(A) study on China's current real estate cycle and potential financial risks

고초 韓國外國語大學校 大學院 2010 국내석사

A Study on China’s Current Real Estate Cycle and Potential Financial Risks Chao Gao Department of International Economics & Law Graduate School Hankuk University of Foreign Studies The real estate cycle and financial stability are closely correlated. In light of global real estate bubbles, China’s real estate cycle has attracted wide attention since 1998. The present paper analyzes three driving factors in the context of the current real estate cycle; namely, economic growth, macroeconomic environment and institutional establishment. Supported by econometric analysis using quarterly data from 1992-2004, the present paper indicates that real estate will develop steadily and that housing prices will consistently rise in the relative long run. Based on quantitative analysis, it is concluded that the implications of the current real estate cycle for financial stability include risks of real estate credit exposure, government guarantees and maturity mismatch. Some corresponding policy implications are discussed, such as advancing banking reform, encouraging the rational behavior of local governments and strengthening the regulation of foreign capital flows in and out of China’s real estate industry.

중국 부동산업의 외자도입에 관한 연구

채릉도 우석대학교 대학원 2013 국내석사

<Abstract> A Study on foreign investments entry into China's real estate industry Cai Lingtao Department of International Business Graduate School of Woosuk University Under the background of global economic integration, the international capital flows has been accelerated, this is not only the instinct requirement of profits-oriented, but also the result of the international investment market becoming more open and more mature. International capital flows plays a vital role in the development of the world economy, it is also the main factor which pushes forward the economy of developing countries. Over the past years, with the rapid development of Chinese economy, and there exists the expectation of the appreciation of RMB, foreign businessmen put lots of international capital into China, by direct, indirect and other investment ways. Since 1991, China has continuously been the developing country mostly in attracting and making use of foreign investments in the world. In this thesis, the foreign investments in China’s real estate industry can be divided into three main parts: the foreign land managements and the personal. Also the entry fields of the foreign investments can be divided into three parts: the real estate development areas, the real estate investment areas and the areas of services. On the basis of a large number of statistics, this thesis gives the following judgments about the current situation of foreign investment entry into China’s real estate. The real estate development areas attract much foreign investments, but compare with industry-wide capital source, the proportion of the foreign investments is quite limited, international direct investment is the main entry mode which the foreign investments entry into the real estate development, there is a shape increase in foreign investments by the way of international indirect investment and international loans in recent years, but they don’t take over the mainstream position; in the recent years, the real estate investment areas are the foreign investments entry’s especially the investors of foreign managements entry’s hot spot, and the real estate investments are main focus on Shanghai, Beijing and some potential second-tier cities, the item about Class A offices in gold sections is the most interest property types by foreign investments , and then the residential projects based on hotel-style apartments and high-grade villas; although the foreign investments entry into almost all the service fields of real estate, the number of foreign-found enterprises is quite limited, in recent years, foreign investments take strong interest in agency service areas , this phenomenon is worth paying attention to; as for geographical distribution, foreign investments are mainly focus on the big and medium-sized cities in East Coastal area or the central cities in central and western regions, Shanghai, Beijing, Guangdong, Fujian, Jiangsu are the main cities; as for the investment country of origins, most foreign investments are from Europe and America developed countries or Southeast Asia new industrialized countries(NICs), such as Hong Kong, Macao, Taiwan(HKMacTW); Hong Kong , Singapore, the Europe and America countries are the three main representative foreign investments origins. About the reasons for foreign investments entry, China’s stable political environment and the continued rapid growth of macro economy are foreign investments entry’s basic reason; there are enormous market demand and high foreign investments returns in China’s real estate industry, these are the foreign investments entry’s direct reason; over the past years, because of the macro policy, the shortage of capital chain, China’s real estate industries are eager for capital, this provides superexcellence opportunities for foreign investments entry. The foreign investments entry can make up the shortage and insufficiency of capital in China’s real estate industry, and also can enlarge the supply and demand of real estate market, what’s more, foreign investments entry also brings advanced technology, equipment and ideas, promotes the development and perfection of real estate market mechanism. But we cannot ignore large-scale foreign investments entry must brings negative effects, for example, boosts the housing prices, puts pressure on the appreciation of RMB, brings property bubble(real estate bubble). All these are big challenges to the healthy development of China’s real estate market. Finally, China’s real estate will how to use and manage the foreign investments in the future, this thesis puts forward several suggestions.

