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2013, Vol.23, No.2

  • 1.

    Legal Issues in the Loan Securitization Backed by the Public’s Refund Guarantee on Land Payment in PPP (Public-Private Partnership)

    Jin Kim | 2013, 23(2) | pp.7~33 | number of Cited : 2
    Abstract
    The purpose of this study is to examine the loan securitization structures of PPP (Public- Private Partnership) development projects of which underlying asset credits are backed by the public companies (i.e. government- or municipality-sponsored entities)’s refund guarantee on project companies’ payment for land cost then analyze legal issues concerning the project safety and the public companies’ financial status. It scrutinized two cases of ABSs (Asset Backed Securities) and two cases of ABCPs (Asset Backed Commercial Paper) in PPP: that is, Yongsan International Business District and Byulnae Central Business District for the former and Kwanggyo and Eunpyung Central Business Districts for the latter. The study found some legal risk ambushed in the public’s refund guarantee. First, when the event of default occurs, the public must subrogate the project companies’ obligation: which entails the cancellation of land contract thus leads to the rescission of project agreement between the public and project companies. It questions whether it is rational for the failure of project company’s loan repayment to break down the important PPP projects designed to enhance the public interests. Second, though the usual project agreements include the covenants how to calculate the refund amount in conformity with the subject of imputation, the public’s subrogation amount is fixed in securitization contracts therefore no one is confident about the appropriateness of the public’s subrogation. The public companies take the risk to overpay ABS or ABCP SPCs (Special Purpose Companies). Third, the unconditional payment guarantee by the public firms detected in ABCP agreements may violate the regulation on the issuance of corporate bond. Fourth and the last, the legal obligation of unconditional payment guarantee in ABCP can be compatible with that of the refund guarantee: which causes the jeopardy of double payment.
  • 2.

    An Empirical Analysis for Sales and Rent on Expressway Service Areas

    김희선 | Hyun-Seok Lee | 2013, 23(2) | pp.35~52 | number of Cited : 4
    Abstract
    Most studies of expressway service areas have focused on the perspectives of service area visitors, not on their value in real estate perspectives. This study try to clarify real estate value of expressway service areas in terms of the factors affecting sales & rent by using panel data from 2005 to 2010. The empirical result of this study suggests that pricing factors affecting service area sales are 1) traffic which belongs to their highway section, 2) physical condition on gas station, large parking areas, and comfortable building place for rest, 3) regional condition like Gyeonggi area. Pricing factors affecting the rent of service areas are almost the same as the factors of their sales except the management type of service areas. The rental cost of personally-built service areas is more higher than Build-Transfer-Lease (BTL) service area’s rental. However, major factors in determining the rates of rental depend on management type and regional differences.
  • 3.

    The Effect of B2B Service Quality of Medium/Large Scale Office Building on Performance Variables

    DongHwan Kim | Joo Hyun Cho | 2013, 23(2) | pp.53~78 | number of Cited : 2
    Abstract
    So far, office building service quality has been studied on the causality between service quality and customer satisfaction based on the SERVQUAL and SERVPERF model without the distinction of consumer and industrial goods. However, the office building B2B service quality is to be made by the research focusing on the B2B service quality at the point of view of the producer or business activities, because the office building B2B service quality is involved in the production factors or intermediate consumer goods. This study focused on the mediating roles of these three construct-office building B2B service quality, relationship satisfaction and relationship retention-in predicting tenant loyalty (contract renewal and word of mouth). All the hypotheses of positive relationships among good B2B service quality, relationship satisfaction, relationship retention and loyalty are statistically accepted. According to these results, landlord and property manager of medium/large scale office building must differentiate their properties in the B2B market and retain tenants. Also, they need to increase existing tenant’s satisfaction rather than one-year-before tenant satisfaction to achieve a higher loyalty (tenants retention and word of mouth) in the long run.
  • 4.

    A Study on the Residential Mobility Factors by Household’s Age

    Mihwa Lim | 2013, 23(2) | pp.79~94 | number of Cited : 18
    Abstract
    In this study, using the Korea Labor and Income Panel Study 13 years data, I analyze the residential mobility factors of households in Korea with household characteristics and housing market variables. Analysis results is residential mobility is affected by life cycle needs and the housing market. But house price fluctuation has more influence on the residential mobility than life cycle needs. Residential mobility factors of elderly households is different young and middle-aged households factors. Elderly households is less residential mobility than young-age and middle-age households. They are not affected by changes in housing prices. These results, when an increase in the old-aged households inevitably will be forced to reduce the residential mobility. But young and middle-aged households have active residential mobility more than old-aged households.
  • 5.

