부동산분석학회 부동산산업 세미나 시리즈 2 : IMF 관리체제 하의 부동산 전망 ; 발표 2 : IMF 체제하의 금융환경 변화 및 건설산업과 부동산 산업

왕세종 한국부동산분석학회 1998 부동산분석학회 학술발표논문집 Vol.1998 No.-

오피스빌딩 리모델링 수요자의 금융방식 선호도 및 건설업체의 대응 실태 조사

왕세종,정재연 한국건설산업연구원 2001 한국건설산업연구원 건설동향브리핑 Vol.2001 No.-

특집 - 긴축경제시대의 건축 : IMF시대의 건축시장 전망

왕세종 대한건축학회 1998 建築 Vol.42 No.3

SOC 민간투자사업의 투자 활성화 방안 연구

왕세종 한국건설산업연구원 2003 한국건설산업연구원 연구보고서 Vol.2003 No.1

Since the overall amendment of the legal system for private participation in infrastructure (PPI) from the Act on Private Capital Inducement to the Act on Private Investment in 1999 after the financial crisis in 1997, the environment for the PPI system in Korea is in the process of improvement. This is wholly due to the consistent effort of both the public and the private sectors. However, it is generally agreed among the PPI experts and the practitioners that the performance of the PPI projects even after the amendment is far from their expectation and satisfaction made at the outset. In particular, the environment of financing the PPI projects is usually pointed out as the main reason for the blame, as there still remain some customary practices which make the private sector, in particular financial investors, difficult in financing the project. The purpose of the current report is to recommend some measures to enhance the financiability of the private sector. This report consists of four chapters and one appendix After the introductory chapter, chapter two consists of two sections: the first section reviews the current situation of the PPI projects in Korea, and then points out the recent trend of the PPI projects. And, the second section reviews the current situation of the major twelve construction firms in the Korean PPI market on the basis of their investment amount. As the end of April, 2003, Chapter three is the main chapter of this report, which consists of two sections. The first section reviews the recent policy direction in order to facilitate financing of PPI projects, and drives out some policy Implications from the current policy direction toward the PPI system in Korea, current practices of the business and the financing structures of PPI projects in terms of cash inflows and outflows, and then examines the present situation of financing PPI projects with a special attention to fund raising and operating by the technique of project financing. And, the second section considers the basic direction for activation of the PPI system in Korea by solving financing difficulties, and presents some measures to facilitate fiancing PPI projects by examining the problems of the customary financing practices. According to the statistics reported by the Ministry of Finance and Economy (MOFE), twenty-one PPI projects were either financed or are under consultation for financing by project financing. The sum of their total project costs are estimated more than twenty-six trillion wons, and seven of them are road projects with the portion of forty-four percent in the total project costs The funds for ten out of twenty-one PPI projects are currently fianced by the Korean Development Bank (KDB), which is one of government-controlled banks. And, the KDB are in charge of financial consulting for the arrangement of funds for seven out of nine PPI projects. Some commercial banks such as Kookmin Bank, Hanvot Bank, and Shinhan Bank are now actively involved in project financing loans for PPI projects. For the basic direction for activation of the PPI system in Korea, three particular directions are given: the first is to select PPI projects based upon their profitability and/or viability, which is determined by the difference between revenues and costs, not between benefits and costs; the second is to determine the basic guideline of financial support for PPI projects in terms of internal rate of return (IRR), users' costs, government subsidies, and concession period, making the PPI projects profitable up to a certain level; and, the third is to select PPI projects in terms of a reasonable size, where "reasonable" meaning not large enough to burden the private sector with fund raising. Also, in chapter three, four particular measures are suggested to lessen the financing burden of project sponsors under the current practice of PPI system and the customary loan practices. The first is to deregulate the required

