An Empirical Analysis of Real Estate Investment Trusts in Asia: Structure, Performance and Strategic Investment Implications

Since the early 2000s, Real Estate Investment Trusts (REITs) have become an important property investment vehicle in Asia. Despite strong interest from property investors, research on Asian REIT markets has been thin and modest. This thesis provides an empirical analysis on the performance of Asian REITs and their significance in a mixed-asset portfolio. Strategic investment implications for both local and international property investors are also identified. The analysis covers all seven Asian REIT markets of Japan, Singapore, Hong Kong, Malaysia, Taiwan, Thailand and South Korea over various periods from September 2001 to April 2012. Over the course of this thesis, three major studies are carried out. The first study investigates the performance and significance of Asian REITs in a domestic mixed-asset portfolio. The second study extends the analysis to a regional and international investment context, while the third one explores the dynamics of returns and volatility between Asian REIT markets.