TOD: From Real Estate Value Appreciation to Enhanced Urban Productivity

Emerging Markets Reshape Asia's REIT Landscape

Asia's Real Estate Investment Trust (REIT) market entered a new phase of expansion in 2025–2026, driven by accelerating growth in the Chinese mainland and India, alongside stabilization and recovery across established markets. The latest edition of Asia REIT Market Insight examines how changing regulations, investor priorities and capital-market activity are reshaping listed real estate across the region.

As of March 31, 2026, Asia's REIT market comprised 289 active REIT products with a combined market value of US$279.4 billion, representing an 18% increase from the end of 2024. The Chinese mainland remained the region's principal source of new issuance, while India emerged as one of the region's fastest-growing REIT markets.

Key Insights From This Year's Report

The Chinese Mainland Broadens Beyond Infrastructure

The launch of the commercial real estate REIT pilot program marks a significant milestone in the development of the Chinese mainland's REIT market. By expanding eligible asset classes to include offices, shopping malls, hotels, outlets and mixed-use commercial properties, the framework creates new opportunities for capital recycling, asset revitalization and institutional investment.

India Reaches Institutional Scale

India's REIT market value increased by 62% from the end of 2024, surpassing Hong Kong for the first time and establishing itself as Asia's fourth-largest REIT market by value. Supported by new listings, strong occupier demand and a growing development pipeline, India's REIT platform continues to deepen and diversify.

Mature Markets Regain Momentum

Japan, Singapore and Hong Kong recorded moderate growth and improving market conditions during the period. Singapore stood out for renewed acquisition activity, while Japan benefited from strengthening office fundamentals and tourism-led hotel performance. Hong Kong saw valuation recovery alongside policy initiatives designed to improve liquidity and attract investment capital.

ESG Moves Further Into Focus

Across Asia, Environmental, Social and Governance (ESG) disclosure is becoming increasingly standardized, with investors placing greater emphasis on climate risk, asset-level performance, operational efficiency and transparent reporting. As sustainability expectations evolve, ESG considerations are becoming increasingly integrated into capital allocation, financing and asset valuation decisions.

What You'll Learn

• Where REIT market growth is accelerating across Asia, and what is driving new issuance.
• How regulatory change is opening up new listed real estate opportunities in the Chinese mainland and India.
• What market conditions in Japan, Singapore and Hong Kong signal for investors and asset owners.
• How acquisition activity, asset quality and operational performance are influencing REIT valuations.
• Why ESG transparency is becoming more important to capital allocation and investor confidence.
  
   

Access the Report

Whether you are an investor, REIT manager, developer, asset owner or lender, the Asia REIT Market Insight 2025–2026 provides a comprehensive view of the trends, opportunities and challenges shaping listed real estate across Asia.