On July 11th, the Philippines’ Securities and Exchange Commission (SEC) approved an initial public offering (IPO) for Ayala Land, Inc.’s REIT subsidiary, AREIT, Inc., the first of its kind in the country and sets the pace for more REIT listings. This makes it the fourth Southeast Asian country to boast its own REIT market, after Thailand started to convert its property trusts into REITs in 2014 and the second in the region, after India, in as many years. With China on the cusp of launching its own REIT variant, 2020 could at last be remembered for the right reasons.
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