不動産信託制度의 活性化 方案에 關한 硏究 : 土地信託制度를 中心으로

토지신탁을 중심으로 부동산신탁제도의 활성화 방안을 모색했다.

Growing demand of the land prompted by rapid industrialization and urbanization since after 1960's and the practice of reckless and speculative transaction and dealing land have resulted in serious damage to healthy real estate market as well as sudden and unexpected serious hike in the price and consequently influenced adversely on national economy. Now again at this point in time getting relieved from the economic system called IMF, it is anticipated that another land problem and it demands reasonable real estate policy be explored and sought critically.

Today, the land is considerably being restricted of even its principle of respect in the possessive rights, one of three major principles of the modern civil law to the publicity. The efficient utilization of the land in our country, narrow and unspacious national land in comparision with its population, more higher priority than other fields should be given to the consideration. One of the most critical needs in our country will be the separation in the real estate of possession and utilization. This mechanism shall be pursued as a national policy from nation's comprehensive aspect to lead toward effective utilization for national land.

In general, various social systems are apt to rise and/or fall according to the needs of society. Currently, our country is in transition to an economic society and the necessity of real estate trust system, an important system in the object economy, is becoming conspicuous. When this system is more supplemented and developed to an efficient system the seperation and utilization can be made concrete and lively-wise. As for our country, real estate trust system has been introduced not long enough, less than 10 years, and understanding and recognition of the real estate trust by our people are insufficient. Accordingly, this system has not yet proceeding actively.

It can't be denied that such system to vitalize the real estate trust and permissible circumstances and systematic build-up have not become satisfactory to assume. Herewith some policies and alternatives for vitalization of real estate trust are presented in this thesis.

Plans for reform learned through the analysis of operation manner are summarized as follows: First, we have such laws in relation with the real estate trust as real estate trust-related law (Trust Law, Trust Business Law, Secured Debeture Trust Law, Securities Investment Trust Law) and Real Estate Registration Law, Land Zoning Project Law, City Redevelopment Law, Law governing on housing construction and supply, National Property Law, Local Financial Law, and so on. Real Estate trust is a system to expedite the utilization of land by means of judicial law-related vehicle of trust.

For the end of vitalizing this system it must be accompanied by legislative realignment and policy-guided support. Second, reforming methods in the taxation system in connection with the real estate trust will be necessary to be taken. Real estate trust is a mechanism able to overcome the restriction on the flow and fluctuation of real estate according to the legislation of land publicity concept and implementation of real estate name entry system. For its vitalization, it is thought desirable that the preferential measures would be taken on the incomes gained through the real estate trust process to compare with common and general cases.

Another thing, which should be reformed in the field of taxation system, is; it must be quite natural for the beneficiary in possession of trust-land is levied. However, in reality, business process does not deal with the structure of real estate trust reflected and accordingly it happens to produce some of the problems in the transaction. In a word, our current tax system has been established with no foreseen inception of the real estate trust and therefore the application of taxation on the real estate trust is not definitely implemented.

In this regard, it must be fully reflected and also, trust business will reveal the source of taxation clear and accurate, the expansion and growing of the trust business will in a long range prospect contribute to the increasing of tax revenue. As such, government policy-oriented support for the vitalizing of trust business would be rendered. Third, as a means of renovation of the operation of the project, public credit on the trust agencies must first be secured.

Real estate trust is closely associated with the utilization of the national land to include the disposal and development of land and so the public interests with them are very meaningful and strong and demanding high standard credit of the trustee agencies. In addition, in order to lead the real estate owners into the trust market it will require recognition of financing for real estate trust and supporting of development expense. Accordingly, securing of flexibility and capital procuring ability will have close relation with the maintaining of public credit.

In particular, the rate of interests of the loan(borrowed money) will affect the profitability of the business and the possibility whether or not capable of procuring fund will act as a factor resulting to success or failure. In most cases, the trusters are consigning the real estate with the trust firm due to the difficulty and problem in raising fund. In other word, for vitalizing real estate trust business, a certain structural mechanism that can facilitate to procure more easily and moderately the finance in connection with the development of trust shall be explored and established. As thus, it will respond to the demands of the trusters.

As for a systematic improvement measure for securing stabilized investment resources for real estate trust business, real estate investment trust system pursuant to REITs which is being actively practiced in the United States, making real estate into securities, back-up of long term finance system and preferential treatment of credit, et cetra, shall be explored and considere