한국형 부동산투자회사(REITs)제도 개선을 위한 소고

한국형 부동산투자회사 제도의 운영 현황과 개선 방향을 검토했다.

Korea adopted REITs (real estate investment trusts) in 2001 to help economic recovery after the 1997 financial crisis. Over the past 16 years, the Korean government has tried to reflect market demands on the REITs system and to prevent its side effects with a series of revision. In spite of these efforts, Korean REITs has not been active compared with those in advanced countries like the US. It is required to improve market and institutional environments for promoting the growth of REITs in Korea. REITs, which raises funds from general investors, invests and manages them in real-estate markets, shares returns among investors, is subject to the “Real Estate Investment Act”.

As it is mentioned in the Act, the main purpose of REITs is to provide general people with various opportunities of real-estate investment, stable returns and tax benefits. However, current status of Korean REITs has institutional and noninstitutional problems, obstructing the achievement of its purposes. In this study, I investigate those problems in various aspects. In addition, considering the interests of REITs industry, government and legislative body, I try to make suggestions for promoting the growth of Korean REITs and its system.