공모형 부동산 펀드 활성화를 위한 제도개선에 관한 연구

공모형 부동산펀드 활성화를 위한 제도개선 방안을 연구했다.

Since its introduction, real estate fund has been used as indirect real estate investment vehicle with REITs(Real Estate Investment Trusts). However, public offering real estate fund aimed to attract small individual investors has grown way slower than private placement real estate fund. Furthermore, even if Capital Markets Act governing all kinds of funds within Korea went through amendment July 24 2015, since the most of the amendments announced were focused on deregulation of private placement real estate fund, growth of public offering real estate fund is still questionable.

In addition, as most of existing research related to real estate fund, so far, tend to be focused on issues of fund``s performance measures and reward system or private placement real estate fund, research solely concentrated on legal and institutional improvement to activate investment on public offering real estate fund have been rare. In light of this notion, this study aims to seek legal and institutional improvement measures to activate investment on public offering real estate fund by comprehensively analyzing factors to undermine use of public offering real estate fund based on relevant literature, research papers, and reports.

And, finally, legal and institutional measurers gained from this research to stimulate investment on public offering real estate fund are as follows : (1) improvement of review system to public offering real estate fund, (2) assistance to financing and taxation support for asset management company, (3) improvement of permanency through introducing fund paying monthly, (4) deregulation of time limitation to invest upon establishing public offering real estate fund and of borrowing limitation, (5) reduction of sales remuneration, (6) preparation of regulation to induce large-scale fund by joining various financial investors.