Parkway Life REIT is one of the most expensive REIT traded in the SGX if you rank it by price to book value, one of the common property company valuation metrics. There may be a reason for trading at a high valuation. If you look at their care facilities, hospitals in Singapore, Japan they are built with long tenant lease of 15 to 20 years. So cash flow is predictable unless the counterparty defaults on them.ark I have not covered this area, but I suspect the operators of these facilities have some form of government support. Government support is good generally as it affirms the sturdiness of this long duration lease not defaulting, but the fat tail risk is, changes in government budget policies might have an effect. However, if you do not pay rent, you cannot operate, so the operator must be in pretty dire straits to be ......