부동산펀드의 수익극대화를 위한 프로젝트 파이낸싱의 법제도적 개선방안

부동산펀드 수익 극대화를 위한 프로젝트파이낸싱 법제 개선방안을 제시했다.

1. CONTENTS (1) RESEARCH OBJECTIVES Real estate development in Korea had suffered a setback due to reduced real estate transactions and difficulty in finding the source of financing caused by a fall in real estate prices since the national liquidity crisis resulting in an IMF bailout. However, such a trend was reversed lately, as the pump-priming measures were taken on a national level to cope with the slowdown, resulting in a steady increase in such areas as construction orders, construction permits and the number of housing actually constructed.

(2) RESEARCH METHOD Literature study and Case approach (3) RESEARCH RESULTS Recent advances in real estate development, however, were not made ideally, reaping the harvest intended in the first place in terms of overall efficiency including economical efficiency. Major reasons behind such a failure of real estate development included excessive costs of financing caused by the lack of the developer's own funds, inappropriate market survey, insufficient marketing efforts, poor marketability, bad pricing, poor design quality, lack of professionalism and inadequate conditions of location.

It is safe to say that securing the stable source of financing, among others, is indispensable to the success of the real estate development project. 2. RESULT Real estate-backed securities system was recently introduced in earnest, and a case study conducted in this study indicated that 'Project Financing' can be the most positive method of securing financing stability. As the patterns in the real estate environment rapidly changed, real estate market switched to customer-oriented market from the supplier-oriented one. It is therefore necessary not to overlook the importance of securing financing stability to reduce or avoid the risks involved in real estate development projects.