부동산관리윤리의 이론적 접근

권호근(Kwon, Ho Geun),이동영(Lee, Dong Young),오인종(Oh, In Jong),이창석(Lee, Chang Suck) 한국부동산학회 2009 不動産學報 Vol.36 No.-

1. CONTENTS (1) RESEARCH OBJECTIVES The management contract between real estate management experts and real estate owners in a kind of trust contract. Real estate managers haver to abide by the obligations as a trustee of customers, but ethical regulations transcend legal standards. Real estate managers, as proxies of owners, have to keep impeccable ethical standards. So, this thesis aims at discussing the theory of the ethics on real estate management and groping for problems and subjects with the wide classification of real estate management referred to. (2) RESEARCH METHOD Under the purpose of drawing the problems and subjects of this thesis, this thesis applied the exploratory method through various literature investigation to putting in triangular the theory of real estate management and the ethics on real estate management. (3) RESEARCH FINDINGS The purpose of the ethics on real estate management drawn in this thesis are classified with three factors such as human factors, systematic factors, and environmental factors as followings. First, when it comes to the improvement of human factors, for the purpose of developing the ethics on real estate management, first of all, it is necessary to improve the values of the persons concerned to real estate management, the subjects of real estate management. Second, when it comes to the improvement of systematic factors, it is necessary to operate rigid and fair real estate management standard to secure the transparency in managing and definding real estate management, and to improve the service condition of the persons concerned to real estate management. Third, when it comes the improvement of environmental factors, it is necessary to change people's recognition and values to uplift the level of real estate management. 2. RESULTS At the present when epochal, social, and administrative environments change, the age of globalization and internationalization, real estate management has to cope with problems rapidly and positively. So the ethics on real estate management, the basis of judgement for recognition and behaviors, have to be put in triangular position to function as a behavioral guidance proper to environmental change situation. 3. KEY WORDS real estate management, ethics, environmental factors, legal standards

부동산관리기획의 이론적 고찰

유원상(You, Won Sang),이창석(Lee, Chang Suck),전용수(Jeon, Yong Soo) 대한부동산학회 2008 大韓不動産學會誌 Vol.27 No.-

본 연구에서는 부동산관리와 관리기획을 이론적으로 고찰하여 보았다. 부동산관리는 대상 부동산의 사용수명을 연장하고 그 가치 또한 높이는 일이기 때문에 매우 중요한 일이 아닐 수 없다. 부동산관리기획은 소유자의 목표달성과, 최유효이용의 달성, 간접투자의 활성화 같은 전문적인 부동산관리(PM)가 요구되는 사회적 필요성을 감안할 때, 부동산관리에 있어 매우 중요한 업무이며, 또한 소유자의 목표와 관련해서 현재상태의 물질적, 재정적, 운영의 상태와 경쟁부동산과의 비교 등이 표현되어 있다. 이렇게 작성한 것들이 소유자의 목표달성에 미치치 못한다면, 관리자는 기획활동을 통하여 변화를 줄 것이다. 또한 관리기획업무는 소유자가 관리업체를 선정하고자 할 때에도 주요한 평가항목이 되기도 한다. 이처럼 관리기획은 부동산관리를 더욱 효과적으로 만들어 주는 것이다. This study is to make a theoretical study of the real estate management and the business of its planning. This study has made researches in the real estate management and the business of its plan in order to examine various aspects of them theoretically through the related documentary records. In this study, the real estate management and its planning is theoretically studied. It can not help being important that the real estate management is really a grave issue, because the real estate lengthens its span of life and raises its utility value. When we take into consideration of the social necessity demanding the professional real estate management like the owner s accomplishment of a long-range objective, the accomplishment of the best effective use and the activation of the indirect investment, the real estate management plan is a very important business in the real estate management. And also it is well represented, in connection with the goal of the real estate owner, in the existing material, financial and managerial conditions as well as in the comparison with the competitive real estate brokerage. If this being made out as a document does not attain the goal of the owner, the real estate custodian will give variety to the management and planning through his multifarious activities. And the business of management and planning can become a principal item of appraisal even when the owner makes a selection of the managerial enterprise. The management-planning makes the real estate management more effective like this.

