The Korea REITs Association announced on the 13th that it has requested the policy committee chairs of the People Power Party and the Democratic Party to promptly review the amendment bills to the Real Estate Investment Company Act currently pending in the National Assembly.
The amendment bills currently proposed in the National Assembly include ▲the bill by Assemblyman Kim Jeong-jae, introduced on August 19 last year, which focuses on the introduction of project REITs ▲the bill by Assemblyman Yeom Tae-young, introduced on August 28 last year, which includes the introduction of regional win-win REITs ▲and the bill by Assemblyman Seo Beom-su, introduced on August 9 last year, which strengthens regulations on transactions between special related parties to enhance investor protection.
An association official stated, "These bills were announced after consultations among government ministries and were proposed by lawmakers from both ruling and opposition parties, so they are non-political bills aimed at public welfare," adding, "The REITs industry, as well as the development, construction, and appraisal sectors, are hoping for prompt legislation."
He continued, "If the amendments pass amid the ongoing economic crisis, we can expect an increase in national income through REITs dividends," and said, "It will help ease the depressed economic sentiment and inject vitality into the frozen real estate market, providing some relief to the industry."
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