Korea Real Estate Review 2021 KCI Impact Factor : 0.75

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pISSN : 2092-5395 / eISSN : 2733-8339

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2014, Vol.24, No.3

  • 1.

    A Study of the Effects of Land Valuation Gains & Losses on Stock Prices, basing on Korea Government-Announced Land Price

    Jong-min Park , 윤춘선 , Hyunchul Chung | 2014, 24(3) | pp.7~21 | number of Cited : 3
    In this study, we estimate the market value and net valuation G/L (gains and losses) of land owned by listed firms on KRX based on annual GALP (Government-Announced Land Price) and then analyze effects of valuation G/L on stock price. Moreover, we examine the rate of GALP over land market value and analyze relationship between asset re-valuation G/L and stock price through method of multi regression analysis. Analysis results show that land valuation G/L have positive (+) effect on stock price during the period 2004~2007 before Global Financial Crisis which broke in 2008, however it changed to negative (-) after the Crisis and its effect was not so big. Asset re-valuation G/L has positive (+) relationship with stock price during the period 2008~ 2010. In case we maintain asset re-valuation G/L from the re-valuation year until 2010 instead of turning the G/L into book value in the years next to re-valuation year, the relation of the year 2010 turned negative (-). Book value per share (BPS) of prior term (t-1) and net income (EPS) show positive (+) effects on stock price at any time. BPS affects more on stock price in total amount, however, EPS coefficient is bigger than BPS’s, which means that investors weigh the cashflow-in originated from EPS higher than BPS, the holding asset.
  • 2.

    A Study on a basis of Other Values except Market Value -Focused on Appraisal Practice-

    최경관 | 2014, 24(3) | pp.23~34 | number of Cited : 2
    There are considerable confusions in appraisal service field because it is ambiguity of concepts of “a basis of value” and “other values except market value” in 「The Rules on Appraisal Practice」. The purpose of this study is to review these problems and to find a solution. There are some profitable suggestions are as follows; First, “a basis of value” is a statement of the fundamental measurement assumptions of a valuation. so “a basis of value” should be translated into “Gachikijune(가치기준)” instead of “Kijunegachi(기준가치)” by Korean. Second, Investment value, Fair Value and Special Value should be introduced into 「The Rules on Appraisal Practice」 as other values except market value terminologically for internationalization of korean appraisal system. Third, a basis of value is one thing and the purpose of appraisal and appraisal conditions are another. Therefore the purpose of appraisal and appraisal conditions don‘t have effect on a basis of value. Fourth, Market value, Investment value, Fair Value and Special Value are only examples on appraisal rules. so appraisers should make a concept of some values by themselves when they need some values that are not prescribed on appraisal rules.
  • 3.

    Characteristics and Influencing Factors of Real Estate Asset Management Strategies in the case of Daegu⋅Gyeongbuk Residents

    Park, Won Seok | 2014, 24(3) | pp.35~48 | number of Cited : 2
    This paper aims at analyzing the characteristics of real estate asset management strategies, and examining factors influencing them. Under these research purpose, questionnaire survey is done and binary logistic regression model is used as a research method. The main results of this study are as follows. Firstly, questionnaire survey results show that respondents prefer expansion of real estate strategy as total asset allocation strategy, and prefer high risk-high return strategy, expansion of local region strategy, expansion of profitable real estate strategy, and diversification strategy of regions and sectors as real estate asset management strategy. Secondly, results of binomial logistic regression analysis show that age, gender, marriage status, household income, main income type, wealth and characteristics of holding real estate are factors influencing each real estate asset management strategies. Especially, age, gender, and household income are key factors influencing a number of real estate asset management strategies.
  • 4.

