부동산투자회사 제도의 발전방향 = Direction for the Development of Korean Real Estate Investment Trusts

다국어 초록 (Multilingual Abstract)

Korean Real Estate Investment Trusts(K-REITs), similar to American REITs, will be in operation as of July 1, 2001, according to the K-REITs Act. The purpose of this study is to obtain lessons from the experiences of the American REITs, to analyze the differences between the K-REITs and the American REITs and to suggest several recommendations for the development of K-REITs. For the development of K-REITs, the following recommendations has been suggested. First, K-REITs should be considered as an object of investment rather than as an object of speculation. An analysis of American historical data demonstrates that 1) REITs offer an attractive risk-reward trade-off 2)the correlation of REIT returns with other investments has declined over the past 30 years 3) REITs are worth investigating as an addition to many types of portfolios. Second, K-REITs investor protection system should be improved. K-REITs should be supervised on a consolidated basis to protect K-REITs investors against wrongdoing. In order to provide investors with reliable information, K-REITs financial and business information should be adequately disclosed. Third, real estate information database including real estate index, capitalization rates and occupancy rates should be constructed, and real estate institutions such as asset management company and real estate investment advisers and real estate experts should be fostered for the development of K-REITs. Fourth, there are two types of K-REITs: general K-REITs and K-REITs for corporate restructuring. The K-REITs Act endows K-REITs for corporate restructuring with special privileges and tax incentives. Both types of K-REITs should be balanced according to the principle of equity. Fifth, the regulations on external borrowing should be relaxed and abolished in the long run. Sixth, mortgage K-REITs, similar to American mortgage REITs, should be introduced and fostered in the future.