• Journal of Construction Engineering and Project Management
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• 제1권2호
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• pp.43-48
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• 2011

In many parts of the world, low cost housing used to be built and maintained by the governments, based on designs and detail specifications prepared by the public sector with construction carried out by contractors. Results vary due to differences in design standards, workmanship and property management, depending also on the neighbourhood's care of the estates and their pattern of usage. In the UK, where Private Finance Initiative (PFI) has been used for infrastructure projects, there have been successful cases of city estate being transformed by PFI. These PFI housing schemes involve new-build, refurbishment as well as facility management. Unlike traditional construction, which is based on prescriptive specifications, PFI housing is based on output specifications. A study has been undertaken to compare the two specification approaches as they are applied to housing estate. Results are enlightening and serve as good reference to cities such as Hong Kong SAR and Singapore, where public housing provisions have been a major concern of their citizens as the building stock gets older.

• 한국경제지리학회지
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• 제11권4호
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• pp.580-599
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• 2008

본 연구는 프로젝트 금융의 지역적 차별성의 존재 여부와 그 특징을 살펴보는 것을 목적으로 한다. 본 연구의 주요 결과는 다음과 같다. 첫째로, 수도권과 지방간의 프로젝트 금융의 지역적 차별성은 부분적으로 나타난다. 그러나 그 특성은 기업금융과는 상이하게 나타난다. ANOVA 검정 결과, 상업용 부동산 프로젝트 금융에서의 초과금리 지표, 지방은행이 실행한 주거용부동산 프로젝트 금융에서의 약정기간 지표에서 유의한 차이가 발견된다. 둘째로, 프로젝트 금융의 지역적 차별성을 일으키는 주요 요인으로 프로젝트에서 발생하는 현금흐름에 대한 수도권과 지방간의 정보의 비대칭성을 들 수 있다. 특히, 지방은행의 특유의 행태로 인해 프로젝트 금융의 지역적 차별성은 기업금융의 그것과 다르게 나타난다. 즉, 지방은행은 수도권에서 수행되는 프로젝트 금융에서 전국적 은행의 수동적인 컨소시엄 일원으로서 행동한다는 점이다. 셋째로, 선분양제도와 건설회사에 의존하는 보증시스템은 주거용 부동산 프로젝트 금융에서의 지역적 차별성을 희석시키는 역할을 한다. 이들 시스템은 프로젝트 금융의 급성장에 공헌한 바 있지만, 금융위기에서 프로젝트 금융을 취약하게 만드는 주요 원인이기도 하다. 이러한 맥락에서 프로젝트 금융시장이 당면하고 있는 문제 해결을 위한 정책적 시사점을 도출하였다.

• 산경연구논집
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• 제7권3호
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• pp.27-36
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• 2016

Purpose - Considering the importance of housing needs to real estate market, domestic studies on real estate prices from the perspective of demand are basically based on macro-data, but relatively few are associated with micro-data of urban real estate demand. We try to find a reliable relation of elasticity of demand and commercial housing market. Research design, data, and methodology - In this paper, we have derived housing demand theoretic method and have utilized micro-data of residential family housing survey of downtown area in Kunming City in October, 2015 to estimate income elasticity and price elasticity of housing demand respectively and make a comparative analysis. Results - The results indicate that income elasticity and price elasticity of families with owner-occupied housing are both larger than those of families with rental housing. Income elasticity of housing demand of urban residential families in Kunming is far below the foreign average and eastern coastal cities level, however, the corresponding price elasticity is far higher. Conclusions - We suggest that housing affordability of urban families in western China are constrained by the level of economic development, and the current housing price level has exceeded the economic affordability and psychological expectation of ordinary residents. Furthermore, noticing the great rigidity of housing demand, the expansion space of housing market for improvement and for commodity is limited.

