ABSTRACT
This chapter analyses real estate investment trusts (REITs) in the South East Asian region, using case studies from Singapore, Malaysia and Thailand. The Singapore approach to REIT development includes a significant role for government in regularly improving the operating and regulatory environment for Singapore REIT, so that they can continue to grow while at the same time operating with good corporate governance and embracing the best industry practices. REITs are developing as an important investment vehicle in the Malaysian economy, with the Malaysian REIT market providing a common platform for the existence of both conventional and Islamic REITs. In Thailand, REITs were originally known as a Listed Property Fund for Public Offering, with the first Thai-REIT, UOB Apartment Property 1 Leasehold, listed on the Thailand stock exchange in 2003. The risk-adjusted performance of the three South East Asian REIT markets may be assessed by comparison to their domestic stock, property stock and bond market performance.
