우리나라 不動産投資社會 制度의 發展方案에 관한 硏究

부동산투자회사 제도의 현황과 발전방안을 연구했다.

Since the full-fledged national financial crisis, businesses and financial institutes have tried to elevate the liquidity of assets, by reducing bad bonds and selling real estate, to have better financial structure. But they don't feel the ABS and MBS systems that are respectively based on the 1998 assets liquidization law and the 1999 special purpose company for mortgage/backed bonds act are enough. These systems are confined to real estate that can only yield regular profits, and it's not easy to liquidize real state itself. Accordingly, another type of real state liquidization system that can work properly, not temporarily, is called for.

In a response to such a need, the government introduces real estate investment trusts, or REITs, an indirect investment system that has already settled in the advanced countries including the United States as one of real estate banking. Although a lot of earlier studies have reviewed REITs from a legal perspective and ensuing possible problems, the ongoing pressing matters, such as the lack of profitable real estate, the shortage of professional human resources or taxation issues, haven't been yet brought to a settlement since the real estate investment trusts act was enforced in July 2001.

So that system isn't yet placed on the right track, against our expectations, and such problems seem to be a drag on the fulfillment of the real estate investment trusts system. However, the Ministry of Construction and Transportation and the Ministry of Finance and Economy are amending the enforcement regulations of the restriction of special taxation act and the real estate investment trusts act. From next year and on, real estate investment trusts that invest in rental house business are going to be exempted half the corporation tax for five years upon getting profit, and some additional measures are under way.

There is a move to establish Korea real estate investment trusts, or K-REITs, for lease business, and corporate restructuring real estate investment trusts, or CR-REITs, are scheduled to open in December 2001. As REITs products start to come out in the market, more institutes or businesses already established related firms or make preparations to so that, such as asset management company or real estate investment adviser. Now that the system is just in the beginning stage, how real state market will change and what role participants will perform should be studied to put the real estate investment trusts system on the right track.

The purpose of this study was to discuss the outline of REITs, the characteristics of the foreign system, the general characteristics of the real estate investment trusts law, the expected effect of that system on real estate market, capital market, real estate policy, market players, potential restrictions for future preparations of real estate investment trusts, the current foundation state of real estate investment trusts, the demand and supply in the real estate market, participant role, and ways to have that system settle in our society.

Unlike other businesses, real estate investment trusts are required to pay a dividend of more than 90% of the profit in cash, and internal reservation or reinvestment of profit is scarcely done. As this makes it difficult for them to pursue their own growth, efficient growth strategy that can facilitate their growth was explored, and finally, what general investors who lack expertise and relevant investment knowledge should keep in mind was suggested. It's primarily meant in this study to explore how real estate investment trusts and related businesses could settle themselves in the beginning stage.

First, since the firms are required to hire 3 or 5 professionals, ways to cultivate expert human resources and professional institutes were presented. Secondly, the need to gradually enlarge the currently limited development projects was explained. Third, the necessity of preparing some institutional measure to step up a sound operation of real estate investment advisers was stressed. Fourth, there are a lot of efforts to establish CR-REITs rather than K-REITs, and intensive investment in this field should be suppressed, and the related system should be redressed.

Fifth, the need to develop REITs index that can describe the general situations of the real estate market and to provide useful information is emphasized(the U.S. S&P lately decided to have the major indexes handle REITs). Sixth, the Ministry of Construction and Transportation and the Financial Supervisory Service should share works properly in conjunction with the real estate investment trusts system, a banking product that real estate product and banking product are mixed. Ninth, it's necessary to prevent the disorderly foundation of asset management companies.

Tenth, as it's feared that foreign real estate investment firms might make extensive investment to take a grip on our domestic market, appropriate action should be taken to prevent it. Eleventh, some solution for controversial double taxation was suggested.