The Case Study on Urban Renewal of Applying Real Estate Securitization.

• Main Authors: Yi-yen Li, 李宜晏
• Other Authors: Tsung-Chieh Tsai
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/86186477324944045334

碩士 === 國立雲林科技大學 === 營建與物業管理研究所 === 99 === In order to promote the urban lands re-development, revival of the urban life, improvement of urban living and attract the public interest, the government published the “Urban Renewal Act” in 1998. Currently, the act has been enacted for decades, however, the successful case of urban renewal is still rarely to find. The main reasons are about rights transformation in renewed area, urban renewal process procrastination, and difficult to find funds. Joint construction agreement and rights transformation are majority methods for urban renewals process in present day. In generally, private implementers and government provide the guideline to support the process. Because the method of funds raising for national construction are mainly from “Bank Loan”, “Public Share Offering”, and “Private Funds”, these methods may be constraint due to fund shortage. The government enacted “Real Estate Securitization Act” in Jan. 6, 2009. Comparing this with deposit interest earning, the REITs can earn dividend from 3% to 4% every year, which is a more profitable investment return for investors. Therefore, the research tries to construct the hypothetical framework to illustrate urban renewal model of applying Real Estate Securitization and applies into on-going project “Ding-Xing Community in Taipei City” as case study to investigate whether the model can fulfill the finance shortage and improve unfair distribution of profit. Result of this study have revealed that the ownership is unitary owned by military in the renewed area, therefore, we can expected simplified procedure and accelerated processing for raising funds and coordinating ownership issue. However, in order to prevent private implement try to dilute the ownership rights, we use the stock market price to decide the value to share to the shareholder on profit distribution instead of using renewed real-estate market price. Nowadays, there are multiple, complex ownerships and prolonged processing in urban renewal areas. As such, investors would incur great risk to invest before the urban renewal project is implemented and it is difficult to execute in practice.