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This study is aim to find reasons of inactive use of the conduit in real estate development projects and to improve the conduit system. In this study the definition of conduit, the comparison analysis of the conduits in USA and Korea and the necessity of conduit improvement are surveyed and studied on the base of literature review and the conduit's case studies(quasi-development trust, paper association, project finance vehicle) in real estate development projects. The results of this study are as follows. First, the developer(specialist real estate development projects) got to have unlimited liability of projects like the general partner of Limited Partnership in USA. Second, the conduit have developer's function as well as funding in real estate development projects. Third, each of real estate development projects has a conduit respectively.