• Korean Journal of Construction Engineering and Management
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• v.14 no.1
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• pp.23-31
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• 2013

Following the U.S sub-prime mortgage crisis and a slump in properties market, the probability is rising that housing investment would not yield high profit as it used to do until early 2000s. For this reason, the nature of properties market is undergoing a change from a source of lucrative investment to a source of a relatively low but stable profit, such as profit-oriented real estate. This trend is likely to promote REITs market, which is a leading product for indirect investment. Until now, the REITs market has been growing slowly compared to a general housing market or financial markets. However, as the importance of risk management based on portfolio theories increases, stable profit generation of REITs can be effective in risk management. This study conducts an empirical analysis on how investment risks can be diversified by including REITs-a source of relatively stable profit in the equity market-in investment portfolio. The analysis results showed that, similar to food and beverage stocks of highly defensive nature, REITs has a relatively weak correlation with KOSPI that reflects the overall market performance. It also showed very low standard deviation in case of minimum variance portfolio. This suggests that including REITs in investment portfolio can be as effective as including food and beverage stocks for risk diversification. Due to uncertainties, investment always accompanies risks, and balancing potential profits and risks is essential.

• Environmental and Resource Economics Review
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• v.31 no.4
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• pp.801-824
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• 2022

Recently, United Nations found that 38% of global carbon emissions are generated in the building sector, surpassing other industries (32%) and transportation (23%), and ESG is actively used as a way to reduce carbon emissions in the building sector, led by overseas advanced countries. In Korea, as the National Pension Service announced "Consider ESG with more than 50% of investment assets" this year, the move to introduce ESG in the building sector is accelerating, centering on construction companies and asset management companies. However, as the domestic ESG evaluation system is still mainly focused on corporate governance and social responsibility, interest in the environmental sector is lagging behind that of advanced countries. As ESG in the building sector is expected to grow rapidly over the next 10 years, I would like to suggest the following development directions. The first is the expansion of the incentive system. In order for the government to successfully implement policies related to ESG in the building sector, incentive system such as tax reduction and building standards should be expanded further than now in addition to negative systems such as rent restrictions and punishment taxes due to regulatory violations. Second, standardized ESG standards are established. Rather than creating an independent Korean ESG standard that is far from global standards, it is necessary to organize the common parts of global standards and evaluation methods and create and provide guidelines in the form of standard textbooks that can be used equally by all stakeholders. Third, it is an effort to link ESG in the building sector with Digital Transformation(DX). This is because actual energy savings and carbon emission reduction can be realized only when the operation method of the building sector, which is operated mainly by manpower, is digitalized and converted to an intelligent way.

• Korean Journal of Construction Engineering and Management
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• v.17 no.3
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• pp.108-115
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• 2016

The price determinant for land investment depends on the internal information process and subjective decision making by management in general. Accordingly, the systematic frame to determine the feasibility of investment price to the public residential land for multi-housing development by private sector has not been proposed. The purpose of this study is to explore the frame to determine the investment price for public residential land from the perspectives of land attribute and apartment market factor. Multiple regression has been implemented to confirm the eligibility of proposed model. Research findings indicate that the land area, floor area ratio, coverage ratio, location have been identified as the total land cost determinant, and for the determinants for floor area land cost, the ratio of apartment, sale price, rent price, etc, have been identified. This research intends to provide the basis for land providers to predict the land value as a raw material in market and present the indicators for land buyers to review the price adequacy for the investment.

