Key Takeaways
- • Asia had 289 active real estate investment funds across 10 surveyed markets as of March 31, with total market capitalization of US$279.4 billion, up 18% from the end of 2024, according to Cushman & Wakefield's Asia REIT Market Insight 2025-2026 report.
- • Japan leads with $101.4 billion, followed by Singapore at $76.7 billion and mainland China at $32.1 billion; India's REIT capitalization rose 62% to $17.7 billion, passing Hong Kong for fourth place in Asia.
- • Vietnam's REIT model remains small: Techcom Capital's TCREIT had total assets of roughly VND 45.3 billion and 373 investors at the end of October 2026, more than a decade after its 2016 launch.
- • About 76.08% of TCREIT's assets are in listed real estate equities such as Kinh Bac, Nam Long, Vinhomes and Khang Dien, with the rest in bank deposits and no directly owned property.
- • Decision 1413/QD-TTg of July 27 includes real estate investment funds in Vietnam's financial market reform plan to 2045 and explores allowing insurers to invest in REITs during 2028-2029.
Summary
Real estate investment trusts are gaining traction as a capital-raising channel across Asia. According to the Asia REIT Market Insight 2025-2026 report published by Cushman & Wakefield in September, Asia had 289 active real estate investment funds operating across 10 surveyed markets as of March 31, with a combined market capitalization of US$279.4 billion, an 18% increase from the end of 2024. Japan leads with $101.4 billion, followed by Singapore ($76.7 billion) and mainland China ($32.1 billion). India is the fastest-growing market, with REIT capitalization up 62% to $17.7 billion, overtaking Hong Kong for fourth place in the region.
The structure allows investors to buy fund certificates instead of acquiring office buildings, malls or hotels directly, while giving property owners a way to recycle capital from stabilized assets rather than selling outright or relying on bank borrowing. In Singapore, listed REITs completed 21 acquisitions totaling SGD 8.8 billion in 2025, focused on data centers, retail, office and logistics assets. China's REIT market began with infrastructure such as highways, industrial parks, warehouses and energy assets, and by the end of 2025 was piloting commercial real estate REITs covering offices, malls, hotels and mixed-use complexes.
Vietnam's experience is far more modest. Techcom Capital launched the Techcom Vietnam Real Estate Investment Fund (TCREIT) with an initial projected capital of VND 50 billion in December 2015; it was established and raised capital in 2016 and later listed under the ticker FUCVREIT. According to Techcom Capital's October 2026 investment activity report, published November 6, total assets reached about VND 45.3 billion with 373 investors. Roughly 76.08% of assets are invested in listed stocks, mainly real estate developers including Kinh Bac, Nam Long, Vinhomes and Khang Dien, with the balance in bank deposits. The fund holds no directly owned real estate, a sharp contrast with the asset-owning model used in other markets.
The source identifies three bottlenecks: a shortage of income-generating assets with clear legal title, appropriate occupancy and transparent leases; high capital and governance requirements, including independent valuation, asset management and disclosure; and an investor base that must tolerate unit price volatility, rental market risk and limited liquidity.
Policy may ease some constraints. Decision 1413/QD-TTg, dated July 27, approves a comprehensive reform plan for Vietnam's financial market to 2045, calling for a review of overlapping rules in securities, land, housing and real estate business laws to enable new products including real estate investment funds. The plan also encourages long-term fund investment in real estate and infrastructure and proposes exploring long-term insurer investment in REITs during 2028-2029.
The structure allows investors to buy fund certificates instead of acquiring office buildings, malls or hotels directly, while giving property owners a way to recycle capital from stabilized assets rather than selling outright or relying on bank borrowing. In Singapore, listed REITs completed 21 acquisitions totaling SGD 8.8 billion in 2025, focused on data centers, retail, office and logistics assets. China's REIT market began with infrastructure such as highways, industrial parks, warehouses and energy assets, and by the end of 2025 was piloting commercial real estate REITs covering offices, malls, hotels and mixed-use complexes.
Vietnam's experience is far more modest. Techcom Capital launched the Techcom Vietnam Real Estate Investment Fund (TCREIT) with an initial projected capital of VND 50 billion in December 2015; it was established and raised capital in 2016 and later listed under the ticker FUCVREIT. According to Techcom Capital's October 2026 investment activity report, published November 6, total assets reached about VND 45.3 billion with 373 investors. Roughly 76.08% of assets are invested in listed stocks, mainly real estate developers including Kinh Bac, Nam Long, Vinhomes and Khang Dien, with the balance in bank deposits. The fund holds no directly owned real estate, a sharp contrast with the asset-owning model used in other markets.
The source identifies three bottlenecks: a shortage of income-generating assets with clear legal title, appropriate occupancy and transparent leases; high capital and governance requirements, including independent valuation, asset management and disclosure; and an investor base that must tolerate unit price volatility, rental market risk and limited liquidity.
Policy may ease some constraints. Decision 1413/QD-TTg, dated July 27, approves a comprehensive reform plan for Vietnam's financial market to 2045, calling for a review of overlapping rules in securities, land, housing and real estate business laws to enable new products including real estate investment funds. The plan also encourages long-term fund investment in real estate and infrastructure and proposes exploring long-term insurer investment in REITs during 2028-2029.
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