The lunar new year is welcoming in a number of new developments in Asia 's REIT market. Global credit issues and questions surrounding the performance of REITS listed in Singapore and Hong Kong led to a number of delayed offerings in 2007. However, the current financial climate has not slowed the growth of REITs across the region.

In Hong Kong , a new hospitality REIT is planning a March listing on the Hong Kong Stock Exchange. The Far East Consortium spin-off boasts a portfolio of seven three and four star hotels in the SAR. The managers point to higher growth levels in the this category, and believe that their hotels which include the Lan Kwai Fong Hotel, Cosmopolitan and Dorsett brands as well as the four star Central Park, are poised for greater growth potential.

The Hong Kong Hotel REIT will be Hong Kong 's second to focus exclusively on the hospitality sector. The Regal REIT, like many of Hong Kong 's REITs has had lacklustre performance since its launch last year. It's majority shareholder, the Regal Group, recently announced the acquisition of a prime development site in Chengdu , China in a move to expand into the mainland markets.

Meanwhile, Pakistan 's Security and Exchange Commission have launched mechanisms to support Real Estate Investment Trusts (REIT). Caretaker Federal Finance Minister Dr Salman Shah is reported on web portal www.pakrealestate.com as saying: "It is for the first time that an emerging market has launched a modern financial sector product in a sector, which so far was the undiluted domain of the developed countries."

The aim is to introduce opportunities for local investors in the form of an alternative asset class, and also to encourage transparency in Pakistan 's real estate markets. The value of REIT projects should be over PRs 5bil. "As an alternate asset class... REITs undoubtedly will broaden and diversify the supply side of securities and will provide depth to the capital markets," Dr Shah said.

Chairman Security and Exchange Commission of Pakistan Razi-ur-Rehman hopes that this will bring in a new era in Pakistani real estate, "Real estate has traditionally provided a secure asset class to the people in Pakistan . With the passage of time a lot of people have been denied their right of investing in the property due to skyrocketing prices of properties in Pakistan . REITS will certainly provide people with limited capital an opportunity to invest in real estate and will also provide the sophisticated investor another investment avenue," he said. RFP