什麽是reit (real estate investment trust)

Reit 是由一群投資者（公司或個人）集合他們的資金來購買商業產業，這些產業包括購物中心，貨艙，office, 醫院等等。下圖是reit的基本structure.


















-reit 都會有trustee, manager and unit holders. 

-trustee的工作是保障unit holder的權益和監管manager


 -manager的工作是設定investment strategy和管理產業

-商業產業的收入（多數以租金收入為主）則會以dividend的方式回饋給投資者（unit holders), 馬來西亞的reit一年最少會分兩次dividend給unit holder, 有些會分四次。

今天總共有16reit listed in bursa malaysia, 他們分別是AHP, ALAQAR, AMFIRST, ARREIT, ATRIUM, AXREIT, CMMT, HEKTAR, IGBREIT, KLCC, PAVREIT, QCAPITAL, SUNREIT, TWRREIT, UOAREIT, YTLREIT.

投資者可以通過bursa exchange購買 reit ，只要你有trading account，就好像一般的股票買賣一樣。

為什麽投資reit? 

• reit 的流動性大 （只需坐在電腦前click兩下就能賣了）
• security commission 有相當多rules and regulation 保護投資者
• reit規定大部分的收入要用來派息。
• reit的收入已租金為主，so 公司的收入比較穩定。

以下是security commission的rules:

Regulatory Requirements - Corporate Governance

• At least 1/3 independent representation on the Board of Directors of the operator.
• At least 2 members of the board are to be independent.
• A director is not allowed to be a director of more than 1 management company.

Regulatory Requirements - What Can Invest In?

• At Least 50% of a listed/unlisted funds total assets must be invested in real property or single purpose company.
• At Least 75% of a listed fund total assets should be invested in real property, SPCs, real property related assets or liquid assets.
• Holding of Securities of, and securities relating to a single issuer - no more than 5% of funds total assets
• Holding of Securities of, and securities relating to group of companies- no more than 10% of funds total assets
• Holding in any class of security of a single issuer -no more that 10% of securities issued
• Generally, property development not allowed

Regulatory Requirements - Investor Protection

• Appointment of Trustee as custodian of assets
• SC approval on value of Real Property for certain types of acquisition
• SC Approval on value of real property on revaluation of properties
• Appointment of Property Management Company to manage to real properties

Regulatory Requirements - Listing

• Governed by the Listing Requirements of Bursa Malaysia
• Must First Receive Prior approval of SC before can be offered to the public and listed
• Firm underwriting agreements must be made for units of a listed fund to be fully or irrevocably underwritten before the public offering of a listed REIT