1、07Unlocking Future Growth through Reform:A Vision for Hong Kong REIT MarketUnlocking Future Growth through Reform:A Vision for Hong Kong REIT MarketWhile the global REIT sector has grown by over 150 new entities since 2019,reaching more than 1,000 worldwide,Hong Kongs market has maintained 11 REITs

2、throughout the 2020s,suggesting room for further expansion.Broadly speaking,the global REIT landscape demonstrates varying growth trajectories across different markets.Although Hong Kongs market has seen limited expansion,the Chinese mainlands emerging REIT sector has witnessed explosive growth.Star

3、ting as a pilot programme in 2020 and evolving into a normalised issuance mechanism in 2024,the mainland REIT market has developed rapidly,reaching 45 REITs in just three years(as of Q3 2024).This growth pattern,however,contrasts with the development seen in five of the worlds most established REIT

4、markets Singapore,Japan,Australia,the US and the UK.These established markets have experienced modest contractions in their REIT numbers over the past five years,highlighting the uniqueness of expansion in the Chinese mainland.Meanwhile,among key Asian emerging economies that introduced REIT framewo

5、rks between the 2000s and 2010s,India,Malaysia and the Philippines have recorded measured growth,while Thailand has maintained relatively stable numbers.Notably,although the global REIT count has risen primarily due to emerging markets total market capitalisation has not grown proportionally,suggest

6、ing a complex interplay of factors shaping the REIT ecosystem worldwide.Market Size:Subdued amid Global GrowthFigure 2:Global REIT Market OverviewSource:European Public Real Estate Association(EPRA)Number of REITsUSD billionTotal market cap(USD billion)Number of REITs8629009709631,1091,018$2,044bn$1