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The Emergence and Performance of REITs in Asia

Author

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  • Joseph T.L. Ooi
  • Graeme Newell

Abstract

Real Estate Investment Trusts (REITs) have been introduced in Asia since 2001 with Japan, Singapore and South Korea as the current market leaders. Besides these three countries, legislative frameworks for REITs have been set up in numerous countries such as Hong Kong, Taiwan and Malaysia. The Asian REITs are likely to continue to evolve rapidly, bringing greater sophistication and diversification to the property market. This research seeks to survey, examine and compare the experiences of the different markets in Asia that have introduced REITs. The paper firstly examines the background of the macroeconomic, financial market and property market development in the respective markets. The driving forces for REITs development on supply and demand sides and government initiatives, as well as obstacles will also covered. The initial performance of Asia REITs will be reviewed and contrasted with the common and real estate stocks in the respective markets. Finally, the future prospects of Asia REITs are assessed.

Suggested Citation

  • Joseph T.L. Ooi & Graeme Newell, 2005. "The Emergence and Performance of REITs in Asia," ERES eres2005_275, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2005_275
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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