일본 J-REIT 분석 및 비교를 통한 한국 부동산펀드의 활성화 방안 연구

일본 리츠와 비교해 한국 부동산펀드의 활성화 방안을 제시했다.

영문초록:This study focuses on finding the fundamental reason of the activeness of J-REIT market. While the legislative structure and of J-REIT is quite similar to KOREA Real Estate Fund, the J-REIT market is more viable than KOREA Real Estate Fund. J-REIT market is composed of total 32 REITs and its market size is reaching 3.9 trillion yen. On the contrary, KOREA Real Estate Fund market has 22 funds and its size is only 2.3 trillion won, whose size is only 6% of J-REIT.

The fundamental difference of legislative structure between J-REIT and KOREA Real Estate Fund and the main reason of the growth of J-REIT is the real estate owner's initiative for the asset management, that means the original owner and operator of the real estate can set up a J-REIT with its own property. Every property owner can set up a J-REIT to liquidate its property while its control over the property is maintained. This points attracts the property owners and make the J-REIT market be more active than KOREA Real Estate Fund market. KOREA Real Estate Fund law is more asset management focused. After the legislation of K-REIT law, there has been several effort to set up general K-REIT.

However, the IPOs of the general K-REIT have been failed and at last there is no general K-REIT in the market. Only several asset management company has been survived with short-term REITs and Funds.. To make the KOREA Real Estate Fund market be more viable, this study suggests main solution; to draw the attention of the large real estate owners. While there are no Mitsui Fudosan in Korea, still there are large real estate owners such as department store owner, hotel and resort owner. Therefore, if the law let these large owners feel attractive to the KOREA Real Estate Fund which they can get their property to be liquidated while the control over the property is same as before.

To do that, the government should change the current legislative system into which is favorable to the large owners. One of the solution is to let the large owner be the asset management company with minimum guidelines. Currently the law applies rather strict qualification guideline for the asset management company. For the large owner, Korea Real Estate Fund will be used as a vehicle for financing of new development and sound financial structure and for small income earners, providing opportunity for large income producing real estate.

This solution will not only make the KOREA Real Estate Fund market to be more viable, but also creates the positive business cycle by which the market accumulates the knowledge and experience of utilizing real property as an financial asset. This will raise the standard of Korean real estate market and finally incorporate Korean real estate market into world financial market