한일 리츠의 발전 과정에 대한 비교 = Comparison of Development Process of K-REITs and J-REITs

다국어 초록 (Multilingual Abstract)

This study compares and analyzes why Korea and Japan, which introduced REIT systems under similar timing and conditions, developed different listed REIT markets. Based on the policy objectives of introduction, development processes, and market size, the analysis shows that Korea adopted REITs after the Asian financial crisis primarily as a policy instrument for corporate restructuring and real estate asset liquidating(securitization). As a result, the Korean market evolved into a structure characterized by non-listed and private- placement REITs, sector-specialized portfolios, and a high-dividend, high-leverage model. In contrast, Japan designed its REIT system around listing and disclosure and fostered a stable public market through sponsor participation, REIT ETFs, NISA, and market-stabilization policies supported by the Bank of Japan’s asset purchase program. Compared with the K-REIT market, the J-REIT market demonstrates a more mature investment structure in terms of scale, portfolio diversification, liquidity and stability of dividend yields. The relatively high dividend yields of K-REITs, however, reflect higher leverage and stock price declines rather than superior long-term performance, implying weaker long-term stability. The findings suggest that the Korean listed REIT market requires stronger sponsor and investor participation, greater incentives for public listing, broader portfolio diversification, tighter leverage management, and expanded tax support.