April 26, 2024

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Real estate trust firms in South Korea saw their combined net profit edge up in 2018, data showed on March 26, amid signs of an adjustment in the property market.

The combined net profit of 11 real estate trusts stood at 507.7 billion won ($448.30 million) last year, up 0.6 percent from a year earlier, according to the Financial Supervisory Service.

All firms were in the black, with their average net income coming to 46.2 billion won last year, the regulator said.

Real estate investment trusts are a type of security that invests in real estate to be traded on major exchanges and provides investors with stakes in real estate, such as office buildings, apartments and hotels.

According to the regulator, their combined assets gained 19.5 percent on-year to 4.7 trillion won as of the end of December last year, with total liabilities jumping 27.1 percent to 2.03 trillion won.

By Ram Garikipati and newswires (ram@heraldkorea.com)