不動産投資信託(REITs)制度의 導入과 展望에 관한 硏究

부동산투자신탁(REITs) 제도의 도입과 전망을 연구했다.

Real Estate Investment Trusts System(REITs), which is a kind of real estate mutual fund, means a system which collects capital from lots of investors to invest directly the capital or pays the investors uniformly dividends of a profit earned from investment of the capital to real estate related loan, house mortgage securities, etc. REITs is an epoch-making system in that gives small investors an opportunity for real estate investment through making a share of real estate small, thereby enabling reconsideration of its liquidity, one of biggest problems in real estate and REITs is an important method as an alternative in resolving financial crisis or restructuring problem.

REITs makes it possible to make a share of real estate securities by small unit and list them on the stock market, circulate the same, thereby enabling reconsideration of its liquidity. Therefore, at the time of financial crisis and restructuring, REITs converts insolvent bonds or real estates owned by enterprises and financial institutions into securities, thereby making sale of the properties easy. REITs, one of these financial goods, is scheduled to be introduced to our country.

As restructuring of financial institutions and enterprises is performed seriously since IMF economic crisis in December 1997, disposal of real estate related insolvent bonds owned by financial institutions and real estates owned by enterprises has emerged as main agenda. To overcome this crisis government came to discuss seriously on introduction of converting real estate into securities utilizing new financial method. In the first place, to cut off connection mechanism of complex economic depression since IMF economic crisis, government got to introduce a system of making real estate securities such as ABS, MBS as one of stabilizing devices for real estate market.

But those systems had limitations in resolving urgent problems on the hand. In the long run, Law on Company of Investing Real Estate which has been discussed in the meantime, has been established as of April 2001 and subordinate regulations are expected to be legislated, which shows introduction of REITs into our country is near at hand. REITs which is scheduled to be put in force in July 2001, is expected to have enormous effect on domestic real estate market as suggested by cases in developed countries such as U.S., Japan, Australia, etc. When this system is introduced, our country can complete advancement of real estate market and property liquidation system.

This system would not only help activate depressed real estate market of our country and accelerate restructuring of enterprises but also operate as a new reformation system which provides small investors with investment opportunities for real estates. Therefore, when REITs is introduced to our country, although being different from REITs of U.S. more or less, the meaning of systematization of REITs would be great. In relation to this matter, this treatise has reviewed REITs already utilized successfully as useful real estate investment method in developed countries such as U.S., Australia, etc., and analyzed suggestion points in respective case.

As REITs is scheduled to be performed without reservation in the second half of 2001 after going through legislation at the National Assembly, this treatise has its aim to review main contents and problems appeared on Law on Company of Investing Real Estate which has been established currently to suggest good introduction method and development direction of REITs, and to study activation method of REITs, thereby supporting early settlement and activation of REITs in our domestic market.

Although many factors exist in early and successful settlement of REITs, at first a method of suppressing speculation in real estate should be prepared, secondlytaxation system support is necessary, thirdly protection of investors is required by making information public, fourthly a method of resolving moral relaxation in viewpoint of an agent is necessary, finally information infrastmcture construction should be prepared urgently. When above mentioned problems are resolved, introduction of REITs would provide great vital power in real estate market and capital market in our country.