Korea Real Estate Review 2021 KCI Impact Factor : 0.75

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pISSN : 2092-5395 / eISSN : 2733-8339

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2017, Vol.27, No.2

  • 1.

    The Effects of House Price on Mental Health

    KIM DAEHWAN , Kim, Eun Joo , Kang, Da Seul and 1 other persons | 2017, 27(2) | pp.7~18 | number of Cited : 2
    Under the circumstance that the proportion of real assets among whole household assets is high and the roles of real assets play are not only limited to residence but extended to investment in Korea, the economy of the real estate is essential to individual perspectives as well as macroeconomic point of view. Whereas priori studies related with the real estate have focused on macroeconomic perspectives or estimating the real estate cycles, there is little studies the association between the real estate and individual mental health. By applying the correlated random effect lodit model to Korea Health Panel of 2008~2013, this study investigates whether the house price affects individual’s mental health or not. Further, we examine the hypothesis that the house price would affect differently between the individuals who own a house and those who do not. The empirical results show that the likelihood of experiencing depression for house owners decreases when a house price increases and such association between the house price and depression is not detected for tenants. The results of this study imply that the government’s intervention to avoid hard landing of the real estate market would be positive for people’s mental health as well as macro-economy.
  • 2.

    A Study on the Priorities of Winning Determinants of Real Estate Development Permit Lawsuit Case Using Decision Tree Analysis Method

    Kim, Yo Han , Sangyoub Lee | 2017, 27(2) | pp.19~34 | number of Cited : 4
    The purpose of this study is to analyze the extent to which the causes of the administrative cases related to the granting of the developmental act in real estate public law cases are significant by the computer. For this purpose, we have based on previous studies of foreign countries which analyze court precedent data through statistical and artificial intelligence methodology and predict court judgment. The method of analysis is the quantitative analysis of the variables that are significant in the outcome of the actual 319 judgments using decision tree analysis. As a result of the analysis, CHAID analysis showed that four variables such as civil complaint, landmark, appropriateness of environmental harmony, land use zoing or urban planning have meaning. In the CRT analysis, three variables such as area, civil complaints, precedent illegality were found to have meaning. Based on the results of this study, it is possible to refer to the results of research in the preparation of defense in the decision of whether or not to file a lawsuit related to grant of developmental act or the filed administrative litigation. Furthermore, it will increase understanding of the outcome of litigation.
  • 3.

    The Impacts of Industrial and Technical Districts on Housing Prices : Evidences from Baoding City

    Wu, Qian , Wan, Jia | 2017, 27(2) | pp.35~57 | number of Cited : 0
    With the deepening of China's reform and door opening, the Chinese real estate market has gradually played a significant role in its economic growth. Since “Beijing-Tianjin-Hebei coordinated development policy” was introduced in 2014, Baoding city has taken on the task of receiving industry transfer from Beijing and Tianjin by developing industrial and technical districts. The policy has improved Baoding’s economic development, while it might also affect the house prices in this city. So, what influences industrial and technical districts (driven by industrial transfer) have on housing prices are important and worth exploring. This study therefore employs transaction data collected from Baoding’s housing market to investigate the effects of multiple factors, such as geographical, construction, and neighborhood characteristics on housing prices using the hedonic method. My empirical results show that the distance to high-speed railway, high-tech industrial development zone and science and technology park affect housing prices significantly in the city.
  • 4.

    Membership Golf Course Bankruptcy and Membership Right

    Seok-Hee Lee , Lim, Jae Man | 2017, 27(2) | pp.59~76 | number of Cited : 5
    This paper argues what are the main issues of infringed golf membership right in the bankruptcy process of membership golf courses and how to solve it. In addition to the legislative imperfection of the 「INSTALLATION AND UTILIZATION OF SPORTS FACILITIES ACT」, undermining of the rights of golf members in the corporate rehabilitation procedures became more serious since the enforcement of the ‘Debtor in Possession(DIP)' in 2006. This study analyzed 32 cases of golf clubs that were newly opened after 2000 and applied for rehabilitation procedures. As the way to survive, most of the golf courses faced with the bankruptcy chose the corporate rehabilitation procedures which are controlled by the court. DIP is widely used by the court, but many cases doubt it undermines the golf membership rights. This study suggests three ways overcome these concerns. First, in order to mitigate the risk of bankruptcy, we propose transparency enhancement of management, reinforcement of enrollment management, and regulation of the total amount of issuing membership. Second, it suggests strengthening the effectiveness of business succession of membership golf courses, the establishing a rehabilitation plan through membership consultation, supplementing DIP, such as the appointment of an external professional manager or co-custodian. Third, in the process of rehabilitation, it is a way to finance of membership golf courses using ‘Priority Claims’ approved by the court.
  • 5.

    The Effect of Customer Satisfaction and Switching Barriers on the Determinants for the Tenant of the Small and Medium Building on the Recontract Intention

    Im, Yoon Soo , Kim, JaeTae | 2017, 27(2) | pp.77~94 | number of Cited : 0
    The aim of the study is to find the effect of customer satisfaction and the switching barriers on the determinants for building tenants. This study is focused on the small and medium building rather than large one in terms of the building scale. The analysis has been done based on 257 questionnaires collected from the tenants running a business in Gangnam-gu and Seocho-gu. Following is the results summary of the research: First, we have found that the tenant satisfaction level of location, cost and management of the building has a positive influence on recontract intention. Second, we have assured that the service level of facilities of the building has a nonsignificant influence maybe because the expectation level of the service of building facilities is different from each tenant. Finally, we have found from this study that tenants have a tendency to renew the contract with the current landlord if building service is in O.K level even if they want to relocate to other buildings. The main reason is due to the switching barriers from the standpoint of the financial risk along with time consuming job to find better place than current one.
  • 6.

    Examining the Determinants of Short-run Hotel Room Demand and Room Rates : A Panel Data Simultaneous Equation Model

    Yu, Hyun Sun , Seon-Jong Yoo | 2017, 27(2) | pp.95~109 | number of Cited : 5
    This study examines the interrelationship between hotel room demand and room rates for three-star to five-star hotels located in major five metropolitan areas in South Korea during the 2000 to 2014 period. The Fixed Effects Two Stage Least Squares(FE2SLS) method through a panel data simultaneous equations model was estimated to uncover how hotel attributes and market attributes affect the number of rooms sold and the room price, Average Daily Rate(ADR). The estimated results indicate that ADR as an endogenous variable and exogenous variables such as the age of a hotel, one-year-lagged hotel's occupancy rate, the ratio of foreign guests, GRDP per capita, the growth rate in exchange rates, and one-year-lagged room inventories per land area are important determinants of the room demand function. In the short-run room rates function, including the number of rooms sold as an endogenous variable, exogenous variables such as the age of a hotel, the growth rate of foreign guests, the ratio of the number of employees in the lodging market, the ratio of one-year-lagged hotel’s ADR, and last year’s 3-month CD rates have significant effects on the room price. The empirical analysis is expected to provide useful implications on the hotel room demand and room pricing in South Korea for hotel owners, developer, and investors.