리츠를 활용한 정비사업 모델 연구

리츠와 자산유동화를 활용한 정비사업 모델을 제안했다.

This study proposes REITs as a new urban redevelopment project method to respond to the government’s policy to accelerate private-led redevelopment. Previous literature is lacking in terms of focus on the financial structure and the method of redevelopment project itself. Therefore, this study proposes a redevelopment business model using REITs and asset securitization based on REITs. The basic structure of the REITs redevelopment model is that land owners invest in-kind on REITs based on the previous asset valuation, and then receive occupancy rights and REITs stocks. This method is expected to accelerate redevelopment projects and solve the housing shortage problem.

In addition, it is possible to pursue ‘development profit sharing based on market’ by improving the unreasonable profit structure excessively attributed to a small number of land owners. In order to apply the redevelopment project method with REITs in the future, follow-up studies on cash flow simulation, legal procedures review, real estate tax review, and incentive criteria setting are needed.