韓國의 Hotel REITs에 關한 硏究 : 信託型 리츠를 中心으로

호텔 리츠를 중심으로 한국의 부동산투자회사 제도를 연구했다.

Hence IMF system, the real estate market in Korea has a falling behind and undeveloped market so that investments has made in a way of speculation and made decisions by senses and the construction industry has had difficulties in mobility crisis in financial system, because the industry has been dependent on short-term loan in a large scale. Recently, the government and the related industries try to find means of settling this mobility crisis. As a result, they are discussing actively about REITs(Real Estate Investment Trusts) which is one of indirect investment methods in the real estate market.

The indirect investment methods in the real estate market is defined like this : without dealing with asset directly, investors can make decisions to invest money trust both established by real estate corporations which invest in real estate professionally and for investment in real estate. The represented system of indirect investment can be called as REITs. REITs can be classified company typed and trust typed by establishing types. In this study, because company REITs institution have been discussed already many times and the government(construction & traffic department) recently processing law-making at now, company typed REITs institution is not investigated in this study.

Instead, the induction model of trust typed REITs institution and its application which is regarded as an appropriate system which is suitable in Korea is investigated mainly in this study. A method of this study is as follows. Firstly the REITs institution, which are operated in advanced countries, are investigated and then the generally present situation of REITs(Real Estate Investment Trusts) in Korea, which is similar to the trust typed REITs, is analyzed. Also the necessity of activation of trust typed REITs is presented and the induction model of the trust typed REITs, which make use of the existing trust institutions operated in Korea, is suggested.

Finally, preconditions, which are needed for activation of the trust typed REITs, presented and an imaginary investment in Hotel REITs, which is regarded to be suitable to domestic economic conditions in Korea as a investment subject of trust typed REITs, is investigated in a profit and loss analysis. As the essential of this study, the induction of trust typed REITs model is operated as follows. The company (which is called as "issuer") establishing the trust typed REITs fund take final charges of raising funds and working funds. The related institutions, such as banks, security companies, take charges of marketing, management of general affairs and deposit of asset.

Such a balanced system is suggested as a most practical alternative in the existing law concerning trust system(the trust law, the trust business law) The establishment and management of the trust typed REITs fund has to be made by the company which in the trust business law can operate money trust. To activate REITs institution, tax exemption. mobility guarantee, improvement of clearness and protection equipment of investors have to be presumed. When the trust typer REITsmodel is induced, these preconditions of the earnest fixation and success of REITs system in Korea can be achieved.