There is a REIT in Singapore which is currently priced at 32% dividend yield with a "regulatory safe" debt ratio of 42.8%.

Yes no kidding, it is forecasted to give US 4 cents in dividends and at its current share price of 12.3 cents, it gives a 32% dividend yield. This is the highest US dividend REIT in the whole world! The name of the REIT is Prime US which has Keppel Corporation as one of its main shareholders.

What is the Danger?

While it seems to pass all of MAS's requirements based on current ratio ((1) Leverage ratio of 42.8%, below 45%, (2) Interest Coverage ratio of 3.4 times, above the 2.5 times requirement), there seems to be a reason that the market is pricing the REIT at the same distressed levels of Manulife US REIT.

Possibility of Tenants Vacating

What caused Manulife US REIT to breach MAS's regulatory