• Korean System Dynamics Review
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• v.2 no.2
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• pp.25-40
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• 2001

This paper describes the forecast of power plant construction in a competitive korean electricity market. In Korea, KEPCO (Korea Electric Power Corporation, fully controlled by government) was responsible for from the production of the electricity to the sale of electricity to customer. However, the generation part is separated from KEPCO and six generation companies were established for whole sale competition from April 1st, 2001. The generation companies consist of five fossil power companies and one nuclear power company in Korea at present time. Fossil power companies are scheduled to be sold to private companies including foreign investors. Nuclear power company is owned and controlled by government. The competition in generation market will start from 2003. ISO (Independence System Operator will purchase the electricity from the power exchange market. The market price is determined by the SMP(System Marginal Price) which is decided by the balance between demand and supply of electricity in power exchange market. Under this uncertain circumstance, the energy policy planners such as government are interested to the construction of the power plant in the future. These interests are accelerated due to the recent shortage of electricity supply in California. In the competitive market, investors are no longer interested in the investment for the capital intensive, long lead time generating technologies such as nuclear and coal plants. Large unclear and coal plants were no longer the top choices. Instead, investors in the competitive market are interested in smaller, more efficient, cheaper, cleaner technologies such as CCGT(Combined Cycle Gas Turbine). Electricity is treated as commodity in the competitive market. The investors behavior in the commodity market shows that the new investment decision is made when the market price exceeds the sum of capital cost and variable cost of the new facility and the existing facility utilization depends on the marginal cost of the facility. This investors behavior can be applied to the new investments for the power plant. Under these postulations, there is the potential for power plant construction to appear in waves causing alternating periods of over and under supply of electricity like commodity production or real estate production. A computer model was developed to sturdy the possibility that construction will appear in waves of boom and bust in Korean electricity market. This model was constructed using System Dynamics method pioneered by Forrester(MIT, 1961) and explained in recent text by Sternman (Business Dynamics, MIT, 2000) and the recent work by Andrew Ford(Energy Policy, 1999). This model was designed based on the Energy Policy results(Ford, 1999) with parameters for loads and resources in Korea. This Korea Market Model was developed and tested in a small scale project to demonstrate the usefulness of the System Dynamics approach. Korea electricity market is isolated and not allowed to import electricity from outsides. In this model, the base load such as unclear and large coal power plant are assumed to be user specified investment and only CCGT is selected for new investment by investors in the market. This model may be used to learn if government investment in new unclear plants could compensate for the unstable actions of private developers. This model can be used to test the policy focused on the role of unclear investments over time. This model also can be used to test whether the future power plant construction can meet the government targets for the mix of generating resources and to test whether to maintain stable price in the spot market.

• Journal of Cadastre & Land InformatiX
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• v.46 no.2
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• pp.107-122
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• 2016

This paper examines the problems of officetel management and tests three types of hy-pothesis; use of officetel, the numbers of officetel, and ownership period to derive the efficient management in officetel as typical profitable real estate using survey data of officetel management satisfaction in Teheranro, Seoul. The problems classifies institutional inertia and lacks of management mind. This paper approaches to the internal and external problem concerning management from the viewpoint of actual owners getting out of fragmental investment value and investigates management solutions in the cost as well as institution aspect.

• Journal of Environmental Impact Assessment
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• v.10 no.3
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• pp.245-255
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• 2001

The management of water, both the quantity and the quality, has been one of the most important issues in the public investment and it is equally true in the field of sustainable development. Nevertheless, the jurisdiction of local governments has been delineated without much attention to the issue of the water management. In the planning of wide areas such as cities, countries, the metropolis, and the megalopolis, it is necessary to well arrange the geographical jurisdiction of local governments as a unit of region. The river water system, including small streams to large rivers, should be given its due share in the planning and jurisdictional delineation. The traditional concept of the local government's jurisdiction emphasizing the accessibility may be fading away. Instead, the efficiency of the public management would be the main concept in determining the jurisdiction of local governments. The river improvement, the waterworks, the sewage, the maintenance of water quality, the space of water recreation, are relatively important in the efficient management of that area. This paper argues for the equalization between the geographical jurisdiction of local governments and watersheds. To this end, I do case studies of the local governments areas such as Ri(里), Eup Myon(邑 面), Si Gun(市 郡), KyangyokSi Do(廣域市 道). The study interprets ARS will be one of the principles of land use and the reorganization of the local jurisdiction in the future as a geo-systematic and the eco-systematic criteria.

