부동산개발사업 평가제도의 도입과 정착과제

Real Estate Development Project Assessment System : Introduction and Policy Tasks for the Earlier Settlement of Assessment Scheme

In July 2012, the government announced the plan to introduce real estate project assessment system to promote the normalization of real estate development business currently in recession and to devise alternatives to re-establish the role division among project participants compliant to on-going structural changes in real estate and financial market. The paper aims to analyze the existing project assessment system, to conduct survey on the need for a new assessment system with concerned experts, to suggest how to operate the scheme of project assessment system and to propose policy tasks for early settlement of the new assessment system. New assessment system composes of two sections, feasibility assessment of the project and capacity assessment of the project originator. Most experts (96% of respondents) consent the introduction of new assessment system with rationales to protect the investors and consumers (61.8%), to achieve the conventional characteristics of project financing vehicles such as non-recourse effects (60.7%), and to share rationally the project's profit opportunities and risks among project stakeholder (32.5%). New assessment system shall be applied to both private and public project, based on the requests from the developer and financial institution who need assesment report for inviting investment or providing loans. To operate the system successfully, the government has to prepare legal foundation and practical indexes for applying new assessment. The assessment market also has to increase assessment capability and keep an ethical standard with respect for customers and stakeholder.