A to Z of HK REITS

Clive Rough of Freshfields explains the draft REIT proposals facing Hong Kong.

Introduction

A real estate investment trust REIT is a collective investment scheme that invests primarily in income-generating real estate with a view to providing unit holders with returns derived from the rental income and any capital appreciation of the relevant real estate holdings.

The Hong Kong Code on Unit Trusts and Mutual Funds currently prohibits authorised funds from investing in any type of real estate including buildings or interests in real estate. Only authorised funds can be marketed to retail investors in Hong Kong.

However, in March 2003 the Securities and Futures Commission the SFC, given the success of REITs in various other major financial markets including...

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