Greystar hires ex-Samsung SRA manager to launch Seoul office

Greystar Real Estate Partners, the largest housing investment firm in the US, has hired Kang Junghwan, a former managing director and head of portfolio management at Samsung SRA Asset Management Co., to lead its first office in South Korea.

The property giant plans to open the Seoul office in July, aiming to tap into South Korea’s expanding rental housing market amid a surge in single- and two-person households.

According to his LinkedIn profile, Kang assumed the role this month, just five months after being promoted to head of portfolio management at Samsung SRA, South Korea's leading real estate investment firm, in January. He is currently building investment teams for Greystar in Korea.

Kang began his real estate investment career at Samsung Group in 2002, starting with Samsung Life Insurance Co. He holds a master’s degree in real estate from Cornell University and a bachelor’s degree in urban planning from Yonsei University.

The office is located in One Grove, a new landmark complex in Magok, western Seoul, in which the National Pension Service has pumped 820 billion won ($600 million) as an equity investor.

Greystar, headquartered in Charleston, South Carolina, has been preparing to open an office in Korea since last year, seeking to capitalize on shifting rental housing trends, particularly among people in their 20s and 30s.

Elevated interest rates and a rise in rental scams tied to Korea's unique jeonse system have accelerated the pivot toward monthly rental contracts in the domestic housing market.

Jeonse allows tenants to pay a lump sum refundable deposit, about half of the property’s value, instead of monthly rent payments.

In an interview with The Korea Economic Daily in November, Bob Faith, founder and chairman of Greystar, said the company will develop housing products in Korea, targeting the young adults aged between 22 and 35.

As of the end of 2024, single-person households in South Korea totalled 9.9 million, accounting for 41.5% of all households, followed by two-person families at 24.5%.

Founded in 1993, Greystar manages $79 billion in assets with a focus on student accommodation, senior residence and rental housing.

It flagship funds span North America, Europe and Asia, including the Greystar Equity Partners Asia-Pacific Fund that has raised $2.6 billion.

It is set to launch another Asia-focused vehicle later this year or early next year, and South Korea could be included in its portfolio, according to industry sources.

The decoupling from China amid trade tensions with the US is likely to shift investors' focus toward South Korea, Faith added in the interview.

Write to Gyeong-Jin Min at min@hankyung.com
 

Yeonhee Kim edited this article.