부동산펀드와 관리형토지신탁의 결합을 통한 부동산개발금융 활성화 방안

Abstract

The real estate fund combined with a managed real estate trust proposed in this study is thought to be a highly appropriate proposal given the cases of PF (project financing) defaults caused by the absence of the development know-how and management of financial institutions as shown in many existing PF cases as well as the market environment in which more various collective investment products are supposed to appear under the Capital Market Integration Law.

Real estate PF, a major financing vehicle in private development projects, needs to be improved for having a more stable business structure. With this aim, there needs to make institutional improvements. Also, real estate PF participants are required to avoid existing customary practices and to develop new credit enhancement techniques. The essence of these improvements is the proper risk distribution. For the reasonable risk distribution, it is indispensable to have business analysis ability and prompt and adequate ability to respond to risks according to each period and situation, and transparent management ability. Without an accurate understanding of and judgment in real estate development business, it is impossible to bear a risk.

This study is meaningful as one of these efforts. For the release of a real estate fund that maximizes the profits of participants through the effective risk distribution, and the role of real estate fund that may normalize or minimize the default of existing business sites that are probable to be in default, through additional financial support, and for financing methods through the ensuring of more stable bonds and risk management from the perspective of ensuring bonds, the management type land trust may be introduced.

The applicable types of the management type land trust proposed in this study include the normalization of existing business sites with PF default such as the bankruptcy of contractors or workout, the application to new development projects, and business within housing site development districts, and they focused on the risk in real estate development projects and aversive methods through the management type real estate trust.

When looking into manageable risks by the application of the management type land trust, relevant cases may be summarized as being the default risk of a truster (contractor), the protection of business from the illegal or unfair act of a contractor, the ensuring of facility in conversion through the simultaneous acquisition and management of the approval right and of a business site, the utilization of a trust company’s specialty that owns development business know-how (process management, business management, fund management, consulting related to approval and permission, and market research), and the protection from creditors of a contractor (aversion from seizure and compulsory execution)

Through the combination with such a management type land trust, it is hoped that more active and diverse real estate funds will appear and there will be a secondary heyday in the real estate PF market.