ドイツの不動産投資信託とわが国の不動産証券化

抄録

In the floundering Japanese Real Estate market, Japanese Reit, which had been sold since2001.9.1, had been expected to stimulus the market very much, but it didn' t work well. On the other hand, German real estate investment funds have been working very well. What is the difference between two kinds of investment fund?
In Germany, there have been 4 times of big reform of financial market, so that capital investment companies can invest its own fund into not only land or building, but also index of mutual fund or the right which works as real estate, such as surface right etc. At the same time, the unit of investment fund is very low in Germany, which costs as much as10000 yen.
Concerning Japanese Reit, there have been several problems. The unit of investment (500, 000) is rather high compared with German fund. Among investors, there are institutionalinvestors, besides personal investor. It makes more difficult for the personal investors to preserve their own interest. There is conflict of interest problem between the Fund Company and Management Company. Especially, when management companies become bankrupt, they should keep customers' assets differently from their own assets. They should solve these problems in order to proceed the growth of the Japanese real estate market.