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首页> 外文期刊>Journal of Real Estate Portfolio Management >AN EXPLORATORY STUDY OF AGENCY COSTS OF SPONSORED REITS IN SINGAPORE, HONG KONG, AND JAPAN
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AN EXPLORATORY STUDY OF AGENCY COSTS OF SPONSORED REITS IN SINGAPORE, HONG KONG, AND JAPAN

机译:新加坡,香港和日本赞助性房地产代理成本的探索性研究

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摘要

Singapore, Hong Kong, and Japan, which are the three most active real estate investment trust (REIT) markets in Asia, follow the external REIT model, which is typically tied to a sponsor. In this study, I examine the agency costs in the sponsored REITs of the Asian Big 3 REIT markets in an effort to understand the conflicts of interest in the sponsored REITs of the Asian Big 3. The overall evidence indicates that the agency costs of the sponsored REITs in the Asian Big 3 are not severe compared to the REITs in more mature markets, REITs elsewhere in the world, as well as real estate operating companies (REOCs) in their own national markets, suggesting that sponsored REITs in the Asian Big 3 emulate the internally advised REITs in response to market pressure.
机译:新加坡,香港和日本是亚洲三个活跃的房地产投资信托(REIT)市场,它们遵循通常与保荐人联系在一起的外部REIT模型。在本研究中,我研究了亚洲三大房地产投资信托基金赞助商房地产投资信托的代理成本,以了解亚洲三大房地产投资信托基金赞助商的利益冲突。总体证据表明,该赞助商的代理成本与更成熟的市场中的REIT,世界其他地方的REIT以及其本国市场中的房地产运营公司(REOC)相比,亚洲三巨头中的REIT并不严重,这表明亚洲三巨头中的赞助REIT效仿内部建议的房地产投资信托基金以应对市场压力。

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