부동산관리계획의 이론적 고찰 및 작성사례

유원상(You Won Sang),정상현(Jung Sang Hyun),이창석(Lee Chang Suck) 한국부동산학회 2008 不動産學報 Vol.32 No.-

  1. CONTENTS<BR>  (1) RESEARCH OBJECTIVES<BR>  There has recently been a drastic increase in the number of the indirect investment systems (real estate investments trusts, real estate trust, and real estate funds) which numerous investors take part in, Therefore, a professional and transparent management of real property is required.<BR>  On the other hand in real estate sectors, social, administrative, and economic factors, that is, its situation, are co-relatively changing. So we also need a professional management due to the unsustainable highest and best use of the real estate affected incessantly by the above changes.<BR>  Also the objective of the real estate management formerly was the FM(Facility Management) which stressed on an agreeable environment and safety. Today this trend is gradually shifted to PM(Property Management) and AM (Asset Management) such as purchase and sellout of the real property for the purpose of obtaining objectives of the owners and investors, analysis of the profit rates, surveying the assets, and activities of ren t and loan.<BR>  So this research is aimed at sharing the information with the managers who want to do a professional real estate management through the study and application of the real estate management plans which is the main contents of the real estate management and thus inducing a highest and best use minimizing the social costs.<BR>  (2) RESEARCH METHOD<BR>  Document surveys on IREM publications, professional books, publications of the association, degree dissertations, and the application of the researchers own actual business materials.<BR>  (3) RESEARCH RESULTS<BR>  I have drafted the real estate management plans, in current difficult situation for obtaining objectives I presented practices for obtaining objectives through the manager"s alternative methods.<BR>  2. RESULTS<BR>  In real estate management plan and property management agreement are also the criteria the communication between the owner and the client. In this study I found out management theories which is the main contents of the real estate management as the social needs requiring PM such as obtaining highest and best use, activation of indirect investment, aiming at the owner"s obtaining of the objectives.<BR>  Also I tried to realize the method for obtaining the owner"s objectives through the actual cases of management plan, the procedure for drafting management plan, practice of management issues and alternative methods, cost profit analysis, and conclusion and recommendation.

구황실재산 관리 제도에 대한 연구 —구황실재산의 문화재관리체계 편입 관련—

김종수 국립문화재연구원 2020 헤리티지:역사와 과학 Vol.53 No.1

Establishment of Old Imperial Estate and Cultural Property Management System -Focused on Inclusion of Imperial Estate as Cultural PropertyThe cultural property management system of Korea was established based on the modern cultural assets acts and the old imperial estate management system enacted during the Japanese occupation. Academics have researched the cultural property management system oriented on the modern cultural assets acts, but few studies have been conducted into the old imperial estate management system, which is another axis of the cultural property management system. The old imperial estate was separated from the feudal capital by the Kabo Reform, but was dismantled during the colonial invasion of Japan and managed as a hereditary property of the colonial royal family during the Japanese colonial period. After establishment of the government, the Imperial Estate Act was enacted in 1954 and defined the estate as a historical cultural property managed by the Imperial Estate Administration Office. At this time, imperial estate property that was designated as permanent preservation property was officially recognized as constituting state-owned cultural assets and public goods in accordance with Article 2 of the Act’s supplementary provisions during 1963, when the first amendment to the Cultural Property Protection act was implemented. In conclusion, Korea’s cultural property formation and cultural property management system were integrated into one unit from two different sources: modern cultural assets acts and the old imperial estate property management system. If the change of modern cultural assets acts was the process of regulating and managing cultural property by transplanting and applying regulations from Japan to colonial Joseon, the management of the imperial estate was a process by which the Japanese colonized the Korean Empire and disposed of the imperial estate. Independence and the establishment of the government of the Republic of Korea provided the opportunity to combine these two different streams into one. Finally, this integration was completed with the establishment of the Protection of Cultural Properties Act in 1962.

