주거용 리츠상품의 국내 경쟁력에 관한 연구 : 매입주택 임대사업과의 비교를 中心으로 = (A) Study on the Competition of Residential REITs in Korea : focused on comparing with the rental housing business

다국어 초록 (Multilingual Abstract)

The Korean government has enacted some laws, like the ABS Law and Special Paper Company Act, to allow the following products to be established to help liquidity to the Korean real estate industry after the IMF bailout. REITs Act has been passed last March and will be in force after July of this year to provide the legal and regulatory base for the establishment of REITs in Korea.
What kind of property will be developed as a suitable business model in initial REITs market of Korea? The object of this thesis is to find whether the residential REITs, one of the strongest business model, will be able to be competitive on Korean residential market compared with the existing rental housing business or not.
There are rental-housing businesses, which can profit by lease in residential market of Korea. The number of people who owned more than '2 units has been increasing dramatically since 1994. To know their operation and profit will help developing residential REITs model under the Korean real estate circumstance. It can also absorb the current rental-housing business actors if the residential REITs can give something more profitable and less awkward. What is more important between yields and convenience will define their action and these things will give the critical strategic points to the residential REITs Company.
This thesis surveyed the opinion of the rental-housing business owners, 50, who have more than 2 apartment units in Chongju, shinbong apartment complex and analyzed the Internal Rate of Return(IRR) and Net Present Value (NPV) according to their answer.
This survey consists of three parts. First part is about the status of rental-housing business operation. Second part includes the difficulty of rental-housing business and prospect for the near future. Third part is about their expectation, like the amount of money and period to invest, whether to approve of the companys development project or not, etc, when they invest in the residential REITs.
Firstly, the market condition to introduce residential REITs is sufficient because the level of Interest rate is low so that the most of owners want to convert chonsei to monthly rental payment. Chonsei, returnable rental deposit normally calculated according to a certain estimated percentage of the property value, bears a bad return, -6% IRR, when it is operated 10 years, assumed the house price will not rise.
According to a survey, rental-housing business owners are afraid of giving trouble both to repair and to receive the monthly rental payment. They are willing to expense at least about 1% IRR to consign. If the REITs Company adjusts gap between the commission and the amount paid, these owners will invest the REITs comfortably. The lowest IRR by the direct investment was 9% and the highest is 14%. Basic models profit was 12%.
Thirdly, There will be difficulty with selecting the properties and buying in bulk. Therefore, It will be a good solution to manage the properties owned by rental-housing business actors as the AMC shape in the initial residential REITs market if possible.
Fourthly, when these owners consider investing residential REITs, It is important for them to receive the precise information and clearness of operation as well as safety and return.
Fifthly, Rental-housing business owners are aggressive player. They prefer to investing development projects and loaning if it gives more profit. It is necessary to use this tendency for companys strategy.

목차 (Table of Contents)

• 목차 = ⅰ
• 제1장 서론 = 1
• 제1절 연구의 배경 및 목적 = 1
• 제2절 연구의 범위 및 방법 = 2
• 제3절 연구의 구성 = 3
• 제2장 REITs제도와 주거용 REITs의 일반적 고찰 = 5
• 제1절 부동산 투자신탁(REITs)의 개요 = 5
• 1. REITs의 개념 및 의의 = 5
• 2. REITs의 구조 = 8
• 3. 부동산투자회사법의 주요내용 = 10
• 제2절 투자상품 유형에 따른 REITs의 구분 = 15
• 1. 부동산 투자상품의 유형 = 16
• 2. 부동산 유형에 따른 REITs의 특성 = 17
• 제3절 미국 주거용 REITs의 운용 현황 = 20
• 1. 주거용 REITs의 역사 = 20
• 2. 주거용 REITs의 특징 = 21
• 3. 주거용 REITs의 구분 = 23
• 4. 주거용 REITs 회사의 운영전략 = 25
• 제4절 우리나라의 적용 가능성 = 28
• 제3장 민간 임대주택 사업 제도 및 현황 연구 = 30
• 제1절 임대주택사업의 개요 = 30
• 1. 임대주택의 개념 및 유형 = 30
• 2. 매입임대주택사업자의 법적 의무 = 34
• 3. 매입 임대주택사업자 세제 지원 현황 = 36
• 제2절 민간 임대주택사업 현황 = 39
• 1. 월세제도의 급격한 확산 = 39
• 2. 각종 통계에 따른 매입임대주택산업 현황 = 41
• 제4장 민간 임대주택사업의 사례 분석 = 46
• 제1절 청주시 신봉동 주공아파트 입지 분석 = 46
• 1. 청주시 인구통계분석 = 46
• 2. 신봉동 주공아파트 입지 분석 = 48
• 3. 신봉동 주공아파트 단지 분석 = 49
• 4. 주거용 REITs상품으로서의 주공 아파트 가치 분석 = 55
• 제2절 설문분석 = 57
• 1. 설문조사의 개요 = 57
• 2. 조사방법 및 조사대상 = 58
• 제3절 설문조사 결과 분석 = 59
• 1. 민간임대사업자의 투자행태 및 부동산 유형별 선호도 = 59
• 2. 주택임대사업 관련 현황 = 62
• 3. 임대사업 관련 애로사항 및 향후 전망 = 67
• 4. 주거용 REITs 상품 구성 관련 = 69
• 제4절 소결론 = 78
• 제5장 민간임대주택의 수익성 분석 = 80
• 제1절 DCF(Discounted Cash Flow)법 = 80
• 1. 순현재가치법 (Net Present Value ; NPV) = 81
• 2. 내부수익률법 (Interal Rate of Return : IRR) = 82
• 제2절 모형 설정 및 분석 = 84
• 1. 기본 가정 설정 = 84
• 2. 기본 모형 분석 = 86
• 3. 기본 가정 변경시 수익률의 변화 = 87
• 제3절 소결론 = 93
• 제6장 결론 = 95
• 참고문헌 = 98
• ABSTRACT = 102
• 부록1 = 105