不動産資産管理가 銀行經營成果에 미치는 影響分析 : 프라이빗뱅킹을 中心으로

尹錞基 강원대학교 대학원 2008 국내박사

Ever since the financial foreign-exchange crisis, the abrupt changes in the economic environments both inside and outside the country and the fluctuations in the values of financial and real estate assets had resulted in the disproportionate emphasis of wealth. In addition, the paradigm of managing assets has changed due to the advent of low-interest, low-growth, and aging era. Accordingly, the private banking after the financial readjustment of the structure has brought forth a design revolution in financial space and a contents revolution in financial services along with the establishment of financial holding companies and the commencement of integrated financial groups. Supply-demand section of providing the product/service is also expanding from financial assets to real assets such as real estate. In response to the changes in the paradigm of managing assets, the domestic banks are adopting the private banking as the hub of the strategic management and concentrating on the diversification of benefit structure and enterprise structure. For the asset management to promote customers' "needs satisfaction" corresponding to the customers' contribution, among the multilateral demands of the high-cost structure of initial PB enterprise and extra services, as a brand-new business model for banks, the issue of dealing with the difficulties of the succeeding PB services has risen. The asset management has come to consider the influence of real estate assets on asset management from a different aspect centering on the private banking, through the dispersion of asset structure from the point of stock economy and the liquidity of the asset employment from the aspect of financial engineering. In this context, I analyzed the realities of the asset management of domestic PB services and their contributions. I have set 3 independent variables and 3 dependent variables. Independent variables are customer-, manager-, and corporation-based variables. Dependent variables are competition Bank, service differentiation, staff satisfaction based on the characteristics of outcome of PB. As the application of the model, I have 1) firstly reviewed the customer-based PB-CRM from the demanders of the asset management service's aspects. 2) Then I have reviewed the manager-based PB-CDP from the asset management suppliers' point of view. 3) Lastly, I have reviewed the corporation-based PB-INFRA from the aspect of the asset management infra to propose the solutions to promote the management of the organization. The suggestions of this research are that 1) a PB service including real estate asset management is required for the dispersion of the asset structure and the general asset management resulting from the stock economy, 2) a supply of the real estate in the form of structured security is needed for the liquidification of the real estate assets due to the fixation of real estate assets, and that 3) the activation of the capital market by way of the securitization of real estate is required in order to integrate the real estate and financial assets. This financial engineering is the response to the integration of the capital market. Consequently, the existing real estate asset products/services in the shape of trust products should be converted into