부동산 모바일 애플리케이션·VR기술 기반 부동산 전자거래제도에 관한 연구

배준범 경남대학교 행정대학원 2019 국내석사

스마트폰의 부동산 모바일 애플리케이션에서 부동산 전·월세나 매물을 구하는 수요자는 급속히 증가하고 있을뿐만 아니라, 시간적 제약이 있는 사람은 VR디바이스를 구입해 모바일 애플리케이션에서 검색한 부동산의 이미지영상을 장착하면 현장의 모습을 그대로 볼 수 있는 디지털콘텐츠가 다양하게 제공됨으로써 거래당사자가 대면 없이도 개업공인중개사를 통하여 거래할 수 있는 전자거래 계약시스템이 구축 시행되고 있으므로 부동산거래 업계에 혁명적인 변화가 진행되고 있다. 이처럼, 부동산정보가 모바일 애플리케이션이라고 하는 디지털콘텐츠로 제작되어 정보통신망을 통하여 서비스되고 수요자와 연계되어 거래 계약으로 체결되는 일련의 융·복합콘텐츠 서비스사업이 급속히 발전하고 있으나, 아직은 개선되어야 할 과제가 상당히 존재하고 있다. 우선, 일반적으로 계약에 있어서 성립시점이 중요한데, 부동산 전자계약에 있어서는 성립시점을 언제로 볼 것이냐의 문제가 있다. 매수인(임차인)이 부동산 모바일 앱에서 VR을 통하여 매물을 확인하고, 개업공인중개사에게 전자계약체결의 의사를 표시하면 개업공인중개사는 매도인(임대인)에게 매수인(임차인)의 의사를 전달하게 되고, 이에 대하여 매도인(임대인)이 개업공인중개사에게 동의의 의사를 표시하면서 서로의 협의가 이루어지는 것이지, 계약이 성립하는 것은 아니다. 즉, 이 협의를 통하여 개업공인중개사가 전자계약서를 작성하면, 이를 바탕으로 거래당사자가 전자서명을 하게 되는 때에 전자계약이 성립하는 것으로 볼 것이고, 개업공인중개사는 이 전자계약서에 공인인증서로 인증하면 전자계약의 절차가 종료된다. 이런 점에서 「민법」상의 일반적인 계약법리와는 다르다고 하겠고, 따라서 일반 「민법」상 계약과는 달리 전자거래시스템에 의한 전자계약이기 때문에 이른바 ‘시스템계약’이라고 할 수 있다. 또한, 모바일 애플리케이션이나 VR기술, 그리고 전자거래시스템 모두 이용자와 부동산 수요자 입장에서 기능과 시스템을 개선해야 할 것이다. 부동산정보 콘텐츠제작자나 모바일 애플리케이션 운영자, 전자거래시스템 구축자 모두 이를 이용하는 수요자 입장을 고려해야 한다는 것이다. 이러한 입장에서 보면, 부동산 모바일 애플리케이션에서 미처 제공하지 못했던 정보를 확대 제공함과 아울러 허위매물을 최소화하는 방안을 강구하여 신뢰성을 높여야 할 것이다. 정보제공에 있어서는 중요정보의 명시를 중개사무소 및 공인중개사에 관한 사항으로만 한정하고 있는데, 중개대상물의 소재지, 종류, 면적, 가격 등에 대한 사항이 반드시 추가되어야 할 것이고, 특히 허위매물의 경우에는 부동산을 거래함에 있어서 가장 큰 문제가 되는데, 공인중개사의 책임을 묻거나 처벌하는 규정이 없는 현실이다. 뿐만 아니라, VR영상에 하자가 있는 경우 VR영상의 촬영 및 게재의 주체에 따른 책임에 있어서 부동산 모바일 애플리케이션의 사업자의 책임은 규정되어 있지만 공인중개사에 대한 책임 규정이 미비하다. 그러므로, 법제의 개정 및 제정을 통하여 소비자를 보호해야 할 것이다. 또한, 부동산 모바일 애플리케이션에도 전자계약시스템과 대금결제시스템을 구축하고, 전자등기도 가능하도록 시스템을 구축하면 그 이용도와 만족도는 급격히 증가할 것이다. 이러한 경우 애플리케이션의 이용자는 애플리케이션 안에서 원하는 부동산을 검색하여 VR디바이스로 대상물을 확인하여, 전자계약을 체결하고, 대금결제와 전자등기까지 완료할 수 있으며, 취득세 신고까지 가능하도록 하는 원스톱서비스 체계로 구축해야 할 것이다. 이러한 전자적 시스템은 편리성이 가장 중요하다고 볼 수 있는데, 여전히 부동산거래 전자계약시스템 상에서는 본인의 인증 및 전자서명을 위해 특수목적용 공인인증서가 필요하며, 공인인증서의 발급절차가 굉장히 까다롭다. 또한, 대리계약이 불가능하여 전자계약의 효용성을 저해한다. 그리고, 전자등기사스템을 이용하려면 사용자등록을 해야 하는데, 직접 등기소를 방문해야만 사용자등록이 가능하다는 불편함이 있다. 그러므로, 편리함을 추구하는 전자적 시스템에 맞도록 개선해야 할 것이다. 뿐만 아니라, 대금결제에 있어서도 시대의 흐름에 맞도록 일반적인 대금지급 방법이 아닌 가상화폐를 통한 결제가 가능하도록 가상화폐에 대한 법제를 마련해야 할 것이다. 국토교통부에서 구축한 부동산거래 전자계약시스템도 아직은 초기 단계로 보여지고, 바람직한 공익적 기능을 수행하기 위해서는 개업공인중개사에게 한정적으로 이용권을 허용하고 있는 것을 부동산거래 당사자가 수요자로서 이 시스템을 이용하여 직거래를 할 수 있도록 개편하는 것이 매우 절실하다고 본다. In addition to that the customers searching for rent or sales of property via mobile applications of real estate by the smartphone are rapidly increasing, as a variety of digital contents which can view the scene are being supplied if a person with a time constraint purchases a VR device and mounts an image of the real estate searched by the mobile application, a revolutionary change has been going on in the real estate trade industry because electronic transaction contract system is now being implemented so that transaction parties can deal through real estate brokers without facing each other. Like this, a series of converged compound contents service businesses, where real estate information is produced as digital contents called as mobile applications and serviced through information communication networks and the transaction is made by linking with the customers, are being developed rapidly, but there are still a lot of challenges to be addressed. First of all, the contract establishment time is generally important in the contract, but there is a problem on at what point the contract establishment time is made in the real estate electronic contract. The fact that the buyer (tenant) confirms the property through the VR in the real estate mobile app and presents the intention of signing the electronic contract to a real estate agency, the real estate agency delivers the buyer's (tenant's) intention to the seller (the landlord) and the seller (the landlord) presents consent for that to the real estate agency is accomplishment of mutual consultation, not establishment of a contract. In other words, it is assumed that an electronic contract is established when the