    Policy Proposals for Efficient Management of the Government Property:with a Focus on Land Use Intensity and Transaction Prices

    이준용 , Son, Jae-young | 2014, 24(3) | pp.49~62 | number of Cited : 4
    Considering the importance of good management of government property, it is surprising that there have not been many studies regarding this issue. It is partly because related data have not been widely available. We use the government property data base to identify two important issues which require policy improvements. One is related to efficient use of government-owned land, and the other is about the price of land at which the government buys and sells. Our study shows that land use intensity is very low even for those the government owns in the large cities where the demand is supposed to be strong. We also find that the government tends to sell land at lower price than the assessment while buys land at the higher price. Based on the analyses, we propose that, firstly, adjacent land parcels should be combined for government uses to improve land use efficiency. Large site would more easily accommodate integrated mixed-use development. Secondly, the government should establish guidelines and performance standards to ensure that the government land is bought and sold at fair prices.
  • 5.

    A Study on Consumer Preference to Develop Multi-complex Commercial Buildings

    우철민 , Shim, Gyo Eon | 2014, 24(3) | pp.63~74 | number of Cited : 7
    Commercial complex is a facility that through the long-term operation of a commercial facility that includes various layers use, issue a profit. Thus, unlike the sales business, to operate in the long term, it is necessary to accurately analyze the cause of consumer preferences. From this point of view, in this study, it is intended to provide the basic data needed to develop and to investigate the cause of the preference of various consumer to use the commercial complex. Configure the AHP questionnaire to investigate the previous studies and related commercial facilities existing, preferred factors, was conducted a survey targeting the general user. Including up to architectural elements in particular, were analyzed how comfort physical whether have a significant impact on the consumer. The results of the analysis, it is determined the role of the tenant is large to the success of the commercial complex priority factor is displayed in the order multiplex movie theater, large mass merchandisers, department stores. On the other hand, architectural elements, it is found that does not play a major role.
  • 6.

    The Justification for Land Bank under Stable Real Estate Prices

    김미숙 , Ryoonhee Kim , Sang-Hak Park and 2 other persons | 2014, 24(3) | pp.75~86 | number of Cited : 1
    As soon as Land Bank started at the end of the 2000s, Land Price Fluctuation was reduced significantly nationwide. The aim of the study is to determine whether the Land Banking System should go on with its banking projects. We explore how land price fluctuations change in the around its district after and before releasing the public development projects in the late 2000s. Employing GIS with spatial correlation techniques, we analysis the HH type only of four types classified with clustering by the amount of annual rate of land price. HH means that the land price fluctuation of the parcel is high with its neighborhoods representing high value. The results are as follows. First, there are clusters with HH type in the target area even recently. Second, the classifications of the land with HH are a rice field, a farm, a forest and a lot. Third, the lands which have the rate of change with more than 30% are scattered across the project districts in the Gyeongnam Province where a lot of land demand for production activity exist. Land banking should be implemented in the regions with the expectation of the derived demand selectively.
  • 7.

    The Legal Analysis of Land Use Regulation System in the U.S -Focusing on the Authority of Federal, State, and Local Government-

    Seungjong Kim | 2014, 24(3) | pp.87~101 | number of Cited : 1
    With historical approach to the role and authority of federal, state, and local governments in the land use regulation system, this research aims to understand the land use zoning in the U.S and to suggest implications to Korea. It focused on the detailed introduction of federal and North Carolina and Illinois laws which are related to land use regulation. Korea has regulated land use under the zoning system of the U.S. However, the regulation authority has been concentrated on the central government as ever in Korea. Although it is difficult to directly compare Korea with the U.S, a federal county, it shows us important implications that the U.S has distributed and changed the authority and role of each government from federal government to local government in the land use control. Accordingly, it is necessary that Korea review the authority distribution of land use regulation between central government and local government considering the case of the U.S as follows: first the restoration of local government’s authority to control land use, second the positive action of central government to the environmental problems including climate changes, third the change of land use control to the qualitative management.
  • 8.