자산관리의 수준과 경영성과의 관계 분석

정유권 ( Yoo-gwon Jeong ),정재호 ( Jae-ho Chung ) 한국질서경제학회 2015 질서경제저널 Vol.18 No.4

For the companies in the real estate asset management in order to achieve business performance, the level of real estate asset management is absolutely critical. So we looked at a variety of functions and roles of corporate real estate asset management. We surveyed 102 corporate real estate on the securities market manufacturing companies and analyzed the importance of recognizing differences in performance and asset management elements of FM, PM, and AM. First, the clean administration in the facility management (FM) sector is important But future, the importance of future energy management is recognized. In addition, In Asset Management (AM) field, cash flow analysis (accounting) is being addressed most important. However, the importance for financing, human resource management, and organizational assets management system are urgent. Second, real estate asset management is going to expend to facilities management (FM), properties management (PM), and Asset Management (AM). Nevertheless, the coporate under low total assets turnover and low net profit margin sales were focus on the more facility management (FM). Third, the size of the enterprise, as the different importance of capital asset management, depended on the size and number of employees, but there was a statistically significant difference in the analysis. This means that the case of manufacturing enterprises, even large-scale enterprise does not recognize a real estate asset management as an important management or financial factors. Therefore, in order to enhance business performance through real estate asset management strategy, corporate needs its efforts. And also corporate should expand from facility management (FM) to property management (PM) as well as asset management (AM). But this paper has been limited that it does not perform to the specific demonstration of a causal relationship, and the path of each sub-element management performance and corporate value of the company's assets.

상업용 부동산의 관리서비스품질이 임차인의 재계약 의도에 미치는 영향 연구

인성호 사단법인 한국융합기술연구학회 2024 아시아태평양융합연구교류논문지 Vol.10 No.8

본 연구는 상업용 부동산을 대상으로 상업용 부동산의 관리 서비스 품질의 하부 요인으로 관리 신뢰성, 관리 적절성, 임차인 공감성 등이 지각된 가치 및 재계약의 두 요인에 미치는 영향에 대해 검증한 논문이다. 이러한 본 연구의 목적을 위하여 선행연구의 고찰과 함께, 상업용 부동산의 관리 서비스 품질의 하부 요인(관리 신뢰성, 관리 적절성, 임차인 공감성)이 지각된 가치 및 재계약의 두 요인으로 추출하여 영향력을 분석하였다. 첫째, 상업용 부동산의 관리 서비스 품질의 하부 요인(관리 신뢰성, 관리 적절성, 임차인 공감성) 등 3개 요인이 지각된 가치에 정(+)의 상승 즉 긍정의 효과가 나타난 것으로 검증되었다. 둘째, 지각된 가치가 재계약 의도에 정(+)의 상승효과를 줄 것으로 분석되었다. 셋째, 상업용 부동산의 관리 서비스 품질의 하부 요인(관리 신뢰성, 관리 적절성, 임차인 공감성) 등 3개 요인 중, 관리 신뢰성, 관리 적절성, 임차인 공감성 요인이 재계약 의도에 상승 즉 긍정의 효과가 나타난 것으로 검증되었다. 이와 같은 검증결과를 통해 상업용 부동산의 관리 서비스 품질의 질이 높아지면 높아질수록 상업용 부동산에 대한 임차인의 지각된 가치와 재계약 의도에도 직접적인 영향을 미치므로 상업용 부동산의 관리 서비스 품질의 질에 대한 관리가 지속적이고 체계적으로 제공되어야 할 것이라는 사실을 검증으로 판단할 수 있었다. This study is a paper that verifies the impact of management reliability, management adequacy, and tenant empathy as sub-factors of management service quality of commercial real estate on the perceived value and renewal intention factors. For this study, along with consideration of previous research, the sub-factors of commercial real estate management service quality (management reliability, management appropriateness, tenant empathy) were extracted as factors of perceived value and renewal intention and analyzed for influence. First, it was verified that three factors, including management service quality subfactors of commercial real estate (management reliability, management adequacy, and tenant empathy), had a positive (+) increase in perceived value, that is, a positive effect. Second, it was analyzed that perceived value would have a positive (+) upward effect on the intention to renew the contract. Third, among the three factors of commercial real estate management service quality (management reliability, management adequacy, and tenant empathy), the management reliability, management adequacy, and tenant empathy factors showed an increase in the intention to renew, that is, a positive effect. It has been verified that Through these verification results, the higher the quality of commercial real estate management services, the more it directly affects the lessee's perceived value of commercial real estate and intention to renew the contract, so the quality of management service quality of commercial real estate must be continuously managed. It was possible to determine through verification that this information should be provided systematically.

