現行 REITs制度의 問題點 및 改善方案에 관한 硏究

현행 리츠 제도의 문제점과 개선 방안을 연구했다.

The REITs are real estate investment demands that are more scientific and more reasonable. In the market, a reasonable demander can make a supplier reasonable as well, and the market where supplier and demander think and behave rationally can be more easily stabilized. For the successful implementation of the REITs system, efforts to tackle defects in the system should be necessary, in addition to full support from the government. First, the reason that government limited investment in kind as an activating plan is because the total assets can be elvaluated high excessively. But government needs to consider introduce the U.S.

UpREITs or DownREITs gradually to activate the REITs system and make the maximum of investment earnings. Second, as a plan for training specialized expects government shoud endow the investment analysis institution with the public confidence and CCIM is needed to develop the REITs system. If the institution for real estate investment analyst is hard to introduce confidence right now, government can use to give the license to real estate identifier who is trained from govern educational institution during a regular term.

Third, government should introduce the institution on taxation and prevent general investment companies from groaning under heavy burden taxtation to make a valance with indirect properties. And the tax rate need to reduce at the leveal of CR-REITs. Forth, the the most important thing for the activation of the REITs system is construction and opening of information infra SUCS as real eastate investment index as soon as possible. Because the lack of public confidence about REITs properties make investor' interest be reduced their concerns about the REIYs, we expect the activation of the REITs system. Fifth, a wide range of protective devices is needed to attract as many investors as possible.

Measures to protect investors may include the disclosure of information on REITs, the prevention of REITs' moral hazard and the strengthening of supervision. Lastly, the entrustment of investment assets should be taken into consideration. According to the Real Estate Investment Trust (REIT) Act, investment assets should be entrusted to a specific institution. This is intended to prevent asset mismanagement or illegal practices by the management of REITs, thereby protecting investors. From the financial point of view, regulations on escrow account seem necessary in order to complement the existing investor protection system.

In this light, compulsory provisions that expressly state the use of escrow account at the time of real estate acquisition should be promptly laid down. As above, the REITs system has both merits and demerits. In order to galvanize the sys tem, therefore, the government and relevant authorities or industries should make all-out efforts, such as the development of REITs products easily available to ordinary investors, the securing of tax sources through the enhancement of transparency in asset management, etc. Without these efforts, no satisfactory results--whether they are social or economic--would be gained from the implementation of the REITs system.