the capital products/services in the form of real-estate structured security. By this transition, the financial assets and real estate assets must be employed in a multi-tiered structure, and the asset management service should be provided in a double-sided way encompassing the lifetime financial management and generation financial management, in terms of the fluctuations in asset values and capital profit/loss. Concludingly, to establish the real-estate asset management as the fundamental business in private banking is required for following reasons : 1)For customers, It will be to mange effectively the real-estate assets, which comprise more than 70% of household asset structure, to contribute to the proliferation of the household assets. 2)For the managers, the real-estate asset management will contribute to the augmentation of the added value as human capital through the reinforcement of the capacity for real assets and financial asset management. Finally, 3)For the corporations, the financial asset and real-estate asset management will promote the activation of the capital market and PB management performance of the banks by providing capital products/services. 금융외환위기 이후 국내외 경제 환경의 급변화 및 금융자산과 부동산자산 가치의 급등락으로 부(富)의 편중이 심화되었고 저금리·저성장·고령화 시대의 진입으로 자산관리의 패러다임이 변화되었다. 이에 따라 금융구조조정이후 은행의 프라이빗뱅킹은 금융지주회사의 설립과 종합금융그룹의 출범으로 금융공간의 디자인 혁명과 금융서비스의 콘텐츠 혁명을 함께 가져왔다. 상품/서비스를 제공하는 수급영역도 금융자산에서 부동산 등 실물자산으로 분산화·유동화·증권화 방향으로 확대되어가고 있다. 국내 시중은행들은 이러한 자산관리 패러다임의 변화에 따라 프라이빗뱅킹을 전략적 경영의 중심축으로 삼고, 기존 예금과 대출 중심의 금리성 자산운용의 한계성에 따른 대안으로 수익구조의 다변화와 사업구조의 다각화를 모색하게 되었다. 이에 자산관리업무는 초기 프라이빗뱅킹 사업의 고비용 구조와 부가 서비스의 복합수요 간에 기존 프라이빗뱅킹 서비스의 문제점과 후속 프라이빗뱅킹 서비스의 방향성을 해결하고 제시하는 과제를 안게 되었다. 이는 프라이빗뱅킹의 자산관리업무가 단순히 은행의 수익제고 수단으로서 뿐만이 아니라 가계의 자산효과 수단으로서 접근이며, 스톡경제 관점에서 자산구조의 분산화와 금융공학 관점에서 자산운용의 유동화를 통해 부동산이 자산관리에 미치는 영향을 은행의 프라이빗뱅킹서비스를 중심으로 재조명을 요구하게 된 배경이다. 연구의 방법은 이러한 맥락에서 연구의 주제를 선정하고 각종 연구자료를 통한 문헌연구와 연구의 체계를 전개하여 프라이빗뱅킹에 대한 자산관리 서비스제공의 실태분석과 수익기여도에 대한 실증분석을 하게 되었다. 연구의 모형은 현행 금융제도의 열거주의규제 하에서 프라이빗뱅킹의 영업특성에 기초한 고객기반·실무자기반·조직기반의 독립변수요인과, 프라이빗뱅킹의 성과특성에 기초한 경쟁은행우위·서비스차별화·실무자만족도의 종속변수요인으로 모형을 설정하였다. 설정된 연구모형을 적용하여 분석 평가한 연구의 시사점을 근거하여 프라이빗뱅킹의 후속서비스로 부동산자산관리서비스의 도입방안을 금융서비스의 3각 요인별로 제시하였다. 첫째, 자산관리 서비스의 수요자 관점에서 고객기반의 PB-CRM을 재조명하여 부가서비스와 수익기여도에 따른 고객관리의 개선방안을 제시하였다. 둘째, 자산관리 서비스의 공급자 관점에서 실무자기반의 PB-CDP를 재조명하여 업무능력과 부가가치에 따른 인력관리의 개선방안을 제시하였다. 셋째, 자산관리 인프라의 유기체 관점에서 조직기반의 PB-INFRA를 재조명하여 운영체계와 정보공유에 따른 조직관리의 개선방안을 제시하였다. 프라이빗뱅킹 서비스의 방향은 1)스톡경제화에 따른 자산구조의 분산화와 종합자산관리를 위해, 부동산자산관리를 포함하는 프라이빗뱅킹 서비스의 제공이 요구되며 2)부동산자산의 고정화에 따른 부동산자산의 유동화를 위해 부동산자산을 기초자산으로 하는 부동산의 구조화증권 상품공급이 요구되며 3)자본시장의 통합에 따른 부동산자산과 금융자산을 금융 공학적으로 통합하기 위해, 부동산증권화를 통한 자본시장의 활성화가 요구된다는 분석내용으로 제시하였다. 따라서 기존 은행에서 신탁상품 형태로 제공되는 부동산자산 상품·서비스는 향후 부동산자산관리에 대해 구조화된 증권 형태의 자본 신상품·서비스로 전환이 이루어 져야 한다. 이를 통해 금융자산과 부동산자산을 자본시장의 중층적 구조로 운용하고, 자산가치의 등락과 자본손익의 변동에 대해 생애재무관리와 세대재무관리를 위한 일체 양면적인 프라이빗뱅킹 서비스로서 자산관리서비스를 제공해야 한다. 결론적 연구요약은 부동산자산관리를 제도권 금융의 프라이빗뱅킹 기본업무로 정착시켜서 1)고객측면에서 가계자산구조의 70% 이상을 차지하는 부동산자산을 효율적으로 관리하여 가계자산의 증식효과에 기여토록 하고, 2)실무자측면에서 부동산자산관리 서비스제공으로 실물자산과 금융자산관리에 대한 역량강화를 통해 인적자산으로서 부가가치 증대에 기여토록 하며, 3)조직측면에서 자본시장의 통합을 맞이하여 금융자산과 부동산자산의 관리를 자본 신상품·서비스 제공을 통해 자본시장의 활성화와 은행의 프라이빗뱅킹 경영성과를 제고하는데 일조하자는 것이다. 연구결과의 이론적 함의는 고객기반, 실무자기반, 조직기반 간의 금융서비스 3각 구도 관점에서 자산구조와 자산증식 효과, 수익기여도와 부가서비스, 기존 프라이빗뱅킹 서비스와 후속 프라이빗뱅킹 서비스 방안을 부동산자산과의 상관관계 및 인과관계 요인으로 분석평가하고 개선방안을 제시한 데에 있다.

