A Revenue-sharing Model of Residential Redevelopment Projects: The Case of the Hapdong Redevelopment Scheme in Seoul, Korea

Chang-Moo Lee, Jong-Hyun Lee and Chang-Ho Yim
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Chang-Moo Lee: School of Civil, Urban and Geosystem Engineering, Seoul National University, San 56-1 Sinrim-dong, Gwanak-gu, Seoul, Korea 151-742, changmoo@gong.snu.ac.kr
Jong-Hyun Lee: Incheon Development Institute, San 64-1, Simgok-dong, Seo-gu, Incheon 404-190, Korea, jhyun@idi.re.kr
Chang-Ho Yim: School of Civil, Urban and Geosystem Engineering, Seoul National University, San 56-1 Sinrim-dong, Gwanak-gu, Seoul, Korea 151-742, chyim@snu.ac.kr

Urban Studies, 2003, vol. 40, issue 11, 2223-2237

Abstract: 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 redevelopments 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.

Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:sae:urbstu:v:40:y:2003:i:11:p:2223-2237

DOI: 10.1080/0042098032000123268

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