We would like to commend the MAS for taking proactive measures to constantly review Singapore’s REIT framework so that it remains relevant to the evolving landscape in the region as well as globally.

• Japan’ s hotel market achieved the largest domestic transaction volume in Asia-Pacific at US$1.1 billion in the first six months of 2019. Japanese REITs comprised nearly 50 percent of total transaction volume.
• Ayala Land Inc. (ALI), a leading property developer in the Philippines, planned to raise $300M to list the first REIT in the Philippines.

APREA members met with the Secretary, Department of Economic Affairs, Ministry of Finance, Government of India to make a representation on taxation of REITs submission.

We initiate coverage of the J-REIT sector with a selective investment stance toward large investment entities. New coverage includes Nippon Building Fund, Inc. (8951, NBF, N), Japan Real Estate Investment Corporation (8952, JRE, N), and ORIX JREIT Inc. (8954, OJR, OP).

As per data reports, globally real estate remains a principal component of most pension fund portfolios, with 87% of all public and 73% of all private sector pension funds currently investing in the asset class. REITs are seen as a stable investment class. As per APREA’s report on “The Impact of REITs on Asian Economies”, REITs are generally regarded as providing investment characteristics that lie between stocks and bonds. Similarly to bonds, REITs offer a relatively secure and steady income, in the form of dividends derived from rental income.