부동산투자회사(REITs) 활성화를 위한 과세방안에 관한 연구 = A Study on Vitalizing Taxation of Real Estate Investment Trusts

다국어 초록 (Multilingual Abstract)

The Real Estate Investment Trusts(REITs) is a form of an indirect investment organization Which professionally invests in real estate with funds from a large number of investors through stock issues. Korea's Real Estate Investment Trusts is divided into the general REITs and CR(Corporate Restructuring) REITs.
The general REITs is strongly characterized as an indirect investment in real estate funded by a large number of investors. On the other hand, the CR REITs puts its priority in supporting the restructuring of corporations through purchasing of corporate estates and promptly making use of them. Both systems show various differences in nature. At present, the establishment of the general REITs does not exist here in korea. There are some establishments of certified CR REITs which are traded in the stock exchange.
Unlike the general REITs, the CR REITs receives a large benefit in taxes and, thereby, have high earning rates. Because of these reasons fund collecting has become easier and some trusts have been established.
For a successful REITs system, not only should the activities of the CR REITs in dealing with real estate form restructuring be vigorous but the activities of the general REITs in investing in general real estate should also be vigorous.
To vitalize the general REITs' activities, there should be at least minimal tax benefits which are the same as the CR REITs. Through this type of activity, we can make healthy use of business in real estate usage and transactions.

다국어 초록 (Multilingual Abstract)

The Real Estate Investment Trusts(REITs) is a form of an indirect investment organization Which professionally invests in real estate with funds from a large number of investors through stock issues. Korea's Real Estate Investment Trusts is divided into the general REITs and CR(Corporate Restructuring) REITs.
The general REITs is strongly characterized as an indirect investment in real estate funded by a large number of investors. On the other hand, the CR REITs puts its priority in supporting the restructuring of corporations through purchasing of corporate estates and promptly making use of them. Both systems show various differences in nature. At present, the establishment of the general REITs does not exist here in korea. There are some establishments of certified CR REITs which are traded in the stock exchange.
Unlike the general REITs, the CR REITs receives a large benefit in taxes and, thereby, have high earning rates. Because of these reasons fund collecting has become easier and some trusts have been established.
For a successful REITs system, not only should the activities of the CR REITs in dealing with real estate form restructuring be vigorous but the activities of the general REITs in investing in general real estate should also be vigorous.
To vitalize the general REITs' activities, there should be at least minimal tax benefits which are the same as the CR REITs. Through this type of activity, we can make healthy use of business in real estate usage and transactions.

참고문헌 (Reference)

1 "주요 CR 리츠 설립현황 및 계획" 2003

2 "조세제도가 REITs의 수익률에 미치는 영향에 관한 실증연구: 법인세와 부동산관련 지방세를 중심으로" 건국대학교 대학원 2001.

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16 "The Role of the Professional Appraiser in REIT Valuations" 1998

17 "Real Estate Merchant Banking" Prudential Real Estate Investors 2000.

18 "Real Estate Investment Trusts : a safe Haven in Volatile Financial Markets" Lend Lease Rosen 2001.

19 "Real Estate Finance and Investment" IRWIN 1997.

20 "REITs의 조기정착 방안에 관한 연구 :부동산투자회사법과 조세제도를 중심으로" 건국대학교 행정대학원 2001

21 "REITs 투자의향에 영향을 주는 요인에 관한 연구" 단국대학교 대학원 2003

22 "Operating Effciences in Real Estate A Critical Review of the Literature" 2000.