In Singapore, REITs Are Becoming More Important Than Ever
- Singapore has seven foreign-currency REITs, most globally
- REIT weighting more than doubled in STI index in five years
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Singapore is becoming a hub for the property-management industry: It has more foreign REITs than anywhere else in the world, and the companies’ importance on the nation’s benchmark equity index is the highest it’s ever been.
Since the city-state saw the first share sale of a real estate investment trust in 2002, it has pocketed 41 IPOs of such firms -- including seven foreign-currency-denominated ones. In comparison, Hong Kong, the world’s top initial public offering venue last year, has just had 11 since then, according to Bloomberg-compiled data.