부동산투자회사법 개정안의 문제점과 발전방안 연구

부동산투자회사법 개정안의 문제점과 발전방안을 검토한다.

Real Estate Investment Trusts company(REITs ; Real Estate Investment Trusts) according to the Real Estate Investment Company Act refers to a company that aims to deliver to its investors the profit that arise from investment into real estates or securities related to real estates by raising fund from a number of investors as a form of a corporation. As an indirect real estates investment commodity, REITS increases liquidity of real estates through combining the real estates market with the financial market, provides investment opportunities in real estates to small investors and enhances transparency of the real estates market.

Adopted in 2001 in order to stimulate the restructuring process of enterprises and financial institutions ever since the 1997 IMF crisis, REITs has shown a consistent growth and has contributed to the forming a sound real estate market and supporting enterprise restructuring. In July of 2015, currently, a total of 125 REITs are being operated, with a total capital size of 18 billion KRW. Despite such external and internal growth, the plunging real estate prices, downturn in business deals, and sinking of Project Financing for real estate development ever since the 2008 global financial crisis have illuminated the necessity of a fundamental improvement in investment regulations for REITs.

Consequently, in order to deregulate the entire process of operating REITs including market entrance, funding, investment methods, and distribution of dividends, so as to increase REITs` competitive edge and market base as a indirect investment commodity for real estates, the Ministry of Land, Infrastructure and Transportation has announced its plans to legislate the Revised bill for implementation of Real Estate Investment Company Act in May 23rd of 2014, and also that it has passed the bill through the Cabinet meeting in the 23rd of September.