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Cushman & Wakefield: China Leads REIT Market Expansion in Asia while India’s REIT Market Demonstrates Robust Growth
- Chinese mainland REIT market joined the top three largest REIT markets in Asia for the first time with an 85% increase in market value in 2024
- India’s office REIT market attracted considerable leasing demand from global capability centres
- Data centre and hospitality REITs gained strong investor interest in Japan and Singapore
HONG KONG SAR – Media OutReach Newswire – 17 July 2025 – China and India’s Real Estate Investment Trust (REIT) markets showed robust growth in 2024 and are expected to continue to attract strong investor interest this year, according to Cushman & Wakefield’s Asia REIT Market Insight 2024-2025. The annual report revealed that the Chinese mainland REIT (C-REIT) market achieved a remarkable 85% increase in market value at the end of 2024, surpassing Hong Kong and becoming one of the region’s top three REIT markets. In the same period, India’s REIT market demonstrated robust growth in the office sector, driven by strong leasing demand for institutional-grade office space. Meanwhile, mature markets such as Japan, Singapore and Hong Kong moved toward stabilization, underlining their long-term resilience.
Catherine Chen, Director, Investor Client Intelligence & Insights, Asia Pacific at Cushman & Wakefield said, “The unprecedented growth in the C-REIT market highlights its role as a critical driver of regional expansion, while India’s performance emphasizes the growing strength of the country’s institutional-grade real estate. These markets continue to create new and exciting opportunities for investors targeting Asia.”
Cushman & Wakefield’s data showed a total of 263 active REIT products in the Asia market as of December 31, 2024, with a combined market value of US$235.8 billion, reflecting a year-on-year decline of 6.5%. The contraction was primarily driven by declines in the U.S. dollar values of the Japan, Singapore and Hong Kong markets due to the widespread softening in REIT stock prices and unfavorable exchange rate movements. Amid these declines, the Chinese mainland REIT market emerged as a bright spot, posting an impressive 85% year-on-year rise in market value, attributable to new REIT product issuances and strong investor demand for infrastructure-backed assets.
In the mature markets, Japanese REITs experienced significant gains in dividend yield, led by stock price moderation and asset performance improvements, particularly among hotel REITs, which benefited from inbound tourism. In Singapore, positive total returns were observed across multiple property types in 2024, including data centres at 9.7%, and healthcare at 6.9%. Elsewhere in Asia, Thailand demonstrated robust performance with a 41% increase in market value, marking it as the second-highest growth market in the region. The Philippines, Malaysia and India reported increases of 37%, 21% and 13% respectively, supported by their favorable economic fundamentals and attractive real estate sectors.
Total Market Value of Active REITs on Major Asia Exchanges (December 2024)
| Market | Number of REITs | Market Value (USD billion) | Market Share (%) |
| Japan | 57 | 90.8 | 38.5 |
| Singapore | 39 | 67.4 | 28.6 |
| Chinese Mainland | 58 | 21.4 | 9.1 |
| Hong Kong, China | 11 | 16.1 | 6.8 |
| India | 4 | 11.0 | 4.6 |
| Thailand | 38 | 8.3 | 3.5 |
| Malaysia | 18 | 7.7 | 3.2 |
| The Philippines | 8 | 5.8 | 2.5 |
| South Korea | 24 | 5.3 | 2.3 |
| Taiwan, China | 6 | 21.0 | 0.9 |
| Total | 263 | 235.8 | 100 |
Source: Bloomberg database, compiled by Cushman & Wakefield Valuation & Advisory Services
Expansion of C-REIT market
The year 2024 saw a breakthrough in C-REIT issuance with 29 new REIT products, including 19 real estate-backed REITs. This represented the highest annual issuance recorded to date. Among product categories, consumer infrastructure REITs led the issuance count with seven new listings, followed by industrial park REITs with six launches. Heading into 2025, the market has maintained its robust trajectory with six REITs launched in Q1, including five real estate-backed products. As of March 31, 2025, a total of 64 public infrastructure REITs were listed in the Chinese mainland, marking a significant period of growth in the market.
Chris Yang, Senior Director, Head of REITs Practice Group, China, at Cushman & Wakefield said, “The C-REIT market has achieved a historic milestone in 2024, in both market value expansion and new product issuance. This surge reflects both greater investor confidence in infrastructure-backed REITs and the success of new issuances in retail and industrial REITs. Looking ahead, we anticipate further diversification and expansion as regulatory frameworks evolve to attract both domestic and international investors.”
Global capability centres drive leasing demand for India office REITs
India’s office asset REITs have attracted a considerable share of demand from global capability centres (GCCs), which is an important growth driver for India’s office markets. At a Pan-India level, GCCs have accounted for 28%–29% of gross leasing volume on average over the last four quarters up to Q1 2025. In contrast, REIT landlords were able to achieve a much higher share, at 40%–60% of total leasing demand from GCC firms, rendering institutionally owned assets the preferred choice for many multinational occupiers.
