Gwangjang and Ministry of Land to Hold Seminar on Real Estate REITs and PF Policy
Law firm Gwangjang announced on June 10 that, together with the Real Estate Investment System Division of the Ministry of Land, Infrastructure and Transport, it will hold a seminar titled "REITs and Project Financing (PF) Policy Directions and Challenges for the Advancement of the Real Estate Industry" on June 13 for stakeholders in the REITs industry and related parties.
This seminar has been organized to jointly assess the paradigm shift toward REITs and to seek solutions and strategies for the resulting challenges. Three amendments to the Real Estate Investment Company Act and the enactment of the Real Estate Development Project Management Act passed the National Assembly's plenary session in May and are scheduled to take effect in November. With the introduction of project REITs, it is expected that the share of REITs capable of both long-term development and operation will increase, shifting the landscape away from the current PFV/fund-centered real estate development projects.
The seminar will begin with opening remarks and congratulatory addresses from Park Sunho, advisor at Gwangjang and former First Vice Minister of the Ministry of Land, Infrastructure and Transport; Kim Seungbeom, head of the Real Estate Investment System Division at the Ministry of Land, Infrastructure and Transport; and Chung Byungyun, chairman of the Korea REITs Association. This will be followed by a total of three presentation sessions.
In the first and second sessions, the Real Estate Investment System Division of the Ministry of Land, Infrastructure and Transport will present on the introduction of project REITs and institutional improvement measures, as well as the enactment of the Real Estate Development Project Management Act and the establishment of an integrated PF information system.
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In the third session, under the theme "Future Tasks and Improvement Measures," attorney Yoo Jungho will present on "The Necessity and Improvement Measures for Deferral of Taxation on In-Kind Contributions," and attorney Jung Jiho will discuss "The Need to Ease Restrictions on Holding Company Activities for REITs and the Current Status of Legislative Efforts."
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