I was debating with Nick and YYT about the details of REITs as trusts and went back to my past correspondence with First REIT’s investor relations. For folks thinking that First REIT is just like Singapore property, I think there are differences. For one, when First REIT buys the hospital from Lippo it is buying that property and the land rights. The land rights here is under Hak Guna Bangunan, HGB for short which gives the right to construct and own buildings on land. HG is transferable and may be encumbered. Land with HGB title may be owned by (i) Indonesian citizens and(ii) legal entities established under the Indonesian law and domiciled in Indonesia, including PMA companies, HGB is granted for a period of up to 30 years and extendable for a farther 20-year period. Upon the expiration of such extension, new HGB title may be granted on the same ......