    A Study on the Problems in Managing Asset-Based Lending and Improvement Plan for the System Revitalization

    Taehoon Kim , 정주희 | 2014, 24(3) | pp.103~118 | number of Cited : 0
    The purpose of this study is to provide an improvement plan for the system revitalization through examination of the management status of the asset-based lending and related problems. A summary of the major results is as follows. First, policy support is necessary to build the internal enforcement system of financial institutions for the smooth process in dealing with asset-based lending, and review extending the types of subjects to collateral acquisition. Second, it is necessary to improve the movable property security registration system, such as authorizing the inspection right to the certificates of all registered information, relieving the burden of financial institutions on the title deeds inspection, and improving the movable property security registration system and building a speedy movable property auction system by improving the execution procedure. Third, enhance the reliability and professionalism of the movable property appraisal through: 1) providing the specialized training and fostering specialists on the movable property appraisal, 2) establishing the appraisal approaches and process by the types of objects, 3) building the DB of movable property appraisal, and 4) inspecting the eligibility of the collateral. Fourth, it is necessary to prepare the efficient and systematic collateral management system shared among financial institutions, enhance internal risk management system and build a systematic evaluation system, build the DB of movable property collateral registration and evaluation information, and establish various markets for distribution and disposal.
  • 9.

    An Analysis on Monthly Payments for Elderly Housing with Supportive Services in Japan

    도주은 , Seon-Jong Yoo | 2014, 24(3) | pp.119~132 | number of Cited : 3
    This study aims to propose the construction of elderly housing with supportive services, a form of elderly housing provided for the middle-income class, based on the Japanese case, analyze characteristic variables that affect monthly payments for such housing, and thereby seek a way to apply it to the Korean market. This study categorizes the characteristics of ‘Elderly housing with supportive services’ into service, facility, location and contract and size carries out an empirical analysis on 20 characteristic sub-factors as independent variables. According to this study, ‘facility attached to the housing’ or ‘public use’ or ‘houses located in Tokyo Zone 23’ had a positive(+) impact on monthly payments. Total floor area had a negative effect on monthly payments at first, but started to increase when the total floor area exceeds 3,137m2. This result means that economy of scale exists. The amount of average payment for Tokyo ‘elderly housing with supportive service’ is 19,700Yen per month, and this is roughly equivalent to average monthly consumption of Tokyo residents. The significance of this study lies in its focus on ‘Elderly housing with supportive services’, an area almost bereft of preceding studies, and the undertaking of an empirical analysis on monthly payments utilizing related data. Additionally, its selection of Tokyo as its spatial scope provides insight on urban elderly housing for which there is high preference.
  • 10.

    A Study on the Practical Appraisal about Expected Rates of Return in Rents

    권현진 , Lee Young Ho | 2014, 24(3) | pp.133~147 | number of Cited : 2
    This study established the practical concept of rent appraisal and empirically analyzed the estimation of expected rate of return for rent appraisal. As a result, ranges of all expected return rates were wider than ranges of rates on “Land Compensation Guidelines”. In the case of residential lands and commercial lands, the wide range of expected return rates appeared differently according to the actual use of land. In addition, even the same type of real estate was different from the region to figure out return rates for rent appraisal. It was shown that the expected return rate reflects the market conditions in the region. These results suggest that rates of “Land Compensation Guidelines” should be revised and the specific application method of expected return rates on “Appraisal Practice Standard” should be presented.
  • 11.

    A Study on Impacts of Consumption-Amenity Accessibility on Land Price in Gangnam-Gu, Seoul

    안혜성 , Chang-Deok Kang | 2014, 24(3) | pp.149~165 | number of Cited : 6
    Human capital has been thrust of city growth in recent years. They are high earners so it means that both the demand of a rich variety of services and goods increase and the price of the time become more expensive. Zoning have many problems so it is need to development that jobs, housing and commercial service and facilities in a neighborhood. Therefore consumption amenities are became closer, land price more expensive. This study aims to provide the impact of consumption amenity accessibility on land price by analyzing 1,057 land parcels in Gangnam-Gu, Seoul. This study classified consumption amenities in six sub amenities and measured 5 accessibility indices. The result from multi-level regression models shows that consumption amenities' proximity has an effect on the land price but has negative effects on land price within very close proximity. However, finance and culture amenity proximity affects positive land price within very close proximity.