• Korean Journal of Construction Engineering and Management
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• v.16 no.2
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• pp.86-96
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• 2015

Real estate market has rapidly grown by active use of project financing in the early 2000s. However, many projects have been in trouble due to global economic recession after that period. It is mainly because those projects were pushed forward a business without comprehensive business feasibility analysis. This paper investigated current evaluation system for real estate development projects and then introduced new evaluation system including evaluation factor and criteria for real estate development projects to prevent implementation of the project without business value and to be able to evaluate potential projects in objective manner. This new evaluation system for real estate development projects can be applied to any type of real estate development projects by modifying evaluation items and weighting factor in accordance with the type and characteristics of project. Through the new evaluation system, the evaluation process for real estate development projects will be able to be standardized, be consistent, and the results of evaluation can be accumulated in consistent way.

• Journal of the Economic Geographical Society of Korea
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• v.17 no.4
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• pp.675-687
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• 2014

After colonization by the Japanese Empire, Seoul had experienced structural changes during the 1920s. As the number of residents increased dramatically, the land price of Seoul began to skyrocket, bringing about a new type of real estate developers. They invented a new type of hanok, which is very small compared to a traditional hanok, by dividing a large parcel of land into several small pieces. These hanoks were built by Korean developers who ran their business like modern developers today-acquiring large piece of land, developing and selling the property, and even providing financing schemes to buyers in some cases. However, the Korean developers mainly provided housing to the poor Koreans suffering from housing shortage. At the time, many Koreans worried that the City of Seoul would turn into a Japanese city, since the Japanese were trying to expand their real estate development to the north of Cheonggyecheon. However, their development plans have been neglected, as a result of the development activity of the Korean Jerry-builders in the north. The purpose of this paper is to reevaluate the role of the Korean developers in real estate development during the colonization period, especially in the 1920s.

• 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.11 no.5
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• pp.41-52
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• 2010

Even though REITs (Real Estate Investment Trusts) are listed on the stock market, REITs have characteristics that allow them to invest in real estate and financing for real estate development. Therefore REITs is related with stock market and construction business and real estate business. Using time-series analysis, this study analyzed REITs in relation to construction businesses, real estate businesses, and the stock market, and derived influence factor of REITs. We used the VAR (vector auto-regression) and the VECM (vector error correction model) for the time-series analysis. This study classified three steps in the analysis. First, we performed the time-series analysis between REITs and construction KOSPI(The Korea composite stock price index) and the result showed that construction KOSPI influenced REITs. Second, we analyzed the relationship between REITs and construction commencement area of the coincident construction composite index, office index and housing price index in real estate business indexes. REITs and the housing price index influence each other, although there is no causal relationship between them. Third, we analyzed the relationship between REITs and the construction permit area of the leading construction composite index. The construction permit area is influenced by REITs, although there is no causal relationship between these two indexes, REITs influenced the stock market and housing price indexes and the construction permit area of the leading composite index in construction businesses, but exerted a relatively small influence in construction starts coincident with the composite office indexes in this study.

• 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.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.7
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• pp.101-108
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• 2022

The outbreak of Coronavirus disease 2019 (COVID-19) has caused serious impacts not only on human health but also on the economies around the world. Enterprises play an important role in the development of every country but it is also one of the most affected sectors during the pandemic. Drawing on panel data of 131 enterprises listed on the Vietnamese stock exchange from 2016Q1 to 2021Q3, this study aims to investigate the impact of the COVID-19 pandemic on firm performance. Enterprises are classified into seven industries including Agriculture, Material, Industry, Real estate and Construction, Energy, Consumer, and Service. The paper also analyzes the variation of the effects among companies, focusing on differences in revenue and capital structure. The results show that the COVID-19 pandemic negatively affects business performance. In addition, the empirical findings indicate that revenue and debt decreasing can cause deterioration of firm performance during the pandemic period. The decrease in revenue has a direct impact on firm profitability. The reduction of debt levels affects the corporate leverage leading to adverse effects on firm performance. The negative effect is more pronounced for companies in some specific sectors including industry, real estate, construction, consumption, and services.

• Land and Housing Review
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• v.10 no.4
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• pp.31-39
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• 2019

Singapore, a city state with less than 6 million population, has continued successful cooperative development and become one of the most successful Asian countries in exporting expertise in urban and real estate development. This research aims to analyze Singapore's cooperative development with socialist countries including China and Vietnam from Singapore's perspective as an investor. For cooperative development projects in China, Singapore adopted Singapore-style physical urban planning concepts as well as its own institutional and administrative systems. Singapore-Vietnam cooperative development managed to acquire profitable land and diversify its portfolio in terms of industry types and rents. This made Singapore's industrial parks more competitive than other parks in Vietnam. By showcasing successful project implementation in China and Vietnam, Singapore has proved that its model for industrial park and urban development is transferable. Singapore's success in cooperative development with socialist countries provides important implications for future cooperative development between South and North Korea. For example, phased development approaches starting from individual industrial parks expanding to mixed-use townships will be very useful to realize sustainable urban planning in North Korea and reduce financial risks. Singapore dominated development opportunities in advance when socialist countries opened their economy. To pattern ourselves after Singapore, we should not only improve our relationship with North Korea but also prepare with practical components such as financing and organizational structure.

• 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.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.1
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• pp.195-204
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• 2015

This study analyzed the normalization cases of the mutual savings bank insolvency PF (MSBIPF) to suggest the appropriate improvements according to the purpose. The results were as follows. First, the original intention to normalize the MSBIPF was unsuccessful. This may be caused by the daunting situation of the real estate market along with the complex and shared interests. On the other hand, it can be responsible for the lack of evidence and related regulations as well as the lukewarm attitude on public projects. Active institutional settings are warranted to compensate the remaining insolvent businesses to PF even today and in the future. The data related to the recognized sites as the poorest 32 PF sites was compared primarily to normalize by KAMCO and the relevant sites. The area variable was the only significant variable according to the correlation analysis and logit analysis. The direct investment, diverse PF-backed bonds and the activation of the Ritz can be suggested as alternative ways of normalization with respect to the issue of the KAMCO.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.962-969
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• 2009

The market of building construction has been competitive in Hong Kong, perhaps as anywhere else in the world. The barrier to entry is low because there are relatively low requirements on the three factors of production - technology, manpower and finance. The prevailing building technology is traditional and labour-intensive. There is also not much need of capital because clients' periodic payments have been the main source of project finance. Further, capitalizing on trade sub-contracting, contractors have been able to keep their direct labour-force small and to transfer much of their business risk to the sub-contractors. Based on interviews to solicit the perception of a sample of building contractors on the particular issues of construction finance, we present the findings in this paper and discuss the various implications. We believe that the current practice of construction financing is both the cause and effect of the competition within, and the competitiveness of, the building construction sector in Hong Kong. We conclude that the building construction sector is "locked or stuck" in this "equilibrium" of traditional technology, reliance on clients' finance and exploitation of sub-contracting. In this "equilibrium" state, there is hardly any motivation for contractors to engage themselves in product or process innovation. Consequently, any talk of industry reform or innovation could only remain just that. We believe that this problem is not unique in Hong Kong. The building construction sector in many other developed and developing economies is posed with similar if not the same problems and constraints. We conclude that there has to be some "external forces" to bring this "equilibrium" state to a higher level "equilibrium" one where higher value-added building construction services are supplied and demanded. This is a state where building contractors possessing innovative technology, better financial and manpower resources could thrive to build better buildings with innovative building methods and processes.