    A Study on the Housing Wealth Effect Change by Household’s Risk Aversion

    Kim, Young-Jin | 2013, 23(2) | pp.95~116 | number of Cited : 3
    Abstract
    The studies of the housing wealth effect (HWE) concern the relationships between consumption changes and house price appreciation. This paper examines whether HWE is dependent upon households’ attitudes toward risk. Using a model in which the household makes leverage decisions with empirically plausible korea parameter values, HWE is a decreasing function of the households’relative risk aversion. The effect is positive for less risk averse households, but it can be negative among households who are highly risk averse. In the case of household with no credit constraint, When risk aversion parameter is 0.1, each one million won increase in home value can increase consumption by 88 thousand won. Households with a lower initial loan to value ratio experience greater HWE. This suggests that households who are less credit constraint are more able to mortgage refinancing to fund extra consumption. And grouping households according to their degrees of risk aversion, we estimate the effect of house price growth on consumption growth for each group. The empirical results are consistent with our model prediction. The HWE varies significantly across groups, and it is decreasing in risk aversion.
  • 6.

    An Empirical Study on the Correlation between the Housing Sales Market and Auction Market -Focused on Before and After the Global Financial Crisis-

    Chun Haejung | 2013, 23(2) | pp.117~132 | number of Cited : 12
    Abstract
    The present empirical study is intended to investigate the dynamic correlations between before and after the global financial crisis for the monthly data of apartment sale price index, number of action houses and successful bid price ratio in Seoul during July 2002 to March 2013. According to the cointegration test results, there was the long-term equilibrium relationship between the variables in period 1 and period 2. A long-run equilibrium equation shows that the successful bid price ratio of Seoul apartments has negative (-) value for period 1, but positive (+) value for period 2, against the number of action houses. According to the impulse response analysis, for unit impact of the sales price of Seoul apartments, the successful bid price ratio shows a continuous positive (+) reaction for period 1; while it shows positive (+) reaction initially, followed by negative (-) reaction, and eventually converges to zero(0) in period 2. For the unit impact of the number of auction apartments of Seoul, the successful bid price ratio shows a continuous negative (-) reaction for period 1, while continuous positive (+) reaction for period 2. To summarize the empirical analysis results, there is a change in housing auction market as well as general housing sales market before and after the global financial crisis; the signs of the results matched between from the long-run equilibrium equation and from the impulse response.
  • 7.

    A Study on the APT Price Fluctuation by the Rate of Economic Growth

    이수용 | Tae-Ug Rho | 2013, 23(2) | pp.133~152 | number of Cited : 6
    Abstract
    This research is the empirical study on price fluctuation in housing market, using time series data of the rate of economic growth and transaction based APT index from the 1Q 1986 to the 4Q 2012. The Vector Error Correction Model can be used, since the long-run equilibrium relation is verified by the result from the trace test of co-integration between the rate of economic growth and APT price of the six metropolitan cities including Seoul. Consecutive verifications of Exogeneity, Impulse response function and Analysis of variance confirm that the rate of economic growth is the long-term pioneer variable of APT price in sequence. And through the Error Analysis of variance, we can see that the gradual rising in importance of economic growth rate in regional APT market as time goes by. The APT price in Seoul impacts more in Daegu, Daejeon than in its region itself and less in Pusan, Ulsan. And it is insignificant level in Gwangju. In brief, the APT price tend to follow the economic growth rate in economical point of view without the concern of regional characteristics and indigenous individuality. Especially the APT price in Seoul exercise a far-reaching influence on other regional APT price. It can be a useful information for the participant in real estate market and also meaningful guidance for government’s real estate policy.
  • 8.