• 한국건설관리학회논문집
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• 제21권6호
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• pp.75-83
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• 2020

본 연구는 부동산PF에서 시행사의 자본금으로 인정가능 범위에 대한 분석을 위해 24개의 자본금 항목에 대한 중요도를 도출하였다. AHP와 퍼지 분석결과 토지 관련 직접비용에서 토지비, 명도비, 부동산취득세, 그리고 건축허가 직접비용의 설계비, 교통영향평가비, 지하안전영향평가비, 경계측량비, 지질조사비 등이 높은 중요도를 보여 주된 자본금 항목으로 인지되고 있는 것으로 나타났다. 반면 PM용역비, 사업권양수도비, 예금채권, 부동산중개비, 사무실 운영비, 인건비, 세무회계 용역비 등은 매우 낮은 중요도를 보였는 데 토지 관련 비용인 부동산중개비를 제외하고 모두 시행사 운영과 관련된 것들로 나타났다. 따라서 부동산PF 대출심사 시 시행사의 자본금으로 인정 가능한 주요 항목들은 토지 관련 및 건축 허가 관련 요소이며 낮은 중요도를 보인 시행사 운영 관련 요소에 대해서 사업 관계자간 논란의 최소화와 구체적인 인정기준을 통한 부동산PF 부실대출을 사전적으로 예방하기 위해서 조속히 부동산PF 대출심사에 필요한 시행사의 자본금 항목을 명확하게 규정하는 것이 요구된다.

• The Journal of Asian Finance, Economics and Business
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• 제7권6호
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• pp.517-524
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• 2020

The study examines factors affecting apartment prices in the real estate market of Ho Chi Minh City, Vietnam. The study uses primary data based on surveys of customers who have traded successfully, and collects transaction data from real estate trading companies that are the top investors in Ho Chi Minh City real estate market. The collected data include 384 observations in a total of 24 districts, detailing that each district surveyed on a minimum of four projects, each project carried out a survey on a minimum of four apartments. The survey collected 339 valid questionnaires for analysis and model testing. This study employs multivariate regression with the data of 339 observations. The research results reveal that five significant factors affect positively the price of apartments in Ho Chi Minh City - apartment area, toilet and bedroom, apartment floor, reference price, and apartment interior. Besides, there are three significant factors affecting negatively the price of apartments - next price trend, distance to city center, and potential building. From the results, the research proposes solutions in the pricing of apartments in the real estate market in Ho Chi Minh City - better information system, a real estate transaction index, and stricter management of small brokerage activities.

• International Journal of Fuzzy Logic and Intelligent Systems
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• 제16권1호
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• pp.72-80
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• 2016

Re-auction happens when a bid winner defaults on the payment without making second in-line purchase declaration even after determining sales permission. This is a process of selling under the court's authority. Re-auctioning contract price of real estate is largely influenced by the real estate business, real estate value, and the number of bidders. This paper is designed to establish a statistical model that deals with the number of bidders participating especially in apartment re-auctioning. For these, diverse factors are taken into consideration, including ratio of minimum sales value from the point of selling to re-auctioning, number of bidders at the time of selling, investment value of the real estate, and so forth. As an attempt to consider ambiguous and vague factors, this paper presents a comparatively vague concept of real estate and bidders as trapezoid fuzzy number. Two different methods based on the least squares estimation are applied to fuzzy regression model in this paper. The first method is the estimating method applying substitution after obtaining the estimators of regression coefficients, and the other method is to estimate directly from the estimating procedure without substitution. These methods are provided in application for re-auction data, and appropriate performance measure is also provided to compare the accuracies.

• The Journal of Asian Finance, Economics and Business
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• 제9권9호
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• pp.93-104
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• 2022

This study aims to investigate the factors that contribute to the sustainable development of 334 Vietnamese construction and real estate companies listed on the Stock Exchange of Vietnam over a 5-year period from 2016 to 2020. By using regression analysis with the support of STATA software through examining the financial statements, which involves looking into crucial ratios including capital structure, profitability, firm size, accounts receivable management, and tangible assets investment, this study sheds light on whether these accounting indicators could help predict the construction and real estate companies growing potential in the future. Nevertheless, these ratios slightly contribute to the explanation of the change in revenue growth ratio, with a result of 1.6%, indicating that the value relevance of accounting information provides a modest and insignificant effect on investment decisions. This is understandable because the Vietnamese construction and real estate market still has many shortcomings in handling unexpected events, as well as the industry's peculiarities related to major capital sources from bank loans. Based on this study, governmental authorities and business executives should plan appropriate risk management policies and measures to contribute to the sustainable development of construction and real estate companies.

