Quoteworthy: “We should get used to the fact that China is going to keep growing and become stronger and we have to figure out a way to work with them while protecting our industries and protecting our country militarily.”

US presidential candidate Michael Bloomberg in his first CNN town hall

 

Singapore’s REIT hub ambition pays off with most foreign IPOs 

Singapore may be tiny by geographical size, but its sway in the property management industry is anything but small. 

Since the city-state saw the first sale of a real estate investment trust in 2002, Singapore has transformed itself to a global listing center of such firms. It has pocketed 41 REIT IPOs, of which seven foreign-currency-denominated ones are the most globally, according to Bloomberg-compiled data. In comparison, Hong Kong — the world’s top initial public offering venue last year — has just 11. 

The country’s favorable tax regime and well-established legal system made it particularly appealing for international investment trusts. Being commercially flexible and open to tweaking its regulations has allowed Singapore to continue to lead in the area, according to Ee Kean Wong, capital markets partner at WongPartnership LLP. 

With a yield of 6.2% — one of the highest globally — Singapore-listed REITs are sought after and more frequently traded by investors than most of the blue-chip stocks in the country. The importance of REITs has also shown up in their Straits Times Index weighting, which has doubled over the last five years. — Bloomberg 

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