외국계 資本의 國內 오피스빌딩 投資方式에 關한 硏究 : 매입방식 현황과 사례연구를 중심으로 = A Study on the Investment Method of Foreign Capital in Domestic Office Buildings

국문 초록 (Abstract)

영문초록:The office part, an important object of real estate, has thus far went through several changes and processes due to corporate restructuring since the Korean foreign exchange crisis. As the office buildings insolvent firms held were massively offered for sale in the process of handling bad debts, the transaction of their sale and purchase briskly began, in which process many foreign capital came to purchase many of the undervalued Korean office buildings. Accordingly, the sellers' market, the lease market and the financial market of office buildings began to make many changes. This study attempted to analyze the characteristics and trends of the trading and investment markets of large-scale office buildings with more than 10 stories and the architectural area of 10,000㎡, located in Seoul, over the period between 1997 and 2003. And it sought to identify the methodology and characteristics of the method of investment in office buildings through the present situation of investment in domestic office buildings by foreign capital and case study on it. It provided the first investigation into the office building investment market that had not been able to be found in the previous studies on the existing office building market and also available materials for coping actively with future changes in the large-scale office building investment market. An attempt was made to investigate the present situation of investment in large-scale office buildings located in Seoul between foreign capital and domestic capital. Over the period between 1998 and 2003, the number of the cases of office buildings traded was 56 cases in case of domestic capital and 55 cases in case of foreign capital. The area purchased and the amount of purchase was about 610,000pyong and 4,113,100,000,000won in case of foreign capital and 510,000pyong and 3,731,200,000,000won in case of domestic capital. Investment in office building in Seoul was steadily maintained and increased. One great feature in the difference in investment in office buildings between foreign capital and domestic capital is the difference in the mode of purchase. Foreign-invested companies purchased Korean office buildings in the method of direct purchase until 1998 but used the method of purchase because of taxation or heavy taxation from the purchase of office buildings in 1999, the method of purchase through ABS in 2000 and such foreign advanced real estate investment techniques as CR-REITs in 2002, thereby improving the real yield from the purchase of office buildings. This suggests that the method of investment in office buildings changed to improve the real yield. Foreign-invested companies purchased office building in Korea by mobilizing the methods that could raise the yield such as tax benefits and the like, whereas domestic capital purchased office buildings in methods of direct purchase to acquire the building of the company except several cases of office buildings recently purchased for the purpose of investment. This study could find out the veiled size of investment in office buildings by foreign capitals and identify the cause for them to purchase office buildings in several methods different from the method of direct purchase used by domestic capitals