부동산투자회사 활성화를 위한 제도개선방안- 설립사례분석을 중심으로 -

설립 사례를 분석해 부동산투자회사 제도의 개선방안을 제시했다.

1. CONTENTS (1) RESEARCH OBJECTIVES Korean government offered new commodities for the capital market to assist the national economy and the problems of real estate in a realistic method. To reduce risks, the government also introduced the REITs〈Real Estate Investment Trusts), the system’s foundation in the United States, which has been in effect since July of 2001. The Korean REITs are divided into two parts : the general REITs which allow unlimited investment in all sectors of real estate ; and Corporate Restructuring (CR) REITs which limit investments of real estate from the restructuring of corporations.

After the implementation of the REITs, the establishment of CR REITs has been active and new companies are being pursued. There has not been any establishments of the general REITs. Accordingly, the purpose of this study is to analyze the problems of the current REITs system and to sublate the current system which leans only on establishment of CR REITs. (2) RESEARCH METHOD By distinguishing the general REITs and CR REITs of the Korean REITs system, this study will compare them and analyze the establishment cases. It will also determine the current point of the general REITs reasons for the establishment failures and results of the establishment cases.

(3) RESEARCH RESULTS Compared to the CR REITs, the general REITs have failed in public participation due to problems with establishment, property operations, and the tax system. 2. RESULTS First, for a successful REITs system, not only should the CR REITs, which applies to the real estate from restructuring of corporations, but, also, the general REITs, which invests in real estate, must be vitalized. Second, for the vitality of the general REITs, there must be alleviations and improvements in the establishment system, property operation system, and others.

There must also be a measure taken for establishment capital amount, company establishment methods, company establishment forms, development businesses, loans, and so on. Third, in relation to the tax system, the tax system of the general REITs should be the same as that of the CR REITs.