택지개발사업에서의 프로젝트 파이낸싱 활용방안에 관한 연구 : 한국토지공사를 중심으로

택지개발사업의 재원 조달을 위한 프로젝트 파이낸싱 활용방안을 연구했다.

The funding of the Korea Land Corporation is very greatly influenced by the conditions of the real estate market. When the real estate is in a bullish period, land sale becomes a major source of fund, thereby being able to reduce the debt ratio and enabling the business to be operated stably. But because land is not sold in the period of real estate depression, the source of fund can not but to be depended on for funds. This raises financial costs and in turn raise land cost, which results in the cyclical problem of difficulty in sale.

Accordingly, the Korea Land Corporation has issued the land profit-linked bond and ABS since the IMF-supported regime in Korea and resolved this problem temporarily, but they have the limitation. Accordingly, the Korea Land Corporation needs the diverse sources of funds to develop as ongoing concern and especially will need the method of development financing combining development with finance. Project financing must be one of the methods to resolve this problem. The problem is how the risk is diversified to the risky real estate development project and how to have the profit structure that can guarantee profits to all of investors.

There are diverse cases that funds have been raised for the SOC project through financing. There is no case of the PF real estate development project for share investment of combined public and private sectors like the development project for station trading area of Yongin and Jukjeon in the land development project district. It is necessary to take careful measures at the stages of establishing the project company and promoting the business in the future because such a project is in its infancy.

For project financing to be activated as real estate development financing with the development project district, endless development will continue in the direction that all of the participants in project financing can benefit from development. In this study, project financing is confirmed as the source and technique of new funding of the Korea Land Corporation, but the study on their detailed test by project department is still insufficient. Future research will have to be continued concerning the kind, size, aviodance plan and profit structure of risks when development is carried forward with in the project financing method within the housing land development district.

And to make practical use of project financing as the new project method, the Korea Land Corporation must take an active part in the enactment of the project financing venture business(PFV) law and must make efforts to activate the project financing(PF) through the revision of employee education and internal regulations concerning the understanding of the need for PF-based project within the corporation.