real estate agency drafts an electronic contract through this consultation and transaction parties make electronic signatures based on the electronic contract, and the procedure of the electronic contract is completed when the real estate agency authenticates the electronic contract with the official certificate. In this respect, it is different from the general contract principle of law by the "civil law", and therefore, unlike the general contract by the "civil law", it can be called as the "system contract" because it is an electronic contract by the electronic transaction system. In addition, it is necessary to improve their functions and systems of all of mobile applications, VR technology, and electronic trading systems in the view of both users and customers of real estate. Real estate information content creators, mobile application operators, and electronic transaction system builders should take into account in the stance of customers who use them. From this point of view, it is necessary to increase the credibility by expanding and providing information that the real estate mobile applications did not provide in the past and by devising the method how to minimize the false offerings. In the provision of information, the disclosure of important information is limited to matters only related to the brokerage office and the real estate agents, the matters on location, type, area, and price of the transaction object must be added, and especially, false offerings are the biggest problem in real estate transaction but there is no regulation asking for responsibilities of the real estate agency or punishing them. In addition, if there is a defect in the VR image, although the responsibilities of the operating company of real estate mobile applications on the responsibility of the subject of shooting and posting VR images are stipulated, liability regulations for real estate agents are insufficient. Therefore, consumers should be protected through amendment and enactment of legal system. In addition, the use and satisfaction rate of real estate mobile applications will increase rapidly if electronic contract system and bill settlement system are established at the real estate mobile application and if the system where electronic registration is possible is established. In this case, the one-stop service system, where the user of the application can search the desired real estate in the application, confirm the object with the VR device, conclude the electronic contract, complete the payment and electronic registration, should be constructed. The convenience is considered to be the most important factor in the electronic system, but, in the real estate transaction electronic contract system, the special certificate is required for verifying itself and the digital signature of the user and the procedure of issuing the official certificate is very complex. Also, it is impossible for proxy to make a contract, which hinders the effectiveness of the electronic contract. In order to use the electronic registration system, it requires the user registration and there is an inconvenience that the user can register the user registration only by visiting the register office directly. Therefore, it should be improved to suit the electronic system that pursues convenience. In addition, in order to meet the trend of the times, it is necessary to prepare a legal system for virtual money so that payment can be made through virtual money, not a general payment method. The real estate transaction electronic contract system established by the Ministry of Land, Infrastructure, and Transport is still in its early stages, and in order to carry out desirable public interest functions, from the status where only the real estate agency is allowed to use the system attributively, it is very desperate to reorganize so that the real estate transaction parties as the customers are able to make the direct transaction by using the system.

