Asia REIT Market Value Grows 18% as Chinese Mainland Drives New Listings and India Becomes Asia’s Fourth-Largest REIT Market

• Asia’s 289 active REIT products reached a combined market value of US$279.4 billion as at 31 March 2026, up from US$235.8 billion at end of 2024

• The Chinese mainland contributed 21 out of 27 new listings in Asia in the same period

• India’s REIT market value rose 62% to US$17.7 billion, up from US$11 billion in end 2024

The Asia Real Estate Investment Trust (REIT) market entered a new phase of expansion in 2025–2026, with the Chinese mainland and India REIT markets emerging as the principal engines of regional growth, according to Cushman & Wakefield’s Asia REIT Market Insight 2025–2026.

The annual report showed that there were 289 active REIT products in Asia with a combined market value of US$279.4 billion as at 31 March 2026, up 18% from the end of 2024. Mature markets such as Japan, Singapore and Hong Kong stabilised and recovered moderately, while emerging markets such as Chinese mainland and India gained momentum through new product issuance, expanded asset classes and deeper institutional participation. In addition, ESG disclosure, operational efficiency and asset quality are becoming increasingly important differentiators for investors across Asia's REIT markets.

Total Number and Market Value of Active REITs on Major Asia Exchanges (as at 31 March 2026)

*India REIT data includes two SM REITs

Source: Bloomberg database, websites of Hong Kong Stock Exchange, Singapore Exchange, and Tokyo Stock Exchange; NAREIT; compiled by Cushman & Wakefield Beijing Valuation & Advisory Services

The Chinese mainland remained one of Asia’s most significant REIT growth stories, contributing 21 of the 27 new listings in Asia between end 2024 to March 2026, far outpacing other new listings from Thailand, Japan, Malaysia and South Korea, and underscoring its dominant role in driving the region’s REIT market growth. As at 31 March 2026, 79 public infrastructure REITs were listed in the Chinese mainland, with a cumulative issuance value of approximately US$31.3 billion (RMB215.5 billion) and a combined market value of US$32.1 billion (RMB221.3 billion).

A key development supporting the Chinese mainland market was the launch of the commercial real estate REIT pilot programme in late 2025, which marked a major broadening of the market beyond infrastructure. Eligible assets were expanded to include offices, shopping malls, hotels, outlets and mixed-use commercial properties, creating a new capital recycling channel for stabilised operating assets.

Andrew Chan, Managing Director, Head of Valuation & Advisory Services, Greater China, at Cushman & Wakefield said, “The Chinese mainland REIT market is moving into a more sophisticated phase. Regularised infrastructure REIT issuance has established scale and investor familiarity, while the commercial real estate REIT pilot programme introduces a powerful second growth pillar. By opening the market to a wider range of income-producing properties, the new framework can support asset revitalisation and optimise capital, but long-term performance will increasingly depend on asset quality, operating capability, and ESG credentials.”

India’s REIT market also advanced from an emerging platform toward institutional scale. Market value rose 62% from end 2024 to March 2026, allowing India to surpass Hong Kong for the first time and become Asia’s fourth-largest REIT market by market value.

New listings, including Knowledge Realty Trust and Bagmane Prime Office REIT, substantially increased portfolio scale, adding a combined 53.7 million sq ft and accounting for around three-quarters of the total new space added to the six India REITs between June 2025 and June 2026. Office REIT occupancy remained high amid tightening Grade A vacancy, while sustained multinational occupier demand and continued expansion by Global Capability Centres (GCCs) remain. As at June 2026, six listed REITs collectively held approximately 178 million sq ft, with a further 36.7 million sq ft under construction or planned.

Somy Thomas, Executive Managing Director, Capital Markets, India, at Cushman & Wakefield said, “India’s REIT market has reached an important inflection point, with larger listed portfolios, strong occupancies and a healthy development pipeline reinforcing its institutional depth. Demand from multinational companies and GCCs continues to favour high-quality, professionally managed office assets, while recent regulatory measures are widening the investor base and improving access to financing. Together, these developments create a stronger foundation for continuous REIT portfolio growth and market liquidity.”

Across the mature markets, Japan, Singapore and Hong Kong recorded market value growth of 12%, 14% and 8%, respectively, between end 2024 and March 2026, reflecting a period of steady expansion. Japan benefited from recovering office fundamentals and strong hotel performance, while Singapore entered a vigorous acquisition phase, and Hong Kong recorded valuation recovery alongside policy initiatives designed to strengthen liquidity.

Data centre and hospitality REITs are expected to remain highly visible, supported by AI-led digital infrastructure demand and tourism recovery, while M&A and asset acquisitions should stay active as managers pursue scale, diversification and portfolio quality.

Catherine Chen, Research Director, Asia Pacific, at Cushman & Wakefield noted, “Looking ahead, we expect the Chinese mainland and India REIT markets to remain the region’s key growth engines, while established markets focus on operating efficiency, capital structure and selective portfolio expansion. The opportunity set is becoming broader, while investors will be increasingly discerning about income resilience, operational efficiency, ESG performance and the ability of managers to create value through active asset management.”

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