• 농촌계획
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• 제20권4호
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• pp.183-192
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• 2014

The purpose of this study is to examine the effect of regional ageing rate to industrial structures of rural areas in Korea. This paper shows that there are cause-effect relations between the industrial specialization and ageing rate in 'Agriculture', 'Finance & Insurance', and 'Real Estate & Leasing' sectors. The ageing levels are classified into ageing society, aged society, and super-aged society according to UN standard that cause different impacts on industrial specialization of regions. This paper finds that the industrial specialization is determined by the ageing levels. If there is an increase in ageing rate by 1% in ageing society, the industrial specialization of the three industries could be strengthened by 0.14%. But, ageing rates have negative impacts on the industrial specialization in aged society and super-aged society by 0.76% and by 1.20%, respectively, as increasing ageing rate by 1%. As the ageing rate progresses, 'Agriculture', 'Finance & Insurance' and 'Real Estate & Leasing'sectors have positive impacts on the industrial specialization in the ageing society. But 'Finance & Insurance' and 'Real Estate & Leasing' sectors have changed into negative impacts on the industrial specialization in the aged society. In the aged society, the employment of elderly persons of 'Agriculture' and 'Finance & Insurance' sectors increase by 1% makes positive impact on the industrial specialization by 1.54%, by 0.45%, respectively. The result of this paper can be applied to a significant guideline at establishing regional employment planning such as elderly customized employment, vocational training for rural areas, where above 14% of ageing rate.

• 기술혁신연구
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• 제31권1호
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• pp.65-103
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• 2023

최근 데이터 기반 경제 활동의 비중이 급증하면서 데이터경제에 대한 논의가 활발하지만 우리나라 주요 산업별 데이터경제로의 전환을 체계적으로 분석하는 틀을 제시하는 연구는 많지 않다. 본 연구는 문헌연구를 통해 데이터경제의 주요 특징을 플랫폼(platform) 구축, 예측력(predictive power) 강화, 새로운 분석모델(new analytical model)의 활용으로 정리하고, 이에 입각하여 우리나라의 금융, 부동산, 의료 부문 간 데이터 기반 활동의 정도를 비교 분석한다. 분석 결과 금융, 부동산, 의료 부문별로 데이터경제 특징이 실현되고 있는 속도와 내용이 다르다는 것이 관찰되었다. 이는 데이터경제의 확산을 통해 경제 생산성 향상과 복지 증대를 위해서는 금융, 부동산, 의료 등 주요 산업 부문별로 차별화된 정책 접근이 필요하다는 것을 시사한다.

• 국제학술발표논문집
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• The 6th International Conference on Construction Engineering and Project Management
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• pp.549-553
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• 2015

For successful outcome of real estate development projects, it is important to understand the potential tenants as they drive the demand for properties. The aim of this study is to investigate tenant characteristics of the Australian green office building sector. The specific objectives are to; (1) compare and contrast the increment trend of green buildings within the green office building sector; (2) identify the tenancy profile of green buildings; (3) ascertain the possible industry concentrations within the current green building sector; and (4) explore the relationship between green building occupants' characteristics and their tenancy. Descriptive statistics shows that Finance, Insurance and Real Estate (FIRE) industries along with government owned companies are the major tenants of green office buildings in the NSW State of Australia. In particular, real estate companies occupy more than half of the NSW based green office buildings whilst one third of them are the tenants of the 6-star rated buildings - the highest rated building in the current form of Australian Green Star accreditation scheme.