부동산간접투자기관 현황과 활성화 방안

부동산 간접투자기관의 현황과 활성화 방안을 연구했다.

Since the IMF crisis in 1997, new concepts and alternative policies have been required for trade and use of real estate by going through serious asset deflation. It indicates that the securitization, which is an indirect investment system of real estate, became an essential element as a new financial strategy in order to revitalize real estate market and improve liquidity of real estate in the process of restructuring enterprises and financial agencies. The introduction of 'Real Estate Investment Trusts (REITs)' system is considered as a way to revitalize the market.

For four years after the act of Real Estate Investment Trusts became effective, REITs was applying CR-REITs-centered strategy in the market. As Indirect Investment Asset Management Business Act (IIAMBA) was executed in 2004, the real estate funds that had gentler requirement for establishment and was more convenient to manage asset compared to the existing REITs, was introduced and eventually the real estate funds surpassed the set amount of REITs in two years of its execution in the market.

For this reason, the Ministry of Construction & Transportation revised the act of Real Estate Investment Trusts to revitalize the REITs system not as a measure for restructuring but as a normal way for the market flow. With such revision, the collective management of REITs has introduced and initiated its execution from April 2005. Currently, the REITs is divided into two major systems: REITs that is executed by the act of REITs and real estate funds that is managed by Indirect Investment Asset Management Business Act (IIAMBA).

In this thesis, the structures, the agencies, and the legislative systems of REITs and the real estate funds among the indirect investment systems of real estate will be studied, and it will suggest problems and further plans to revitalize the market by analyzing the current situation of REITs and the real estate products as well as their achievement in the market. Based on these studies, several plans for rapid development of the indirect investment systems of real estate and investment expansion will be addressed. The conclusion is summarized below.

First, the indirect investment systems of real estate is currently causing quite a number of differences such as hosting agencies, the regulation on minimum capital, the form of recruitment, the possibility of loaning and lending, the formation of assets, the tax system and the range of its application, and so on between REITs of ‘the act of REITs’ and real estate funds of ‘Indirect Investment Asset Management Business Act (IIAMBA).’ Second, according to the current situation of indirect investment products of real estate, there are eleven established REITs, ten for CR-REITs, and only one for the collective management of REITs as of March 2006.

To speak of real estate funds, the PF type fund takes 68.4%, the actual-purchase type fund takes 16.8%, and the auction type results 14.8% for practical use. Third, for the achievement of the indirect investment products of real estate, REITs shows higher profit than real estate funds in profitability and for stability, REITs products, which are invested for the stock market, are more stable. Also, the real estate funds are stable than the fixed income funds and for liquidity, REITs and other auction type real estate funds are traded in the stock market, but other real estate funds haven’t traded yet, thus they show insufficient flow in the market.

Fourth, in order to revitalize the indirect investment system of real estate, the Ministry of Construction & Transportation and the Ministry of Finance and Economy should confer with each other to drag deeper understand about dualized systems to encourage the indirect investment market of real estate and to establish a long-term master plan for expansion. Asset investment company and asset management company should construct an infra of life and property that allows a positive competition and growth in the indirect investment market of real estate.

And last, it is essential to secure real estate that offers an ideal profit even under depletion of the real estate market as well as necessary to construct an infra to build credit to investors.