• Title/Summary/Keyword: 공공주택

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An Empirical analysis of the Effect of Variables on Maintenance Expenses of Public Rental Housing (공공임대주택 시설물 유지관리비 영향요인 실증분석)

  • Kang, Hyun-Kyu;Han, Choong-Hee
    • Korean Journal of Construction Engineering and Management
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    • v.7 no.6
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    • pp.185-192
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    • 2006

  • The maintenance expenses of public rental housing have drastically been increased as facilities become obsolete. As an effective means of managing such a situation, accurate estimating of maintenance expenses and securing financial resources are crucially important. It, therefore, is necessary to analyze major factors affecting on maintenance expenses of public rental housing's facilities, and develop an effective instrument to estimate them. On the other hand, the U.S.A, where approximately 60 percent of public rental housing's operating costs are supported by the state, has already developed an effective tool to forecast operating costs based on several years' actual data. As a result, public rental housing has been operating with a reasonable level. However, there have been no remarkable researches and studies in this field in Korea. In this context, this study attempts to examine principal determinants of maintenance expenses of public rental housing's facilities, and their influence based on the latest five years' actual operating costs. This study may contribute to develop an objective and precise tool to forecast maintenance expenses of public rental housing.

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Analysis of Value for Ownership Conversion in the Public Rental Housing REITs According to Real Option Scenarios Reflecting Macroeconomic Variables (거시경제변수를 반영한 실물옵션 시나리오별 공공임대주택리츠 분양전환 가치 분석)

  • XUAN, Meiyu;Jang, Mi Kyoung;QUAN, Junlong;Kim, JuHyong
    • Korean Journal of Construction Engineering and Management
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    • v.18 no.3
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    • pp.74-83
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    • 2017

  • The recently introduced public rental housing REITs was just different the business structure from the existing public rental housing system and the basic supply system is the same. So the ownership conversion for public house over 10 years rental duration is possible after half of the obligated rental duration according to the agreement between lessor and lessee. However rental business operators are likely to have a negative attitude to the early ownership conversion because of less expected profit. Thus, there is a need for an analysis of proper early ownership conversion moment that can achieve public purposes while ensuring the profitability of public rental housing REITs. In this study, the characteristics of the ownership conversion rights that can lessee to exercise considered to be options. Also the nature of 'REITs', 'public rental housing REITs' is considered to be affected by the macroeconomic variables. Thus, this study analyzed the value for ownership conversion in the public rental housing REITs according to real option scenarios reflecting macroeconomic variables. As a result, according to the change of the variation rate of the macroeconomic variables, it was found that with adjustable early ownership conversion time using the DCF(Discounted Cash Flow) model. Therefore, it is possible to ensure profitability of early ownership conversion by predicting the variation of variables.

  • https://doi.org/10.6106/KJCEM.2017.18.3.074 인용 PDF KSCI