토지신탁과 부동산개발금융을 결합한 주택공급방안 연구

다국어 초록 (Multilingual Abstract)

The purpose of this study is to analyze the relationship between current real estate financing and real estate trust and to find out how to reduce financing costs of actors involved in housing development. A new system which is discussed and proposed in this paper is the real estate financing model coupling project financing and real estate trust for housing development more easily. Through the system, financial institutions which provide PF for purchasing real estate acquire collateral by establishing priority right of pledge to beneficiary certificate of real estate trust. It redeems a loan through receiving dividend by trust and cession construction A/R from construction companies. Financial institutions obtain a priority of the redeemable right in its PF loan and does not have to give a long term loan. This system also makes it possible construction companies with bed credit rating to receive PF loan from financial institutions by using credit rating of real estate trust as leverage. In this structure, financial institutions do not have to primarily rely on payment guarantee of construction companies and construction companies are released from heavy burden of PF payment guarantee which leads to the current real estate crisis.
In order to let this new system be established more firmly in the korean real estate financing market, some improvements should be made. First, government has to enforce stricter rule for payment guarantee which will revitalize the real estate trust system. Second, credit rating of the real estate trust companies must be improved for low interest loans. Third, the real estate trust companies need to be differentiated itself by brand marketing. This system will minimize development costs of actors involved in housing construction and eventually help stabilize land and house prices.

참고문헌 (Reference)

1 장대원, "신탁재개발방식에 의한 도심재개발사업의 사업성 영향요인 연구" 한국도시설계학회 7 (7): 5-24, 2006

2 한국금융연수원, "신탁업무1,2 편람"

3 Richard T.Garrigan, "부동산투자신탁(REITS)" 부동산투자회사연구회 2001

4 김종서, "부동산개발신탁사업에 있어 신탁수익권증서의 활용을 통한 자금 조달방안에 관한 연구" 5 (5): 2007

5 한국부동산신탁, "부동산 신탁업무방법서"

6 조재천, "부동산 개발사업에 있어서 금융기법에 관한 연구" 건국대학교 2004

7 김동윤, "금융기관의 부동산개발신탁제도 도입방안에 관한 연구" 동국대학교 1993

8 한국은행, "국내은행의 프로젝트 파이낸싱 취급현황"

9 고제관, "건설금융의 구조적 개선 및 활성화 방안 : 부동산 금융중심으로" 연세대학교 2003