Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/223890
Title: ASIAN HEALTHCARE REITS AND NON-HEALTHCARE REITS: TWO SHADES OF GREYS
Authors: NG KOH XIN
Keywords: Real Estate
RE
Ong Seow Eng
2014/2015 RE
Al-Aqar Healthcare REIT
First REIT
Healthcare REIT
Malaysia
Non-Healthcare REIT
Parkway Life REIT
Real Estate Investment Trusts
Singapore
Issue Date: 26-May-2015
Citation: NG KOH XIN (2015-05-26). ASIAN HEALTHCARE REITS AND NON-HEALTHCARE REITS: TWO SHADES OF GREYS. ScholarBank@NUS Repository.
Abstract: The rising Asian REIT market, coupled with the growing ageing population faced by this region, offers an avenue for this dissertation to study the Healthcare REITs of Asia, with the Singapore and Malaysia REIT markets being the foci of this study. This research attempts to find out the relationship between a REIT’s beta and its financial variables. The two shades signify both Healthcare and non-Healthcare REITs in Singapore and Malaysia. Therein lies the different dimension to the different shades of greys. Firstly, the Healthcare REITs are found to have statistically lower betas than that of non-Healthcare REITs. Furthermore, Healthcare REITs are found to have higher asset growth rates as compared to non-Healthcare REITs. Findings of this dissertation indicate that the betas of Singapore and Malaysia REITs (both Healthcare and non-Healthcare) are influenced by leverage, profitability and operating efficiency. These variables are found to share a significant negative relationship with a REIT’s beta. More importantly, this dissertation has uncovered the significant impact of a Healthcare REIT’s liquidity level on its beta. This suggest that the market associates low liquidity levels with higher risk and that liquidity is possibly the explanation to why Healthcare REITs have lower betas than those of non-Healthcare REITs in the Singapore and Malaysia markets. In addition, Singapore-listed Healthcare REITs, First REIT and Parkway Life REIT are found to be performing better than its foreign counterpart, Al-Aqar Healthcare REIT.
URI: https://scholarbank.nus.edu.sg/handle/10635/223890
Appears in Collections:Bachelor's Theses

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