竣工 後 未分讓아파트 流動化에 관한 硏究

Abstract

Housing construction companies are facing a financial difficulty because of the unsold newly built apartment. The amount of unsold newly built apartment has been rapidly increased for the last couple of years, still it remains 160,595 unsold apartment in July, 2008. The objective of study is to analyze the case of the unsold newly built apartment liquidization and to suggest several ways of activating liquidization. The ways of stimulating this liquidization are suggested as follows. First, in order to reduce 'completion risk' and 'redemption risk' which are the biggest risk factors in the process of liquidization, reinforcement of credit by the public enterprise is necessary. To prevent completion risk, it is necessary to introduce new product such as 'completion guarantee.' Also, to reduce redemption risk, it is helpful to introduce Buy-back Option to purchase apartments remained unsold in the procedure of liquidization within the limit of the price that guarantees repayment of the principal of Asset Backed Securities. Second, the issue of Asset Backed Securities should be reorganized by the order of priority. By this reorganization, we can enforce the credit of Asset Backed Securities and derive construction companies to take an active part in liquidization, as well as relieve criticism about moral hazard on liquidization of the unsold newly built apartments. Third, the financial resource for the purchase of unsold apartments should be procured by supplying funds in a way of issuing bonds or Asset Backed Securities on purchased unsold apartments as security. Forth and the last, there must be a measure for liquidization of pre-built unsold apartment to solve the problem. For effective liquidization, the factors that limit liquidization such as difficulties in verification of one's right and twice-over selling risk must be removed. Also, it will be very helpful for construction companies to liquidize unsold houses if Korea Housing Guarantee co., Ltd to take charge of management&disposition trust operations.