가업승계기업의 부동산 보유비중과 조세회피에 관한 연구

윤유진,이현아 한국세무학회 2021 세무와 회계저널 Vol.22 No.6

This study investigates the level of tax avoidance of family business succession companies with a high ratio of real estate in their asset. This study also investigates the difference in the level of tax avoidance before and after succession of these firms. For firms with a high ratio of real estate, the net asset value is likely to increase significantly due to the revaluation of real estate following the application of a supplementary evaluation method for family business succession, leading to an increase in their tax burden. Thus, we expect that there will be a difference in the level of tax avoidance between firms with a high ratio of real estate and firms with a low ratio of real estate. In addition, we expect that there will be a difference in the level of tax avoidance before and after succession for firms with a high ratio of real estate because their incentives of tax avoidance decrease after family business succession. We test our hypotheses using a sample of 60 firm-year observations of external audit firms whose family business succession took place from 2010 to 2015 and whose follow-up management is in progress as of 2019. Our findings can be summarized as follows. First, among family business succession companies, firms with a high ratio of real estate have a higher level of tax avoidance than firms with a low ratio of real estate. Second, for firms with a high ratio of real estate, the level of tax avoidance after family business succession is lower than the level of tax avoidance before family business succession. In addition, this study analyzes the level of earnings management of family business succession companies with a high ratio of real estate. The results of the analysis show that there is no significant difference in the level of earnings management level between firms with a high ratio of real estate and firms with a low ratio of real estate. It is also found that there is no significant difference in the level of earnings management for firms with a high ratio of real estate before and after family business succession. This confirms that the level of tax avoidance of firms with a high ratio of real estate is affected by the increased tax burden due to the application of the supplementary valuation method, as predicted, rather than by the earnings management. 본 연구는 부동산 보유비중이 높은 가업승계기업의 조세회피 수준과 승계 전․후의 조세회피 수준 차이에 대해 실증 분석하였다. 부동산 보유비중이 높은 기업의 경우, 가업승계를 위하여 보충적 평가방법을 적용하면 부동산의 재평가로 인하여 순자산가치가 급격하게 상승한다. 따라서 가업승계기업 중 부동산 보유비중이 높은 기업은 낮은 기업에 비하여 조세부담이 높아져 조세회피 수준에 차이가 있을 것으로 예측된다. 또한, 부동산 보유비중이 높은 기업은 가업승계 후 이러한 조세회피 유인이 감소함에 따라 조세회피 수준이 승계 전과 차이가 있을 것으로 예측하였다. 본 연구는 2010년부터 2015년도까지 가업승계가 이루어지고 2019년도 기준으로 사후관리가 진행 중인 비금융업 외감법인을 대상으로 조세회피 수준을 분석하였으며, 분석 결과는 다음과 같다. 첫째, 가업승계기업 중 부동산 보유비중이 높은 기업은 부동산 보유비중이 낮은 기업에 비하여 조세회피 수준이 높은 것으로 나타났다. 둘째, 부동산 보유비중이 높은 가업승계기업의 조세회피 수준은 가업승계 이후 감소하는 것으로 나타났다. 추가 분석으로 부동산 보유비중이 높은 가업승계기업의 이익조정 수준과 승계 전․후의 이익조정 수준을 검증한 결과, 가업승계기업 중 부동산 보유비중이 높은 기업과 부동산 보유비중이 낮은 기업의 이익조정 수준에 유의한 차이가 없는 것으로 확인하였다. 또한, 부동산 보유비중이 높은 가업승계기업의 이익조정 수준은 가업승계 전․후에 차이가 없는 것으로 나타났다. 이는 부동산 보유비중이 높은 가업승계기업의 조세회피 수준이 이익조정과 무관하며, 예측했던 바와 같이 가업승계를 위한 보충적 평가방법의 적용으로 인하여 높아진 조세부담으로 인한 것임을 보이고 있다. 본 연구의 결과는 부동산 보유비중이 가업승계기업의 조세부담과 관련이 있으며, 조세회피와 관련된 의사결정에 영향을 미치고 있음을 확인했다는 점에서 의의가 있다. 가업승계로 인한 조세부담은 납세의무 이행을 위한 유동성을 확보하기 위한 현금 유출과 생산성 저하로 이어질 수 있기 때문에 원활한 가업승계를 위하여 해결해야 하는 중요한 문제이다. 따라서 본 연구의 결과는 안정적인 가업승계를 위한 도움이 되는 자료로 활용될 수 있으며, 가업승계에 많은 관심을 가지고 다양한 이해관계자들에게 유용한 정보를 제공할 것으로 기대하는 바이다.

