연구 요약
연구 요지 (AI)
계약형 부동산투자신탁(REITs) 제도의 법적 쟁점을 검토한다.
초록
Although investments in real estate have been used so far as model asset management yielding highest profits, most of them have been in the form or method of direct investments. However, since the direct investors in real estates should be financially capable, the number of them has had to be limited. On the other hand, since such direct investors in real estates need to explore profitable real estates with precise assessment and analysis of invested values, they should be armed with expertise and experiences. Of course, since the direct investment in real estates require a considerable sum of capital, the risk of loss becomes larger that much.
In the real estate markets, therefore, direct investments have been mostly speculative enough to be controlled by various laws enacted by the government. Meanwhile, our real estate markets have remained stagnated due to unfavorable external environments such as IMF bailout program or smaller pool of investors. In order to improve the efficiency of real estate markets and enhance their flexible responsiveness to changing external environment or market opening, it may be deemed necessary to introduce advanced investment models, while taking measures to improve the added value of real estates.
"Real Estate Investment Trusts" (REITs) system is appreciated as one of the indirect real estate investment models responding to such social needs. The new system draws much attention, because it allows the small investors to participate in real estate investment and thereby, have them share the fruits from the real estate investment. Since the IMF bailout program, one of the most drastic changes in domestic real estate markets may have involved the liquiditization of real estate value.
Meanwhile, in an effort to facilitate the restructuring of domestic businesses and financial institutions and recover the real estate markets, the Korean government has promulgated "Law on Liquiditization of Assets" and "Mortgaged Bond Liquiditization Law" as grounds for liquiditization of real estates. However, the new systems have not successfully been established as financing means, and therefore, the argument for REITs gains strength. REITs is a kind of mutual fund engaged specially in real estate investments. It is raised with the sums of money trusted to it. The fund will be loaned to real estate businesses, and divide the profits of loan to investors.
Its legal entity may be "corporation" or "business trust". REITs is different from the conventional real estate trust which manages, disposes or develops the real estates trusted with it. Being aware of its efficiency and necessity, Ministry of Construction and Transportation is moving to enact a so-called "Real Estate Investment Company Law" imitating the US REITs system, which is scheduled to be implemented beginning from late 2001. Meanwhile, the Korean government amended the "Regulations for Trust Business Law" in April, 1998 to allow the trust businesses to be engaged in "contract-based (trust-based) real estate investment and trust".
Nevertheless at this moment two years after the amendment, a trust business has yet to be established against the expectation of government, which suggests that some measures be taken to activate the "contract-based real estate investment and trust" businesses. In the US real estate markets, financial capitals and real estates have already been combined, and thereby, the conventional attractions of real estate ownership have almost lost. In contrast, the Korean real estate markets are still being toughly controlled because they are seen as problematic or speculative markets.
Such a backwardness of our real estate markets may be attributable to their dependency on non-professional direct investments only. The "contract-based real estate investment and trust" system may be earlier established if its legal mechanisms and relevant codes should be rearranged, but it seems to be difficult to expect that the real estate and trust businesses will play their own roles and functions, because they are only allowed to be engaged in trust and relevant financial services due to lack of detailed specifications as well as poor linkage between Trust Business Law and Bank Law or Security Trade Law.
With such basic conceptions in mind, this study was aimed at reviewing the background, purposes and legal aspects of "contract-based real estate investment and trust system" - which is a kind of specialized and advanced indirect real estate investment means - and thereby, exploring the ways to activate the new system. To this end, contract-based and corporate-based real estate investment and trust systems were compared, and in particular, structure of contract-based real estate investment and trust system was examined to address its problems and find solutions to them.
In addition, in order to protect the investors - which is a pre-condition for development of the contract-based real estate investment and trust system - its service and operation structure were analyzed in depth.
발행 정보
2001. 建國大學校 국내석사 학위논문