부동산 간접투자의 법제 개선방향에 관한 연구 - REITs를 중심으로 -

Abstract

The trend of investments into the Korean real estate market had a big turning point due to 1997 Korean Financial Crisis under IMF custody. Especially, since most of the companies suffered from the deflation phenomena becoming serious and the under-liquidity of their funds, some laws related to the indirect investments in real estate were introduced by the government as the financing methods to procure the funds for restructuring the companies. That is, with the supports by the 1998 Asset-backed Securitization Act and the 1999 Special Purpose Companies for Mortgage-Backed Bonds Act, after collecting the public opinions from various industrial fields through a number of public hearings and overseas site visits after all, the government enacted the Real Estate Investment Company Act in 2001 and the Indirect Investment Asset Management Business Act in 2003 to activate the indirect investments into the capital market. Thus, various kinds of real estate investment instruments were created. Especially, some securities-type real estate indirect investment instruments were introduced in order to secure the liquidity and cashability of the raised funds and the stabilization of the real estate market, but due to the aspects of laws and systems and the external environments of the market, such financial instruments are not meeting the market needs. It can be said that the reason may be oriented from the people’s lack in recognition of each securities-type real estate indirect investment instrument as an investment target, but most of all, it is assumed that it can be mainly attributed to the government which has implemented some short-term real estate policies without following the intention of the legislation on the real estate securitization systems substantially. Therefore, in order such problems mentioned above to be corrected,it is impossible to correct them with only the self-efforts by REITs and it is preconditioned on the supports under the systems at the government level. Thus, this study suggests the needs to amend the relevant laws and the contents to be amended in a series of the asset managementprocesses from the establishments and operations of REITs to their winding-ups and liquidations after such raised problems are examined.