리츠(REITs) 활성화 방안에 관한 연구

국내 리츠의 현황과 제도 활성화 방안을 연구했다.

As a consequence of Asian financial crisis, the real estate market in Korea was stagnant due to the economic recession throughout the nation. To solve the problem, the government implemented ABS(Asset Backed Securities) and MBS(Mortgage Backed Securities) system, which somewhat helped finance and boost the real estate market thus fostering national economy in some degree but did not wholly serve as a means for the real estate market mechanism. The REITs was introduced by "real estate investment trust law" enacted in Apr. 2001 for the purpose of improving the liquidity and thus boosting the real estate market as well as national economy.

It helped restructure corporations and financial institutions improving the ratio of owner's equity. The REITs could activate the real estate market through securitizing the real estate assets and distributing the securities in the capital market. Most importantly, the REITs as a method of indirect real estate investment being employed in most developed nations could enable small investors engage in a large scale of real estate development projects which would otherwise be unaccessible. However, the REITs in Korea has not drawn as much attention since its enactment by law as had been expected before though it has a number of benefits as described above.

Thus, this paper investigates the practical cases in developed nations where the REITs has thrived and finds out their problems and solutions as a bench mark in an effort to improve and activate Korean REITs.