• Chinese mainland REIT market joined the top three largest REIT markets in Asia for the first time with an 85% increase in market value in 2024
• India's office REIT market attracted considerable leasing demand from global capability centres
• Data centre and hospitality REITs gained strong investor interest in Japan and Singapore

HONG KONG SAR - Media OutReach Newswire – 17 July 2025 –China and India's Real Estate Investment Trust (REIT) markets showed robust growth in 2024 and are expected to continue to attract strong investor interest this year, according toCushman & Wakefield's Asia REIT Market Insight 2024-2025. The annual report revealed that the Chinese mainland REIT (C-REIT) market achieved a remarkable 85% increase in market value at the end of 2024, surpassing Hong Kong and becoming one of the region's top three REIT markets. In the same period, India's REIT market demonstrated robust growth in the office sector, driven by strong leasing demand for institutional-grade office space. Meanwhile, mature markets such as Japan, Singapore and Hong Kong moved toward stabilization, underlining their long-term resilience. Catherine Chen, Director, Investor Client Intelligence & Insights, Asia Pacific at Cushman & Wakefield said, "The unprecedented growth in the C-REIT market highlights its role as a critical driver of regional expansion, while India's performance emphasizes the growing strength of the country's institutional-grade real estate. These markets continue to create new and exciting opportunities for investors targeting Asia." Cushman & Wakefield's data showed a total of 263 active REIT products in the Asia market as of December 31, 2024, with a combined market value of US$235.8 billion, reflecting a year-on-year decline of 6.5%. The contraction was primarily driven by declines in the U.S. dollar values of the Japan, Singapore and Hong Kong markets due to the widespread softening in REIT stock prices and unfavorable exchange rate movements. Amid these declines, the Chinese mainland REIT market emerged as a bright spot, posting an impressive 85% year-on-year rise in market value, attributable to new REIT product issuances and strong investor demand for infrastructure-backed assets. In the mature markets, Japanese REITs experienced significant gains in dividend yield, led by stock price moderation and asset performance improvements, particularly among hotel REITs, which benefited from inbound tourism. In Singapore, positive total returns were observed across multiple property types in 2024, including data centres at 9.7%, and healthcare at 6.9%. Elsewhere in Asia, Thailand demonstrated robust performance with a 41% increase in market value, marking it as the second-highest growth market in the region. The Philippines, Malaysia and India reported increases of 37%, 21% and 13% respectively, supported by their favorable economic fundamentals and attractive real estate sectors. Total Market Value of Active REITs on Major Asia Exchanges (December 2024) Market Number of REITs Market Value (USD billion) Market Share (%) Japan 57 90.8 38.5 Singapore 39 67.4 28.6 Chinese Mainland 58 21.4 9.1 Hong Kong, China 11 16.1 6.8 India 4 11.0 4.6 Thailand 38 8.3 3.5 Malaysia 18 7.7 3.2 The Philippines 8 5.8 2.5 South Korea 24 5.3 2.3 Taiwan, China 6 21.0 0.9 Total 263 235.8 100 Source: Bloomberg database, compiled by Cushman & Wakefield Valuation & Advisory ServicesExpansion of C-REIT market The year 2024 saw a breakthrough in C-REIT issuance with 29 new REIT products, including 19 real estate-backed REITs. This represented the highest annual issuance recorded to date. Among product categories, consumer infrastructure REITs led the issuance count with seven new listings, followed by industrial park REITs with six launches. Heading into 2025, the market has maintained its robust trajectory with six REITs launched in Q1, including five real estate-backed products. As of March 31, 2025, a total of 64 public infrastructure REITs were listed in the Chinese mainland, marking a significant period of growth in the market. Chris Yang, Senior Director, Head of REITs Practice Group, China, at Cushman & Wakefield said, "The C-REIT market has achieved a historic milestone in 2024, in both market value expansion and new product issuance. This surge reflects both greater investor confidence in infrastructure-backed REITs and the success of new issuances in retail...