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Galapagos Syndrome in South Korea's Real Estate PF, and the need for fundamental structural reform

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  • Hwang, Sunjoo

Abstract

Over the past several decades, real estate project financing (PF) has repeatedly triggered economic disturbances in Korea, with no fundamental remedies in sight until now. Project sponsors are at the heart of this issue, investing minimal equity while heavily relying on guarantees from third parties, such as construction firms, to push forward development projects entirely on debt. This financing structure is unheard of in major advanced countries. Korea needs to reform its unique PF structure by augmenting capital and reducing dependence on guarantees.

Suggested Citation

  • Hwang, Sunjoo, 2024. "Galapagos Syndrome in South Korea's Real Estate PF, and the need for fundamental structural reform," KDI Focus 134, Korea Development Institute (KDI).
    • Handle: RePEc:zbw:kdifoc:308155
    DOI: 10.22740/kdi.focus.e.2024.134
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