The sponsor of First REIT and Lippo Mall Trust is reportedly considering shifting the two REITs to the Indonesia exchange as the Indonesian government will be removing the 'double taxation' law. Besides, most of the real estate assets owned by these two REITs are based in Indonesia, so I guess it makes sense for the parent group to shift the listing back to Indonesia. Furthermore, Lippo Group could be aiming to kickstart the REIT market in Indonesia as a shining example to other major Indonesian corporations. I am not familiar with the actual process and mechanics of delisting from one exchange and re-listing on another. Lippo Group would probably buy out the stakes of the minority unit-holders at a premium. I managed to fully divest First REIT at $1.315 once the news broke last week. Its NAV is around $1. Will Lippo offer 30% premium over NAV? I doubt ......