matters including joint and several guarantee and cash deficiency support
- Advising on the sale of loan receivable
- Advising on the sale of collateral
- Advising on the sale of the developer
- Advising on the sale of unsold properties (including securitization)
- Advising on responding to disputes relating to sale (injunction, etc.)
- Advising on establishment, conversion and rights relations of different types of trusts including collateral trust, management-type land trust
- Advising on operations of trust company
- Advising on the management and disposal of real estate trust
- Advising on fraudulent trusts and fraudulent acts
- Advising on subrogation, extension of debt maturity, and the structure of refinancing through negotiations among the main lenders
- Analysis of legal risks, prerequisite for refinancing
- Preparation, review, and advising on agreements related to refinancing
- Advising on the sale and purchase of NPL(Non Performing Loan)
- Advising on structuring NPL sale, purchase, and assignment processes based on the types of secured/unsecured claims, work-out/rehabilitation claims, PF/other claims, Regular/Special NPS
- Advising on establishment and management of PEF for business finance stability with respect to the purchase of NPL
- Preparation and review of related contracts
- Advising on PF with respect to urban improvement projects including reconstruction/redevelopment and community development corporations (CDCs)
- Analysis of relationship of substitute land rights and advising on PF for urban development projects
[Analysis and Due Diligence on PF Entities]
[Provision of Solutions for Normalization of PF Entities]
[Advice on Strategy for Acquisition of Development Right and Project Implementation]
[Advice on Construction Companies’ Workouts, Rehabilitation, Restructuring, and M&A]
[Advice on Credit Enhancement including Construction Completion Guarantee and Debt Acquisition]
[Advice on Sale]
[Advice on Trust]
[Advice on Subrogation and Refinancing]
[Advice on the sale and purchase of Non-Performing Loan]
[Urban Improvement Project/ Urban Development Project PF]
Experience Close
- Advised a Korean construction company on the acquisition of the right to develop a redevelopment project in Hapjeong-dong
- Advised a Korean construction company on subrogation and financing for a redevelopment project in Noryangjin.
- Advised a Korean construction company on subrogation and financing for a redevelopment project in Sangdo-dong.
- Advised a Korean securities company on the acquisition of the right to develop the Chuncheon Shindo CC project
- Advised a Korean bank on the acquisition of a condominium in Subic Bay Free Trade port, Philippines and the hotel development right
- Advised a Korean securities company on the acquisition of a national investment program development right in Tashkent, Uzbekistan
- Advised a Korean bank and a Korean construction company on the financial restructuring and business normalization of a residential and commercial complex in Yongsan
- Advised and represented a Korean construction company in the litigation related to the acquisition of a residential and commercial complex development right in Cheonho-dong
- Advised and represented a Korean construction company in the litigation related to the acquisition of a residential and commercial complex development right in Seongnam
- Advised a Korean construction company on the acquisition of a residential and commercial complex development right in Cheongjin-dong, Seoul
- Advised and represented a Korean construction company in the litigation related to the acquisition of a commercial center construction development right in Seomyeon, Busan
- Advised and represented a Korean construction company in the litigation related to the acquisition of a residential and commercial complex development right in Busanjin-gu, Busan
- Advised and represented a Korean construction company in the litigation related to the acquisition of a multi-purpose building development right in Gwangjin-gu.
- Advised a Korean construction company on the acquisition of a commercial building development right in Jinju, Gyeongsangnam-do
- Represented a client in litigation related to the acquisition an apartment construction development right in Munsuro, Ulsan
- Advised on the financing for the acquisition of golf course at Pinestone Country Club in Dangjin-gun, Chungcheongnam-do
- Advised on the financial restructuring in connection with the Worldmark Yongsan residential and commercial complex; the acquisition of the right to develop the Venecity project in Cheonho-dong, Gangdong-gu, and acquisition of the right to develop the residential and commercial complex in Jin-gu, Busan through a management control transfer method
- Advised on project financing for the sale and purchase of real estate properties (including Gangnam N-Tower, Dacom Building in Yeoksam-dong, ING Tower)
- Advised on Incresco on the sale of a project site located in Junghak-dong
- Advised Ultra-Construction on the sale of Yuwon Building
- Advised on the disposal of real estate properties in connection with a commercial building construction in Jinju-si, Gyeongsangnam-do
- Advised on the sale of Pine Creek golf course and Pine Valley golf course, both of which are owned by Tongyang Group
- Advised Gaya Heavy Industries on the sale of a shipyard in China
- Advised Mirae & People on the sale of Mirae & People building
- Advised on the issuance of ABS for the sale of Jeil Christian Hospital building of Sungshin Foundation.
