The purpose of this study is to analyze the effect of the project environment of the housing redevelopment association on the profitability of the association deciding on the promotion of the project and changes in its members' rights. For this purpos...
The purpose of this study is to analyze the effect of the project environment of the housing redevelopment association on the profitability of the association deciding on the promotion of the project and changes in its members' rights. For this purpose, it attempted to explain the process that the profits obtained through the redevelopment project of its association and its members were reflected in the sale price of the housing and analyze the effect of the project environment of the redevelopment association on its profits and the effect of the profits of the association on changes in its individual members' rights.
This study sought to make a theoretical explanation that the redevelopment association adjusts the sale price of its member by mirroring the size of its previous assets, the size of profits and the characteristics of its members and its members engage in the housing improvement project to increase their assets through proper investment in existing previous assets. As the proper size of additional investment by association members is determined according to the profits of the association, it adjusts the sale price of its members by reflecting the profits of the project in the sale price system. It showed by presenting the process of deciding on the sale price and the interest rate that the adjusted ‘price difference’ becomes the method of reducing the development profits of the housing redevelopment project to the association members.
The ‘price difference’ cannot be used as the absolute value as it is influenced by time. It was set as the dependent variable by transforming the general sale price into the 'disparity in the sale price' divided by the sale price for the association members. This study explained that ‘difference in the sale price’ can become an indicator that represents the profits of the association instead of 'proportional rate‘ using as a criterion for judging the profitability of the current association. The factors influencing on the ‘price difference’ was defined as the project environment of the association, which includes in the government policy factor the characteristics of the pre-project of the association, the characteristics of the project plan, and the characteristics of the project plan. And this study attempted to investigate how this project environments influenced the ‘difference in the sale price’ and ‘proportional rate’. It was found that ‘proportional rate’, unlike ‘disparity in the sale price’, was not influenced by the physical environment before the project, and the ‘disparity in the sale price’ had the high explanatory power of the profit condition in the project promotion environment, the regulatory condition, and the physical condition before the project. As a result, the following findings were obtained:
First, the ‘disparity’ was influenced by the pre-project environment determined in designating the district.
Second, the policy reinforcing the public nature of government reduced the profits of the association but government policy such as the construction of rental housing raised the profits of the association.
Third, it was found that excessive pursuit for their own profits by the association and its members worsened the profitability of the association.
Changes in the form of assets that association members hold before the project and in the value of the size are defined as right change, and right adjustment is made by management disposal in the housing redevelopment project. This study attempted to analyze how the characteristic of the association members' previous real estate and the project environment characteristic of the association had an effect on decision on the proportion of additional burden and the size of housing for sale by dividing data on right changes by the management disposal plan into the district with 'disparity' larger than the average and the district with smaller than the average. And it sought to analyze whether there was a difference between association members as the characteristics of their assets and the project characteristics of the association had a different effect on the 'proportion of additional burden' in accordance with the size of housing for sale provided for the association members.
In the decision on the proportion of additional burden borne by the association member and the size of housing for sale, it was found that there was not a great difference in the influence of the association members' previous real estate regardless of the profit of the association. The project environment of the association had an effect on the association that had a great ‘disparity’ but the district with the small ‘disparity’ was not influenced. The government policy intending to redeem the development profits acted greatly on the large district where the association had the large profits and had an effect on the additional burden of its members. The pre-project physical characteristics and the ‘profit condition’ and ‘regulatory condition’ as the project environment during the project had an effect on the profitability of the association, which had an effect on changes in the right of the association member. Accordingly, changes in the right of the association member should be made smooth by adjusting the scope of applying government policy to the housing redevelopment project in accordance with the profitability of the association.
The characteristic of association members' right transformation is shown to differ according to the size of the housing for sale. The association members provided with the medium size were found to be most greatly influenced by the characteristic of their holding assets. There was a difference in the influence of change in the share of building and land between the association members provided with the small-size housing and those with medium-to large-size housing. It was found that there was a very great difference