不動産投資會社에 있어서 投資者保護에 관한 硏究 (A Study on Investor Protection in Real Estate Investment Company)

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초록

The Real Estate Investment Trusts(REITs) is an indirect real estate investment institute that is prescribed in the Real Estate Investment Company Law. The Real Estate Investment Company Law, which governs matters relevant to the foundation of real estate investment companies, the way that the real estate investment companies operate their assets, and investor protection, is established for widening the opportunity for individuals to invest in the real estate and fostering sound investment environment in order to make national economic growth. This article examines the validity and necessity of the credit assessment system that is applied to real estate investment companies with regard to investor protection in the Amendment Bill and suggests an alternative one to the credit assessment system. Contrary to the real estate fund that is not controlled by the credit assessment system, the introduction of the credit assessment system to the real estate investment companies is thought to be an excessive regulation. On top of it, there is grave concern that asset management companies(AMC) will shift their interest and investment from the REIT market that is influenced by the credit assessment system to the real estate fund market without the system.
Based on these reasons, Clause 3 and Clause 4, Article 25 in the Amendment Bill, related to the introduction of credit assessment system to real estate investment companies in order to protect investors, should be revised. It is necessary to include an alternative that can protect investors while encouraging REITs' investing activities. The manual for investment reports should be made systematically in accordance with the global standards and criteria and the public posting system should be supplemented.
For this, this article suggests that "the Standards for Investment and Performance Reports of Real Estate Investment Companies" should be established with reference to the standards presented by GIPS(Global Investment Performance Standards), INREV(European Association for Investors in Non-Listed Real Estate Vehicles), NCREIF(National Council of Real Estate investment Fiduciaries), and PREA(Pension Real Estate Association). "The Standards for Investment and Performance Reports of Real Estate Investment Companies" should include more detailed and specific information about how risks in the lease market, which are factors determining the profit-risk of profit real estate invested by REITs, such as Capitalization Rate, Net Operation Income, Leverage ratios, rent, Vacancy Rate, and Rent-Free are improved and changed. Using this information, investors themselves should determine what real estate investment company is reliable in terms of their expected return rate.

영어초록

The Real Estate Investment Trusts(REITs) is an indirect real estate investment institute that is prescribed in the Real Estate Investment Company Law. The Real Estate Investment Company Law, which governs matters relevant to the foundation of real estate investment companies, the way that the real estate investment companies operate their assets, and investor protection, is established for widening the opportunity for individuals to invest in the real estate and fostering sound investment environment in order to make national economic growth. This article examines the validity and necessity of the credit assessment system that is applied to real estate investment companies with regard to investor protection in the Amendment Bill and suggests an alternative one to the credit assessment system. Contrary to the real estate fund that is not controlled by the credit assessment system, the introduction of the credit assessment system to the real estate investment companies is thought to be an excessive regulation. On top of it, there is grave concern that asset management companies(AMC) will shift their interest and investment from the REIT market that is influenced by the credit assessment system to the real estate fund market without the system.
Based on these reasons, Clause 3 and Clause 4, Article 25 in the Amendment Bill, related to the introduction of credit assessment system to real estate investment companies in order to protect investors, should be revised. It is necessary to include an alternative that can protect investors while encouraging REITs' investing activities. The manual for investment reports should be made systematically in accordance with the global standards and criteria and the public posting system should be supplemented.
For this, this article suggests that "the Standards for Investment and Performance Reports of Real Estate Investment Companies" should be established with reference to the standards presented by GIPS(Global Investment Performance Standards), INREV(European Association for Investors in Non-Listed Real Estate Vehicles), NCREIF(National Council of Real Estate investment Fiduciaries), and PREA(Pension Real Estate Association). "The Standards for Investment and Performance Reports of Real Estate Investment Companies" should include more detailed and specific information about how risks in the lease market, which are factors determining the profit-risk of profit real estate invested by REITs, such as Capitalization Rate, Net Operation Income, Leverage ratios, rent, Vacancy Rate, and Rent-Free are improved and changed. Using this information, investors themselves should determine what real estate investment company is reliable in terms of their expected return rate.

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