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"Pandemic-related distress sales mean some good opportunities for Asian money accessing the overseas market," said Patrick Wong, a senior analyst at Bloomberg Intelligence."More transactions are expected to come in." In addition to the stake in Suntec Reit, the Tangs control SingHaiyi Group, a developer that has expanded to the US and Australia, and have holdings in OUE Commercial Reit, which owns properties across Singapore and Shanghai, and Cromwell European Reit.
Since the first Singapore listing of a trust in 2002, the market has grown exponentially. The city-state has 44 Reits and property trusts with a combined market value of S$101 billion, according to a Singapore Exchange report in October. Last year, almost 45 per cent of the world's Reit initial public offerings debuted there, surpassing places such as the US, Australia and Japan, the bourse said.
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