자본시장통합법 시행에 따른 부동산 PF시장의 변화에 관한 연구

Abstract

In the past when Korea experienced high economic growth, the real estate development industry could easily raise the necessary funds through the pre-sale system based on plenty of demand as well as the corporate financing method. However, severe economic downturn since the financial crisis in 1997 has led to serial bankruptcies of many construction companies due to decreased real estate demand and asset deflation, resulting in difficulties in procuring funds required for the real estate development market. Since then, both the real estate development market and the financial market have faced drastic changes in business environment. The revitalization of the local real estate market and the sales market beginning in 2000 have made financial institutions realize the need to develop loan schemes to meet demand for funds in the real estate development market, and paved the way for adopting project finance based on the business value, feasibility and cash flow of real estate development projects. This encouraged investment in real estate development in full swing. Recently, real estate development financing is mostly based on project finance. One of the biggest issues in the financial industry these days is the enactment of the Capital Market Integration Act which takes effect in February 2009. This act aims to fundamentally reinvent the institutional foundations regulating Korea's capital market and financial investment industry, representing the government's will to consolidate and expand the capital market as the name of the Act shows. Through regulation reform to increase openness and core competency, the government plans to lead the "big bang" of the Korean capital market and enhance the competitiveness of the Korean financial industry. Since the Asian financial crisis, Korean banks have grown in size and achieved global competitiveness through structural reform. Their profitability has also increased. Therefore, the Korean government is seeking reform of the domestic capital market by change the paradigms regulating the capital market by implementing the Capital Market Integration Act. As of the end of 2008, project finance in real estate development financing is experiencing severe financial troubles, perhaps even worse than during the Asian financial crisis, due to high sales price, unsold real estate, raw material price hikes, and financial crisis. Such difficulty promoted financing methods for project finance after the Asian financial crisis. The Capital Market Integration Act taking effect in February 2009 recognizes real estate as a financial product holding a firm position, and eases restrictions on the asset management of real estate funds, allowing investment in other assets considerably. Thus, the Act is expected to contribute to indirect investment in real estate and advancement by broadening the investment scope and management flexibility. Against this backdrop, this study aims to examine measures to make the best use of real estate funds in the real estate PF market which is currently facing difficult times.