시장변화에 따른 부동산PF 개선방안 연구

This paper aims at exploring improvement plans for project financing by real estate market changes. There have been many studies about problems and plans for improvement of real estate project financing in Korea. The plans suggested by the previous studies have been criticized because they are so vague and general. The understanding of characteristics in real estate development and finance is essential to overcome the limit of the previous studies. This study analyzes characteristics and structure in real estate development and finance. From the in-depth study on structure, participants, and finance in real estate development, this study suggest more concrete and feasible plans to apply to real estate financing considering real estate market changes. The plans include 1) the promotion of sustainable developers using partnership, 2)restructuring developers by public funding, 3) the diversification of financial source for development by equity investors, 4) the decrease of land price burden in the early stage using UPREITs concept, 5) the establishment of accurate credit information and feasibility study system about real estate development projects.