부동산투자회사의 투자대상 다각화 방안에 관한 연구 = A study on the Investment Diversification of the Real Estate Investment Trust in Korea

국문 초록 (Abstract)

영문초록:After Introducing Real Estate Investment Trust System in Korea, there are only 9 Corporation Restructuring - Real Estate Investment Trusts(CR-REITs) and 7 among 9 CR-REITs have been listed in the Korea Stock Exchange. General REIT(K-REITs) has not been issued or listed because of the unequality of tax reduction between CR-REITs and K-REITs. In order to solve the problem of the unequality of tax reduction between these two REITs, from April in 2005, the revision of Real Estate Investment Trust Act is going to be enforced and we are going to have one more type of REIT which can not manage REIT's property by themselves. It is expected that the revision of Real Estate Investment Trust Act will help to activate entire REITs Market because the problem which is believed the most serious will be solved.However even if the changes in K-REITs are good enough to make the new type of REIT issued, it is needed that REITs invest in diversified property types to make constant improvement in terms of both the quality and quantity growth of REIT market.To diversify investment object of REITs, this is the moment to focus on Retail REITs. More than half of the total CR-REITs' underlying assets include office buildings and only 2 CR-REITs have 3 retail property as underlying assets accounting for just over 20 per cent of the total underlying assets of the total CR-REITs while there are similar levels of office REITs and retail REITs in the United States and Australia. It is possible that retail REITs attract more investors than any other REITs types because the underlying assets earn more money than others. In general, retail property makes more money than office property does in Korea. Moreover retail property has lower vacancy rate than office property does. Both facts are found out from the office and retail property rent and rate of returns report published by the ministry of construction and transportation. To make retail property more attractive, it is essential that the vacancy rate keeps very low as long as the rent keeps relatively high. Despite a great example of retail REIT - Westfield Trust in Australia, to apply retail REITs more efficiently, korean retail REITs need to guarantee their stability of returns to investors so that if retail REITs have property of the merchandising companies especially the discount store companies such as land and buildings as underlying assets, retail REITs will be guaranteed stable rents and low level of vacancy rate as the discount store companies are one of the fastest growing industry in Korea. For The discount count store company, retail REITs could make easier to raise money which is for new store development and at the same time retail REITs help the company to prevent from sinking huge amount of money at property rather than re-investment. The company no longer hold stores as assets but the company does not lose the control of the property. The company leases stores from the retail REIT and the asset management company which is set up by the company looks after stores. Of course the company is able to hold the retail REITs' stocks and earn money from the stocks.Retail REITs have been outperforming since these started in the United States and Australia. It is impossible to compare the REIT in Korea and the one in United States and Australia because we have such a short history of REITs. However we could learn from them and make our system really works. Not only to activate REIT system in Korea but also to keep on improving, it is the time to focus on where the REITs put money in rather than concentrating on the regulation of REITs. In addition, retail REITs which based on the discount store shopping centre will provide a great investment opportunity to investors as well as the discount store companies, and it is certain that retail REITs will bring vitality into Korean REITs market