• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.58
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• pp.149-177
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• 2013

This article introduces and briefly examines the Uniform Rules for Forfaiting (URF)(ICC Publication No. 800), which were prepared by a joint project of the Banking Commission of the International Chamber of Commerce (ICC) and the International Forfaiting Association (IFA), and became effective on January 1, 2013. Forfaiting is a kind of trade financing technic performed by way of a sale and purchase of payment claim between its seller and its buyer, the forfaiter, on a without recourse basis. URF is designed to facilitate global trade finance and embraces all the international payment instruments which are currently used and will be newly developed in the future. URF is expected to be a set of standardized terms and conditions for both the primary and secondary forfaiting markets. In this context, this article first looks into the concept of the forfaiting and certain features and structure of forfaiting transactions. Then this article moves to discussing URF itself. For this it examines (i) the nature and scope of URF and some important definitions provided in URF, (ii) some provisions of URF that apply to the delivery of documents to the forfaiter, the examination, and the acceptance or refusal, of such documents by the forfaiter, and (iii) the payment of purchase price by the forfaiter to its seller, including the matter of "payment under reserve" and repurchase by the seller from the forfaiter. Finally, this article examines liabilities of the parties concerned, before conclusion.

• Journal of Construction Engineering and Project Management
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• v.1 no.2
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• pp.43-48
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• 2011

In many parts of the world, low cost housing used to be built and maintained by the governments, based on designs and detail specifications prepared by the public sector with construction carried out by contractors. Results vary due to differences in design standards, workmanship and property management, depending also on the neighbourhood's care of the estates and their pattern of usage. In the UK, where Private Finance Initiative (PFI) has been used for infrastructure projects, there have been successful cases of city estate being transformed by PFI. These PFI housing schemes involve new-build, refurbishment as well as facility management. Unlike traditional construction, which is based on prescriptive specifications, PFI housing is based on output specifications. A study has been undertaken to compare the two specification approaches as they are applied to housing estate. Results are enlightening and serve as good reference to cities such as Hong Kong SAR and Singapore, where public housing provisions have been a major concern of their citizens as the building stock gets older.

• Proceedings of the Korea Society for Industrial Systems Conference
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• 2007.02a
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• pp.213-223
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• 2007

E-Business Platform for SMEs in GMS Countries(GMSEB) is a E-business service portal which based on Yunnan, face to ASEAN, connect with China's mainland. lt is established by Kunming Dongxun Sic&Tech Co.,Ltd and E-Business Centre of Yunnan University of Financial & Economics, who get supports from UNESCAP, Science and Technology Department of Yunnan Provincial and Yunnan SMEs Bureau. The portal will bulid a B2B & B2C E-business and. ASP portal to provide service of e-business and enterprise management informatization according with the different languages and situation to China and GMS countries. The paper starts with analysis of the policy in China of promoting GMS cooperation and exchanges, importance of Yunnan and cultural universality in GMS countries. It expounds the necessity of establishing such a regional e-commerce platform. The project explores how to develop the model of e-business and enterprise management informationization for SMEs under the condition of weak economic strength and scarcity of Information Technology talents. To promote the SMEs in GMS countries participate in the integration with the global economy through the international SMEs'E-business Platform, make a fairly rapid progress by full play to its advantages.

• International Journal of High-Rise Buildings
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• v.6 no.1
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• pp.49-72
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• 2017

The Guangzhou International Finance Centre (IFC) is a landmark building that symbolizes the emerging international strength of Guangzhou, China's third largest city. It is also one of the dual iconic towers along the main axis of Guangzhou Zhujiang New Town. Arup adopted a total engineering approach in embracing sustainability and aiming at high efficiency solutions based on performance-based design principles covering structures, building services, fire engineering, vertical transportation, and façade performance to constitute an efficient and cost-effective overall building design. Through dynamic integration of architectural and engineering principles, Guangzhou IFC represents a pioneering supertall building in China. It adopts a diagrid exoskeleton structural form that is clearly expressed through the building's façade and gives the building its distinctive character. The aerodynamic shape of the building not only presents the aesthetic quality of elegant simplicity, but also reduces the effects of wind, thereby reducing the size and weight of the structure. State-of-the-art advanced engineering methods, such as optimization techniques and nonlinear finite element modelling, were applied in parallel with large-scale experimental programs to achieve an efficient and high-performance design taking into account the constructability and cost-effectiveness for a project of this scale.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.1047-1056
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• 2020

The study investigates developing an Islamic student financing securitization model based on sukuk structures. This study employs sample of descriptive, analytical, and comparative analyses utilized to discuss a novel framework of Islamic securitization through the different structures of sukuk wakalah derived from asset securitization. The result served to investigate the use of Islamic student financing securitization in a Shariah-compliant manner, which would be implementable in Malaysia. It emphasized the sukuk structures based on the wakeel principle, which indicated a situation where a wakeel or representative appointment was made to manage a project on the behalf of the sukuk holder. The findings of this study supported the economic benefits obtained in the form of lower overall financing costs through the use of securitization for student financing in higher education. This paper offers important implications specifically for the creation of sukuk structures and issuing a highly graded and marketable sukuk, which are compliant towards global Shariah principles. The paper fills the gap perceived within the existing literature of Islamic finance by showing Islamic securitization via sukuk as a viable source of funds potential utilizable in stabilizing the securities market. It can also pose as a solution for securing a sustainable funding.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.1
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• pp.1-11
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• 2022

