서울 도심 재개발사업의 리츠(REITs) 시행자 제도 도입방안 연구 = A Study on the Introduction of REITs as Project Implementers in Seoul's Urban Redevelopment Projects

다국어 초록 (Multilingual Abstract)

This study systematically examines the legal framework for introducing Real Estate Investment Trusts (REITs) as professional project implementers in Seoul's urban redevelopment projects, addressing the structural weaknesses of the current cooperative-centered approach.
Three methodological approaches are combined: (1) statutory analysis of the Urban and Residential Environment Improvement Act, the Real Estate Investment Company Act, the Trust Act, and the Commercial Act; (2) comparative legal analysis of REIT systems in the United States, Japan, and Singapore; and (3) case analysis comparing cooperative-type and REIT-type implementations.
The study finds that: (i) explicit amendment to Article 25(1) of the Urban Improvement Act is essential for granting REITs the status of project implementer; (ii) a Master-Project REIT two-tier structure is legally feasible and requires new provisions in the Real Estate Investment Company Act; (iii) the "modified independent implementer theory" with a three-layer fiduciary duty structure (Commercial Act – Real Estate Investment Company Act – Urban Improvement Act) provides the doctrinal basis for REIT implementers' obligations; and (iv) five legal control mechanisms (transaction disclosure, independent director review, information barriers, external fair value assessment, civil and criminal sanctions) are necessary to address conflicts of interest in the Master-Project REIT structure.
The study proposes three specific legislative amendments. The introduction of REIT implementers is expected to resolve the structural financing bottleneck of Seoul's redevelopment projects and improve project speed, transparency, and professional management. Pilot projects are recommended for empirical verification of the proposed framework.