Abstract
REITs in Japan (J-REITs) are the largest REIT market in Asia and the 5th largest REIT market globally. To examine the attractiveness of J-REITs for investors, this paper assesses the significance, risk-adjusted performance and portfolio diversification benefits of J-REITs in a mixed-asset portfolio context in Japan over 2001-2011. Amongst the major asset classes, J-REITs delivered the best risk-adjusted returns and portfolio diversification benefits over 2001-2011, with enhanced risk-adjusted returns in the post-GFC period. Key strategic issues for the ongoing development of the J-REIT market are also identified.
| Original language | English |
|---|---|
| Pages (from-to) | 21-34 |
| Number of pages | 14 |
| Journal | Pacific Rim Property Research Journal |
| Volume | 18 |
| Issue number | 1 |
| Publication status | Published - 2012 |
Keywords
- real estate investment trusts
- Japan
- Asia
- portfolio diversification
- real estate investment
- Global Financial Crisis, 2008-2009