海外不動産 집합투자기구 投資活性化에 관한 事例硏究

Abstract

The overseas real estate investment of domestic individual investors as well as institutional investors has increased owing to the gradual relaxation of government's regulations related to overseas property investment, since June of 2005. In case of individual investors, not only the direct investment for maximizing their profits but also the direct investment for children's study abroad and for immigration or relocation after retirement has been also increasing. The investment immigration is one of various types that could achieve the permanent residence, along with the property investment itself through investing in overseas property investment. Generally speaking, Investment Immigration is made for the economic growth of the country in the form of attracting the foreign direct investment in the diverse economy activation business, especially targetting individual foreigners who want to immigrate in the country. Acquiring a permanent residence in the United States through the EB-5 program enable EB-5 investors to enjoy such a variety of benefits as their children free education, the choice of joining the army, entering the medical school, social security benefits, and pensions benefits that can't be measured by money itself. Therefore, EB-5 program is the much more preferred way to the most of the immigrants than other ways for the immigration. In this paper, The recently promoted EB-5 projects to korea are introduced and analyzed focusing on the overall project's structures and the cases of their samples which the domestic individual investors have lots of interest in. Additionally, It is reviewed about the possiblity of overseas property fund investment under the assumption that on-shore fund should invest in EB-5 projects. Regarding the EB-5 program of the United States, If individual Investors who want to get a green card for U$ 500,000 or U$ 1,000,000 invests in the EB-5 business in the form of loans or equity, they are granted the conditional or contingent green card for two years since their investing point. After this contingent period will have been finished, if the EB-5 project can meet the requirements for acquiring the green card, maintain them by creating employment during the two years through the project, this conditional green card could be changed to the right of permanent residence. However, Repayment timing for the invested money to the EB-5 project is not the time of acquiring his permanent residence but the activation time of the project, depending on the uncertainity of the business success which will take place at the time after about 3 years. At this point, On-shore real estate funds made and raised in the domestic invest its fund to the EB-5 project's subject(Developer or SPC) under the pre-done loan agreement and then the subject of EB-5 project should repay the loan amount from On-shore fund to the investors who want the early reimbursement, despite that the returned amount to them is discounted. In other words, The possibility of fund investment for EB-5 projects is investigated focusing on the economic value of the individual investors for the permanent residence in the United States. under the assumption that there could be lots of EB-5 investors who are requiring the more earlier and stable repayment without expecting the full guarantee of return. In this paper, We are dealing with a variety of programs which are primarily driven by the local governments or the semi-government which have put theirs equities among Immigrant Investor Programs, therefore we are studying on the investment opportunity, the investment activation, the expected risk and risk aversion measures of on-shore fund made and set up by the asset management companies which are targeted for the overseas real estate market.