REITs Center

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.

1. Singapore-listed REITs capped a stellar 12 months through June to give investors the highest returns 25.3%  in the region. The REIT sector in Singapore has grown to be one of the world’s most dynamic, no doubt a product of conducive policies as well as the presence of a vibrant investment community. 
2. Malaysia’s plan to develop the world’s first-ever airport Real Estate Investment Trust (REIT). The airport REIT will be the accelerator for M-REIT market
3. A reduction of Asia Pacific investment in Q1 can be mainly caused by domestic of capital. 

第一部分 国际市场REITs税制比较

第二部分 国内REITs的运行模式及税务问题

第三部分 以境内不动产在境外设立REITs的 中国税务影响