1、May 2021Revitalisation of Hong Kongs Real Estate Investment Trusts Market-Promoting LiquidityFSDC Paper No.48ContentI.Executive SummaryII.Background III.Global Development Trends 1.REITs Gaining Increasing Popularity 2.Proliferation of New REITs Asset Types 3.Historial performance of REITs and the I

2、mplication of a Low-Interest EnvironmentIV.Challenges and Opportunities for Hong Kong 1.Untapped Potential of H-REITs 2.Capturing Growth Opportunities V.Policy Recommendations 1.Refining the REITs Value Proposition 2.Tapping into Cross-Boundary Investor Base 3.Diversifying REITs Product Offerings 4.

3、Exploring Tax and Financial Incentives 5.Implementing Regulatory Enhancements Expeditiously 6.Stepping up Market Promotion and Regulatory CommunicationVI.Conclusion Appendix.Cross-Market Comparison of REITs Regimes1244578810121214151718192122I.Executive SummaryReal estate investment trusts(REITs)hav

4、e gained wide popularity across the globe over recent years,having undergone significant growth in total market capitalisation and been introduced in more than 40 jurisdictions worldwide.As Asias international financial centre,Hong Kong saw the inception of its REITs market in 2003 with the enactmen

5、t of the Code on Real Estate Investment Trusts(the REIT Code).As at the end of April 2020,there were 10 REITs listed and trading on the market with an aggregate market capitalisation of around HK$244 billion.Although Hong Kong is one of the earlier markets to have rolled out its REITs regime followe

6、d by various subsequent market development endeavours,it appears that REITs as an asset class is yet to garner sufficient traction,especially when compared to the other fast growing financial products available on the market.Nevertheless,it is our belief that Hong Kong is in a unique position to cap