Like China's 3 Red Line Policy, Singapore has its 2 Red Line Policy for REITs. I have been saying it many times so let me repeat it. If Leverage is more than 45.0%, ICR has to be above 2.5 times These are the two red lines. In truth, even when REITs exceed 45% leverage and have not taken additional debt, they are able to continue operating without falling foul of MAS's regulations. However, the key is the ICR of 2.5 times (ICR= Interest Coverage Ratio) Why Overseas REIT Struggle I do not know if it is risk management or stubborness of REIT managers, but there is a trend where a REIT manager will take loans in the same country where its properties are (the only exception is Capitaland who takes almost everything based on Singapore's SORA). Both USA, London and Europe have been hiking interest rates to stem inflation. Inflation...