리츠(REITs)현황과 발전방향 연구

국내 리츠 현황을 살펴보고 제도의 발전 방향을 제시했다.

The government had put all the efforts on aggressive restructuring program to reduce excessive debt-to-equity ratio of corporations and write off non-performing loans in the banking sector since applying for the 1997 IMF bailout package. The government authorities introduced REITs in April of 2001 to solve asset deflation phenomenon and smooth restructuring in both the corporate and financial sectors. REITs are a secure indirect real estate investment product to the investors which heightens liquidity and convertibility by turning real estate into stocks making it easy to link with capital market.

But, REITs system established mainly CR-REITs in contrast with the original introduction purpose and ordinary REITs was degraded as freakish structure which was managed with foundation and sales. To activate general REITs, It would be permitted that the general REITs assume the form of the paper company which has no full time employee and trust the own assets to Investment trust management company. Also It is need to be various shapes of company for the benefit of reducing the corporation tax. To create continuous and positive benefits of REITs, systematic support which permits the real estate development business would be needed.

So, the REITs law was made in April, 2001 and revised it in 2007. After revising the law, the REITs system could encourage the small investors to put their money in the real estates and an ultimate redistribution could be realized while real estate investments was popular enough to consider the base of demands for rear estate and check a rapid fall of real estate prices. Also, MCT(Ministry of Construction & Transportation) in association with FSC(Financial Supervisory Commission) must make oa effort to establish a legal supervision system to protect investors, and inner control standards which should be observed by employees to run asset.