한국과 중국의 부동산등기제도에 관한 비교연구

하록정 강남대학교 일반대학원 2021 국내석사

본 논문은 한국과 중국의 부동산등기제도의 발전과정과 등기의 공신력, 전산화 제도 등에 대한 비교분석을 통해 중국의 현행 부동산등기제도의 문제점을 분석하고 중국의 등기제도에 대한 개선방안을 제시하였다. 한국의 부동산등기제도는 1960년에 「부동산등기법」이 제정되어 시행된 이후 수차례 개정과정을 거치며 발전되어 왔다. 본 논문에서는 한국의 부동산등기제도에 대한 분석을 통해 중국의 부동산등기제도의 문제점과 그 개선방안을 제시하였다. 본 논문의 주요 내용은 다음과 같다. 제1장의 서론에서는 연구배경 및 목적, 연구내용과 연구방법에 대해서 설명하였다. 제2장에서는 이론적 고찰 및 선행연구에 대해 설명하였다. 제3장에서는 한국과 중국의 부동산등기제도의 발전과정을 분석하고 양국의 부동산등기제도에 대해 분석하였다. 중국의 경우 등기의 공신력이 법적으로 명문화되어 있지 않은 점을 지적하고 등기 공신력에 대한 주요 쟁점을 분석하였다. 중국의「물권법」은 등기의 공신력을 명문화하지 않고 예고등기 등의 형태로 실권리자에게 보장하고 있다. 따라서 중국의 예고등기는 허위 등기를 제대로 방지할 수 없기 때문에 등기원인증서에 대한 공증제도를 도입해 원천적으로 허위 등기를 방지할 것을 제안했다. 다음으로는 한국의 부동산등기제도의 공신력을 분석하였다. 한국은 부동산등기제도의 법률이 제정될 때부터 등기의 공신력을 인정하지 않았다. 한국은 민법을 제정하면서 당시 사회경제 발전 속도와 전반적인 상황으로 보아 등기의 공신력을 인정할 필요가 없다고 판단하였다. 등기에 대한 공신력 인정에는 많은 행정비용이 소요되고 실제 조사도 매우 어렵다. 이러한 문제들에 대해 본 논문에서는 등기원인 증서 공증제도를 도입해 국민의 등기안전을 보장하는 방안을 제시하고 있다. 그리고 중국의 부동산 거래의 신뢰도를 높이기 위해 부동산 등기의 전산화보급이 시급한 상황이라는 점도 지적하고 있다. 이와 관련해 양국의 부동산등기의 전산화 발전과정 및 현황을 분석하였다. 중국은 부동산등기 정보에 대해 전국적인 범위의 네트워크를 규정하고 있지만 온라인 등기를 하는 것에 대해서는 규정을 두고 있지 않다. 이와 관련해 한국의 부동산 전산화 등기에 대한 분석을 통해 AROS 시스템과 같은 전산화 등기 시스템을 도입할 필요가 있다고 제안하고 한국의 부동산등기의 전산화와 발전과정 에 대한 분석을 통해 중국 부동산등기의 전산화 입법과 보급에 시사점을 제시하였다. 제4장에서는 한국과 중국의 부동산등기제도에 대한 비교분석에 기초해 중국의 현행 부동산등기제도의 주요 문제점들을 분석하고 중국의 부동산등기제도에 대한 개선방안을 제시하였다. 한국과 중국의 부동산등기제도를 비교 분석한 결과 중국의 등기제도의 문제점과 개선방안을 다음과 같이 분석 및 제시하였다. 우선, 중국의 부동산등기제도의 문제점은 첫째, 공신력 인정에 대한 법적규정이 명확하지 않다. 둘째, 부동산등기에 대한 법규가 세부적이지 못하다. 셋째, 등기문제에 대한 손해배상 책임이 명확하지 않다. 넷째, 부동산등기를 위한 통합입법이 없다. 다섯째, 등기심사 방식이 불충분하다는 점이다. 이에 대해 다음과 같은 개선방안을 제시하였다. 첫째, 통합된 부동산등기 입법이 필요하다. 둘째, 부동산등기기관을 전국적으로 통합할 필요가 있다. 셋째, 책임보험 제도를 도입해야 한다. 넷째, 전산화 등기시스템을 지속적으로 구축해야 한다. 다섯째, 등기원인증서의 공증제도를 도입하고 형식심사 시 신청서류 이외의 내용을 조회할 수 없는 점을 보완해야 한다. 제5장의 결론은 양국의 부동산등기제도에 대한 비교분석을 토대로 중국의 부동산등기제도에 대한 개선방안을 제시하였다. With the social and economic development of China and South Korea, great changes have taken place in people's understanding of production and life. Real estate is one of the most important wealth resources in human production and life. As more and more people trade and invest in real estate, it has also brought about a huge impact on the citizens of the two countries. In the year of 2021, with increasingly active real estate exchanges, the real estate registration system, as a part of real estate transactions, should receive more attention. This paper studies the real estate registration system in China and South Korea. Subdivided into environmental factors, executive authorities, target groups, idealized policies and other links, this paper analyzes the historical environment, executive authorities, registration credibility and computerization of registration of real estate registration system in China and South Korea. South Korea is one of China's important economic partners, and its real estate registration system was nearly 50 years earlier than China's. As early as in the 1960s, South Korea enacted the Civil Law and the Real Estate Registration Law and other special laws on the real estate registration system. Because of their respective histories and cultures ,Korea and China have formed different social structures. Therefore, South Korea and China should carry out targeted integration of real estate registration according to their respective national conditions. This paper is based on "Property Law of the People's Republic of China", "the provisional regulations on real estate registration" and "rules for the Implementation of Interim Regulations on Real Estate Registration", reference to the advanced part of the Korean real estate registration system, puts forward the simple Suggestions to improve China's real estate registration system. The specific content of the study is as follows. The first chapter introduces the purpose, background, content and method of the preamble. The second chapter introduces the concept and nature of the real estate registration system, the theoretical investigation and the advance research. The third chapter analyzes the real right system of the real estate. According to the development process of the registration systems of the two countries, the real estate registration systems of China and South Korea are divided by stages, and the legal development and change process of the real estate registration systems of the two countries are analyzed. The legislative provisions and current situation of the credibility of real estate registration in the two countries are analyzed respectively. Firstly, it explains the fact that there is no explicit regulation of registration credibility in Chinese law, and analyzes the debate focus of registration credibility in the real estate field. China's Property Law does not explicitly stipulate the credibility of registration. Instead, registration forms such as advance notice registration are adopted to guarantee the real power holders. In addition, it is proposed to introduce the notarization system of certificate of Registrar, as in South Korea, to prevent false registration in an all-round way. Then it analyzes the credibility of the real estate registration system in South Korea. South Korea from the enactment of real estate registration system of the beginning of the law, does not recognize the credibility of the registration. When South Korea formulated the civil law, it was believed that the speed of social and economic development and the overall situation did not need to recognize the credibility of the registration. But by 2021, it is necessary to adjust the credibility of the registration of real estate transactions. However, the credibility of certification registration needs a lot of manpower, material and financial resources, and the actual investigation is also difficult to carry out. Therefore, it is suggested to introduce the notarization system of registrar's certificate to ensure the security of national registration. After that, the electronic development process and status quo of real estate registration in the two countries are analyzed. Chinese law regulates the nationwide network of real estate registration information, but there is no regulation on online registration of real estate through electronic registration. Based on the analysis of the electronic registration of real estate in South Korea, this paper puts forward that China can imitate South Korea in the electronic system of registration and prepare the electronic registration system like AROS system as soon as possible. This paper hopes to provide inspiration for the legislation and popularization of electronic real estate registration in China through the analysis of the electronic and development process of real estate registration in South Korea. The fourth chapter, through the comparative analysis of China and South Korea's real estate registration system, lists the main problems of China's current real estate registration system, and combined with the analysis of the status of South Korea's registration system, puts forward the development of China's real estate registration system. The conclusion of the fifth chapter summarizes the above contents. In addition, the differences between the two countries' real estate registration credibility and electronic registration system, the improvement and security prospects of the two countries' real estate registration system are also proposed. After comparative analysis of the real estate registration system in South Korea and China, this paper finds out the existing problems in China's registration system, and puts forward the policy direction. First, the system of public credibility is not clear. Second, the current real estate registration of the relevant laws and regulations are not detailed. Third, the liability for registered damages is not clear. Fourth, there is no comprehensive legislation aimed at registering real estate. Fifth, the registration review system is chaotic. Through the comparative analysis of the real estate registration system in South Korea and China, the following improvement plans are drawn. First, we should unify legislation on real estate registration. Second, unify the country's real estate registration organs. Third, introduce liability insurance system. Fourth, speed up electronic registration.Fifth, the introduction of the registration court certification notarization system, the form of examination can not query the content of application materials to improve