주택 수요 창출 방안

왕세종 한국주택협회 2001 주택과 사람들 Vol.131 No.-

건설경기 침체의 현황과 원인, 향후 전망 및 활성화 방안

왕세종 한국시멘트협회 2004 시멘트 Vol.164 No.-

프로젝트 금융의 사례 분석 및 시사점

왕세종 한국건설산업연구원 2001 한국건설산업연구원 건설동향브리핑 Vol.2001 No.-

부동산 금융 환경의 변화와 새로운 건설금융 방안

왕세종,신창득,서후석 한국건설산업연구원 2001 한국건설산업연구원 연구보고서 Vol.2001 No.2

Since the advent of the IMF's bailout, several policy measures have been implemented to promote the restructuring of the enterprise sector and the financial industry, and to activate the business condition of the construction and real estate industries The most notable one was to make an favorable legal environment for real estate investment in order to induce the structural change of business firms and banks by Introducing indirect investment system for real estate properties. The legal system of real estate indirect investment has been set up in two ways. The first is the securitization system of real estate, such as asset-backed securities (ABS) and mortgage-backed securities (MBS), which were announced in 1998 and 1999, respectively. The second is the real estate investment trust (REIT) system, which is very similar to the REITs system in the United States of America and the listed property trust (LPT) system in Australia. In particular, the REIT system in Korea can be broken into three different systems. The first is the trust-type REIT system, which was based on the amendment of the Enforcement Decree of the Trust Business Act in 1998 The second is the company-type REIT system, which was based on the announcement of the Real Estate Investment Company (REIC) Act from the second half of 2001. And, the third is the mutual fund-type corporate restructuring REIT (CR-REIT) system, which was also based on the REIC Act. These new systems of real estate indirect investment have been expected to have significant influence on real estate financing, which is closely related to construction financing in several manners. In particular, as the financing system for real estate tends to change from the conventional direct investment to new indirect investment, it is expected that experienced experts should be In charge of real estate Investment in a professional way, and that larger amount of money should be put in the process of construction. On the basis of these expectations, the main purpose of the current study is to apply a system of real estate indirect investment to help general contractors in a financial way during the process of construction. In order to figure out ways to help them financially, the current study consists of five chapters, which are as follows. In chapter after an introductory chapter, a review of the changing situation of construction financing, both direct and indirect, including housing financing since the IMF's bailout. Also, real estate market by sector is reviewed in the same chapter from land and housing sectors to CBD office market, with a discussion of the mega trend in real estate market. Chapter three reviews each of the systems of indirect investment for real estate, first legally, and then marketwise. Firstly, the system of securitization of real estate such as commercial MBS and MBS is examined with a special comparison in terms of their similarities and differences. And then, the system of REIT from trust-type to company-type and mutual fund-type is reviewed. In particular, the current situation of the trust-type REIT market is fully examined, as its financial product became available since August of 2000. Chapters four and five are designed to apply a system of real estate indirect investment, in particular securitization-type system, to provide construction companies more financial sources, since the REIT -type system is not active yet More specifically, chapter four presents a way to securitize unsold but completed apartments With a strong credit enhancement measure from the Korea Housing Corporation (KHC). And, chapter five presents a means of securitizing amortized bonds for construction works, both remodelling or newly-constructed, and unsold apartments. In particular, in chapter, the importance of the role of the construction-related surety firms is strongly emphasized, since the risks associated the securitization of amortized bonds for construction works and unsol

건설공제조합의 금융 지원 사업 활성화 방안 연구

왕세종 한국건설산업연구원 2004 한국건설산업연구원 연구보고서 Vol.2004 No.1

SOC 민간투자사업의 금융 조달 원활화 방안

왕세종 한국건설산업연구원 2002 한국건설산업연구원 연구보고서 Vol.2002 No.1

Since the overall amendment of the legal system for private participation in infrastructure (PPI) from the Act on Private Capital Inducement to the Act on Private Investment in 1999 after the financial crisis in 1997, the environment for the PPI system in Korea is in the process of improvement. This is wholly due to the effort of the public and the private sectors. Through the amendment, the Korean government aimed at amending the Act conformable to international standard in order to attract foreign investors for the construction and operation of the infrastructure facilities such as roads, tunnels, airports, and harbors, to name a few. In particular, the government changed the method of private investment in the infrastructure facilities project from a Regulatory System towards a Promotional System in three ways. The first is to refurbishing the frame of the infrastructure projects from a government-centered or government-fianced scheme to a private-sector-oriented or private-investment-initiated scheme. The second is to actively promote creativity and efficiency in the private sector throughout the stages of planning, designing, constructing, and operating the infrastructure project. The third is to introduce advanced management techniques and efficient operation systems by way of inducing foreign capital. However, it is generally agreed among the PPI experts and the practitioners that the performance of the PPI projects even after the amendment is far from their expectation and satisfaction made at the outset. In particular, the environment of financing the infrastructure facilities project is usually pointed out as the main reason for the blame, as there still remain some customary practices which make the private sector difficult in financing the project. The purpose of the current report is to criticize these customary practices and to recommend some measures to enhance the financiability of the private sector. This report consists of four chapters and one appendix, which contains a list of candidate PPI projects by categories during the period from 2002 to 2011 After the introductory chapter, chapter two firstly reviews the current situation of social overhead capital (SOC) investment and the PPI projects in Korea, and then presents a future forecast of PPI projects. Since the late 1990's, the government has consistently increased SOC investment in order to enhance national competitiveness. For the year 2002, the government's budget for SOC investment is almost 16 trillion wons, which is 75 percent increase compared to the previous year's budget. For the case of PPI projects, the number of the on-going projects such as roads, railroads, tunnels, and harbors under the management of the central government, where a total project cost exceeds two hundred billion wons in the amount, is 36, as the end of March, 2002. And, forty unsolicited PPI projects are currently under consideration of Private Infrastructure Investment Center of Korea (PICKO) on the basis of business proposals from the private sector, forty-five percent of which are environment-related projects such as basic environmental facilities, sewage (sludge) treatment plants, and recycling centers. According to a mid and long-term plan recently reported by the SOC-related governmental ministries, the annual amount of SOC investment required during the planning period from 2002 to 2011 is on the average forecasted to range between seventeen to twenty-two trillion wons And, the necessary private investment for infrastructure projects during the period is forecasted to range between twenty-eight to sixty trillion wons, including government subsidies Also, the industries presented a selective list of one hundred seventy-rune candidate PPI projects during the planning period, and their total project costs are estimated about sixty-three trillion wons. Chapter three is the main chapter of this report, which consists of two sections. The first sectio