Abstract
The Financial Instruments and Exchange Law (FIEL) enforces the real estate fund managers to disclose more detailed information about investment real estate. It is expected that this information disclosure improves the efficiency of the real estate market and develops the fair real estate market. Furthermore FIEL brings the common restriction on any of the financial products and services; equity, bonds and real estate, etc. The investors start comparing the different investment products, including real estate, and the real estate price should be decided by the fundamental model which the neo-classical economics has advocated. This introduction of FIEL makes the real estate price be closer to fundamental value and the fluctuation of real estate price change would become smaller. Consequently, it can make the real estate market more sophisticated while FIEL tries to achieve the promotion of the fair market and the protection of the investors.