(A) New paradigm in the Korean real estate market : real estate investment trusts (REITs)

Min, Jeenah Graduate School of International Studies, Yonsei U 2000 국내석사

The economic crisis, which began in November 1997, caused tremendous changes in the Korean real estate market. With the severe economic downturn after the currency crisis, real estate prices started to fall drastically. Against the downturn, the Korean government took an unprecedented step to stabilise the stumbling real estate market. Along with these governmental policies, a new paradigm started to form in the Korean real estate market. As a result, real estate will begin to be regarded as an investment tool, and it will have to be managed by professional real estate specialists. Considering the current trend of the real estate market in Korea, a REIT (Real Estate Investment Trust) is one of the ideal investment vehicles. A REIT is a corporation or business trust that combines the capital of many investors to acquire or provide financing for all forms of real estate. A REIT serves much like a mutual fund for real estate in that retail investors obtain the benefit of a diversified portfolio under professional management. Its shares are freely traded, often on a major stock exchange. This solves the lack of liquidity in real estates as an investment tool. Another merit of REIT is that a REIT generally does not pay corporate income tax like mutual funds. This means that nearly all of a REIT's income can be distributed to shareholders, and there is no double taxation of the income to the shareholder. The introduction of a REIT will have a positive impact on the less developed Korean real estate market because it can enhance the real estate market transparency, facilitate foreign investment in the real estate market, and make the real estate prices determined in a competitive way. And the positive impact will be doubled if the public's concept on land changes, there are enough real estate specialists and the government's real estate policies become consistent.

不動産 投機抑制方案에 관한 硏究

윤규주 東國大學校 經營大學院 2003 국내석사

This research analyzes the current situation of and speculation on the real estate and suggests how to prevent such speculation by suggesting how to prevent real estate speculation by pointing out the problem of the government's real estate and housing policy. It is not strange that people pay attention on the real estate and think it as a big investment chance because of high density of population in Korea. However, it is not a good way if such investment becomes speculation for short term profit and widens the gap between the rich and the poor. Until today, the government's policy was trying to cover up, not solving the problem itself; the policy was made as an emergency and temporary solution and focused on slowing down the price increase on real estate and preventing the speculation. However, those policies failed and the notorious cycle of real estate-speculation, prohibition, recession, government's supportive policy, and re-speculation-continued. And, the real estate price jumped like a rocket. To overcome such failures, the government introduced new policy on Oct, 29. 2003, called the total countermeasure for the housing market stability. The new government's policy to solve the real estate speculation can be summarized in the following way. First, on policy side, the government must improve the financial solution such as the tax-the transfer tax on the transaction income, property tax, and collective real estate tax-realization of the standard price, designation of real estate speculation area, and lowering the ratio of the house mortgage. In addition, the government must strengthen the penalty on the violator of real estate law and regulation and make it active, the real estate related financial products market-REITs, MAS, ABS-so the government could direct the healthy investment on real estate. Second, the law and regulation must be improved as well. Even though there are numerous laws and regulations about the real estate, they only focus on the forms and steps of the transaction. Therefore, they can't prohibit the speculation properly. To solve such a problem, the method of screening those who foster and/ or commit speculation must be improved and strengthened. The taxation should also be changed to prevent the windfall income by improving the tax policy and designating declared value. Third, the detail information regarding to the ownership and the transaction of the house, which is basic for human life and can be easily targeted for speculation in Korea. It must be computerized so the real-time status of the land and building could be available. Forth, the real estate policy is not only a problem for ministry of finance, construction, and transportation. They must also have close cooperation with ministry of education, government, environment, common well-fare, and tax administration. Government should not rely on only temporary emergent solution, but come up with a solution that all population can trust and rely on. Up to this point, we analyzed the reason of real estate speculation and the problems of the government's policy and regulation. However, it can't be expected that people will follow the laws and regulations without enough understanding. Therefore, advertising real estate related laws and regulations to the public must be enhanced, too. While conducting this research, the most recent domestic and foreign professional books, various research documents, and the statics of the related government's agencies were used to collect information and theoretical background bout the analysis and problem of the current real estate policy and regulations.

