Jeong Byeong-yun, president of the Korea REITs Association, holds a master's degree in public administration from Seoul National University and has a background in real estate and urban policy from the Ministry of Land, Infrastructure and Transport.
He served as the director of the Ministry's Land and Urban Policy Office in 2013, overseeing national land and urban policies. In 2015, he was the director of the Planning and Coordination Office, leading key policies and organizational operations. After serving as the executive vice president of the Korea Construction Association in 2017, he became the sixth president of the Korea REITs Association in July 2021, driving institutional improvements and market activation in the domestic REITs industry.
Since taking office, Jeong has prioritized institutional improvements in the REITs sector. He highlighted the introduction of the project REITs system as a significant achievement. In an interview with Aju Economy on June 12, he stated, "Establishing a structure where REITs can participate from the development stage and share development profits with the public is the most meaningful outcome."
He also contributed to including listed REITs in the government's separate taxation for high-dividend companies. Initially excluded from the system, REITs were included after discussions with the government, laying the groundwork for reducing tax burdens on individual investors.
Additionally, when issues arose regarding the exclusion of public-supported private rental housing REITs from the comprehensive real estate tax, he gathered industry opinions to lead institutional improvements, preventing increased tax burdens for multiple REITs and asset management companies. He explained, "At that time, there was a risk of hundreds of billions of won in tax reassessments, but we worked with the industry to resolve the issue."
Looking ahead, Jeong emphasized the need to complete the institutional foundation over quantitative growth in the REITs market. He stated, "To properly establish project REITs, we must improve regulations that restrict large corporations from utilizing REITs, such as holding company regulations and disclosure requirements for corporate groups. Our goal is to create a virtuous cycle where companies can liquidate quality real estate into REITs and reinvest the funds into new businesses and research and development (R&D)."
He also outlined a specific vision, aiming for 1 million REIT investors, 50 listed REITs, and a market capitalization of 20 trillion won by 2030. He noted, "Korea introduced the REITs system around the same time as Japan and Singapore, but our market size lags significantly. I want to grow the market to a level comparable to developed countries through regulatory improvements and the activation of project REITs."
He concluded, "The ultimate goal is to create a structure where companies can liquidate assets to secure new growth engines, and the public can receive stable dividends from quality real estate. I will focus on institutional improvements during my remaining term to ensure that REITs become a representative long-term investment and retirement asset formation tool for the public."
* This article has been translated by AI.
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