不動産 間接 投資에 관한 硏究

부동산 간접투자제도와 부동산투자회사법의 도입·활성화를 연구했다.

This study aims to examine the plans to early establish investment company laws by comparing and analyzing our Real Estate Investment Company Act, which passed the national assembly in April 2001 and put into force in July 2001, and various systems of major advanced countries. As for the methodology of this study, I drew the main issues based on the result of preceding studies on the laws of introducing this system. To present effective activation plans in line with the introduction of REIT, I analyzed the information focusing on the technical research methods through related literatures at home and abroad, laws and references.

In addition, I put focus on company type REITs of United State, which has profound historical experience and is most advanced, in reference to the system of Australia and Japan as necessary. This study consists of 7 chapters including the introduction chapter, chapter 1, 5 main chapters and conclusion chapter, chapter 7. Chapter 2 briefly examined the types and necessity of real estate investment company. In chapter 3, I carried out intensive study on REITs of United State with actual case studies, and mentioned LPT of Australia and SPC of Japan.

That is, market size of and history of REITs, present status of investors and real estate for investment, as well as the functions of various organizations surrounding REITs. In chapter 4, since it is necessary not to simply mimic the system of advanced countries, in order to establish and activate the real estate investment trust company, I examined how real estate trust company raises the fund in practice as well as the evaluation of value at the market. Chapter 5 explored the direction of operating the raised funds and of evolving the development trust. In particular, REITs is a mean to newly raise the fund for the construction company.

If construction companies establish REITs as a total real estate company with the functions of fund, development and execution, they can possess the function to raise funds and the function as total real estate group, which accomplishes consistency of operation as REITs can purchase project developed by construction companies. In chapter 6, I discussed the necessity to introduce REITs system and present status of real estate trust, as well as problems, expected to occur when this system is put into force, and the solutions for these problems. In conclusion, the meaning of introducing the real estate investment company cannot be underestimated but it takes a lot for this system to take root.

It is necessary to create the conditions in which this system can be activated including the expansion of infrastructure regarding indirect investment of real estate and exemption of corporate tax on real estate investment companies, so that the investment in real estate can be more popular, advanced and further lead to the development of capital market.