• Korean Journal of Construction Engineering and Management
• /
• v.12 no.4
• /
• pp.21-28
• /
• 2011

Recently, the Project Financing industry has appeared the various change of the development environment in the rapid growth. So the Project Financing company has been trying to search Project Financing able to success and they are performing diversified researching to prepare the judgment ground of success from initial stage of development. The aim of this study is to find success factors which is in the Project Financing through collecting opinion of specialist and talking survey to people employed in Project Financing development field. Consequently, we indicate success factors using Analytic Hierarchy process (AHP) and make out success factors for the Project Financing. Furthermore, we suggest the way which is able to apply factors objectified so that exceed the development success Project Financing objectively.

• Korean Journal of Construction Engineering and Management
• /
• v.14 no.5
• /
• pp.92-102
• /
• 2013

A Project Financing (PF) is a form of project delivery system that is carried out for the purpose of trying to give help to the development of national economy and the construction industry in order attract private investment. However, in the case of Korea, many PF projects are only taking into account the aspect of maximizing development benefits, and the proliferation of PF results in project failure. In addition, the interruption of business has been one after another in the aftermath of the recent financial crisis. These major cause is the result of efforts to block the potential risk of objectively quantifying operations. Nowadays, PF risk analysis in terms of various factors is insufficient. The purpose of this study is to identify and quantify the extensive risk elements to classify the cause of affecting the success of the project PF study prior to propose a methodology for evaluating the integrity of the project PF based on this and to provide a quantitative system that can evaluate the business risk. This study identified the factors that affect the PF business success and failure and establish the metrics that can be quantified through existing research and expert interviews. Factors influencing the success of the PF obtained as a result of surveys and interviews in assessing the soundness of the PF development conditions in the future be able to take advantage of, as well as an objective assessment tool to be able to take advantage of the development is expected.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• 2008.11a
• /
• pp.19-24
• /
• 2008

The Construction Management for the Asan Baebang Complex Development PF Project is aiming the solution for the needs of specialized organization and management for the construction of the project, as a independent representative managing the whole process of the super high rise and huge volume of complex project. This case shall be counted as a remarkable one in the point of view that the CM was decided to be encountered even in this consortium project made between the private firm and government, and shows that the project can be executed successfully without having its own organization of a huge number of staffs. This study is for the Construction Management applied for the consortium project between the private firm and government and it is my pleasure if this study could be a help to encourage CM for wide applying in the field by reviewing of its necessity and analyzing of its effect and advantage.

• Korean Journal of Construction Engineering and Management
• /
• v.15 no.5
• /
• pp.127-137
• /
• 2014

Project Financing (PF) development project is the type which influences national economy and building industry largely because it is exerted by using borrowed money from many kinds of investors and huge amount of financial raising. Many domestic PF projects are focused mainly on the profit maximization lacking in a sufficient feasibility study. Nowadays many projects are suspending due to the global finance debacle and stagnation of real estate industry. Therefore, in this paper, risk factors of PF project are deducted and Key Success Factors (KSFs) are derived through Factor-Analysis and qualified using Fuzzy-AHP method. And through the evaluation of the derived success factors in real projects, a strong correlationship has been identified between the score of each PF success factor and the level of success and/or expected rate of return (ROR). So, the result of this paper can help decision makers of the PF projects make a better decision and give a meaningful guidance in achieving successful PF projects.

• Korean Journal of Construction Engineering and Management
• /
• v.17 no.2
• /
• pp.21-30
• /
• 2016

The current PF project is entirely relying on construction company's credibility. As such, it has increased a negative and bad recognition in domestic real estate economy. In addition, PF experts has a perception that a project's safety of future cash flow profitability is more important than the construction company's credibility. So many PF experts make an effort in order to set aside safe project structure of PF and analyse systematically the risks of the project. In common feasibility study of the PF Project, financial specialists and real estate specialists are forecasting and evaluating the suitability of the project through reviewing the development profit from the project of sales. However, cash flow analysis and evaluation from the perspective of mid-sized construction companies are still in the primary level. Therefore, this study has analysed the current feasibility study and go/no go decision making procedures. Then the authors have a new cash flow analysis method from the perspective of mid-sized construction companies, by improving the feasibility study and go/no go decision making procedures.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• 2008.11a
• /
• pp.491-496
• /
• 2008

In spite of economic slump, the Real Estate PF(project financing) market competes for receiving large project orders. While the project is successful, the Real Estate PF still guarantees a high benefit ratio. But the initial stage of the project involves many risks. There are many financial, constructional, legal, and other risks. After searching for possible risks, we must consider a management plan. This study executed a question investigating risk factors and management plans. Those who have studied for 3 or more years have concluded that the question objects are developer, construction company, and financial institution staff. The main management plans take actions for proper benefit rate security and loan repayment. This study has also been verified through the actual case. The study results will help solve the Real Estate PF project's risks.

• Korean Journal of Construction Engineering and Management
• /
• v.12 no.5
• /
• pp.117-126
• /
• 2011

With Public-private partnership PF (project financing) deals saw explosive increase in quantity since its introduction to Korea in 2001, but, met with severe recession in the fallouts of the financial crisis that hit the global economy in 2008. This study intends to identify the risk factors corresponding to issues of public-private partnership projects financing structure and classify and analyze them by project phase. Outcomes of this research are expected to help recognize risk factors in each project phase during project planning and develop risk control and mitigation strategy during project implementation.

• Korean Journal of Construction Engineering and Management
• /
• v.15 no.2
• /
• pp.112-121
• /
• 2014

After IMF bailout crisis in Korea, project financing has been employed as a major funding vehicle for the housing development. In 2008, the recession of housing market due to the global financial crisis had an significant impact on the increasing insolvent site of PF based housing development project, 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 decision 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 merit is little less, through competitive price, we can assure that stable profitability is most important factor to decide to invest 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.

• 주택과사람들
• /
• s.210
• /
• pp.24-29
• /
• 2007

부동산 경기가 급속히 냉각되면서 부동산 PF를 통해 자금을 대준 금융 기관의 부실 가능성이 제기되고 있다. 이는 PF 금의 신용 경색, 시행사의 자금난으로 이어질 우려가 있다. 사업 자체를 담보로 하는 제도적 기반이 마련돼야 한다.

• Proceedings of the Korean Institute of Landscape Architecture Conference
• /
• 2005.10a
• /
• pp.42-47
• /
• 2005