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1、ApresentationtoChineseRealEstateChamberofCommerce(CRECC)ByInvitationofPacificStarChinaLimitedCross-borderREITs:OpportunitiesandChallengesSingTienFooDepartmentofRealEstateNationalUniversityofSingapore27March2006Cross-borderREIT….¢How?ô¢Why?¢Who?Where?ôSingTienFoo,DeptofRealEstate,NUS1PresentationO
2、utline¢EmergingofREITsinAsia¢Cross-borderREITs¢Motivationsforcross-borderREITs¢PullandPushFactorsforCross-borderREITs¢Investmentstrategiesofinstitutionalinvestorsandcross-borderREITs¢Potentialofsetting-upChinaREITsEmergingREITmarketsinAsia¢RelativelyshorthistoryofdevelopmentcomparedtotheUSandAust
3、raliamarkets¢Startedin2001withthefirstJapaneseREIT,NipponbuildingFundInc,listedontheTokyoStockExchange(TSE)¢Currently54REITsacrosssevencountries¢CombinedmarketcapitalizationofUS$33.9billion,whichconstitutesonly8.42%oftheworldmarketshare(exclEuropeanmarkets)¢Japanisthelargestmarketwith25J-REITswit
4、hamarketcapitalizationofUS$22.8billion¢Singaporehasthesecondlargestmarketshareof19.7%inAsia(US$6.67billion–4Q2005)¢HongKongiscatchingupfastwith3REITscurrentlylistedandseveralinthepipelinesSingTienFoo,DeptofRealEstate,NUS2MarketshareofAsianREITs(asat4thquarter2005)Asia,US$33,892mil8.42%Australia,U
5、S$60,860mil15.11%JapanUS67.3%US$307,895milKorea76.47%1.7%Singapore19.7%MalaysiaThailand0.5%1.4%HongKongTaiwan8.9%0.5%SizeofSingaporeREITmarket(asat4thquarter2005)ByPropertySectorDistributionIndustry/LogisticsRetail31%38%SuntecREIT$804PrimeREIT$552MapletreeLogisticsTrust$334MixedOffice(Office/11%F
6、ortuneREIT$605Retail)20%CapitaMallTrust$1,906CapitaCommercialTrust$760AscendasREIT$1,716$0$500$1,000$1,500$2,000MarketCapitalization(US$million)SingTienFoo,DeptofRealEstate,NUS3Whatarecross-borderREITs?ListingofREITHomecountryOverseasType1AssetHomeCMT,A-REIT,FortuneREIT,HoldingscountryCCT,SuntecR
7、EIT,GZIREITsMEAGPrimeREIT,Type2OverseasMapleTreeLogisticsREIT¢CrossborderREITsareeitherlisted/tradedinoverseasstockexchangesorinvestinrealestateassetsinoneormorecountriesoutsidetheirhomebase¢RepresentedbyREITsinshadedb