    Effects of Regional and Neighborhood Living Environment on Mixed Use Apartment Prices

    박나에 | Sang Kyeong Lee | 2013, 23(2) | pp.153~170 | number of Cited : 14
    Abstract
    The purpose of this paper is to analyse effects of regional and neighborhood living environment on mixed use apartment prices in Seoul. Previous studies have limitations for identifying price differences among boroughs because they used the single level model like ordinary least square regression. To overcome these limitations, we use hierarchical linear model (HLM), concretely random intercept model and random coefficient model. We establish database with hierarchical structure using apartment sale prices of Ministry of Land, Infrastructure and Transport. By considering market characteristics, we adopt centrality and income level as higher level characteristics. To represent these characteristics, we use daytime population index and college graduates-to-population. To represent neighborhood living environment characteristics, we use the area of community facility, nearest park distance, subway distance, the number of middle and high school and large commercial facilities. We find that regional centrality and income level effect positively on mixed use apartment prices and neighborhood living environments effect positively, too.
  • 9.

    A Study on the Land Contract Price Curve in Real Estate Development

    신동준 | 2013, 23(2) | pp.171~185 | number of Cited : 1
    Abstract
    In any real estate development project, land contract prices tend to rise as contract closure rate increases. The study has analyzed this increasing trend and found that it shows a cubic curve, where price at which contracts were being closed were low in early stage of the project, higher as more contracts were closed, and increased exponentially when closure rate was over 80 percent. Unlike Lee Jung Jeon’s curve that shows a price increase with higher contract closure rate, the cubic model found in this study showed a surge in contract price as closure rate surpassed a certain threshold point. In land contract, contract price point does not find an equilibrium automatically, and the cubic model of this study, where contracts are closed at low price in the beginning and at higher prices as more contracts were being closed, seems to be a better tool in explaining how contract price increases on both practical and theoretical lovels.
  • 10.

    A Study on Application of Conjoint Analysis to Evaluation of the Consumer Preferences for Urban Entertainment Center

    Joo Hyun Cho | 양은경 | keum sang su | 2013, 23(2) | pp.187~208 | number of Cited : 6
    Abstract
    Conjoint analysis is widely used in the field of marketing as a way to understand and incorporate the structure of consumer preferences into the new product design process. Conjoint analysis attempts to determine the relative importance consumers attach to salient attributes of new product and the utilities they attach to the levels attributes. The utilities derived from conjoint analysis can be used as input into a choice simulation to determine the share of choices, and hence the market share of different combining the separate amounts of utility provided by each attribute. This study suggests developers can use conjoint analysis in evaluating their development alternatives to increase consumers’ acceptability of their Urban Entertainment Center and possibility of successful development. With empirical research, this study shows developer can understand the relative importance of attributes that consist of their development alternatives and find out an ideal retail property alternative through conjoint analysis.
  • 11.

    A Study on the Effect of the National Housing Fund to Support Private Investment Dorm’s Operating

    이중식 | Seon-Jong Yoo | 2013, 23(2) | pp.209~230 | number of Cited : 6
    Abstract
    The study shows how existing private-invested dormitories are reversely discriminated by not being able to be subsidized from National Housing Fund by using Discount Cash Flow Analysis depending on structures of Special Purpose Company. The results show that subsidies given by NHF can unfairly advantage its beneficiaries when it comes to dormitory management. Hence, it may undermine profitability of the non- subsidized SPCs. In this paper, the study examines the gap in boarding expenses between NHF subsidized and non-subsidized private-invested dormitories. It also analyzes the differences in overall payments and periods of amortization. It finds that interest rate of amortization is one of the key factors affecting boarding expenses and amount of overall payments.
  • 12.

    A Study on the Appraisal of Estimation Cost for Sale of State-owned Land

    김영화 | Park,Chang-Soo | 2013, 23(2) | pp.231~255 | number of Cited : 2
    Abstract
    With reference to the appraisal of estimation cost for the sale of state-owned land, there is now the lack of general appraisal standards for job performance. The purpose of this study is to give general standards and directions of the appraisal for the sale of state-owned land to improve the appropriateness and objectivity of appraisal. First, when the Agency of National Property Management requests the sale of state-owned land, it must write general matters, as well as sale-related laws for reference, sale reports, contract methods, the state of prospective buyers private land belonging to state-owned land. And this must be provided in the related laws as indispensable mentioned items that will specify in a written request for sale. Second, the appraisal of estimation cost for the sale of state-owned land must be, preferentially, subject to sale costing by contracts, costing by the level of contribution at the land on sale, and use-abolished condition. For the building sites of highest and best use, the drop in land prices caused by building must be considered. The appraisal of use area change will have to be based on the changed use area except in the case by the 「Act on the Acquisition of and Compensation for Land, etc for Public works」. Third, the appraisal for the sale by individual laws must be based on individual laws. Because the base point and the method of the appraisal for the sale of state-owned land depend on the intent of individual laws.
  • 13.

