未分讓住宅 解消를 위한 不動産펀드의 投資事例 收支分析에 관한 硏究 = (A) study on the cash flow analysis of the case of investment in the fund for unsold apartments for their settlement

다국어 초록 (Multilingual Abstract)

Influenced by the excessive construction of apartment housing by private housing builders in the localities falling short of housing demand since 2003 and the depression of domestic housing business related to the global financial crisis in 2007, an excessive number of unsold apartment houses have recently been accumulated. As a result, the realities are that social and economic problems are serious, such as the chain insolvency of housing builders has occurred, and worry about the resultant insolvency of the financial sector.
To resolve the excessive accumulation of these unsold apartments, government has taken the demand promotion measures such as financial support for consumers' housing; reduction and exemption of capital gains taxes; the easing of demand promotion and the like. And it has taken the purchase support measures such as the purchase of the uncompleted unsold apartments on condition of their repurchase, the discounted purchase of completed unsold apartments, the purchase of unsold apartments by REITs and funds, the purchase of unsold apartments by securitizing the corporate bond and the like. Influenced by the government measures to resolve the unsold apartments, some of the unsold apartments in Seoul and the metropolitan area have been settled. But the government measures do not have any impact on the settlement of the unsold apartments in the localities which their accumulation is serious.
This study attempted to analyze the cash flow on the case of investment in the No. 1 fund for the unsold apartment of Mirae Asset under the thought that the scheme to settle unsold apartments by the fund for them using commercial liquity funds is the most desirable system as the measure to settle the accumulation of unsold apartments. As a result, it was first found that it had the profitability of investment in unsold apartments. Second, analysis showed that the early sale of unsold apartments to the fund contributed to the improvement of earnings and expenses about 2.5 times than the sale of unsold apartments by the construction company.
Third, it was found that it was favorable that the construction company should get incorporated into the fund though it may bear the additional commission stemming from its incorporation into the fund due to funding at the low interest rate.
Fourth, it was found that changes in the rate of sale, of several variables having an effect on the cash flow of the fund for unsold apartments, accounted for the highest proportion and the rate of definite promise to purchase did not relatively account for any great proportion.
In conclusion, the cash flow analysis of the case of investment in the No.1 fund for unsold apartments of Mirae Asset showed that there was the profitability of investment in the fund for unsold apartments. It was made clear that the project budget by the sale of the fund was much more favorable than the sale of unsold apartments by the construction company. Therefore, it is necessary to revitalize the real estate securitization system by REITs and fund for unsold apartments in the future.
Accordingly, this study made the following suggestions to revitalize the measure for settlement of unsold apartments at the governmental level.
First, it is necessary to continue promoting tax reduction and exemption related to the incorporation of unsold apartments into the fund.
Second, it is necessary to provide the support of taxes and public funds for the subscribers of REITs and fund for unsold apartments.

목차 (Table of Contents)

• 제 1 장 서론 = 1
• 제 1 절 연구배경 및 목적 = 1
• 제 2 절 연구범위와 방법 = 3
• 제 2 장 이론적 고찰 = 4
• 제 1 절 주택공급 제도 = 4
• 1. 주택공급의 의의 = 4
• 2. 입주자 모집조건 = 6
• 3. 입주자모집 절차 = 7
• 제 2 절 선분양제도와 후분양제도의 비교 = 9
• 1. 주택선분양제도 = 9
• 2. 주택후분양제도 = 11
• 3. 양제도의 비교 = 14
• 제 3 절 선행연구와의 비교 = 15
• 1. 선행연구 검토 = 15
• 2. 본연구의 차별성 = 16
• 제 3 장 미분양적체의 원인과 대책 = 18
• 제 1 절 미분양적체 현황과 원인 = 18
• 1. 미분양적체 현황 = 18
• 2. 미분양적체 원인 = 25
• 제 2 절 미분양적체의 문제점 = 38
• 1. 건설업체의 유동성 위기 = 38
• 2. 금융기관의 동반부실 우려 = 42
• 3. 지방경제의 침체 심화 = 46
• 제 3 절 정부의 미분양 해소대책 = 48
• 1. 과거 미분양적체시의 대책 = 48
• 2. 최근 미분양적체에 대한 대책 = 52
• 제 4 절 정부대책에 대한 평가 = 70
• 1. 정부대책의 한계 = 70
• 2. 미분양 유동화 필요성 = 73
• 제 4 장 미분양펀드 투자사례 수지분석 = 77
• 제 1 절 미분양펀드의 의의 = 77
• 1. 미분양펀드의 개념 = 77
• 2. 유사개념과의 차이 = 78
• 3. 투자사례 수지분석 필요성 = 79
• 제 2 절 미분양펀드 투자사례 = 80
• 1. 매입대상 개요 = 80
• 2. 펀드구조 및 특징 = 82
• 3. 펀드 상품개요 및 투자구조 = 83
• 4. 투자금액 및 자산매각방안 = 85
• 제 3 절 미분양펀드 투자사례 수지분석 = 87
• 1. 기본가정 = 87
• 2. 미분양펀드 사업수지 = 90
• 3. 건설사 자체분양 사업수지 = 95
• 4. 건설사 펀드매각 사업수지 = 99
• 제 4 절 시사점 = 101
• 제 5 장 결론 및 제언 = 105
• 제 1 절 결론 = 105
• 제 2 절 제언 = 108
• 참고문헌 = 111
• 부록 = 113
• ABSTRACT = 125