요약2 |
The purpose of this paper is to study efficient regional development methods using real estate financing in order to promote regional development projects that require huge investments. For this purpose this study proposes three project methods - Special Purpose Company(entity company), Project Financing Vehicle(paper company), and Financial Agreement - as ones that can be executed in connection with real estate financing under the current institutions. In particular, the study focuses on reviewing the recently adopted comprehensive regional development zoning system in relation to whether the three proposed project methods could conform with the real estate development financing structure and operation method. The results of this study provide the following policy implications. First, the possibilities for application of Financial Agreement method are high in the short run due to limitation of investments by financial institutions in regional development companies and limited land expropriation rights of the private sector. However, in the longer run, SPC and PFV methods are much more desirable because they bring stability in procuring financial resources and lead to good governance by local communities. SPC and PFV methods call for tax benefits, deregulation, and institutional improvements such as strengthened public notification systems. Second, it is necessary to permit establishment of both general companies and individual specific purpose companies in cases of regional development companies that link together diverse individual projects. Doing so would set up a mechanism that would first attracts private investments to projects with satisfactory return rates. Third, it may be necessary to give careful consideration to adopting the Community Reinvestment Act, enforced in the US, as an institutional mechanism that utilizes real estate financing in underdeveloped areas with low demands for regional development. with those of resident registration. |