민간부동산개발의 사업방식별 자금조달 특성에 관한 연구

A Study on the Financing Characteristics of Private Real Estate Development

&nbsp;&nbsp;1. CONTENTS<BR>&nbsp;&nbsp;(1) RESEARCH OBJECTIVES<BR>&nbsp;&nbsp;The purpose of this study were to review, deduct and compare the financing characteristics of private real estate development.<BR>&nbsp;&nbsp;(2) RESEARCH METHOD<BR>&nbsp;&nbsp;Conceptual models to financing structure of private real estate development were developed through related literature reviews. Practical models and characteristics were suggested through case studies.<BR>&nbsp;&nbsp;(3) RESEARCH RESULTS<BR>&nbsp;&nbsp;The result of the study is as follows ; 1) The funding tools of land acquisition cost are constructor&quot;s financing, real estate development trust financing and financial institution&quot;s project financing. Recently the project financing tool has seen increased utilization.<BR>&nbsp;&nbsp;2) However, all three tools are heavily dependent on the credit of construction company. 3) Three tools related in a competing and complementary ways and new variations are appearing in the market. 4) The development in real estate financing has progressed from solely constructor financing -＞ constructor + developer financing -＞ constructor + developer + financial institution financing. Further evolution is expected in the form of developer + financial institution financing.<BR>&nbsp;&nbsp;2. RESULTS<BR>&nbsp;&nbsp;And the policy issue of the study is as follows : 1) The real estate development finance tools are expected to be more diversified and would raise the need for relevant regulatory developments that would meet the realistic needs of real estate development industry. 2) The real estate development industry, including constructors, developers, real estate investment trusts and financial institutions, need to enhance risk analysis and management capability of real estate development projects.