Do you know about the refinancing roulette? You probably don't, because I just made that term up.  I feel it is an apt phrase to describe how the S-Reits manage their debt. Homeowners out there will know how impossible it is to buy a house with just pure cash and no loan. (I am discounting the Chinese buyers and their huge wads of RMB in condo showflats.)  If you are a slave to a home mortgage like me, you will know time is ticking till D-Day of your loan maturity.Our housing debt is structured to be amortizing (it spells "ARE-MORE-TIE-ZING").  This means over a specified loan period, we get sucked an equal amount every month that takes into account the principal repayment and the interest expense. This isn't the case for S-Reits.  The most common form of financing for S-Reits is a term loan ......