북한의 부동산사용료제도와 시사점

허강무(Heo, Kang-Moo) 한국토지공법학회 2013 土地公法硏究 Vol.61 No.-

북한은 2002년 '7ㆍ1 경제관리개선조치' 이후 시장화가 가속화되고 있다. 모든 부동산이 국가 소유로 되어 있는 북한에서 개인이나 단체 간의 부동산 매매나 임대는 원칙적으로 불가능하다. 그러나 국가의 주택공급 능력이 급격히 떨어지면서 부동산 암거래 시장이 점차 확대되었다. 따라서 북한은 2006년 4월 열린 제11기 최고인민회의 4차 회의에서 전국적인 부동산 조사와 사용료 징수 방침을 밝힌 뒤 당해 연도 예산안에 '부동산사용료'라는 재정수입 항목을 신설했다. 또한 2009년 11월 부동산을 통제하고 열악해진 재정을 확충하기 위한 수단으로 ｢부동산관리법｣을 제정하였다. 총 6장 47조의 ｢부동산관리법｣은 부동산의 매매와 용도 변경, 무단임대를 금지하고, 부동산의 등록과 실사를 의무화하는 동시에 부동산 사용료의 국가 납부를 규정하고 있다. 부동산관리법 제정은 만성적인 재정난에 허덕이는 북한이 부동산 사용료를 적극 징수할 수 있는 발판을 마련한 것으로 보인다. 또한 북한 내 '시장 무질서' 단속 및 기업ㆍ공장의 생산성 강화를 통해 계획통제경제 체제를 확고히 하겠다는 의도로 풀이된다. 본 논문은 북한 부동산 운영 및 부동산사용료 부과실태를 살펴보고, 부동산정책 변화 및 이에 따른 ｢부동산관리법｣의 제정배경과 내용을 소개하고자 한다. 또한 남한의 재산세와 유사한 부동산사용료제도가 도입됨으로 인해 향후 통일 이후 북한 부동산의 처리 문제에 주는 시사점을 도출하고자 한다. Since its adoption of the "July 1, 2002, Economic Management Reform Measure", North Korea's marketization process has been accelerated. In North Korea where all real estate is owned by the government, the sale or rent of real estate by or between individuals and groups is, in principle, not possible. However, the regime's increasing inability to provide housing led to the significant growth in the size of the black market for real estate. As a result, during the 4th session of the 11th Supreme People's Assembly which was held in April 2006, the state revealed its intent to conduct a campaign to assess real estate properties throughout the entire country and establish a system of rent after which "property usage fees" were included in the annual national budget. Furthermore, North Korea enacted a "Real Estate Management Law" in November 2009 as a measure to regulate real estate and expand its deteriorated budget. Consisting of six sub-sections and 47 articles, the "Real Estate Management Law" bans the sale, change of use and unauthorized rental of real estate and places an obligation to register and inspect real estate properties. At the same time, the law also allows the state to collect a "real estate usage fee". It appears that the enactment of the "Real Estate Management Law" is aimed to provide a basis to actively collect real estate usage fees to salvage its chronic financial difficulties. Also, the enactment of the law can be interpreted as North Korea's intent to strengthen the state's control over the socialist economy and over the country by increasing regulation of "disorder in the market place" and improving productivity of its state-controlled companies and factories within North Korea. The purpose of this study is to examine the current conditions of the real estate transactions in North Korea and assessment of real estate usage fees, and introduce the changes to North Korean real estate policies and the legislative background and contents of the resulting "Real Estate Management Law". Further, as North Korea implements the real estate usage fee system which is similar to South Korea's property taxes, this study aims to derive the implications that it will have to issues regarding the administration of North Korean real estate after the unification of the two Koreas.

