• Journal of the Economic Geographical Society of Korea
• /
• v.10 no.3
• /
• pp.245-262
• /
• 2007

This paper aims at analyzing the characteristics of performance and asset management system of listed property trusts(LPT) in Australia, and elucidating the implications for Korean real estate indirect investment market. The main results of this paper are as follows. Firstly, LPT have a leading position among the real estate indirect investment systems in Australia, through the rapid growth of market capitalization. Secondly, LPT achieved superior risk adjustment performance than other financial products, and had valid portfolio diversification effect. Thirdly, many LPT have used stapled securities structure as a asset management system, and stapled LPT revealed superior risk adjustment performance than unit LPT. Finally, implications and policy measures such as using the stapled structure and activating the development activities were examined for the development of Korean real estate indirect investment market.