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제 목 2016년  제30권 제3호 Globalizing REITs: What International best Practices have Emerged?
작성자 관리자 작성일 2016.09.30 조회수 3536
첨부파일 30-3-01 조만(1-48)_1.pdf (46.61 KB)
Globalizing REITs: What International best Practices have Emerged?

-Man Cho

― Abstract ―

Given the on-going globalization of REITs in recent years, this study aims to investigate two inter-related
questions: what international best practices have emerged so far out of the global experience with
the REITs systems; and, what policy implications do they bring to those countries that have a less
well-functioning system such as those in Korea and others. By synthesizing the research findings
as well as the institutional variations documented, the paper extracts a set of drivers for successfully
launching and sustaining an active REITs system in a country. Those identified success factors in
the demand-side (of liquidity) include: an “asset-light” business strategy on the part of large real
estate holders, usually triggered by an economy-wide shock; the supply of high-quality properties
that generate acceptable returns to the capital market; and, a credible business counterparty for
REITs stock offerings. For the last one, a well-capitalized listed corporation with an internal management
structure has emerged as the choice in the U.S., while some hybrid management structures - the
sponsored-REITs and the stapled-REITs - are observed in other countries. In the supply-side, the
discipline imposed by the capital market through disclosure requirements, monitoring, as well as
M&A threat, works as a critical factor in nurturing a REITs system, which is often replaced by
regulatory requirements (on such operational parameters as mandatory listing, maximum leverage,
and extent of development activity) in the Asian and European countries where the systems are
less seasoned. In the supervision side, discussed as key policy issues are how to strike a balance
between the two classes of investors-institutions vs. individuals, what norms to be considered to
help foster the ever-increasing REITs’ cross-border investments, among others. In sum, the case
for REITs is strong globally given the on-going population aging and other favorable trends. Given
the international best practices identified, the paper examines the Korean case in terms of their
key implications and policy directions to pursue for establishing a more efficient and welfare-enhancing
one in the country.

Keywords : REITs success factors, market discipline, the sponsor REITs, the Korean case
JEL Classification Number : G30, R33, R38


제30권 제3호 주식형 펀드의 성과와 현금흐름에 관한 새로... 2016.09.30
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