Real estate investment in Korea : a case study of investment in a commercial property

Jang, Tae Young Graduate School of International Studies, Yonsei U 2001 국내박사

Through Chapter 2, some historical evidences are addressed to help understand the uniqueness of Korean real estate market. How Korean War in 1950 affected real estate market in Korea and the aftermaths of the impact are addressed. Government’s efforts to control real estate market coupled with several stages of economic development plans surely played a major role in shaping Korean real estate market after the war. Entire nation was obsessed with the desire to own any form of real estate, which in turn blinded people from seeing the risks involved in it. In 1997, the country was hard hit by the debacle of Korean economy by which people began to realize that the value of real estate could go down. It was a harsh but essential lesson for Korean people. The fact that the value of real estate could go down brought out the need for the technique to evaluate real estate value based on their cash flows. Chapter 2 also introduces some practical knowledge that are essential to understand the real estate market in Korea.. Chapter 3 addresses the finance theory and its application to real estate investments. The principles of finance that have commonly applied to an analysis of corporate finance can easily be applied to real estate finance. The principles of asset valuation apply to real estate, mortgages, and other real-estaterelated securities. Leverage, whereby debt is used to increase the value of equity contributions, is also applied to real estate investment. The theory of financial intermediation is important for understanding the role, success, and failures of intermediaries. Real estate assets can be combined by themselves, or with other assets, in portfolios that reduce risk. Large institutional investors such as pension funds and life insurance companies, explore their risk-reducing opportunities when they invest in real estate. The uniqueness of real estate properties and lack of widespread knowledge of all relevant facts allow for some in-efficiencies. There is evidence that this leads to excess returns for some real estate investors. Agency problems and costs to monitor agents are also present in real estate. Contracts and an intricate system of laws address client-agency problems. Chapter 4 shows how all finance theories and Korean real estate characteristics are applied in practice using a case study of an investment analysis on a commercial property. Although the formats presented in the case study are only a part of property analysis, it serves to focus on return analysis and valuation, the most important part of real estate investment. At the end of the chapter, the weighted average of cost of capital (WACC) for the investment is discussed to provide a benchmark that gives the idea of whether the investment is attractive enough to cover the minimum required rate of return.

KT의 遊休不動産 活用에 관한 硏究 : -성수동 Hill State APT 분양사업을 중심으로-

이성진 건국대학교 부동산대학원 2009 국내석사

통신산업이 성숙기에 접어들면서 시장이 포화되고 이에 따른 경쟁의 심화로 인해 통신사업자들은 새로운 수익원의 발굴을 위해 다양한 노력을 기울이게 되었다. 또한, 통신산업의 획기적인 기술발전에 따라 통신 서비스 제공에 필수자원이었던 많은 부동산이 유휴부동산으로 분류되었고, 이 유휴부동산들은 새로운 수익원 발굴을 위한 효과적인 대안으로 고려되기 시작했다. KT는 그간 추진해온 유휴부동산 활용사업의 결과를 토대로 부동산사업에 대한 중장기 전략을 수립하게 되었고, 부동산사업 추진을 위한 모델개발에 있어서 우정사업과 해외유수기업 등의 유휴부동산 활용사례 및 성수동 힐-스테이트 개발사업에 관한 사례 등을 통해 몇 가지 중요한 교훈을 얻을 수 있었다. 첫째, 통신산업 환경이 급격히 변화하고 있어 유휴부동산의 규모는 계속 커져가고 있다. 이에 따라KT가 보유하고 있는 모든 부동산에 대한 전략적 개발사업 접근이 중장기적으로 절실한 상황이나 이의 활용방안 검토에 있어 대국민 서비스차원에서의 공공성 증진을 위한 여러 가지 대안을 함께 고려해야 한다는 것이다. 둘째, 유휴부동산의 활용사업이 사전에 개발방안이 정해져 있기 보다는 그 당시의 환경에 더 영향을 받기 때문에 이 환경요소에 대하여 충분한 검토가 필요하다는 것이다. 세째, 앞으로 KT가 추구해야 할 부동산사업의 방향으로 부동산의 단순한 개발에서 벗어나 KT가 보유하고 있는 핵심역량과 결합된 사업을 추진하는 것을 보다 적극적으로 검토해야 할 것이다. 아파트와 일반 건물을 건축하여 매각하는 것보다는 통신전문기업으로서의 위상에 걸 맞는 U-city, 홈-네트워크와 같은 IT 기술과의 접목을 통해서 차별화된 서비스를 제공하는데 집중해야 할 것이다. As Telecommunication industry already reached maturity stage, severe competition and market saturation has been the main reason for the Telco to exert every effort to find new future profit source. The abundant real estate resource which Telcos have been possessed since the period of monopoly was considered as the best alternative for developing future profit source. The conurbation of Telco’s central office and the miniaturize of the equipment driven by the brilliant technical advance has been processed rapidly. This rapid progress also has induced exponential growth of unutilized real estate and space. For this reason, needs for new business model for utilizing this non-operating real estate has been increased steadily. By considering various theories regarding real estate business model and benchmarking for the Korea Posts’case, KT could learned some useful lessons for the real estate business. First, compared to the simple disposal of the unutilized real estate, developing business model can increase the value of the real estate. Secondly, real estate business model can’t be anticipated detail process in advance. It can be affected by various factors of various business surroundings. KT could build up long-term strategies for the real estate business by utilizing the previous outcomes of the unutilizedreal estate businesses implemented. Especially, KT could have the chance of realizing and learning what are the key success factors of the real estate developing business from the Sungsu-dong Hill-State developing project. From the case, KT could obtain some practical tips for implementing possibly similar future real estate projects. First, there are different social point of views about the real estate business of KT. Therefore, KT should consider the social responsibility of a company when developing real estate which was part of public business resourced. Second, various cases of unutilizedreal estate developing projects point the directions that KT should follow. The best alternative can be the way that KT combine the existing core competitive capabilities and real estate and develop new business model. By doing this, KT can differentiate itself from other competitors and increase the profitability of the business. KT should focus on developing and providing differentiated service which comprise real estate and IT technologies such as U-city, home-network. Real estate property is one of the most competitive resources that KT has. Therefore, trade this value creating resource with one time cash flow can not be the wise choice. Instead, by combining the competitive power that KT has in telecommunication field, KT can develop new real estate business model which not only create long-term steady rent profit but also increase the combined telecommunication service profit.