(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.

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.

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.

문재인정부 부동산정책의 주요 내용과 법제 개선방안 : 주택정책중심

김미경 연세대학교 법무대학원 2020 국내석사

Real estate policy is one of the essential clothing, food, and shelter for human life, and is the most important part for the stability of people's living. However, housing is the highest single item in the goods, and not everyone wants to own it, so if you don't have your own, you can only borrow it. Therefore, it is the most effective policy when the government uses detailed and strategic policies according to the economic conditions of the people, and it is a policy that is practically useful for stabilizing living conditions. Most of the real estate policy was a easing policy aimed at the prosperity of the market economy, and the government of Moon Jae-in, who succeeded the government of Park Kun-he, announced the first real estate measures after the establishment. Since then, the government has put out real estate measures that are almost every two months and are completely opposed to the previous government. Policies that change too quickly and are frequently announced before the results of the previous policy are not clearly visible are not easy to understand. Under the name of "economic democratization", the goal of eliminating the vested powers of multi-residents and Gangnam was too fit, and the indifference to other regions and other layers was capitalized by the balloon effect such as announcement of new city development. It affected the soaring real estate prices in the area. However, in 2020, with the economic downturn caused by a new virus, all economic indicators are blooming to the bottom. At this point, is it possible to maintain the real estate policy trend so far? I think it's time to think about whether it's right again. Many policies are similar in purpose and direction to real estate policies during the Roh Moo-hyun government era, as history has been repeated. The real estate policy of the Moon Jae-in government is as follows. The most direct and amazing thing about the real estate market is the policymaking of public land concepts. Although a clear statement was not realized by the constitutional amendment, the expansion of the upper limit price system for condominium sales for private residential land and the dispersion and delay of rebuilding due to the implementation of a system for collecting excess profits of rebuilding, strengthening safety diagnosis for rebuilding projects and The obligation to construct rental housing will be expanded, a policy will be announced to solve the housing problem for socially conscious people by building rental housing, and the rental income declaration system will be implemented. In addition, the announcement of the official land price, which is based on the actual transaction price, increased almost all real estate-related tax rates, and the comprehensive real estate tax was once again controversial. What direction should the Moon's real estate housing policy, which is mostly regulatory policy, go toward? The announcement that there is no economic boom using real estate was an unexpected situation. Before, it's time to change, so I'm watching. I think the realm is real estate, especially the housing sector, where the biggest need for policies that satisfy, understand and empathize with the largest people under the constitution and law. 부동산 정책은 인간의 삶에 필수적인 의식주 가운데 하나로 국민의 주거생활 안정을 위한 가장 중요한 부분이다. 그러나 주택은 재화 가운데 단일품목으로는 가장 비싼 편에 속하며, 가지고 싶다고 모든 이가 가질 수는 없는 것이어서, 자신의 것이 없다면 빌려서라도 사용할 수밖에 없는 것이다. 따라서 정부가 국민들의 경제 상황에 맞추어 세밀하고 전략적인 정책을 사용할 때 가장 효과적이며 주거생활 안정에 실질적인 도움이 되는 정책이 되는 것이다. 부동산 정책의 대부분이 시장경제 번영을 위한 완화 정책 일색이었던 박근혜정부의 뒤를 이은 문재인정부는 출범 후 첫 번째 부동산 대책을 발표한 2017.6. 이후 거의 두 달 간격으로 이전 정부와 정확히 반대되는 규제 일색의 부동산 대책을 내놓고 있다. 앞선 정책의 결과가 뚜렷이 보이기도 전에 너무나 빠르게 바뀌고 빈번하게 발표되는 정책은 내용의 이해도 쉽지 않다. ‘경제민주화’를 위해, 다주택자, 강남 기득권 세력을 없애겠다는 목표에 너무 빠져버린 나머지 타 지역 및 타 계층에 관한 무관심이 신도시 개발 발표 등의 풍선효과로 수도권 부동산 가격의 폭등을 불러왔다. 그러나 2020년에 들어서며 신종바이러스로 인한 경제 침체 현상으로 모든 경제지표가 바닥을 향해 내리 꽂히고 있는 지금 이 시점에서 지금까지의 부동산 정책 기조를 그대로 유지해 나가는 것이 가능한지 또 그것이 옳은지에 대해 검토해 봐야할 때라고 생각한다. 역사가 반복되는 것처럼 많은 정책이 노무현정부 시절의 부동산 정책과 목표와 방향이 유사하다. 문재인정부의 부동산 정책은 아래와 같다. 부동산시장에 대한 가장 직접적인 것은 토지공개념의 정책화이다. 헌법 개정으로 명문화(明文化)는 이루지 못하였지만, 민간택지의 분양가상한제 확대 실시와, 재건축초과이익환수제의 실시로 인한 재건축의 무산 및 지연, 재건축사업에 대한 안전진단 강화 및 임대주택건설 의무 확대 실시, 임대주택건설로 사회적 배려 계층에 대한 주거 문제 해결에 대한 정책을 발표하고, 임대 소득 신고제 등이 실시된다. 또한 실거래가격에 준하는 공시지가의 발표로 부동산과 관련된 거의 모든 세율이 증가했으며, 종합부동산세는 또다시 논란이 되었다. 대부분이 규제 일색인 문재인정부의 부동산 주택 정책이 이제 어떤 방향으로 나아가야 할 것인가‘부동산을 이용한 경기부양은 없다’던 발표는 전혀 예상하지 못한 상황 앞에서 이제는 바뀌어야 할 때가 온 것이라 본다. 헌법과 법률 아래에서 최대의 사람이 만족하고 이해하며 공감할 수 있는 정책이 가장 필요한 분야가 바로 부동산분야이며 특히 주택 분야라 생각한다.

