부동산 크라우드펀딩 활성화를 위한 제도개선 방안 연구

부동산 크라우드펀딩 시장과 관련 규제를 분석하고 제도 개선을 제안했다.

The purpose of this study is to propose ways to improve the system for the activation of real estate crowdfunding. To this end, we examined equity and lending crowdfunding related regulations, analyzed the market situation in regards to real estate crowdfunding and reviewed the effectiveness of the system and the necessity of improvement. As a result, we propose the following regulation improvements. First, considering its characteristics of large investment amounts and low risk of insolvency, the real estate development sector needs to lower the restrictions on investment limits.

Second, the reporting and disclosure obligations of crowdfunding companies should be strengthened to simultaneously enhance industry transparency and investor protection. Third, it is necessary to improve laws and regulation to allow investment in real estate business, as equity crowdfunding laws currently restrict investment in real estate business. This study is meaningful in that it proposes a direction for the continuous growth of crowdfunding in Korea and the protection of investors through the improvement and revitalization of real estate crowdfunding system. To stimulate real estate crowdfunding, it is necessary to raise a group of investors who have a high commitment rate.

In order to do so, it is necessary to secure a certain level of autonomy so that investment can be made considering the risks that are taken under their budget constraints. In the case of loan-type crowdfunding, it started in the form of P2P loans in Korea and is growing rapidly. However, due to the fact that related industries were not legislated, the risk of investors was concerning. Therefore, the financial authorities are recommending to comply with basic regulations through implementation of 'P2P loan guidelines'.

However, the analysis of Korea P2P Financial Association data shows that the growth of loan-type real estate crowdfunding (real estate PF sector) has remarkably decreased since the regulation implementation. The main reason for such decrease seems to result from the investment limit, which covers the investment amount per capita and the annual investment limit for a single company. Real estate crowdfunding is relatively expensive due to the nature of the real estate development business, so the amount of the offer is bound to increase.

However, due to the restriction of the current investment limit, the biggest advantage of real estate crowdfunding can be discarded that the general investor can diversely invest in a large number of real estate with a small amount of investment. In the case of brokers (P2P companies) who are facing serious shortage of funds, real estate crowdfunding companies are faced with more unfavorable conditions, and the cost of recruiting funds has increased due to various promotions for attracting investors.

This may again cause investors to make investment decisions based on factors other than project feasibility, which would mean that the regulations placed to protect the investors are ironically increasing their risk. In the current loan-type crowdfunding market, the real estate PF sector has accounted for the largest portion and has led the market growth. However, real estate crowdfunding companies face more adverse conditions than other industries due to the largest influence of investment limit regulation. If this phenomenon continues, it may have an adverse effect on the overall crowdfunding market; therefore, the deregulation of the industry as a whole must be examined.

On the other hand, the main purpose of the investment limit regulation is investor protection. Real estate crowdfunding is relatively low risk in terms of redeeming resources when compared to other crowdfunding types because real estate such as land and buildings is invested as collateral. This result can be obtained by analyzing the correlation between accumulated loan amount of real estate PF and delinquency and default rate. Therefore, there is a need to relax restrictions on investment limits based on the characteristics of the industry, such as placing an exception clause in consideration of the real estate industry’s relatively low risk of insolvency.

Even the survey on the investors’ opinion shows that the current regulation level is not appropriate, as the most frequently stated intended investment amount was 10 million won per investment, which greatly exceeds the limit of the current investment limit. In addition, the recent enactment of the Enforcement Decree of the Large Business Administration Act and the supervision regulation have defined P2P companies as 'lenders related to online lending information' and are making efforts to attract P2P companies into the system by imposing obligations to register with the Financial Services Commission.

However, in terms of enhancing transparency, there is a term within the P2P loan guidelines that states 'information provided by investors', but the fact that this is not compulsory, only a recommendation, is a problem. In the case of real estate crowdfunding, it is necessary to relax the limit on investment limit only for the real estate PF sector. Considering the results of the investor survey conducted earlier, it seems reasonable to reduce the amount to 10 million won per investment. The investment limit per company should also be significantly eased or abolished so that the general investors can secure autonomy of investment.

This would be the most favorable way to revive the original intention of crowdfunding. Equity crowdfunding has been institutionalized through the amendment of the Capital Market Law, but there are legal restrictions on funding for the real estate business under the relevant laws and regulations. In case of real estate investment using equity crowdfunding, it is allowed only in real estate development business for public interest purpose. Therefore, the growth of equity real estate crowdfunding is inherently limited. As for the investment preferen