- Advised on the issuance of ABS for the sale of HDC’s I tower
- Advised a Korean construction company on the sale of loan receivables and beneficiary right in connection with the residential and commercial complex
- Advised a Korean construction company on the sale of the Junghak-dong project development right and its project site
- Advised on a CER sale agreement with respect to a small hydropower plant in China
- Advised Korea Exchange Bank, et al. on the sale of Hyundai Corporation
- Advised Imo Partners on the sale of Jindo FN
- Advised SK REITs Co., Ltd. and Clean Energy REIT Co., Ltd. on the purchase and financing of SK Seorin Bldg. and 116 SK gas stations and IPO
- Advised NH All One REIT Co., Ltd. on the purchase of Bundang Square, Vision World and MDM Tower located in Dangsan-dong, Seoul and Ingye-dong, Suwon, pre-IPO and public offering
- Advised KOREIT Tower REITs Co., Ltd. on the purchase of an office building of Hyundai Marine & Fire Insurance in Gangnam
- Advised Koramco REITs and Trust Co., Ltd. on re-securitization and IPO of E KOCREF Cr-REIT Co., Ltd. (NC Yatap Branch, New Core Outlet Ilsan Branch, New Core Outlet Pyeongchon Branch)
- Advised Pine Street Asset Management Co., Ltd. on the purchase of SK networks LPG station
- Advised K1 No.15 REITs on the purchase of H Square in Pangyo (including the filing of the business combination report)
- Advised Hana Financial Investment Co., Ltd. and Daegu MBC Site Complex Development PFV on the purchase of the Daegu MBC building site
- Advised Hana Financial Investment Co., Ltd. and Asan Baebang Future City PFV on the purchase of business site of Sindoh Co., Ltd. in Asan
- Advised Pacific Asset Management on the purchase of Glass Tower in Daechi-dong
- Advised Pacific Asset Management on the purchase of SEI Tower in Dogok-dong
- Advised KB Asset Management on the purchase of Hite Jinro Seocho Building
- Advised Daehan No. 30 REITs on the purchase of Logistics Center in Dorip-ri, Icheon
- Advised PTSG PFV on the sale of Seoul Namdaemun SG Tower
- Advised Hana Financial Investment Co., Ltd. on the loan to finance the purchase of Seoul Namdaemun SG Tower
- Advised KDB Bank on the sale of the largest logistics center in Korea worth KRW 530 billion in PF and KRW 650 billion
- Advised Korea Asset Investment Management Co., Ltd. on the purchase of 10 Homeplus stores worth KRW 770 billion
- Advised NH REITs Management on the establishment of NH No.1 CR-REITs and purchase of Cheongnam Building located in Bangbae-dong, Seocho-gu, Seoul
- Advised Mastern Investment Management Co., Ltd. and Hana Financial Investment Co., Ltd. on the investment in pre-purchase of office building in Warsaw, Poland
- Advised KDB Bank, Shinhan Bank and Shinhan Investment Corp. on the loan (Senior and Mezzanine) for the acquisition of Hyatt Place Midtown in NY and Hyatt Herald Square Hotel
- Advised Mirae Asset Daewoo on the acquisition of Mok-dong KT Computing Center, and the loan secured by Mok-dong KT Computing Center as security
- Advised KDB Bank on the loan for the purchase of Hyatt Hotel in Manhattan, New York
- Advised KB Asset Management on the purchase of KB Wise Star Jongro Tower REIT (Master Fund)
- Advised LB Asset Management on the loan for the purchase of Centropolis Building in Gongpyeong-dong
- Advised on the loan transaction of Samsung C&T Seocho Building to be acquired by REITs established by Koramco REITs Management and Trust Co., Ltd.
- Advised Woork Bank and Igis Asset Management on the purchase of Woori Bank new headquarters in Indonesia
- Advised Kyobo Life Insurance Co., Ltd., Koramco REITs Management and Trust, and KOCREF No. 43 REIT on the loan for purchase of Samsung C&T Seocho Building
- Advised Hana Asset Management, Korea Investment & Securities Co., Ltd., NH Investment & Securities, and Hana Financial Investment Co., Ltd. on the purchase of Amazon.com’s logistics center in Wrocław and Poznań, Poland
- Advised Kiwoom Asset Management Co., Ltd. on the purchase of KPMG Building in Dallas
- Advised KB Bank on the bridge loan for the business normalization of Yeouido Parc One project
- Advised Hangang Cinepolis on the construction project for Gimpo Hangang Cinepolis general industrial complex
- Advised DB Financial Investment Co., Ltd. on the loan for development project of the logistics center in Wonchang-dong, Incheon
- Advised CAPE Investment & Securities Co., Ltd. on the loan for the residential complex development project in Dongdaegu District Area
- Advised Mastern Investment Management on the establishment and operation of PFV related to the development project for business facilities in Euljiro (including PF)
- Advised Mirae Asset Daewoo on the development project for complex logistics center in Hang-dong, Incheon by HS Holdings Co., Ltd.