The study incorporates model uncertainty into the private equity (PE) valuation model (SWY model) (Sorensen et al., 2014) to evaluate how model uncertainty distorts the leverage and valuations of PE funds. This study applies a continuous-time model to PE project valuation, modeling the LPs' goal as multiplier preferences provided by Anderson et al. (2003), and assuming that LPs' aversion to model uncertainty causes endogenous belief distortions with entropy as a measure of model discrepancies. Concerns regarding model uncertainty, according to the theoretical model, have an unclear effect on LPs' risk attitude and GPs' decision, which is based on the value of the PE asset. It also demonstrates that model uncertainty lowers the certainty-equivalent valuation of the LPs. Finally, we compare the outcomes of the Full-spanning risk model with the Non-spanned risk model, and they match the intuitive economic reasoning. The most important implication is that model uncertainty will have negative effects on the LPs' certainty-equivalent valuation but has ambiguous effects on the portfolio allocation choice of liquid wealth. Our works contribute to two literature streams. The first is the literature that models the PE funds. The second is the literature introduces model uncertainty into standard finance models.

• Environmental and Resource Economics Review
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• v.32 no.4
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• pp.239-266
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• 2023

This study applied the contingent valuation method (CVM) to measure the benefits from an urban liner park that will be created as part of the Gyeongin Expressway downgrade project by Inchon metropolitan city government. The Incheon city government plans to create a liner park (10.5 km) in the middle of the downgraded road to provide leisure and recreation services to residents, and plans to remove retaining walls and soundproof walls to improve the urban residential environment. Considering the characteristics of a liner park that spans several districts in Incheon city and the downgraded road that will be passed by residents of nearby cities as well as Incheon residents, the target population included residents of part of Seoul and several cities surrounding Incheon. In a CVM survey of 1,000 respondents conducted in April 2018, about 70% of the respondents perceived this project positively. About 50% of 757 respondents, excluding protest bids respondents, were willing to pay additional taxes for this project. The more the respondents favored the creation of a linear park and the more they thought that this project would improve the surrounding residential environment, the more positively they evaluated the additional tax payment. The average annual willingness to pay for this project was about 15,300 won for Incheon residents and 6,800 won for residents of Seoul metropolitan area. It is interesting to observe that residents of Seoul metropolitan area, who are not directly affected by this project, were willing to pay a considerable amount for this project.

• Korean Journal of Construction Engineering and Management
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• v.23 no.6
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• pp.65-75
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• 2022

As performance measurement is important for systematic management, the key indicators for performance measurement have been consistently researched in the construction industry. However, there are only a few cases in which performance measurement is performed because it requires strenuous efforts to collect data for measurement. Unlike the public sector, which has been collecting project data through laws, the private sector has very little data to measure performance. In contrast, supervision work concerns important data necessary for the performance management on building construction sites in accordance with the Building Act. Therefore, in this study, we used the data from supervisory reports to measure the performance of private building projects. First, we derived 6 performance areas and 15 indicators through a few rounds of expert group discussions and 2 surveys. Then, we identified the performance indicators with high feasibility of data collection and computed their degree of significance via the analytic hierarchy process. It is expected that the performance indicators and their computational processes derived in this study can be used to systematically measure the performance and aid the speedy diagnosis of private building construction sites.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.549-552
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• 2003

Small & medium-sized construction companies(SMCC), they has lot's of problem like poor finance, a lack of specialists, and a shortage of professional skill. So the basic condition of SMCC is not good for small construction companies. In this situation, moreover SMCC has been influenced by big-sired construction companies(BCC) difficult after the crisis of economics of Korea, IMF. Therefore it is necessary that we strengthen competitive power of SMCC for survival. This research is about project management for SMCC. We analized information system which is developed from SI corporation and BCC. As this research, we want to build and organize project information management system for SMCC. This will make SMCC have more competitiveness and increase productivity efficiency, skill for information management of project given.

• Korean Journal of Construction Engineering and Management
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• v.9 no.4
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• pp.182-192
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• 2008

The purpose of this research is to identify problems and solutions of domestic Life Cycle Cost analysis in BTL(Build-Transfer-Lease), a PFI(Private Finance Initiatives) project. It is expected BTL would be quite effective delivery method for public construction introducing the private's major capital investments and technologies, and obviously LCC analysis is becoming more important factor for success of BTL projects. Nevertheless, there are still some complicated issues in LCC analysis, a technique for selecting the optimal VE(Value Engineering) proposals and estimating OM&R (Operation, Maintenance, & Repair) cost of the buildings, and has been applied limitedly. This research mainly focuses on educational facility, as most frequently delivered by BTL currently, especially with two levels (Alternative LCC and Building LCC) , which is occupied main potion in BTL project. In addition, it identifies four main problems and suggests their solutions through case studies focusing six major factors (WBS, Repair Information, Life Cycle, Time value of money, Repair Information Database, LCC Model) from three projects. Advanced development of this research requires closer partnership between the private / public sectors, and their long term strategies.