부동산펀드의 발전방향에 관한 연구

부동산펀드의 현황과 발전방향을 연구했다.

While both the government and the private firms of Korea consider the financial sector as the important area for the growth policy around the manufacturing business, they haven't properly prepared the near future. The buildings, banks and companies of Korea were sold at a giveaway price during the foreign exchange crisis. Even in 2007 after 10 years from then, Korea is in the position to protect the financial sector and service business in the free trade agreement negotiation between the USA and Korea, still far from the competition.

The indirect real estate investment system was introduced as the Trust Business Act in 1988 in the real estate financial sector and the Indirect Investment Management Act in 2003. The Capital Market Consolidation Act will be implemented in 2008. Accordingly, this study examined the management structure of real estate fund that the investors can effectively get access to the capital market as well as we cope with such social environmental changes, in the market and institutional aspects. Korea implemented the Indirect Investment Management Business Act that could be considered as the consolidation act of investment fund from Jan. 5, 2004.

However, we have still many areas requiring consolidation including Real Estate Investment Company Act and Ship Investment Company Act. The competitiveness shows difference depending on the allowance level because of the different allowance level even though the purposes are the same. For example, if the competent ministry of indirect real estate investment system is Construction and Transportation Ministry, the investment is considered as the REITs and if it is the Financial Supervisory Board, the investment as the fund. In the investors' position, it is not easy to adapt to the new investment approaches. Even worse, the different provisions of Acts may cause lots of troubles in investment.

Most real estate funds in Korea that were established in June 2004 were the PF fund rather than the development and lease fund with high investment risk. The PF fund(including special assets) among 369 real estate funds of 13 Trillion 800 Billion Won, which accounted for 306 funds(77%) valued at 8 Trillion 76.4 Billion Won(58%) in Jan. 2007. The foreign real estate fund investment were 40 funds at 4 Trillion 369.4 Billion Won and the domestic lease fund was 47 items(1 Trillion 340.8 Billion Won. However, the development type funds were only 3 items(44.8 Billion Won). The profitable office buildings in Korea were not left.

The privately placed real estate fund has been increasing because it accepts the compensation on performance as compared to the publicly placed real estate fund with the accounting and auditing rules and provides the tax credits for the corporations. The real estate fund in the USA was started from the syndication and overcame the crisis of Savings and Loan Association between late 1980s and early 1990s. It has been favored by the investors losing their assets in the stock market since 2000 as the alternative investment.

While the individuals and the government of Japan are the great capital power, Japan is the developing country in terms of the financial system enough to experience the real estate bubble in 1990s. J-REITs was listed in the Tokyo Stock Exchange in 2001 and has been investing around the offices. Australia is the developed country in terms of the real estate fund techniques as holding 4 asset management firms of top 10 asset management firms in the world. James Fielding Group became the big real estate fund just in 2~3 years since its establishment with the social overhead capital and hotel equity investment beyond the office business showing serious competition in the earning rate.

It built the successful cases including Macquarie Way, stapled securities approach, record reality and westfield.

The problems of real estate fund in the market aspect for the development direction of real estate fund include the followings; 1) according to the statistics, about 53% doesn't know the real estate fund well and the stagnation of real estate market lowers the earning rate of real estate fund; 2) there are no sufficient data and experts to help the investment decision; 3) there is the illegal privately placed fund insisting that it will increase the profits within a short period of time using the long-term utilization plan of land that the investors have difficulty in identifying; and 4) there are not sufficient cases that the investors restored the profits.

The problems in the institutional aspects are explained below; 1) CR-REITs has advantages in terms of tax systems and privately placed type is more favorable than the publicly placed type. The real estate fund is advantageous more than REITs in the loan aspect. Thus, the fund has been developed toward the direction different from the original purposes of indirect investment system.

Accordingly, it is required to properly correct the ways from the beginning; 2) We need the resolution of board of directors for the important investment decision and independent audit and independence of capital management firms, the subsidiaries of banks and security firms to protect the investors; 3) It is required to cultivate the capital management firms, the professional area, which the investors can rely on, and to develop the policies to be ready against the crisis; 4) There will be tough competition because the real estate management experts of the USA with various and long-term investment experience will enter into the Korean market due to the free trade agreement negotiation between the USA and Korea.

Thus, we need to bring up the real estate management experts. Korea needs the financial firms specialized in or skilled in small and medium enterprises or bonds as well as promotes the growth of firms to the big firms to cope with the foreign IB out of the financial firms aiming at the commission. In conclusion, the development direction of real estate fund requires the follo