不動産投資信託制度의 導入 方案 : 開發型 REITs를 중심으로

개발형 리츠를 중심으로 부동산투자신탁제도 도입 방안을 연구했다.

102521 The purpose of this study was to survey the conditions and contents of the Real Estate Investment Company in Korea(K-REITs). The introduction of the Real Estate Investment Company, REITs completes the institutionalization of the securitization of real estate, which was introduced in 1998. It is already possible to securitize real estate through SPC (Special Purpose Company), and LIBS (Mortgage Backed Securities) are expected to be issued in the spring. However, this institutionalization is incomplete, for it doesn’t focus on the investment of real estate, but rather on the disposition of real estate or the obligation of insolvent.

Still more a country like Korea has many problems (the domination of land, non-performing or sub-performing real estates, heavy real estate taxes, and advance payment when selling in lost), therefore revitalization of the real estate market will not be easy even with securitization. And, it is necessary for Korea to introduce new vehicles of real estate investment which can solve the above problems. Such vehicles will allow investment in new real estate securities as well as the real estate itself. Concurrently, the securities, which are issued through these vehicles, should play the role of small-divided assets. REITs, in the U. S., are generalized to meet these con&tions.

Furthermore, since the 1960’s REITs have been involved in a variety of business allowing them to become the centers for the investment of real estate, especially developing and managing commercial real estate. And although there are also other types of vehicles, such as the LPT in Australia, which is in the form of trust, and SPC in Japan, which is in the form of special corporation, this study shows that REITs is the fittest for Korea as vehicles of real estate investment. Although the Real Estate Trusts (RETs), in the form of trusts type are permitted in Korea, they are limited in many aspects.

First, RETs have not operated according to the principle of capitalist market economy, for they are regulated by the public administrations. Second, they are not specialized in the process of developing real estate. Therefore REITs are needed. Through REITs, which use outside management companies and invest in high risk real estate, the potential for high returns will be very flexible and dynamic. This study suggests that important issues to be covered by K-REITs Law are issuance of securities, protection of the investors, and tax benefits. Especially in the case of taxes, it is necessary not only to remove double taxation, but also to cut tax liabilities in real estate transactions.

The form of K-REITs should be the stock company which is based on special law and is different from that of the existing SPC and mutual fund. K-REITs are also different from RETs. However, it does not mean that it is unnecessary to introduce REITs as a type of trust. Rather, a law to include a type of trust is needed. There are the RETs, which are based on trust law and run real estate development business. The revision of the trust law accomplishes that purpose. The purpose of introducing K-REITs is to revitalize the investment in real estate, and this institutionalization of real estate investment is to allow a great number of people to join in real estate investment.

Also, the introduction of K-REITs will set the momentum to change the concept of real estate investment which is currently very vague. Namely, this institution will change the concept of real estate investment from mere speculation of capital gains to the advanced management of net operating incomes.