不動産 間接投資制度 比較分析에 관한 硏究

REITs 등 부동산 간접투자제도의 유형과 운영을 비교했다.

There are five types of real estate indirect investments such as Real Estate Investment Trusts(REITs) and Corporate Restructuring REITs (CR-REITs) operated by REITs Law, banks' trust securities for real estate investment operated by Cash Entrustment Law and beneficiary certificates like Mortgag-Backed Securities(MBS) and Asset-Backed Securities(ABS). Among these, banks' trust securities for real estate investment, MBS and ABS are already being sold in popularity. Therefore, if the REITs and CR-REITs are introduced in the market, a competition among those real estate indirect investment goods are expected to be accelerated.

Banks' trust securities and REITs are the same from the respect that they are all for real estate indirect investments though their controlling laws are different. These goods are similar to each other in that they gather funds from investors to make investments on real estates and allocate yields to investors. However, it is not so much easy for real investors to understand each different feature of goods because the expected profitability and stability of each type of goods are not verified yet. Among the goods, it is the banks' trust securities that appeared first on the market.

Since April 1998, these trust securities have been sold up to the amount of 220 billion won, while additional amount of about 1 trillion won will be expected to be gathered from the market. ABS in September 1998 and MBS in January 1999 were legalized respectively. The CR-REITs, starting from this July, will be the indirect investment goods for buying real estates from companies under the process of restructuring and getting yields from the assets. The government's original plan was to make a separated law for CR-REITs but CR-REITs was decided to be a part of REITs Law to avoid their overlapping.

REITs, also starting from this July, are indirect real estate investment goods that gathers fund from small-amounted investors and give them back rents or yields gained by the investments on real estates. 50 billion won shall be required as capital to establish a REITs. The REITs and CR-REITs are operated by the same method that they gather funds, make investments into real estate assets, resister themselves in the stock market and distribute yields to stockholders. For REITs, possession of stocks by general investors are restricted to 10% of total stocks and it is required to go through with public sales of stocks at the time of establishment.

However, these restriction and requirement are not necessary for CR-REITs. In addition, REITs can enjoy various types of real estates as its investment targets. But CR-REITs shall invest at least 70% of its total capital on real estate assets sold by companies in order to meet restructuring requirement needed by corporate financial workout agreement with creditors or reimbursement of debts. Finally, REITs and CR-REITs are different each other by that REITs is a real entity, while CR-REITs is only a paper company. Investments thorough MBS and ABS are both focused on real estates owned by persons or companies.

Real estate owners get cash by selling bonds mortgaged by the profits to be gained from the real estate and bondholders will be allocated the yield as much as indicated on the face of the bond together with facial value. The rate of return on investment for REITs and CR-REITs will be determined by the market system of stocks, while interest(coupon) amount indicated on the bond will be the return for the cases of MBS and ABS. For REITs, high-yield properties such as office buildings in downtown and officetels will be the primary investment targets to obtain rentals or capital gains.

Fund gained from banks' trust securities for real estate investments are loaned to development projects of construction companies to obtain interests from the construction companies. While REITs and CR-REITs are to become registered on the stock market, the banks' trust securities, operated as a type of contract between banks and investors, shall not be registered on the stock market. Therefore, investors buy stocks for REITs and CR-REITs while they buy beneficiary certificates for banks' trust securities. It is difficult to find adequate investment targets in this low-interested condition. But these various indirect investment goods for real estates will vitalize the real estate market.

The successful issues of banks' trust securities are evidence for such prospect. However, in order to make a stable settlement of those indirect investment goods in the market, primary concern shall be the question; how to secure the rate of return? In order to secure high yield, the exemption of corporate tax on REITs shall be necessary. If it is not exempted, REITs' one of thirds of the profit distributable to individual investors will be decreased. And the rate of return that the government is expecting to be 6%~10% will not be secured.

Therefore, this study suggests that exemption and reduction of taxes and deregulation of stockholders's requirements should be enforced for REITs to the extent as much as that of CR-REITs for the purpose of vitalizing real estate indirect investment and, futhermore, overall economy of Korea.