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@article{ART001619725},
author={조현민 and KIM, Kyung-MIn},
title={Correlation Analysis between the Korean REITs and the Property Market and the Capital Market},
journal={The Korea Spatial Planning Review},
issn={1229-8638},
year={2011},
volume={71},
pages={69-86},
doi={10.15793/kspr.2011.71..004}

TY - JOUR
AU - 조현민
AU - KIM, Kyung-MIn
TI - Correlation Analysis between the Korean REITs and the Property Market and the Capital Market
JO - The Korea Spatial Planning Review
PY - 2011
VL - 71
IS - null
PB - 국토연구원
SP - 69
EP - 86
SN - 1229-8638
AB - REITs when first adopted to Korea in 2001 after the financial crisis, it had many expectations to improve Korean real estate indirect investment market and to expand real estate investment to public. This research aims to figure out the most important factor that affects the REITs in Korea through correlation analysis between the REITs return and the capital market and the property market. The result shows that KOSPI index return had low correlation with the REITs return. The Government bond had high correlation with the REITs and it shows that the REITs includes risk free rate in its price. Corporate bond had high correlation with the REITs return also, but it is negative. The factors of real estate market in Korea, such as the rent growth and land price growth had positive effect to REITs return. But the rent price growth had weaker significance. The capitalization rate of each REITs had negative influence to REITs return and it shows that the net asset value of the REITs portfolio affects the price of REITs. The findings of this study has some implications to Korean REITs system to be supplemented considering the facts below. The REITs has higher correlation with the property market than the capital market. The REITs price is determined by the selling price in the liquidation stage at the end to the fact that they have expiration date and because of that, the Korean REITs has low liquidity before the expiration date.
KW - REITs;Real Estate Indirect Investment;Capital Market;Property Market;Panel Analysis
DO - 10.15793/kspr.2011.71..004
ER -

조현민 and KIM, Kyung-MIn. (2011). Correlation Analysis between the Korean REITs and the Property Market and the Capital Market. The Korea Spatial Planning Review, 71, 69-86.

조현민 and KIM, Kyung-MIn. 2011, "Correlation Analysis between the Korean REITs and the Property Market and the Capital Market", The Korea Spatial Planning Review, vol.71, pp.69-86. Available from: doi:10.15793/kspr.2011.71..004

조현민, KIM, Kyung-MIn "Correlation Analysis between the Korean REITs and the Property Market and the Capital Market" The Korea Spatial Planning Review 71 pp.69-86 (2011) : 69.

조현민, KIM, Kyung-MIn. Correlation Analysis between the Korean REITs and the Property Market and the Capital Market. 2011; 71 69-86. Available from: doi:10.15793/kspr.2011.71..004

조현민 and KIM, Kyung-MIn. "Correlation Analysis between the Korean REITs and the Property Market and the Capital Market" The Korea Spatial Planning Review 71(2011) : 69-86.doi: 10.15793/kspr.2011.71..004

조현민; KIM, Kyung-MIn. Correlation Analysis between the Korean REITs and the Property Market and the Capital Market. The Korea Spatial Planning Review, 71, 69-86. doi: 10.15793/kspr.2011.71..004

조현민; KIM, Kyung-MIn. Correlation Analysis between the Korean REITs and the Property Market and the Capital Market. The Korea Spatial Planning Review. 2011; 71 69-86. doi: 10.15793/kspr.2011.71..004

조현민, KIM, Kyung-MIn. Correlation Analysis between the Korean REITs and the Property Market and the Capital Market. 2011; 71 69-86. Available from: doi:10.15793/kspr.2011.71..004

조현민 and KIM, Kyung-MIn. "Correlation Analysis between the Korean REITs and the Property Market and the Capital Market" The Korea Spatial Planning Review 71(2011) : 69-86.doi: 10.15793/kspr.2011.71..004