대학원 세션2 : 자산관리 및 입지분석 ; 중소형 오피스 빌딩의 부동산자산관리 요소의 탐색적 분석 -서울 도심권역 내 중소오피스 사례를 중심으로-

정한계,한연오,박태원 한국부동산분석학회 2015 부동산분석학회 학술발표논문집 Vol.2015 No.-

외환위기를 겪으면서 국내의 부동산 자산관리의 시장은 변화를 맞게 되었다. 외국의 자본들은 매입한 건물을 외국계 글로벌 자산관리회사에 위탁을 맡기게 되면서 시설 관리 수준을 넘는 부동산 자산관리의 개념이 등장하게 된 것이다. 이러한 상황에 따라 자사사옥 관리를 중심으로 하던 국내 부동산 자산관리 회사들이 대형건물의 수주를 위해 외부시장으로 진출하기 시작하였고 경쟁이 갈수록 치열해지고 있는 상황이다. 하지만 위 상황은 대형급 이상의 건물에 해당되고 중소형 건물은 건물규모가 작아 상대적으로 관심이 덜한 상황이어서 효율적인 건물관리가 이루어지지 못하고 있는 실정이었다. 따라서 본 연구에서는 이러한 중소형오피스 빌딩의 특성과 처해 있는 문제점을 파악하고 중소형 오피스빌딩을 중심으로 한 부동산 자산관리에 있어 우선시 고려되어야 할 사항에 대하여 소유자 및 관리업체를 대상으로 심층적으로 조사·분석하였으며 다음과 같은 사실을 알 수 있었다. 첫째, 중소형 오피스빌딩의 관리에 있어 가장 중요한 항목은 ‘임차인 관리’ 항목으로 나타났다. 둘째,‘공간이미지 관리’측면에 대한 중요도가 소유자 집단 및 전문가 집단에서 상대적으로 높게 나타난 점이다. 셋째, ‘법률·세무 관리’ 항목은 전체 집단에서 최하위의 중요도를 갖는 것으로 나타난 점이다. 결국,중소형빌딩 관리에서는 임차인 관리’, 자산투자 관리’, ‘공간이미지 관리’등 중소형 오피스빌딩에 부족할 수 있는 서비스에 대해 높은 수준의 질적 서비스를 제공하는 것이 우선적으로 고려되어야 한다고 할 수 있다. Domestic real estate asset management market has been changed during experiencing financial crisis. When the building which was purchased by foreign capital was been entrusting in global asset management company, the concept which managing for real estate asset was appeared. Depending on this situation, domestic real estate asset management companies which mainly manage own corporate building has begun to obtain management contract for large building management on external market. and this situation competition is becoming fierce. However this situation is equivalent to a large building. Because of building’s small scale, small and medium-sized buildings are lack of interested than large building in building management. Therefore, small and medium-sized building’s situation require efficient building management system. Thus on this study identified small and medium-sized building’s characteristics and problem, Analyze priority on real estate management of small and medium-sized building focused on building owner, management company and then deduce those several results. First, The most important item is ‘Tenant Management’ in small and medium-sized building management. Second, The ‘Space Image Management’ is turned up high importance relatively in the owner’s group and professional group. Third, ‘Legal, Tax Management’ item appeared lowest priority in the overall group. After all, ‘Tenant Management’, ‘Asset Investment Management’, ‘Space Image Management’ items will be considered significant to provide a high quality of real estate asset management service in the small and medium-sized building management.

