@article{ART002995493},
author={고도환 and Kim, Sang-Jin},
title={Examining the Possibility that Investment by Real Estate Securities will Lead to a Conversion of the Real Estate Market Focusing on the Experience of the Japanese Real Estate Market},
journal={Legal Theory & Practice Review},
issn={2288-1840},
year={2023},
volume={11},
number={3},
pages={307-340}
TY - JOUR
AU - 고도환
AU - Kim, Sang-Jin
TI - Examining the Possibility that Investment by Real Estate Securities will Lead to a Conversion of the Real Estate Market Focusing on the Experience of the Japanese Real Estate Market
JO - Legal Theory & Practice Review
PY - 2023
VL - 11
IS - 3
PB - The Korea Society for Legal Theory and Practice Inc.
SP - 307
EP - 340
SN - 2288-1840
AB - Real estate is a good that cannot be expected to exert sufficient utility unless the necessary qualitative improvement is pursued in accordance with changes in economic and social conditions. The sound maintenance and development of real estate is possible only when it is appropriated accurately. From this point of view, it is thought that real estate securitization has played a variety of roles in the real estate market.
Real estate securitization in Japan developed from the mid-1990s, and eventually blossomed in the form of J-REIT (Japanese version of Real Estate Investment Trust) and CMBS (Commercial Real Estate Loan Collateralized Securities), greatly contributing to the formation and development of the real estate investment market. Especially in the late 1990s, it contributed to the disposal of non-performing loans, and it was expected that financing costs related to real estate investment would decrease thereafter. However, when the global financial crisis broke out in 2008, real estate securitization products were in an unexpected predicament.
J-REIT faced refinancing and bankruptcy, and CMBS defaulted heavily. Even after the financial crisis subsided, J-REIT and CMBS struggled and never fully regained investor confidence. The J-REIT market continues to fluctuate. So far, real estate securitization has taken the path of division, complexity, and product outsourcing. The direction that real estate securitization should pursue in the future is ① reasonable distance between ownership and management, ② return to plain vanilla, ③ fundamental reform on the part of investors, and ④ promotion of competition.
Japan, which has been obsessed with real estate securitization, needs to think about how to revitalize the market in the framework of “development of the real estate investment market.” J-REIT is undoubtedly the core of the Japanese real estate investment market, but diversification and expansion of private investment products are essential. To this end, efforts to nurture asset management companies (wealth managers) and improve investment infrastructure should be further strengthened.
KW - real estate securitization;real estate investment;asset management;financing;investment trust.
DO -
UR -
ER -
고도환 and Kim, Sang-Jin. (2023). Examining the Possibility that Investment by Real Estate Securities will Lead to a Conversion of the Real Estate Market Focusing on the Experience of the Japanese Real Estate Market. Legal Theory & Practice Review, 11(3), 307-340.
고도환 and Kim, Sang-Jin. 2023, "Examining the Possibility that Investment by Real Estate Securities will Lead to a Conversion of the Real Estate Market Focusing on the Experience of the Japanese Real Estate Market", Legal Theory & Practice Review, vol.11, no.3 pp.307-340.
고도환, Kim, Sang-Jin "Examining the Possibility that Investment by Real Estate Securities will Lead to a Conversion of the Real Estate Market Focusing on the Experience of the Japanese Real Estate Market" Legal Theory & Practice Review 11.3 pp.307-340 (2023) : 307.
고도환, Kim, Sang-Jin. Examining the Possibility that Investment by Real Estate Securities will Lead to a Conversion of the Real Estate Market Focusing on the Experience of the Japanese Real Estate Market. 2023; 11(3), 307-340.
고도환 and Kim, Sang-Jin. "Examining the Possibility that Investment by Real Estate Securities will Lead to a Conversion of the Real Estate Market Focusing on the Experience of the Japanese Real Estate Market" Legal Theory & Practice Review 11, no.3 (2023) : 307-340.
고도환; Kim, Sang-Jin. Examining the Possibility that Investment by Real Estate Securities will Lead to a Conversion of the Real Estate Market Focusing on the Experience of the Japanese Real Estate Market. Legal Theory & Practice Review, 11(3), 307-340.
고도환; Kim, Sang-Jin. Examining the Possibility that Investment by Real Estate Securities will Lead to a Conversion of the Real Estate Market Focusing on the Experience of the Japanese Real Estate Market. Legal Theory & Practice Review. 2023; 11(3) 307-340.
고도환, Kim, Sang-Jin. Examining the Possibility that Investment by Real Estate Securities will Lead to a Conversion of the Real Estate Market Focusing on the Experience of the Japanese Real Estate Market. 2023; 11(3), 307-340.
고도환 and Kim, Sang-Jin. "Examining the Possibility that Investment by Real Estate Securities will Lead to a Conversion of the Real Estate Market Focusing on the Experience of the Japanese Real Estate Market" Legal Theory & Practice Review 11, no.3 (2023) : 307-340.
