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The effects of administrative regulations on price competitiveness concerning private housing construction industry

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Authors

Han, HaengSu

Issue Date
1997
Publisher
Graduate School of Public Administration, Seoul National University
Citation
Korean Journal of Policy Studies, Vol.12, pp. 167-191
Abstract
Currently, at the end of 1996, with housing construction investment as high as 26
trillion won($29 billion) which takes up 6.7% of Korea's GDP and 31% of total investment
in the construction industry, housing industry, as a single commodity, is
the largest domestic demand market in Korea. Moreover, considering price-controlled
initial sales prices the total market scale is much larger(currently estimated
to be 37 trillion won);taking into account housing-related markets like furniture
and interior design, its national economic effect on production, employment, and
overall economic stability is enormous.
However, now with the rapid rise in housing supply(currently 89.2%), the housing
market has moved into a low-growth maturity phase; and recently, because of
the accumulation of stock and the burden of heavy financial costs due to the longterm
plan to stabilize the market after 1991, the housing construction industries regardless
of their size are all suffering from severe financial difficulties, and even
large companies are going bankrupt one after the other. (Sammick Co.in Oct.1995,
Woosung Co.in Jan.1996, Kunyoung Co.in Aug.1996, Dongshin Co.in Dec.1996, Hanshin Co.in May 1997)
ISSN
1225-5017
Language
English
URI
https://hdl.handle.net/10371/70283
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