Out of the 37 REITs listed on the Singapore stock exchange, 3 have assets primarily in China.
These REITs are BHG REIT, Capitaland Retail China Trust and EC World REIT. The first two invest primarily in retail malls while EC World REIT invests in industrial and logistics properties.
This post will focus mainly on how these China REITs stack up against each other based on various metrics.
Properties (CRCT most)
CRCT, being the oldest REIT among the 3, has the most number of properties at 10. BHG has 5 while EC World has 6.
Of CRCT’s 10 properties, 6 are multi-tenanted malls, 2 are master leased, and 2 are under stabilization i.e. struggling. For BHG, 3 malls are multi tenanted while 2 are master leased. EC World REIT has 3 properties each that are multi-tenanted and master leased.
Master leased malls’ income upside for the REIT (and therefore unitholders) …