차입형 하이브리드 토지신탁의 쟁점 및 실무상 효용에 대한 검토

최용호 한국금융법학회 2023 金融法硏究 Vol.20 No.3

현재의 부동산 개발사업은 관리형토지신탁, 차입형토지신탁 등 토지신탁을 통한 부동산신탁회사의 참여가 필수적인 것으로 받아들여지고 있으며, 거의 예외를 찾기 어렵다. 기존의 전형적인 토지신탁 형태는 관리형토지신탁과 차입형토지신탁이었다. 그런데 최근 수 년 사이에 부동산신탁회사가 대출기관들을 위해 책임준공의무를 부담하는 책임준공형 관리형토지신탁이 새로운 신탁상품으로 완전히 자리매김하였고, 이에서 더 나아가 부동산신탁회사가 프로젝트파이낸싱 대출에 대주의 일원으로서 참여하는 이른바 하이브리드 토지신탁도 몇 개 신탁회사에서 시도되고 있다. 하이브리드 토지신탁은 직접적인 법령상 근거가 존재하지 않기 때문에 그 법적 허용 여부부터 쟁점이 되고 있는 상황이고, 이에 대한 금융감독기관의 유권해석이나 지침도 없는 상태이다. 이에 본고는 하이브리드 토지신탁의 법적 허용 여부를 비롯한 몇 가지 법적 쟁점에 관하여 검토하였다. 하이브리드 토지신탁은 금융기관의 프로젝트파이낸싱 대출에 수반된다는 점에서 관리형토지신탁에 가까운 면도 있으나, 근본적으로 부동산신탁회사의 사업비 대여가 이루어진다는 점에서 차입형토지신탁으로 보아야 할 것이다. 현행 자본시장과 금융투자업에 관한 법률상 하이브리드 토지신탁이 허용되지 아니한다고 보기는 어려우며, 하이브리드 토지신탁은 책임준공형 관리형토지신탁과 본질적으로 다르다고 보기 어렵다는 점 등에서 이를 금지할 정책적인 필요도 특별히 없어 보인다. 책임준공형 관리형토지신탁과 마찬가지로, 하이브리드 토지신탁은 부동산신탁회사가 신용공여를 통해 위험을 부담하고 그에 상응하는 이익을 얻는 신탁상품이라는 점, 위탁자 입장에서 프로젝트파이낸싱 자금조달을 위한 새로운 선택지라는 점, 대출기관 입장에서도 기존에는 대출이 쉽지 않던 중·소형 시공사가 참여하는 개발사업에 대한 대출이 가능해졌다는 점에서 많은 경제적인 의미가 있다. 다만 현재와 같이 해석에 의존하여 이러한 신탁상품을 유지하는 것보다는 책임준공형 관리형토지신탁의 경우와 마찬가지로 이를 금융투자업규정에 반영하는 것이 바람직할 것으로 본다. As of now, the participation of real estate trust companies in the forms of land trusts such as management-type and loan-type land trusts is widely considered essential in real estate development projects, with almost no exceptions. In the past, the typical forms of land trusts were management- type and loan-type. However, in recent years, management-type land trust involving completion guarantee, whereby a real estate trust company bears the burden of completion guarantee, has emerged and become fully established as a new trust product. Taking this a step further, the so-called “hybrid-type real estate trust,” whereby a real estate trust company participates as a lender in project financing loans, is also being explored by a few trust companies. Since there is no direct statutory basis for hybrid-type real estate trust, its legal permissibility is a matter of controversy. Furthermore, there is no authoritative interpretation or guidance from financial supervisory authorities in relation thereto. Against this backdrop, this article reviewed a number of legal issues, including the legal permissibility of hybrid-type real estate trust. Hybrid-type real estate trust share similarities with management-type land trust in some respects, as it is involved in the project financing. Nonetheless, it should essentially be viewed as loan-type land trust since real estate trust company involves a loan for the project costs. There appears to be no specific policy need to prohibit hybrid-type real estate trust, given that it is difficult to consider hybrid-type real estate trust impermissible under the current Financial Investment Services & Capital Markets Act, and hybrid-type real estate trust is not essentially different from management-type land trust involving completion guarantee. As in the case of management-type land trust involving completion guarantee, hybrid-type real estate trust has substantial economic significance in that: (i) it is a trust product whereby a real estate trust company bears risks and gains corresponding profits through credit extension; (ii) it offers a new option for project financing for borrower; and (iii) it enables lenders to provide loans for projects participated in by small and medium-sized construction company, which was difficult in the past. However, rather than maintaining such trust product in reliance on interpretation, as is currently the case, it would be prudent to reflect the pertinent details in the Financial Investment Business Regulation, as is the case for management-type land trust involving completion guarantee.