Over the past 20 years, Singapore has been a model for REITs. Its securitisation model enabled REITs with Singapore sponsors and managers to expand overseas, and for foreign sponsors and managers to list their assets in Singapore - becoming effectively an Asian REIT hub. Now though, countries such as India and the Philippines have effected their own REIT regulation enabling Indian assets to be listed as REITs in India, and Philippine assets to be listed as REITs in the Philippines. China is likely to join the REIT race soon.

In effect, regulators of countries in Asia have followed the likes of Singapore and Hong Kong in their implementing REIT and other regulations that enable efficient securitisation of real assets including infrastructure. The Asian Development Bank has estimated that developing Asia needs to invest US$1.7 trillion a year to the end of the this decade in infrastructure, including to eradicate poverty and respond to climate change.

India - which really needs new infrastructure - has announced a US$1.5 trillion infrastructure pipeline. In addition to three Indian REITs listed in India, the sub-continent has four listed Infrastructure Investment Trusts or INVITs.

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