기업형 임대주택(뉴스테이) 공급 활성화를 위한 금융지원 방안 연구 = Financial support for boosting enterprise-led rental housing supply

다국어 초록 (Multilingual Abstract)

The purpose of this study is to identify financial support for boosting enterprise-led rental housing(New Stay). The recommen -dations include activating real estate indirect investment such as REITs and real estate fund. First, the indirect investment in Korea is dualized with REITs and real estate fund unlike major advanced countries where real estate indirect investment is uniformed with REITs based on contest. Investing in REITs is limited in Korea because investments from financial institutions are regulated because they are corporations, and investment management is highly restricted. To overcome these new certification structure is needed. Korean REITs has low flexibility because additional incorporation or selling portion is limited. Also its size is small which make it hard to achieve economy of scale. These lead to low profitability. Alternative is Hub-REITs (a mother REITs), however fundamental solution is to develop every REITs can have various business portfolios so that the individuals or institutions can invest freely. In order for this, new structures are needed such as sponsored REITs or stapled REITs, to attract financial investors(FI)` investment by contesting New Stay REITs and facilitating listing. Regulations should be relieved which limits REITs investments, also investors and asset management businesses should be nurtured. These can be achieved through facilitating public opening and listing, reducing tax for investors, and asset management businesses that operate New Stay needs to incorporate not only current REITs management company but also related corporations. REITs asset management company is formed with real estate trust company and independent REITs-concentrated asset management company. These REITsconcentrated asset management companies may not secure profit because it has independent business model. Therefore continuous supports are needed to improve their profitability. In addition, diversifying business entity is needed. In oder for smooth operation of New Stay REITs and expansion of investment, various business entities should be included as REITs and REF investors. Currently, construction companies are majority of those investors. However in the future, various investors should be included such as financial institutions, rental management companies, and pension and funds. Also the anchor of REITs or sponsors(corporations, construction companies, developers, rental management companies, and financial institutions) should be included in asset management. This study examined finance`s role for reducing regulations that limits flexibility of New Stay business. The role includes facilitating public opening of REITs which is a real estate indirect investment item, diversifying listing structure, and utilizing real estate fund. In order to facilitate New Stay, settlement methods, political respond when the long-term rental period is terminated, detailed regulations for nurturing private rental management businesses, and consideration on rent price which is over-calculated compared to political assistance. Also, protecting renter`s rights needs to be considered because selling and renting can be mixed in the case of linked maintenance business. Moreover researches on settlement after the termination of mandatory renting period are needed as well as maintaining infrastructure regarding housing rental management businesses other than finance.