한국 종합부동산세의 중국 도입방안에 관한 연구

이자선 강남대학교 일반대학원 2020 국내석사

With the development of Chinese economy, housing prices have soared and the gap between rich and poor has widened. The central government, in order to strengthen real estate regulation and curb the rapid rise of housing prices, has improved the tax system and the real estate tax system to ensure the stability and sound development of the real estate market. The tax burden and tax categories on most people in China's entire real estate market is reflected in circulation. If we want to continue to increase the intensity of the tax collection, we need to strengthen the enforcement of tax collection. Whether the real estate market is healthy or not is related to the overall development of the national economy, and the level of housing prices is important to people's interests. From this perspective, it is very urgent to prepare in-depth study and expand of the pilot projects on comprehensive real estate tax. Therefore, this paper proposes that China should study the real estate system of South Korea and introduce South Korea's comprehensive real estate tax. The comprehensive real estate tax has many characteristics, for example, tax base is not easy to hide, tax burden is not easy to shift, tax revenue is stable and taxpayer's income can be redistributed. Due to the implementation of taxation principle that people with property pay taxes, people without property do not pay taxes, people with more property pay more taxes, people with less property pay less taxes, the collection of real estate tax, to some extent, has the function of secondary distribution of social wealth, which helps to avoid the uneven distribution of social wealth. Under the market mechanism, we will levy taxes on the buying, selling and holding of commercial housing for high-income groups. The government will direct the real estate tax revenue to the construction of low-income housing through budget expenditures, so that the general public can truly share the fruits of reform and opening up. Through the analysis of the development process and effect of the comprehensive real estate tax in South Korea,although the comprehensive real estate tax only has an effect on the price stability of the real estate market in South Korea at the initial introduced stage,it has achieved the effect of income redistributes. Therefore, this paper puts forward a plan to introducte the comprehensive real estate tax of South Korea into China, and analyzes Nanjing as a pilot city for the introduction of comprehensive real estate. It is concluded that the introduction of comprehensive real estate tax, improves the living conditions of the residents in difficulty, improves the quality of public service, narrows the gap. It also has strict requirements for real estate appraisal institutions in China, which has a positive impact on Nanjing.

