2024, Vol.34, No.4

Korea Real Estate Review 2023 KCI Impact Factor : 0.56

pISSN : 2092-5395 / eISSN : 2733-8339
https://journal.kci.go.kr/krer

Using a nonparametric approach and a semi-parametric estimation method of survival analysis, this study analyzed the characteristics of and factors affecting the time required for each stage of reconstruction projects in Southeast Seoul (the districts of Seocho-gu, Gangnam-gu, and Songpa-gu) over the past 20 years. According to the results, the physical and human scale of such projects does not have a statistically significant effect on the time required for each stage, whereas the indicator of profitability—related to floor area ratio—significantly shortens the time required to prepare for these projects. In addition, the public support introduced to facilitate reconstruction projects was found to be insufficient for shortening the time required for each stage. This suggests that relevant policies need to be reviewed and improved.

The purpose of this study is two-fold: to examine the determinants of asset management company (AMC) fees for rental housing real estate investment trusts (REITs) in Korea; and to provide basic data for establishing an AMC fee system that can improve the expertise and capacity of AMCs that invest and manage such assets for the continuous growth of the domestic REIT market. In this regard, we obtained the panel data of rental housing REITs from 2019 to 2023 (accounting for approximately half of the domestic REIT market) and conducted an analysis by using the Hausman–Taylor model. The findings showed that the higher the dividend ratio to total assets, the higher the AMC fee ratio to total assets. This indicates that the AMC fees of rental housing REITs is based on the investment and management performance of the REITs. In addition, the business history, the equity ratio, the sales revenue ratio to total assets, and the public institution share ratio of REITs were found to have a positive effect on the AMC fee ratio to total assets, whereas the return on total assets and AMC ownership ratio were found to have a negative effect on this ratio. Based on these results, we proposed policies to promote the activation of the public rental housing REIT market, including measures for ensuring the continuity of REITs and facilitating their transition into multi-asset REITs.

For general investors, the rapid growth of Korean listed Real Estate Investment Trusts (REITs) has expanded investment opportunities in high-quality real estate assets. However, because of the information asymmetry inherent in real estate and the characteristics of sponsor structures, REITs are susceptible to agency problems, which can lead to stock price crash risk. This study measures the stock price crash risk of Korean listed REITs and empirically analyzes their relative risk level by comparing them with other industries. Korean listed REITs are found to exhibit a higher stock price crash risk than other industries, which is inferred to be related to agency problems. However, during the market expansion period after 2020, the risk gap tends to decrease, suggesting that the emergence of large-scale sponsor REITs and market maturation contribute to crash risk mitigation. Based on these findings, policy recommendations are proposed, such as strengthening internal controls and enhancing managerial transparency, to ensure the REIT industry’s sustainable development.