SINGAPORE (Mar 27): Although all S-REITs were sold down in recent weeks, REITs with US assets suf­fered a more serious decline due to events beyond their control. Primarily, in ad­dition to fund redemption, the US financial sector is under­going a credit crunch in spite of the quantitative easing pro­gramme unleashed by the US Federal Reserve. Hence the entire US financial sector is stressed including REITs, and commercial properties includ­ing office properties.

Keppel Pacific Oak US REIT (KORE) had almost halved this year, but was one of the top gainers week-on-week (see chart 1).

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