This in-depth report offers a comprehensive analysis of the five largest REIT markets in Asia: Japan; Singapore; Hong Kong, China (“Hong Kong”); the Chinese mainland; and India.

Key Highlights:

• In 2023, the India REIT market saw the steepest rise in total market value, up 31% year-on-year.
• Singapore’s REIT market expanded by 4%, with an average total return of 7.0%.
• Combined value of the Asia REIT market stood at US$252 billion, dominated by Japan, Singapore, and Hong Kong.
• The industrial / logistics and multifamily REITs, displayed superior risk resilience, while data center and healthcare sectors continued strong performance.
• New policy initiatives in the Chinese mainland led to the issuance of seven new REIT products in the first four months of 2024.
• India’s combined office REITs portfolio is projected to reach 180 million sq ft by 2025, with Nexus Select Trust planning to double its portfolio size over the next five years.

高緯環球發布的《2022-2023 年亞洲房地產投資信託市場洞察報告》調查了亞洲不斷增長的房地產投資信託市場，並分析了包括日本、新加坡、香港特別行政區、中國大陸和印度在內的主要市場的主要驅動因素和現狀。.

總體而言，受美國升息的影響，亞洲房地產投資信託基金（REIT）市場在2022年經歷了股價和整體市值的下滑。儘管如此，亞洲REIT市場的表現仍優於美國和歐洲的同業。.

主要亮點：

• 截至2022年底，亞洲房地產投資信託基金（REITs）市場總市值達2,638億美元，年減14.713兆美元。受新產品上市的推動，中國大陸REITs市場市值飆升8,013兆美元，但亞洲其他地區的REITs市場市值均下滑。.
• 近年來，工業/物流、醫療保健和資料中心資產作為新的成長動力，受到了投資者的青睞。.
• 2022年3月至2023年6月期間，中國房地產投資信託基金市場共推出了17種新產品。.
• 房地產投資信託基金（REITs）在印度也廣受投資者歡迎。因此，我們預計到2024年底，印度A級辦公室的持有量將超過201兆盧比。.

China’s first REITs were launched in 2021, following earlier exploration of real estate securitization. As of March 2023, 27 REITs have been listed in China, covering various real estate infrastructure types. The sector is transitioning from volatility to a more stable market, and opportunities for private real estate investment funds in China are expanding.

Looking ahead, Chinese REITs are expected to diversify their assets, improve valuation techniques, enhance management structures, and optimize leverage restrictions. China aims to build a REITs ecosystem based on international standards, with collaboration between local and international stakeholders playing a crucial role in its development.

The last decade was marked by an aggressive expansion of the region’s real estate markets. APREA’s Asia Pacific Market Outlook 2023: Onward and Upward held a session with REIT stakeholders on their business strategies around Covid, e-commerce, changing monetary policies, geopolitics, and new priorities (ESG) and the next set of challenges and opportunities.