Real Estate Market Liquidity Crisis Makes Direct Hit to Fund Market As the liquidity crisis escalated due to the global interest rate hike and the Legoland Project Financing (PF) default, the size of new real estate funds has shrunk. According to the Korea Financial Investment Association, the total amount in new real estate funds set up in October was KRW 295.7 billion, down 81% from KRW 1.62 trillion at the end of last year. This is a decrease of 67% from the previous month (KRW 894.1 billion). As of October 19, the credit spread reached 125bp, the highest level in 13 years and 2 months since August 13, 2009 (129bp). […]