Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/222270
Title: PERFORMANCE OF PAN-ASIAN REITS IN SINGAPORE
Authors: DO NGOC HANH
Keywords: Real Estate
Ong Seow Eng
2010/2011 RE
Pan-Asian REITs
Singapore
Issue Date: 20-Apr-2011
Citation: DO NGOC HANH (2011-04-20). PERFORMANCE OF PAN-ASIAN REITS IN SINGAPORE. ScholarBank@NUS Repository.
Abstract: This study investigates the performance of the pan-Asian REITs in comparison with the performance of the local REITs that concentrate on their domestic markets. The mimicking portfolios are thus constructed, which mimic the country asset allocation of the pan-Asian REITs, yet take into account the returns of the local REITs. In reality, such portfolios can be fabricated through the indirect investment in the local REITs across countries. The performance of the pan-Asian REITs is thereafter benchmarked against the performance of their mimicking portfolios by the Jensen’s Alpha metric to seek for the abnormal returns. Three pan-Asian REITs in Singapore are observed, namely Starhill Global REIT, Fraser Commercial Trust and K-REIT Asia. The main finding discloses pan-Asian investment as the beneficial business model, whereby the benefits overshadow the costs of direct investment. The evidence has been showcased by Starhill Global REIT and K-REIT Asia. Hence, it is timely for REITs in Singapore to venture out and reap the opportunities in the pan-Asian market, especially through the direct acquisitions.
URI: https://scholarbank.nus.edu.sg/handle/10635/222270
Appears in Collections:Bachelor's Theses

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