부동산펀드의 운용특성 분석

Abstract

In the late 1990s, the IMF financial crisis, Korean financial institutions and corporations struggled to sell their hard assets such as office buildings, land, and real estate for increasing their liquidity. While this crisis, the concept of real estate securitization was introduced and institutionalized to meet the needs of them. However, Asset Backed Securities(ABS) including MBS and CMBS, originally designed for corporate restructuring process or for handling non-performing loans. So, those financial products have exposed limits to provide proper tools for the investors who wanted long-term indirect investment on real estate. This study is not only on theoretical approach for the basic structures and categories of real estate funds, but also on emprical analysis of asset managing styles of real estate funds in Korean financial market. Through this study, we will figure out the issues and obstacles for acceleration of real estate fund market and suggest several solutions improving it. Even though real estate fund was introduced later than other in financial products in Korean financial market, real estate fund market has growed steadily. So, it might be able to grow further if some environmental and institutional hurdles were improved.