Somy Thomas, Executive Managing Director, Valuations and Co- Head, Capital Markets, India at Cushman & Wakefield commented, “India’s REIT market continues to carve a strong trajectory, with exceptional growth seen across the office sector. Multinational companies, especially GCCs have driven record leasing activity, which now accounts for a significant share of the nation’s Grade A office stock. There has also been a growing preference among occupiers for premium grade assets, thereby significantly benefiting REITs. All three office REITs in India achieved occupancy rates close to 90% at the end of Q1 2025.”
A fourth office REIT in India is expected to make its listing debut by the end of the calendar year 2025. With 48 million sq ft of Pan-India Grade A office space (37 million sq ft operational and 11 million sq ft under development), Knowledge Realty Trust, which is backed by Blackstone and Sattva Developers is expected to become one of the largest real estate investment trusts listed in India.
Looking Ahead
The Asia REIT market is poised for continued evolution as it navigates the dual forces of mature market stabilization and emerging market expansion. “We expect the mature markets of Japan, Singapore and Hong Kong to focus on enhancing operational efficiencies while grappling with the challenges posed by global monetary policy shifts. On the other hand, emerging markets, particularly the Chinese mainland, India and Thailand are expected to continue to grow, bolstered by strong economic fundamentals and supportive regulatory frameworks”, noted Catherine Chen.
Cushman & Wakefield’s report also noted that data centre and hospitality REITs are expected to remain highly visible on investors’ radar, driven by AI advancements and recovery in the tourism sector respectively. Additionally, M&A activity is likely to pick up as players seek scale and diversification to better weather market fluctuations.
Please click here to download the report.
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Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2024, the firm reported revenue of $9.4 billion across its core services of Valuation, Consulting, Project & Development Services, Capital Markets, Project & Occupier Services, Industrial & Logistics, Retail, and others. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (
https://www.linkedin.com/company/cushman-&-wakefield-greater-china).
Media OutReach
TAT partners with Lalisa ‘LISA’ Manobal, Amazing Thailand Ambassador, to invite Tourists to discover the Multitude of Feelings upon travelling in Thailand, unveiling the New TVC “Feel All The Feelings”
Reinforcing Thailand’s position as a trusted, high-quality destination through emotion-driven storytelling
BANGKOK, THAILAND –
The film sets to entice tourists to experience and discover the multitude of feelings to be gained from travelling in Thailand, including happiness, serenity, excitement, challenge, and warmth, to establish Thailand as a valuable and unforgettable travel destination.
Ms Thapanee Kiatphaibool, Governor of the TAT, revealed, “This year, the TAT remains committed to reinforcing Thailand’s image through the ‘Trusted Thailand’ strategy to warmly welcome tourists, while continuing its push to establish Thailand as a ‘Quality Leisure Destination.’ This is to build confidence among tourists who want to create valuable, unforgettable memories at every step of their journey. Recently, we launched the ‘Feel All The Feelings’ campaign, building widespread communication and awareness across various channels. We are kicking off the year with a new commercial featuring ‘Lalisa LISA Manobal’ as the Amazing Thailand Ambassador, who will showcase Thailand’s tourist attractions and the feelings evoked on each visit. The campaign aims to ‘enhance quality’ while distributing revenue and tourists to new potential areas. TAT cordially invites all Thais to be ‘good hosts’ and share memorable Thai travel experiences.
TVC ‘Feel All The Feelings‘ by TAT portrays unseen attractions and diverse emotions awaiting tourists to discover and experience in Thailand. The story’s inception was inspired by tourists’ desire to seek a range of experiences that fulfil them emotionally and spiritually, helping them ‘Feel Alive’ again. TAT is confident that Thailand can be the answer and add vivid hues to tourists’ lives, as we are a land of diversity, colour, and vitality, ready to offer an exceptional experience for visitors to feel every emotion, from happiness, serenity, excitement, and challenge, to the warmth of smiles and hospitality, the intriguing mystery of new places, and the wonder of unseen locations. We believe that every area and every journey in Thailand will not only create impressive memories but also deliver ‘feelings’ that greatly enrich the travel experience.”
In this ad, Lalisa ‘LISA’ Manobal, in her role as the Amazing Thailand Ambassador, invites everyone to experience the ‘feelings within Thailand’. LISA is often asked, “What does Thailand feel like?” and she reveals the feelings she experiences while resting and recharging in Thailand in the commercial, through every emotion, every feeling, and every rhythm of Thailand’s beauty, which is unlike anywhere else in the world. The production also features renowned stars and actors such as Win – Metawin Opas–iamkajorn, Gulf – Kanawut Traipipattanapong, and Blue – Pongtiwat Tangwancharoen, who join the journey and convey these feelings together.
