Korean Banks Face $749 Million of Losses in Overseas Properties

South Korea’s five largest financial companies are facing about 1 trillion won ($749 million) of losses from their 20 trillion won of overseas real estate investments, according to an opposition party lawmaker, reflecting growing concern over the sector’s exposure to falling valuations worldwide.

Hana Financial Group Inc. has the largest exposure, with over 6.2 trillion won invested outside of the country, data from Yang Kyung-sook of the Democratic Party show. Yang’s data, first reported by local media outlets including Yonhap, is based on information provided by the companies in mid-January.