A Revenue-sharing Model of Residential Redevelopment Projects: The Case of the "Hapdong" Redevelopment Scheme in Seoul, Korea
The city of Seoul has devised a distinctive scheme of residential redevelopment, the Hapdong (partnership) Redevelopment. Its market-oriented approach differs from conventional public residential redevelopment and can be characterised as an owner-initiated gentrification process. However, the chroni...
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| Veröffentlicht in: | Urban studies (Edinburgh, Scotland) Scotland), 2003-10, Vol.40 (11), p.2223-2237 |
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| creator | Lee, Chang-Moo Lee, Jong-Hyun Yim, Chang-Ho |
| description | The city of Seoul has devised a distinctive scheme of residential redevelopment, the Hapdong (partnership) Redevelopment. Its market-oriented approach differs from conventional public residential redevelopment and can be characterised as an owner-initiated gentrification process. However, the chronic problem of relocation in residential redevelopment has been aggravated rather than lessened. Also, considerable amounts of the project's profits have gone to outside investors rather than to residents, changing the old equity battles in urban renewal into a revenue-sharing game in the market system. Their financial vulnerability means that most residents lose the game in a relative sense. This paper analyses the behaviour of the owners in the framework of personal financing strategy rather than from an advocacy-planning point of view. The results indicate that the high degree of owners' relocation was inevitable following the introduction of the market-oriented scheme. |
| doi_str_mv | 10.1080/0042098032000123268 |
| format | Article |
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Its market-oriented approach differs from conventional public residential redevelopment and can be characterised as an owner-initiated gentrification process. However, the chronic problem of relocation in residential redevelopment has been aggravated rather than lessened. Also, considerable amounts of the project's profits have gone to outside investors rather than to residents, changing the old equity battles in urban renewal into a revenue-sharing game in the market system. Their financial vulnerability means that most residents lose the game in a relative sense. This paper analyses the behaviour of the owners in the framework of personal financing strategy rather than from an advocacy-planning point of view. The results indicate that the high degree of owners' relocation was inevitable following the introduction of the market-oriented scheme.</description><subject>Acquisition costs</subject><subject>Asia</subject><subject>Behavior</subject><subject>Bgi / Prodig</subject><subject>Cash</subject><subject>Cities</subject><subject>Equity</subject><subject>Houses</subject><subject>Housing</subject><subject>Housing units</subject><subject>Investors</subject><subject>Light rail transportation</subject><subject>Mongolia. Korea</subject><subject>North Korea. South Korea</subject><subject>Personal finance</subject><subject>Present value</subject><subject>Profit</subject><subject>Redevelopment</subject><subject>Relocation</subject><subject>Residential areas</subject><subject>Revenue sharing</subject><subject>Seoul</subject><subject>South Korea</subject><subject>Urban development</subject><subject>Urban renewal</subject><subject>Urban studies</subject><issn>0042-0980</issn><issn>1360-063X</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2003</creationdate><recordtype>article</recordtype><sourceid>7TQ</sourceid><sourceid>BHHNA</sourceid><recordid>eNp9kd9LHDEQx4NY6Kn9C4oQDvTJtZOfZn07Dq2lSku10Ldlmp2922NvcyZ7BR_6v5vjREHEpwyTz_eTCcPYZwGnAhx8AdASSgdKAoCQSlq3w0ZCWSjAqj-7bLQhig3yke2ltMiYlaUZsf8T_ov-Ub-mIs0xtv2M34SaOh6afJHamvqhxS7Xdca6sFrmBv8Zw4L8kM753Zz4FBNt-CHX4ytc1aGfjV8lbv2clsTbnt9SWHcn_HuIhAfsQ4Ndok9P5z77fXlxN70qrn98_TadXBdey3IopNCGysajcNbXNZ45BSVCI03uoPqrG1TGKSQiJRCsPWvAlajzJxV4Q2qfHW-9qxju15SGatkmT12HfZ4mVcoZo50uMzh-BS7COvZ5tkqqLBPWugypLeRjSClSU61iu8T4UAmoNvuo3thHTh09qTF57JqIvW_TS9SC0dbJzMGWSzijl-ffVx9uI4s0hPis1Epk2hn1COrjoCc</recordid><startdate>20031001</startdate><enddate>20031001</enddate><creator>Lee, Chang-Moo</creator><creator>Lee, Jong-Hyun</creator><creator>Yim, Chang-Ho</creator><general>Carfax Publishing, Taylor & Francis Ltd</general><general>SAGE Publications</general><general>Longman Group</general><general>Sage Publications Ltd</general><scope>IQODW</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>7ST</scope><scope>7TQ</scope><scope>7U4</scope><scope>7U6</scope><scope>8BJ</scope><scope>BHHNA</scope><scope>C1K</scope><scope>DHY</scope><scope>DON</scope><scope>DWI</scope><scope>FQK</scope><scope>JBE</scope><scope>WZK</scope></search><sort><creationdate>20031001</creationdate><title>A Revenue-sharing Model of Residential Redevelopment Projects: The Case of the "Hapdong" Redevelopment Scheme in Seoul, Korea</title><author>Lee, Chang-Moo ; Lee, Jong-Hyun ; Yim, Chang-Ho</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c429t-2145e9fca186cdda78309a0f25a18a3b4fa3583aeee31a0667f089a400630c5e3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2003</creationdate><topic>Acquisition costs</topic><topic>Asia</topic><topic>Behavior</topic><topic>Bgi / Prodig</topic><topic>Cash</topic><topic>Cities</topic><topic>Equity</topic><topic>Houses</topic><topic>Housing</topic><topic>Housing units</topic><topic>Investors</topic><topic>Light rail transportation</topic><topic>Mongolia. 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| source | PAIS Index; Business Source Complete; SAGE Journals; Sociological Abstracts; JSTOR |
| subjects | Acquisition costs Asia Behavior Bgi / Prodig Cash Cities Equity Houses Housing Housing units Investors Light rail transportation Mongolia. Korea North Korea. South Korea Personal finance Present value Profit Redevelopment Relocation Residential areas Revenue sharing Seoul South Korea Urban development Urban renewal Urban studies |
| title | A Revenue-sharing Model of Residential Redevelopment Projects: The Case of the "Hapdong" Redevelopment Scheme in Seoul, Korea |
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