|Europe and Asia saw slight gains in market capitalization amid a global market constrained by the credit crunch, according to Ernst & Young's third annual Global Real Estate Investment Trust (REIT) report released today. The total market capitalization of publicly-listed REITs around the world reached nearly US$605 billion, as of 30 June 2008, down from US$764 billion a year earlier.
"Like every other sector of the real estate market, publicly-listed companies have been hit very hard by the global credit freeze. It remains to be seen when REIT markets will stabilize," says Michael Frankel, Global Director of REIT Services for Ernst & Young. REITs in Asia have been the best performers for the 12-month period ending June 2008 in terms of one- and three-year returns. With China planning to launch a pilot REIT program next year, there is likely to be renewed interest in the public REIT sector in Asia..... Full Press Release: Source