The TVC showcases beautiful locations nationwide, starting with the captivating beauty of the Lanna Candle Ceremony (Phang Prateep) at Wat Chedi Luang in Chiang Mai province, followed by a spectacular view of the ‘floating pagodas’ in Lampang province. Viewers can marvel at the sea of mist at Phu Langka in Phayao province. The ads also features attractions in other regions to show that, wherever you are, there is always something to discover. Examples include experiencing the beauty of the first light of dawn at Wat Arun in Bangkok, the splendour of the Red Lotus Sea in Udon Thani province, or experiencing the sound of the cascading waters of
Thi Lo Su Waterfall in Tak province.
Furthermore, the “Feel All the Feelings“ campaign aims is to shift tourists from popular landmarks to hidden-gem destinations, increasing the quality of their spending and the value per trip, in line with the “Value over Volume” strategy.
Join “LISA“ on her journey as the Amazing Thailand Ambassador and discover feelings awaiting tourists in Thailand with the “Feel All The Feelings“ campaign. The “Feel All The Feelings“ TVC is currently available at official Amazing Thailand channels:
Youtube: https://youtu.be/wDMv1KujSGc
X (@AmazingThailand) : https://x.com/AmazingThailand/status/2016507144783487483?s=20
Facebook: https://web.facebook.com/share/v/14RnwfmwTTW/
Instagram: https://www.instagram.com/reel/DUDnoOziPCp/?utm_source=ig_web_copy_link&igsh=MzRlODBiNWFlZA==
TikTok: https://www.tiktok.com/@amazingthailand/video/7600405546558131476
Contact Information
International Public Relations Division
Tourism Authority of Thailand
Tel: +66 (0) 2250 5500 ext. 4545-48
Fax: +66 (0) 2250 0246
E-mail: [email protected]
Website: www.tatnews.org
Media contacts:
- Khianthong Ngernphum (Thonghom) PR Executive, VERVE Public Relations | E-mail: [email protected] | Tel: +66 80 561 9511
- Jirachaya Jaiyen (Linda) Senior PR Executive, VERVE Public Relations | E-mail: [email protected] | Tel: +66 94 876 4938
Hashtag: #AmazingThailand #AmazingThailandAmbassador #AmazingThailandxLISA #FeelAllTheFeelings #FeelAllTheFeelings_TVC
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The Group was also ranked third in Thailand under the international “Best Place to Work in Thailand 2025” certification, reinforcing ONYX’s commitment to sustainable people management and a strong corporate culture.
BANGKOK, THAILAND – Media OuReach Newswire – 30 January 2026 – ONYX Hospitality Group has been recognised as the seventh Best Place to Work in the Asia-Pacific region for 2025, awarded by Best Places to Work, an internationally recognised organisation specialising in workplace assessment and employee experience benchmarking. The recognition reflects the Group’s people-centric workplace practices and a culture that places equal emphasis on employee development and service excellence, and is further reinforced by ONYX’s third-place ranking in Thailand under the “Best Place to Work in Thailand 2025” certification, highlighting the Group’s long-standing focus on sustainable people management and a strong, values-driven corporate culture.
With a diverse portfolio spanning hotels, resorts, serviced apartments, and luxury residences under well-established brands including Amari, OZO, Shama, and Oriental Residence, ONYX Hospitality Group continues to strengthen its position across key strategic markets in the region. As the Group approaches its 60th anniversary in 2026, these accolades further highlight ONYX’s long-standing commitment to building a resilient organisation powered by engaged and capable people.
The “Best Places to Work” certification is an internationally recognised programme that benchmarks organisational excellence in human resource practices and employee engagement. Certification is awarded through a comprehensive evaluation covering employee engagement, employee experience, and the effectiveness of HR policies and practices. In this year’s assessment, ONYX Hospitality Group demonstrated strong performance across multiple dimensions, including a supportive work environment, an open and inclusive corporate culture, and a people development strategy closely aligned with the Group’s regional business direction.
One of the key pillars supporting ONYX’s evolution as a trusted workplace is ONYX Academy, the Group’s comprehensive learning and development institute. ONYX Academy delivers structured programmes spanning foundational skills training, advanced role-specific competency development, and clearly defined career pathways for employees at all levels. By prioritising both future-ready capabilities and practical, applicable skills, the Academy equips team members for sustainable personal and professional growth.
The effectiveness of ONYX Academy has also been recognised at an industry level through multiple honours at the EXA: Employee Experience Awards 2025, including awards for the General Manager Development Programme (GM Track), the NextYou Initiative, the HR Leadership Enhancement Programme, and the Group’s ESG initiatives. These accolades further underscore ONYX Hospitality Group’s long-term and focused commitment to meaningful employee development.
