土地信託의 問題點 및 發展方案에 관한 硏究

토지신탁 제도의 문제점과 발전방안을 연구했다.

Since May, 1991 when Korea Real Estate Trust Company was launched, the real estate trust system began to be operated in Korea. On the other hand, when the land prices skyrocketed beginning from late 1987, the public land concept system was introduced. Later on April 13, 1990, the government proceeded to arrange real estate speculation prevention measures to stabilize the housing prices and promote efficient use of land.

Until late 1996, the fund for real estate trust projects had increased whenever signs of real estate boom was shown, and in late 1997 when the IMF bailout program was enforced on Korea and thereby, the real estate prices fell down, sales of apartment houses decreased with increasing withdrawals from the contracts, the trust fund began to be poorly performing in terms of securization and profitability. Thus, the capital flow was unsmooth, while new financing for real estate development almost stagnated.

As a result, many on-going land trust projects were stopped, causing a huge financial burden to the real estate trust company and thereby, worsening its management and making many land trust projects non-performing. Although the land trust projects became non-performing due to the IMF bailout program, the fundamental causes were inefficient project and financing structures. So, it is deemed necessary to restructure the land trust projects and their financing system. In addition, in order to solve the structural problems of the land trust system, it is essential to explore the reform measures for it in its institutional and operational terms.

Namely, it is required to reinstate the functions of the land trust and activate the land trust system, and to this end, it is essential to solve its structural problems and at the same time, create revenue sources. In particular, it is deemed desirable to use the project financing techniques, allow for money trust and operate a special purpose company (SPC) and/or use diverse financial resources other than banking services to finance the land trust projects, and thereby, reduce the financial costs for the land development projects.

In addition, it is also necessary to review the land trust projects carefully at their initial stage and thereby, reinstate the positive functions of the land trust system and secure the revenue sources. If the feasibility study should be precisely conducted for the land trust projects, accidental losses occurring in the process of projects would be reduced. In order to promote the land trust projects in the rapidly changing real estate market, it is essential to study their feasibility carefully to make the land trust system successful.

With such basic conceptions in mind, this study was aimed at reviewing the causes and problems of the non-performing land trust projects and suggest their solutions to promote the land trust system to be conducive to nation's economy.