-- Every third dollar changing hands on Singapore Exchange Ltd. is because of someone buying or selling units in a real estate investment trust. But has the city’s REIT mania gone a bit too far?
REITs also became popular because the tiny island, its Asian Tiger years well behind it, doesn’t have many opportunities at home for people to invest in growth. A budding love affair with all things digital and fintech could have infused some youthfulness into the kind of risks the mass affluent are comfortable owning. But before they could blossom, the virus came.
The “creative destruction” argument rings hollow when advanced by landlords who have no problem enjoying state support themselves. Covid-19 will go away one day, but the friction between tenants and landlords will remain. About 10,000 small and midsize tenants have come together to demand a fair tenancy law. The conflict would be productive if it led to a search for new models of risk sharing.
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