不動産權原分析制度의 現況 및 改善方向에 관한 硏究

염시은 京畿大學校 行政大學院 2004 국내석사

우리나라는 1948년 7월 헌법이 제정 · 공포됨에 따라 과거의 봉건적인 토지소유의 관념을 청산하고 실질적인 소유권자이며 경작자인 농민에게 토지를 분배한다는 정신이 선언되었고 이에 따라 토지소유권은 근대의 자유권적 정신을 배경으로 제도화 되어 자유로운 거래의 대상이 되었다. 이후 1960년대 경제성장 제일주의가 정책의 최고 목표가 되면서 급격한 산업화 · 도시화 현상이 초래되었다. 이로 인하여 부동산가격의 급상승과 부동산매매가 활발하게 진행되었다. 이와 같이 부동산거래가 활발해지면서 부동산에 관련된 거래사고가 빈번하게 발생되었고 이러한 거래사고 발생원인으로는 지적과 등기의 이원화, 부동산등기의 공신력문제, 등기공무원의 형식적심사권, 등기의 신청주의 등의 토지공시제도의 흠과 거래당사자들의 무지, 거래사고의 예방을 위한 정책당국의 의지부족 등이 주요 원인이겠으나 급격하게 변화하는 부동산환경에 적시에 제도적 환경이 뒤 따르지 못하였으며, 이는 심각한 사회문제로 대두되었고, 이로 인한 재산상의 손실과 정신적 피해에 대한 보호대책이 절실히 요구되고 있다. 부동산의 환경변화는 부동산권원분석 활동의 필요성이 제기되어 부동산업의 한 영역으로써 대두되어 2001년 11월 25일 미약하나마 우리나라에서도 부동산권원분석사를 배출하게 되었고 부동산권원분석제도의 모습이 나타나게 되었으며, 부동산권원분석제도가 열악한 여건을 등에 업고 태어난 시작단계의 제도로 형식과 내용이 빈약할 수밖에 없는 관계로 부동산권원분석제도의 태동단계로서 부동산활동을 미래지향적으로 발전 모색하는 출발단계로 설정하고, 첫째, 부동산권원분석제도는 어떻게 운영되고 있고 그 과정에서의 문제점은 어떤 것이 있는가 둘째, 부동산권원분석제도의 운영상 문제점은 개선이 가능한가 셋째, 부동산권원분석제도의 개선을 위한 방안은 어떤 것이 있는가에 대하여 살펴보고 개선방향을 설정하고자 하였다. 우리나라의 부동산권원분석제도는 2001년 11월 민간순수자격인 부동산권원분석사를 배출하면서 그 모습을 보이기 시작하여 역사는 일천하고 환경적으로는 매우 열악하여 운영 및 발전에 많은 제약을 받고 있다. 이러한 문제점을 파악하고 개선방향을 제시하고자 부동산권원분석의 운영실태를 조사 · 분석하고 개선 방향을 정리하면 다음과 같다. 첫째, 부동산권원분석 실태를 조사 · 분석에 있어 ① 부동산 매수자에 의한 분석 ② 부동산관련전문가(공인중개사,변호사,금융업종사자,감정평가사,법무사,지적전문가등) ③ 부동산권원보험업 ④ 부동산권원분석사에 의한 권원분석의 실태를 조사 · 분석하였다. 둘째, 부동산투자자들의 부동산권원분석에 대한 인식도에 대한 설문을 조사하여 실태를 분석 개선방향을 제시하고자 하였다. 셋째, 부동산권원분석의 현황 및 평가에 있어 문제점을 살펴보면, 부동산권원분석제도의 미비점에서 ① 부동산권원분석사의 국가공인의 미 실현 ② 권원분석제도에 대한 인식이 미흡하다는 것이다. 권원분석시행주체의 취약성에 있어 ① 전문가단체의 이원화 ② 전문자격 시험출제 기관의 이원화 ③ 공신력있는 권원분석 전문업체가 없다는 것을 문제점으로 지적하였다. 권원분석대상업무에 있어서는 ① 권원분석 업무범위의 제한 ② 권원분석 고유 업무의 부재 ③ 투자자 필요에 의한 단편적으로 업무가 유착되어 있다 하겠다. 권원분석 방법론에 있어서는 ① 권원분석업의 근거법령이 없고 ② 권원분석이론과 분석기법이 빈약하다는 것이다. 부동산권원분석제도의 개선방향을 제시하면 첫째, 제도적 측면에 있어서 ① 권원분석의 근거법령을 제정하여야 할 필요가 있고 ② 권원분석의 고유 업무영역을 확보 하여야하며 ③ 권원분석 전문가단체의 체계화가 필요하다. 둘째, 경제적 측면에 있어서는 ① 타 부동산업과 차별화가 필요하고 ② 권원분석 시장진입의 원활화 ③ 권원분석업을 위한 업무영역을 확보하여야 하겠다. 셋째, 사회적 측면에 있어서는 ① 권원분석에 대한 투자자들의 인식제고가 있어야 하고 ② 권원분석발전을 위한 산학연계가 강화 되어야 한다. 넷째, 기술적 측면에 있어 ① 권원분석사의 전문성을 확보하여야 하고 ② 부동산권원분석이론 및 분석기법을 과학화 ③ 권원분석을 지원하는 정보를 효율적으로 관리하여야 하는 것을 제시하였다. Real estate title analysis system became effective as of November 2001. in the same time it came forth Title Examiner(nongovernment licence), but not yet deviate from the quickening period and because of poor circumstances there are a lot of restriction of operation and development I intend to review the present status of the current "real estate title analysis system" and analyze the actual condition and then evaluate several points at issue, in the result I propose the direction of title examination in real estate to growth " title examination in real estate" In order to achieve these purpose, I check on and analyze the operation condition and summarize the plans for development First, I look around the theoretical background about "examination of title" Second, in order to analyze the actual situation of "title examination in real estate" I have researched and analyzed the analyzation ①by buyer of the real estate, ② by expert of the real estate(for example, a licensed real estate agent, lawyer, moneyman, appraisers and acreage expert, etc. Third, I surveyed investor's degree of recognition about "title examination in real estate" to present the remedy Forth, the points at issue for the current situation and evaluatin of the "title examination in real estate" are in the respect of inadequacy of "real estate right analysis system" ① that "title examiner" is not national certified and ②there is little understand of "real estate title analysis system" in the respect of examination of title the subject's weak point there are ① duality of the expert organization ② duality of the examiner ③ no professional firms which have public confidence in the respect of "real estate title analysis system" there are ①the restrict of the affiar scope ② absence of the characteristic business ③ piecemeal business by the needs of investors in the respect of "real estate title analysis method" there are① no founded laws of real estate right analysis busisess and ②poorness of the examination of title's theory and analytical technique Now, I present the betterment for the real estate title analysis system First, in the respect of the system, ① There are needs to enact a founded law for examination of title We guarantee the own business scope for examination of title There are needs for systematizing expert organization Second, in the respect of the economic there are needs for difference with other real estate business and smoothness for entry of examination of title market and to assure the business scope for real estate title analysis business Third, In the respect of the sociality It needs to raise the recognition of investors for the examination of title and to reinforce an educational-industrial complex for examination of title Forth, in the respect of the technique It needs to inquire the expertise of title examiner and makes theory of title examination in real estate and analytical methods as scientific and manages effectively information of supporting examination of title In order to protect the right of property, " title examination in real estate" is useful. therefore it needs for the effort of government and engaged people for "real estate title analysis business" to develop this system and good recognition and support of the people is needed for developing the real estate culture