Alongside capability building, ONYX Hospitality Group continues to foster a corporate culture rooted in openness and dynamism, encouraging employees to think creatively, experiment, and contribute new ideas. The Group actively supports agility and adaptability by creating space for diverse voices across the organisation. Employee well-being is also prioritised through the ONYX Cares programme, which holistically supports physical and mental health, relationships, and team engagement—contributing to a work environment that nurtures both individual fulfilment and organisational growth.
Saranya Watanasirisuk, Senior Vice President, Corporate Human Resources, commented: “At ONYX Hospitality Group, we believes that our people are the foundation for delivering exceptional experiences and service. Our success in human resource management is driven by strong leadership support at every level, enabling employees to grow across all dimensions. This commitment spans from recruitment and holistic learning systems to cultivating an environment that encourages creativity, experimentation, and the full expression of individual potential. These efforts have positioned ONYX not only as an employer of choice, but also as an organisation trusted by partners and guests alike.”
Receiving the “Best Place to Work” Certification at both national and regional levels marks another significant milestone for ONYX Hospitality Group. The achievement reinforces its commitment not only to being a regional leader in hospitality management, but also to being an organisation that genuinely values its people.
Looking ahead, ONYX remains dedicated to continuously enhancing the workplace environment and delivering meaningful employee experiences that support long-term growth and sustained competitiveness.
For more information about ONYX Hospitality Group, please visit www.onyx-hospitality.com.
Hashtag: #ONYXHospitalityGroup
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The issuer is solely responsible for the content of this announcement.
About ONYX Hospitality Group:
ONYX Hospitality Group, a reputable force in Southeast Asia’s hospitality industry, operates a collection of comprehensive yet complementary brands – Amari, OZO, Shama and Oriental Residence – catering to the distinctive needs of discerning business and leisure travellers in Southeast Asia where their expertise lies. In addition to its brand portfolio, ONYX Hospitality Group also operates additional hospitality services across spa and food and beverage. With over five decades of management experience, the company extends its innovative solutions throughout the region, upholding internationally recognised standards and ensuring optimal operational manoeuvrability. By fostering enduring relationships with like-minded business partners, ONYX Hospitality Group delivers unparalleled experiences in a dynamic and competitive market, meeting the ever-evolving demands of travellers.
More information: 
www.onyx-hospitality.com
Media OutReach
SCOPE’s Ultra-Luxury Residential Performance Underscores Strong Investor Confidence in Thailand’s Prime Market
Despite global headwinds including escalating trade disputes, rising commodity prices, and shifting monetary policies, Thailand’s prime residential market remains structurally strong. Bangkok, in particular, continues to attract foreign buyers seeking long-term residential assets that combine lifestyle quality with capital stability. Demand in this segment has been driven less by short-term speculation, and more by purchasers prioritizing quality, identity, and long-term livability.
Commenting on the market outlook, Mr. Yongyutt Chaipromprasith, Chief Executive Officer of SCOPE Company Limited, said: “Thailand offers exceptional value when compared with global cities, not only in pricing but also in quality of life, project standards, and long-term livability. Many international investors view Thai ultra-luxury residences as a safe haven asset, supported by competitive rental yields, lower holding costs, and a lifestyle proposition that few markets can replicate.”
Among its flagship developments, SCOPE Langsuan recorded over 90% sales completion within 2025, reflecting strong demand from discerning buyers. The project’s success highlights a clear shift in buyer behavior: ultra-luxury purchasers are increasingly focused on authenticity, design integrity, and long-term residential value rather than speculative gains.
Central to this appeal is SCOPE’s collaboration with internationally acclaimed designer Thomas Juul-Hansen, whose portfolio includes prominent residential development in New York, notably along the iconic “Millionaire’s Row.” By engaging designers of this caliber, SCOPE reinforces its role as a developer of globally competitive, non-replicable residential projects, rather than locally derivative offerings.
This approach further emphasizes the “value for money” proposition of Thailand’s luxury market. Achieving equivalent design pedigree and spatial quality in global financial capitals would require significantly higher development and acquisition costs.
This philosophy guides every stage of development — from spatial planning and material selection to service design and community environments — ensuring that residences are built to support genuine, long-term living.
From curated common spaces designed as well-being hubs, to personalized residential services and collaborations with world-class architects and designers, SCOPE aims to establish new benchmarks for service-driven, timeless luxury in Thailand’s residential market. This evolution reflects a broader industry shift from competing on physical specifications alone to competing on holistic living experiences.
Looking ahead, Thailand’s ultra-luxury real estate market is transitioning from price-based competition toward differentiation driven by design excellence, development standards, service quality, and long-term livability. This shift strengthens the country’s positioning on the global stage and reinforces ultra-luxury residential assets as stable, long-term investments amid ongoing global uncertainty.
Hashtag: #Scope #Scopecollection
https://scopecollection.com/
https://www.facebook.com/scopecollection?locale=th_TH
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