• 주택과사람들
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• s.220
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• pp.50-53
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• 2008

부동산 프로젝트 파이낸싱(프로젝트 파이낸싱)이 금융 시장의 '뇌관'으로 작용할 것인가. 건설 경기가 침체의 늪에서 헤어나지 못하면서 부동산 프로젝츠 파이낸싱 대출이 올 하반기 금융 시장의 복병이 될 거라는 전망이 잇따르고 있다. 금융권이 프로젝트 파이낸싱 방식으로 건설 시장에 참여했는데, 미분양 증가와 대출 이자 부담 증가로 건설 업체 부도가 속출하고 있기 때문이다.

• Construction Engineering and Management
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• v.6 no.4 s.26
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• pp.12-16
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• 2005

• Journal of the Economic Geographical Society of Korea
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• v.2 no.1_2
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• pp.63-81
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• 1999

The aims of this study are to analyze the current states and problems of development finance in the regional development projects, and to examine new sources and techniques of development finance for activating regional development projects. Analyzing the current states of development finance in regional development project, the problems such as the poorness of development function, the low accessibility to formal financial market, especially capital market, and the dominant use of corporate financing can be seen. In these context, four alternatives are proposed in order to activate development finance. First alternative is to use the funds which invest the equity of real estate, such as REITs. The second is to activate project financing. The third is to use asset backed securities. The forth is using mezzanine capitals as the means of protecting investors.

• Korean Journal of Construction Engineering and Management
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• v.4 no.2 s.14
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• pp.99-108
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• 2003

Recently, the construction companies are forced to cut down the investment amount due to increasing financial problems caused by severe recession and restructuring in the financial market as well as the long-term depression of the construction industry. To overcome this type of problems, a great many efforts have been made. An alternative may be adopting the advanced financing methods. However, during the course of enforcing process of the financing methods, many problems are revealed without any proper solutions being proposed. Therefore, the fundamental problems need to be solved through comprehensive and systematic approach under the changing environment of construction financing. In this paper, as a result of reviewing some financing methods such as ABS, REITS, and Project Financing, multiple business strategies for construction companies to cope with the changing construction market are found in the sense of effectiveness in implementing construction projects. Further, this paper presents diversified financing methods for the effective practice of construction projects through combination of above mentioned methods, and also proposes improvement plans to strengthen the financing function for the construction industry.

• Korean Journal of Construction Engineering and Management
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• v.5 no.6 s.22
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• pp.218-225
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• 2004

The supply for the apartment complex in Korea has been accomplished by the sale before building system as a way of institutional means to support massive housing supply in the past. Although this sale before building system has helped the provision of the housing, the necessity of that has been weakened in the current housing market. As this market is changed to emphasize on consumer, the necessity of conversion to sale after building system was raised and finally enforced partially. However, the sale after building system has difficulty in ensuring construction fund and the safety of housing business. So, the diversification in the style of business structure we and the strategy for the activation of construction fund will solve these problems. Consequently, this essay examine the change and influence in the construction fund after adopting sale after building system and suggest the appropriate strategy in project financing for providing fund and reducing the risk in construction business.

• Korean Journal of Construction Engineering and Management
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• v.15 no.5
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• pp.127-137
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• 2014

Project Financing (PF) development project is the type which influences national economy and building industry largely because it is exerted by using borrowed money from many kinds of investors and huge amount of financial raising. Many domestic PF projects are focused mainly on the profit maximization lacking in a sufficient feasibility study. Nowadays many projects are suspending due to the global finance debacle and stagnation of real estate industry. Therefore, in this paper, risk factors of PF project are deducted and Key Success Factors (KSFs) are derived through Factor-Analysis and qualified using Fuzzy-AHP method. And through the evaluation of the derived success factors in real projects, a strong correlationship has been identified between the score of each PF success factor and the level of success and/or expected rate of return (ROR). So, the result of this paper can help decision makers of the PF projects make a better decision and give a meaningful guidance in achieving successful PF projects.

• Korean Journal of Construction Engineering and Management
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• v.6 no.3 s.25
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• pp.135-143
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• 2005

The purpose of this study is to diminish the risk through identifying the risk factors occurring in the process of real estate development projects, and analyzing and coping with the risk factors, and enable stable advance in the development process by improving the roles and work distribution of the project investor. The results of this study are as follows : 1) identifying the risks of contractions from the step of selecting the sites must be made possible through supplemental human resources expertise in plan and construction of the operation 2) as an improvement scheme, heightening the penetration wall of development projects from the investors, proposing a registration law and a selection standard of construction companies to investors' cooperating companies enabling the growth of superior investors.

• Journal of the Korea Institute of Building Construction
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• v.11 no.3
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• pp.221-228
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• 2011

This study is on the development of a System Dynamics Model for business feasibility analysis of an apartment house development project. In this study, we analyzed other apartment development projects and research projects, and identified the cash flow items, which consist of revenue and expenditure items. In addition, we made efforts to find the influence relationship among these using the system thinking method and developed a system dynamics model. In order to test the model, a case study was conducted in which it was applied to an apartment development project. Vensim, a System Dynamics Modeling and simulation software package was used to analyze and test the model. The model suggested in this study can help a developer to make decisions on project financing at the initial stage of an apartment house development project.

• Korean Journal of Construction Engineering and Management
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• v.7 no.1 s.29
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• pp.100-109
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• 2006

Feasibility analysis is a crucial key to success or failure of housing project. Existing feasibility analysis in construction company is based on intuitive approach rather than systematic approach. Usually feasibility analysis in a narrow sense is a financial analysis of project. Feasibility analysis focused in this study is confined to the matter of finance. So, the purpose of this study is to analyze the sensitivity of financial analysis item about profit rate by means of monte carlo simulation and this will improve accuracy of feasibility analysis and decision making.

• Journal of Cadastre & Land InformatiX
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• v.44 no.2
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• pp.209-230
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• 2014

There are three forms of REITs company in Korea that was first introduced in 2002. Each REITs have been listed on the KRX, its characteristics are different, but it is classified as a REITs company in all events. REITs current methods are applied uniformly manner that does not reflect the characteristics of the individual. REITs some, that is not seen unlike legislative intent, it is delisted, such as generating an investment loss of investors. In this study it is an object of the invention from the point of view of REITs business validity, to draw up operational support aggressive plans of the scheme. By improving the PF assesment system, to improve the relevance of REIT business and presenting policy direction to the activation of REITs. Through the sophistication of real estate finance utilizing REITs, policy for proper investment of general investors REITs funds were listed with the smooth flow must be realized. The results of this study, it can be utilized as basic data for policy to reflect the real estate policy for activation of the indirect financial investments.