- Advised Pine Tree Investment & Management and Hana Financial Investment Co., Ltd. on the loan for the hotel development project in San Jose, California, U.S.
- Advised Standard Chartered Bank Korea Limited and Ascendas Asset Management on the loan for the office building development project in Janggang District 12, Supyo-dong, Jung-gu, Seoul undertaken by Ascendas Korea Private Real Estate Investment Trust No. 4
- Advised Woorim AMC on the development project for urban environmental improvement district 6 in Euljiro 3-ga
- Advised Hanwha Investment & Securities Co., Ltd. on the site development project for (former) Renaissance Hotel
- Advised Koramco REITs Management and Trust on the KOCREF TP Co., Ltd’s development project for the Yeouido History and Pension Center
- Advised NH Investment & Securities on the loan for the urban environment improvement project in Namdaemun-ro 5-ga
- Advised SK Securities Co., Ltd. on the loan for the apartment development project at Nodeul Station
- Advised Hana Alternative Assets Management on the investment in Japanese residential real estate trust beneficiary rights through Hana Japan Residence Private Real Estate Investment Trust
- Advised JB Asset Management on the acquisition of Mezzanine Loan related to the Pacific Beach Hotel in Hawaii
- Advised SK Securities Co., Ltd. on the loan for the development project in Van Phu, Vietnam
- Advised Korea Investment & Securities Co., Ld. on the loan for the new multi-purpose building construction project in Yeoksam-dong, Seoul
- Advised SK Securities Co., Ltd. on the loan for the urban environment improvement project in Hapjeong district 2
- Advised Parc 1 Alpha on the loan for the Yeouido Parc 1 Project
- Advised SK Inc. on the acquisition financing for expansion of Shale Gas transportation and processing business into North America
- Advised Shinhan Bank on the loan for the acquisition of Daewoo Securities of Mirae Asset Securities Co., Ltd.
- Advised KDB Bank on the financing transaction for the acquisition of shares issued by Logen Co., Ltd.
- Advised DGB Daegu Bank on the loan for the acquisition of shares issued by The Skinfactory Co., Ltd.
- Advised KB Securities on the transaction in which QCP Golden Ball Co., Ltd. repays existing loans to acquire shares issued by Genesis BBQ Co., Ltd. and exchangeable bonds issued by Genesis Co., Ltd., and borrows funds for the dividends payable to employees and return of capital contributions
- Advised Shinhan Investment on the securitization transaction to acquire the loan receivables worth $20 million as part of the acquisition financing for Nestlé Skin Health’s equity stake
- Advised Mirae Asset Securities Co., Ltd. on the loans for the acquisition funds to acquire Vingroup Joint Stock Company of PEF managed by IMM Investments Corp.
- Advised KB Securities on the loan for the acquisition of shares issued by Genesis BBQ Co., Ltd. and the exchangeable bonds issued by Genesis Co., Ltd. of PEF (2018 QCP No. 13 Private Equity Fund) managed by Q Capital Partners
- Advised SK Inc. on the sale of shares in SK Securities Co., Ltd.
- Advised KDB Bank and the Export-Import Bank of Korea on the loan for the operating funds to Doosan Heavy Industries & Construction Co., Ltd.
- Advised BNK Asset Management Co., Ltd. on the establishment of, and granting of loan for Korea’s first physical aquaculture investment fund ‘BNK Tuna Professional Private Equity Investment Trust No. 1 (Tuna No. 1 Fund)’
- Advised Shinhan Investment and Korea Investment & Securities Co., Ltd. on the overseas loan transaction worth USD 50 million secured by consumer finance loans receivables to PT Home Credit Indonesia, an Indonesian financial institution
- Advised the Export-Import Bank of Korea on the provision of guarantee for the issuance of Guaranteed Senior Capital Securities by Doosan Power Systems S.A.
- Advised Shinhan Investment on the securitization transaction with financial institutions in Vietnam and Indonesia with respect to the loans secured by consumer finance loan receivables
[Advice on Acquisition of Development Right]
[Advice on Sale/Purchase of Business Premises and Real Property in Trust]
[Real Estate Property]
[Real Estate Development]
[Acquisition Financing]
[Corporate Financing/Structured Financing]
