When is a Reat not a Reit

Tong Yang Chia Hsin International is ready to close an NT$2.1 billion ($625 million) securitization of the IBM Building in Taipei. This will be the first deal to rely on Taiwan's real estate securitization law, enacted in July 2003, and is described locally as a real estate asset trust (Reat) securitization, which is not to be confused with a real estate investment trust, or Reit.