정비사업 노크 롯데건설, '연대보증' 딜레마

Lotte E&C's avoidance of joint and several guarantees in redevelopment projects exposes a critical financial vulnerability—contingent liabilities have ballooned to 96% of equity capital, triggering a credit rating downgrade. This conservative stance directly weakens the company's competitiveness against rivals like Daewoo E&C, who leverage aggressive financial commitments to win major projects. The shift signals that in Korea's redevelopment market, financial backing capability, not brand reputation alone, has become the decisive competitive advantage.