After IMF bailout crisis in Korea, project financing has been employed as a major funding vehicle for the housing development. In 2008, the recession of housing market due to the global financial crisis had an significant impact on the increasing insolvent site of PF based housing development project, resulting in serious impact to whole economy as a chain effect. In order to resolve this vicious circle of bankruptcy, the major construction companies were urged to take over the insolvent sites and invest to them for normal project exit, and finally play a critical role in normalization of market. Therefore, this study aims to define the core factors for decision making to invest to insolvent site and find out differences among constructors, developers, financial lenders. The results from AHP analysis, the profitability was the most important factor to constructors. Moreover, even though the location merit is little less, through competitive price, we can assure that stable profitability is most important factor to decide to invest in insolvent site. In conclusion, the price is cheap, is highly feasible, if the land secured, major construction company will participate in a PF business investment. These findings were verified by the investment case of major construction company.