• Journal of The Korean Society of Agricultural Engineers
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• v.49 no.1
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• pp.35-42
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• 2007

This paper develops a Sustainable Regional Economic Growth Model (SREG) which estimates the relation of labor population change and employment increase in each occupation and maximum limits and minimum requirements of employment increase by labor population change in a specified region using multiplier theory. To develop the proposed model, sustainable regional economic growth is defined as a steady increase of labor population over a long term period and the limit of employment increase is defined as the estimated labor population change in the region with no need for commutation from the surrounded areas. Developed model was applied to 67 county in Pennsylvania State and the results revealed that the investment in infrastructure occupations, such as transportation, warehousing, utilities, information, communication, and other public utilities, maximizes the effects for increasing employment, whereas finance, insurance, and real estate occupations have minimum effects for increasing employment. Calculated minimum requirements of occupations show that infra-structure occupations is a critical factor for labor population change and maximum limits of occupations show that agriculture and finance occupations are difficult to increase independently.

• Journal of the Korea Institute of Building Construction
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• v.9 no.2
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• pp.69-76
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• 2009

Recently, the twenty-first century is called "the age of localization and regionalization" in Korea. So, local government should need to keep balance between the existing administrative management and new management strategies based on CEO's mind in order to deal with the situation of such that(the age of localization and regionalization) and improve efficiency of public service. In addition, they build public buildings after that they should operate and maintain them regularly. However, Korea local governments have tried to run many projects to expand insufficient local finance that was only for profit oriented public projects without considering management. Therefore, this paper is a basic study to establish and suggest the reasonable operation plan for local government by examining and reviewing actual operation condition in the public buildings. With the evaluation method which is demanded from public construction management to introduce a civil management technique manages an investment mind standard and management basis of assessment, proposes 8 sides of financial affairs, real estate maintenance and facility management, achievement evaluation, environmental safe crisis management, judiciary and explanation responsibility with base.

• Journal of architectural history
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• v.28 no.4
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• pp.37-46
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• 2019

Busanjin Fortress was originally made of stone fortress for the Joseon Navy, which was located in Dongnae area in the late Joseon Dynasty. However, the Japanesque Castle of Busanjin in 1592 was built by the Japanese military during the Japanese Invasion of Korea. Since the Japanese military retreated, the Joseon Navy had renovated the fortress and had used it as a base for stationing, and it had been maintained in Busanjin Fortress until the Joseon Navy was disbanded in 1895. After the abolition of the Naval Force System, the space in Busanjin Fortress was dismantled, and the government facilities and their sites were not properly managed and repaired, eventually was sold to Japanese. As Busanjin Fortress failed to function properly, the coastal space in Busanjin became a burial ground after being reclaimed by Japanese with real estate investment in mind. Today, the traces of Busanjin Fortress have been removed by the reclamation work, and only the remains of some stone pillars remain under the name of Jaseongdae(子城臺). Thus, the old custom as the Naval base disappeared, leaving only the image of Japanesque Castle.

• Journal of Distribution Science
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• v.20 no.12
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• pp.109-116
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• 2022

Purpose: The purpose of this study is to analyze the rental determinants of a small shopping mall located in Seoul, Korea, and the characteristics of four commercial districts (CBD, GBD, YSD, etc.). Research design, data, and methodology: For the characteristics of the data, descriptive statistics and frequency analysis were used. Artificial Neural Networks (ANNs) have been used as rental determinants for small shopping malls. The characteristics of 4 commercial districts were analyzed using Analysis of variance (ANOVA) and post-hoc analysis. Results: 1) CBD 14.8%, GBD 16.7%, YSD 13.0%, others 55.6%. 2) The order of important variables affecting rent: CBD=1> GBD=1> vacancy rate> rental index> number of buildings> YBD=1> average gross floor area> conversion rate> average floor. 3) Characteristics of commercial district: Rents in CBD and GBD are high. The conversion rate is high in the GBD commercial area. The number of buildings is high in the CBD. The average area of GBD is larger than that of other commercial districts. Conclusions: 1) Several factors should be considered when investing in or renting a small shopping mall. 2) Depending on the investment and business purpose, factors such as rent, conversion rate, building, and area average should be considered.