건설회사의 공동주택 PF 부실사업장에 대한 투자결정요인 분석

Abstract

Abstract: After IMF bailout crisis in Korea, project financing has been e mployed as a major funding vehicle for the housing development. In 2008, the recession of housing market due to th e global financial crisis had an significant impact on the increasing insolvent site of PF based housing development proje ct, resulting in serious impact to whole economy as a chain effect. In order to resolve this vicious circle of bankruptcy, the major construction companies were urged to take over the insolvent sites and invest to them for normal project exit, and finally play a critical role in normalization of market. Therefore, this study aims to define the core factors for decis ion making to invest to insolvent site and find out differences among constructors, developers, financial lenders. The results from AHP analysis, the profitability was the most important factor to constructors. Moreover, even though the location meri t is little less, through competitive price, we can assure that stable profitability is most important factor to decide to inve st in insolvent site. In conclusion, the price is cheap, is highly feasible, if the land secured, major construction company will participate in a PF business investment. These findings were verified by the investment case of major construction company.Keyword : Housing development PF, Insolent PF, Investment Determinants