부동산 금융 환경의 변화와 새로운 건설금융 방안

Change in Real Estate Financing Environment and Construction Financing Methods

Since the advent of the IMF's bailout, several policy measures have been implemented to promote the restructuring of the enterprise sector and the financial industry, and to activate the business condition of the construction and real estate industries The most notable one was to make an favorable legal environment for real estate investment in order to induce the structural change of business firms and banks by Introducing indirect investment system for real estate properties. The legal system of real estate indirect investment has been set up in two ways. The first is the securitization system of real estate, such as asset-backed securities (ABS) and mortgage-backed securities (MBS), which were announced in 1998 and 1999, respectively. The second is the real estate investment trust (REIT) system, which is very similar to the REITs system in the United States of America and the listed property trust (LPT) system in Australia. In particular, the REIT system in Korea can be broken into three different systems. The first is the trust-type REIT system, which was based on the amendment of the Enforcement Decree of the Trust Business Act in 1998 The second is the company-type REIT system, which was based on the announcement of the Real Estate Investment Company (REIC) Act from the second half of 2001. And, the third is the mutual fund-type corporate restructuring REIT (CR-REIT) system, which was also based on the REIC Act. These new systems of real estate indirect investment have been expected to have significant influence on real estate financing, which is closely related to construction financing in several manners. In particular, as the financing system for real estate tends to change from the conventional direct investment to new indirect investment, it is expected that experienced experts should be In charge of real estate Investment in a professional way, and that larger amount of money should be put in the process of construction. On the basis of these expectations, the main purpose of the current study is to apply a system of real estate indirect investment to help general contractors in a financial way during the process of construction. In order to figure out ways to help them financially, the current study consists of five chapters, which are as follows. In chapter after an introductory chapter, a review of the changing situation of construction financing, both direct and indirect, including housing financing since the IMF's bailout. Also, real estate market by sector is reviewed in the same chapter from land and housing sectors to CBD office market, with a discussion of the mega trend in real estate market. Chapter three reviews each of the systems of indirect investment for real estate, first legally, and then marketwise. Firstly, the system of securitization of real estate such as commercial MBS and MBS is examined with a special comparison in terms of their similarities and differences. And then, the system of REIT from trust-type to company-type and mutual fund-type is reviewed. In particular, the current situation of the trust-type REIT market is fully examined, as its financial product became available since August of 2000. Chapters four and five are designed to apply a system of real estate indirect investment, in particular securitization-type system, to provide construction companies more financial sources, since the REIT -type system is not active yet More specifically, chapter four presents a way to securitize unsold but completed apartments With a strong credit enhancement measure from the Korea Housing Corporation (KHC). And, chapter five presents a means of securitizing amortized bonds for construction works, both remodelling or newly-constructed, and unsold apartments. In particular, in chapter, the importance of the role of the construction-related surety firms is strongly emphasized, since the risks associated the securitization of amortized bonds for construction works and unsold