Due to development paradigm focusing on economical growth, a social dilemma such as a worsening the gap between the rich and the poor and the polarization of city has worsened more and more as unfair distribution of property value. Moreover, a phenomenon, that unstable both production stability and residence condition owing to increase of property cost and a leave of principal agent for production adding a significant identification to place, is a key factor to threaten regional economy, community relationship, and individual life stability in Korea, specially has high proportion of self-employed business. For this reasons, the government sets a main goal for self-sustained growth arrangement led by the regional people to counteract a regional inequality and social change in an age of austerity. Also, an urban renaissance business has been on the rise for a sustainable regional economy development and for being a regional property to improve a regional community relationship based on property. At last, a social and economical agent make an appearance as a participating principal agent. Being a regional property can encourage that the regional community gets a management authority to make a community property and it invests this profit to the community again as an alternative regional development strategy.
However, there is a limit in capability and financial source to make being a community property by only their own efforts, therefore, a collaboration with government is necessary for improving a property. Thus, this study considers a way to participate in the property progress of regional autonomous entity and it considers institutional constrain when regional community show a probability about public - private cooperation as a principal agent for the property progress.
For this, based on being a regional property progress, this study analyzes a limit in a type of regional development institute and participation of regional government and also it analyzes recent example to figure out improvement and to emphasize an implication to the actual place.
Being a regional property can be a key factor in real estate and finance, after reviewing the related laws and regulations by a specialist this study finds out that there is a strict regulation compared to its financial resource to make being a regional property mainly by regional community group. Furthermore, this study finds out to enlarge a size of being a regional property that there are administrative burdens such as a limit in civil self-regulation asset management, ordinance establishment, and prior consultation with governors. Also in case led by the community, this study finds out that they need improvements such as business restriction of financial way, minimum capital requirement, and ordinance establishment with current regulation not proper for being a regional property.
To promote the being property, even taking an institutional limit, it is very important finding proper solution in various way and designing it according to actual place. Therefore, a disposal and lease of public property of regional autonomous entity has a less financial burden of administration compared to public investment and appearance, moreover, it guarantees a self-regulation of principal agent in being a regional property progress relatively. At last, it shows the public - private cooperation to help being a regional property soft-landing.
Based on an example from the Si-heung city there are implications as follows about necessary institutional supplement once being a regional property collaborated with regional autonomous community and regional community group. First, to be a regional property by a disposal way of public property has to establish a disposal ordinance discussed with Ministry of Public Administration and Security first. Second, to promote being a regional property has a key factor about patient capital to support the agent in actual place and according to article 124 of the Local Government Act., it supports by low interest permanent loan. Third, in case of financial support by fund, it regulates beforehand setting a property use suitable for their purpose, democratic decision making in group, property use for regional demand, and limit in increase gap in case long-term contract and lease with others. Even though Being a regional property collaborated with public administration, there will be difficult institutional steps but to promote being a regional property, like as the Si-heung city, expanding of social bond of sympathy is necessary through pushing a piolt program in the regional autonomous entity. Based on the social bond of sympathy, this study suggest that it makes a stepping stone for ordinance establishment and associated institution foundation and support system and it also establish a strategic roadmap for a base. During the process, the capability of principal agent will be accumulated, moreover, it can be sustainable being a property strategy mainly by the community group by resident’s joint ownership and management.