THIS ISSUE
Cover Story
Market
04
18
22
REIT AsiaPac spoke to Mike Holland, CEO of the Manager for
Embassy Office Parks REIT, and asked him about the REIT’s
leverage strategy, dividend payouts, and potential growth.
Fe a t u r e
Why Does Ascendas India Trust Prefer
To Maintain Its Listing In Singapore?
Impact Of Japan’s Potential
Consumption Tax Hike Is Seen Limited,
Says J-REITs
Chief Executive Officer Sanjeev Dasgupta remains
positive about growth in India as a-iTrust aims to expand
its commercial space in the country by 60% in the next
3-4 years.
A potential rise in Japan’s consumption tax to 10% from
8% may put some pressure on REITs’ distributions and will
cause near term volatility in retail sales, but any impact will
be softer compared with the 2014 tax hike.
Education
12
25
Investor Education Is Critical For India’s
REITS And InViTs To Thrive, Says APREA
27
Legislation
Are REITs Finally About To Take Off
In The Philippines?
Sunlight REIT Undertakes Strategies To
Tap Decentralisation In Hong Kong
As businesses continue to decentralise from Hong Kong’s
CBD, REIT managers are re-branding and refurbishing their
assets in the outskirts with a focus on environment and
wellness to attract demand.
REIT legislation was passed in the Philippines ten years
ago. However, todate no REITs have been launched due to
two major hurdles that developers have not been willing to
accept. Firstly, a 12% property transfer tax and, secondly, a
67% required Minimum Public Ownership (MPO), explains
Charles Isaac, Founding Partner, B&I Capital.
Directory
28
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信報書角
2
Funds Have Returned To Australian REITs
As Demand Rises For City Offices And
Industrial Space
REITs’ performance decoupled with the underlying
property sector in the fourth quarter of 2018, but have
since bounced back.
While India’s REIT market has growth potential, it “still has
to ride the wave of teaching people what REITs are,” says
Sigrid Zialcita, APREA’s newly appointed CEO.
16
Blockchain has come under scrutiny following recent
security breaches at Bitcoin exchanges. However, its
proponents would regard the incidents as a blip in the
journey of a technology whose use would eventually
become the norm. Tan Kok Keong, Co-Founder of
FundPlaces, explains how to finance, build, and lease a
hotel with three types of tokens.
Outlook
Embassy REIT, India’s First REIT, Says It
Has Multiple Levers Of Growth
10
Virtual Or Reality: Life In A Token World
3
Asia Pacific REITs by Country
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