Evolution and characteristics of Koreas real estate development industry

김윤정 서울대학교 환경대학원 2013 국내박사

The outset of this study started with a question of why there is an absence of a large, professional real estate developer in Korea, however a domination of construction companies in development activities. The study traces the formative years of Korea’s modern real estate development industry and explores how different factors within their historical socio-economic background have contributed to characterizing today’s development industry. It focuses on the interplays of government intervention, space and asset market and the respective responses in the industry. The study aims to provide some explanations for the current underdeveloped, inactive presence of Korea’s development industry. The fundamental emergence of extensive real estate development began with the country’s ambition to achieve rapid economic growth and to cope with the subsequent urbanization, under the reign of President Park Chung-Hee’s authoritarian regime during the 1960s and 1970s. In the course of pursuing such economic growth and coping with rapid increase in rural-urban migrants, the government’s command-driven economy posed a unique setting in the formation of her development industry which laid a foundation on its current characteristics. The main findings of the study are as follows. One, the excess demand and government’s heavy intervention in the space market resulted in reduced role of developer. As fast rate of urbanization continued apace, the housing shortage became acute with surging demand that outpaced supply. In response, the government assumed an exclusive role of land development to expedite the development process which restricted the developers of such activities from the outset. Meanwhile, the Korean government imposed a price control on new housing supply. Under such control, the entrepreneurial freedom of identifying a target market, employing differentiated design and so forth which are considered to be the domain of real estate developer was limited. In such environment, the profit maximization strategy of a developer was to maximize quantity and at the same time to minimize cost of production. In effect, the attractiveness of combining development and construction was greater in which construction companies were well suited, undertaking massive physical constructions of housings of match-box design. Two, the large capital requirements by massive apartment-type housing and limited access to capital in the asset market necessitated financial strength of the developer to initiate and drive development. The government’s incentivized policies as well as the booming market spawned active participations of the market players in the developments of apartment-type housings that involved intensive capital investment. However, the government’s strong regulatory oversight on the financial system, deliberately restricting capital inflow into real estate, resulted in the unavailability of capital in the asset market. As a consequence, such condition required commitment of considerable amount of equity capital from the developer him or herself. The resulting consequence of the reduced role of developer and the need of one’s own capital to initiate and drive development project was the non-emergence of a true, professional real estate developer. With presence of low market risk and low approval risk, the big construction companies were more than eager to jump into development business. With their financial strength and capability in massive physical construction, they have come to exert dominancy in Korea’s real estate development industry. Korean government’s decisive role in large-scale land developments as well as massive and timely physical constructions by financially strong, big construction companies thus enabled such extensive real estate developments in a short-time frame. Going forward, as Korea transforms from developing country to developed country and experiences stabilization of economic growth and flattening of population growth, the characteristics of her development industry will not be the same as in the past. With greater emphasis on ‘value-maximization’ of development and financial capability to successfully undertake such development, it is anticipated that the credit-constrained and non-professional developers are competed out of the market and developers with expertise and financial strength dominate.

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.

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.

Comparative Analysis of the Real Estate Market Between South Korea and Spain

레이너 이반 계명대학교 경영대학원 2016 국내석사

In the past thirty years, financial or real estate crisis has been the most common type of economic crisis. In 2008 Spain suffered a financial crisis that it never experienced before in its whole history. Recently, South Korea seems to have been forming a real estate bubble, especially concentrated on Seoul and its well-known district of Gangnam. In case of Spanish real estate bubble, capital and big cities were the areas to experience a huge increment of housing price first, and similar price increase spread gradually to local cities and provinces. Thus, this paper focus on the comparative analysis of Spanish and Korean real estate market and provide a fundamental analysis on the Korea real estate market based on the Spanish experience on real estate crisis. Mainly, this paper examine through literature to review recent economic history and infer the factors which were the causes of the real estate crisis. After gathering data and understanding the history of real estate markets of both countries, this paper will proceed with comparative analysis using index such as: housing index, corruption rate and Industrial Confidence Indicator (ICI) and Business Survey Index (BSI). The results of our analysis show that the housing prices in South Korea are expected to increase due to a strong correlation between corruption level and housing prices and a deterioration in of BSI index. We offer some suggestions to prevent a full-blown real estate crisis.

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