공공임대주택리츠의 사업성 분석

공공임대주택 리츠의 사업성과 공공부문 지원 구조를 분석했다.

The government announced REITs in 2014, in order to improve the loss structure of public rental housing and to ensure the sustainable supply. Typical REITs pay a dividend based on operating profit, but public rental housing REITs, used as a real estate policy tool, are modified ones established at the expense of credit enhancement by the public sector, such as investing in common stocks, making a repurchase agreement, providing payment guarantees, etc.

Stable profits in public rental housing REITs are based on both the business structure with a business portfolio in view of the marketability and the reduction of construction costs, which is inserted in making the site by LH, in accordance with the relevant laws and regulations. Thereby lowering the funding cost to enhance the business feasibility of REITs. To investigate the role of REITs in the supply and management of public rental housing, this study analyzed examples from NHF No.15 by comparing with previous business methods, and it focused on finding the good result caused by REITs in terms of rental housing demanders, suppliers and financial markets. In this study, NHF No.

15 case analysis showed that the REITs method was able to reduce construction and financing costs compared to the previous project method, and that the introduction of REITs method was advantageous even if the costs for structuralizing REITs were added. In addition, public rental REITs are considered to be of great significance in achieving the policy goals of public rental housing while easing the financial burden on project implementers in the public sector such as LH.

Concretely, since accounting separation between REITs and LH was possible, REITs greatly contributed to the improvement of financial structure such as debt reduction in accounting along with promoting investment in public rental housing. Hereafter, in order to continue to supply public rental housing by REITs, the source of funding should be diversified by expansion of participation to the general public, and its business structure must be diversified in order to share revenues and risks among project participants.