    A Study on the Including Development Gain to Sale Claim Price Appraisal for Reconstruction Project

    김윤식 | 2013, 23(2) | pp.257~279 | number of Cited : 1
    Abstract
    In reconstruction project, a project operator secures the ownership of the real estate of an owner that is not entitled to have the qualification of an union member or does not agree with the project through claim for sale. As for the claim for sale, the agreement is deemed to be concluded in case the union as a project operator exert the right of the claim, and the sale price is determined by a court. The price of claim for sale is set through a precedent which provides that the development profits from this project shall be contained, and the method to contain the development profits is specified in the transaction comparative social law. The price of real estate commonly has dealings in consideration of profits that are expected to occur in the future, and since the transaction prices of the real estate in the reconstruction area are formed by reflecting the expected benefits resulting from the project implementation, the price calculated based on these transaction criteria can be considered to reflect the development projects properly. However, the real estate usually has different prices formed depending on individuals due to its unique characteristics, which is demonstrated in the result of analyzing transactions of houses with similar features in the same project area. Thus, it cannot be said to reflect the proper development profits in case of evaluating claim for sale based on different transaction price. In this regard, this study pointed out that to address these problems, there is a need for a method to calculate the proper development profits using methods utilized in the previous valuation, and to determine the range of resonable development profits and appropriateness of transaction cases through a comparative analysis of transaction prices by estimating the actual value of equity in which the development profits are reflected. Hopefully, this study will be helpful to lead to an amicable agreement through the resolution of complaints about the development profits, which serve as the subject of dispute between clamant for sale and the other party.
  • 14.

    A Study on the Residential Satisfaction Determinants of Long-staying Foreigners in the Philippines -Focused on Makati Area-

    이승호 | 김종원 | 2013, 23(2) | pp.281~299 | number of Cited : 3
    Abstract
    This study attempted to identify residential choice characteristic factors, residential satisfaction to foreigners who have left their homeland to live in Metro Manila for a long time among other foreign nationals particularly Koreans. For the purpose, the questionnaire research was conducted in key cities in Metro Manila by selecting the factors universally used in previous studies at home and abroad. The whole model was estimated using the SPSS regression analysis pattern. As a result, the effect of 7 explanatory variables of residential choice characteristic factors on residential satisfaction as the dependent variable was calculated to have the statistically significant estimated coefficient at the significance level of 1%. The effect of the residential choice characteristic factors of foreign occupants in Metro Manila on their residential satisfaction was found to be in orders of amenity (healthiness) (0.269), safety (0.243), locationality (convenience) (0.236), sociality (0.217), educational environment (0.176), view (scenery) (0.169) and economic value (0.141). The subject foreign residents in Metro Manila felt a very high level of reliability as to residential satisfaction.
  • 15.

    A Study on the Remedy for Private Property Rights in Uncompensated Land

    Sungkyu Park | 2013, 23(2) | pp.281~299 | number of Cited : 2
    Abstract
    The purpose of this study is to show empirically that appraisal principles provided by law to remedy private property rights of uncompensated landowners lead to inefficient outcomes because the principles are not in conformance with the incentives of public institutions. The study also aims to demonstrate that the appraisal standards established to enforce the appraisal principles are disjunct from reality and therefore are not properly observed. A brief review of uncompensated land concepts and occurrences by types will be followed by a look at changes in legal appraisal principles regarding uncompensated land and remedies for rights of relevant property owners. It will then go on to show that current appraisal principles established to favor public institutions distort condemnor (government, etc.) incentives and bring about inefficiency. In its place, to make improvements upon such inefficiency, the study proposes new type of appraisal principles that protect landowner’s rights more positively. To do this, the study uses appraisal data to prove empirically that the standards (past land use) for enforcing current appraisal principles are not in harmony with reality and that this disharmony only increases the possibility of uncertainties and errors confirming justification for new appraisal principles. With changed and enhanced thinking of people’s rights, it is noted that legal professions and policy-makers need to give careful considerations to infringements of private property rights that have been long overlooked.