우리나라 不動産投資會社 制度의 發展方向에 관한 硏究

우리나라 부동산투자회사 제도의 발전 방향을 연구했다.

Real Estate Investment Company Act, which becomes effective in July is deemed to have a positive effect on the disposition of real estate assets held by the companies and banks that are under the restructuring. The system has been adapted, first from the macroeconomic perspective, in order to boost the market after the financial and currency crisis, and secondly from the real estate industry's perspective, to activate its market and to lead into more advanced industrial structure.

The adaptation of the system is meaningful in economical senses because it can increase the demand for real estate, make the real estate market advanced and transparent, help capital market to grow, diversify the choices of individual investors, upgrade the professionalism in real estate investment, provide the ways to fund constructions, and assist restructuring of companies.

Hence, together with the opening of real estate market to foreigners, acquisition of distressed asset through KAMCO, acquisition of land owned by companies through Korea Land Corporation, and allowing banks to raise Real Estate Trust Cash Fund, REITs is thought to work as a way to increase the demand for liquidity-lacked real estate for sale. Meanwhile, Groups, banks, security companies, governmental investment companies, developing companies, and trust companies are exploring ways to enter the market. The potential market size is expected to be at a minimum of 5 trillion won to a maximum of 30 trillion won depending on the market condition.

The shift of paradigm in the real estate industry is expected to be inevitable in this process. In order for REITs to take root and have constant development, the real estate investment culture should settle down, investor protection system should be reinforced, infrastructure for the industry should be built, the balance in different business types should be maintained, the regulation on foreign debt should be eased, and mortgage system should be adapted.