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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).
The Reality of the Raya Rush
The lead-up to Raya is a whirlwind of grocery runs, deep cleaning, and late nights in the kitchen. By the time the first open house begins, most women have already put in an incredible amount of effort for their families. The quiet moments in between are not just a break. They are earned.
XIXILI’s pajamas are made for those moments. Easy to move in, soft enough to wear through the night, and the kind of pieces that make coming home feel like something to look forward to. Designed to fit a wide range of body types, every woman can find something that feels as good as it looks.
“Raya is everything. The food, the family, the laughter. And at the end of it all, she deserves to rest just as well as she celebrated,” says Tara Tan, Marketing Director at XIXILI.
Comfort That Carries Through the Season
Raya may bring the occasion, but the shift happening in Malaysian wardrobes goes further than that. Women are increasingly treating sleepwear as a considered part of their self-care, not just something to change into before bed.
“We often talk about the joy of gathering, but we rarely talk about the exhaustion that comes with it,” Tara Tan adds. “Our goal for Raya 2026 is to ensure that when the last guest leaves, every woman has a high-quality piece of loungewear to retreat into. It is about honouring the work she does by giving her the rest she deserves.”
Quality loungewear for the wind-down, the slow morning, and every quiet moment in between has become one of the most considered purchases a woman makes this season.
Made to Be Worn, Not Just Owned
Good sleepwear should not sit tucked away at the back of a drawer. It should be the first thing she reaches for at the end of a long day, worn in and looked forward to. XIXILI’s range is built for exactly that, styles that settle naturally into her routine and carry her well beyond the festive season.
The full sleepwear collection is available online and at XIXILI boutiques nationwide. To shop the range, visit www.xixili-intimates.com.Hashtag: #XIXILI
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About XIXILI
A homegrown Malaysian brand, XIXILI offers beautiful fashion lingerie and shapewear in Malaysia that prioritises fit and comfort. With an extensive range of bra sizes from A to I and bands 65 to 110cm, XIXILI caters to women of all shapes and sizes. Expert fitters are dedicated to helping each customer find the perfect bra, boosting confidence and enhancing silhouettes.
XIXILI became the first Malaysian lingerie brand to introduce a Try-On in 3D avatar tool, allowing customers to virtually try on XIXILI lingerie using a 3D avatar tailored to their specific body type and measurements. Whether for everyday wear or something special, XIXILI ensures women always look and feel amazing.
Specifically, in addition to the existing incentives currently available, customers who switch from old gasoline vehicles to new VinFast electric vehicles during the program period will receive an additional 3% discount for cars and 5% discount for scooters. The program will be applied across all four markets: Vietnam, India, Indonesia, and the Philippines.
In line with VinFast’s pioneering spirit, GSM Green and Smart Mobility Joint Stock Company has also announced an immediate 10% reduction in fares for electric mobility services on the Xanh SM platform in Vietnam and Green SM in Indonesia from March 11 to March 31, 2026. This initiative offers customers a more environmentally-friendly and cost-effective transportation option.
The program may be extended depending on international developments and future fuel price movements.
Ms. Duong Thi Thu Trang, Deputy CEO of Global Sales, VinFast, stated: “The special ‘Trade Gas for Electric’ program launched in March across four key markets is VinFast’s timely response to geopolitical volatility that is affecting socio-economic conditions in many countries around the world. As one of the pioneering manufacturers leading the global electric vehicle revolution, VinFast together with companies in Vingroup’s green ecosystem aims to help reduce the impact of fuel prices on people’s daily lives while also lowering environmental pollution through smarter, more sustainable, and more cost-efficient mobility solutions.”
The special “Trade Gas for Electric” program will be implemented in parallel with and combined with other available incentive programs in each market. Through layered incentives, Vingroup and companies within its ecosystem aim to create favorable conditions for customers to transition quickly to electric vehicles, reduce dependence on gasoline, stabilize daily life, and contribute to building a cleaner and more civilized living environment.
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Singapore University of Social Sciences Expands Regional Footprint in China with Launch of Success Academy in Chongqing
New Academy and Shenyang satellite office strengthen SUSS’ visibility and partnerships across Western and Northeast China.
CHONGQING, CHINA – Media OutReach Newswire – 10 March 2026 – The Singapore University of Social Sciences (SUSS) today launched the SUSS Success Academy in Chongqing in collaboration with Raffles Young Academy (RYA) Pte Ltd and announced the establishment of a satellite office in Shenyang. Building on its Success Academies in Beijing and Shenzhen, the Academy strengthens SUSS’ presence in China and supports its growing engagement across Western and Northeast China.
The launch was commemorated with an opening ceremony at the CCI Gallery, attended by close to 70 guests from China and Singapore, including representatives from institutions of higher learning, and industry and community partners. The ceremony was presided by Vice-Consul (Political) Ms. Mavis Tan, Consulate-General of the Republic of Singapore, Chengdu and Mr. Li Xunfu, Deputy Director of Chongqing Municipal Commission of Commerce.
Success Academy to connect partners from Singapore and China
Anchored in SUSS’ commitment to lifelong learning and creating social impact, the Academy will serve as a key nexus for academic and industry partners from both countries. Through cross-cultural collaboration and practice-oriented learning, it also aims to develop future-ready talent equipped to contribute meaningfully to society and the economy.
RYA is an education and talent development organisation aimed at nurturing future-ready talent through industry-oriented learning and international exposure. RYA will bring its networks and local expertise to support and enhance the Academy’s initiatives.
Through the Academy, SUSS will provide opportunities for students from SUSS and other Singapore pre-tertiary and tertiary institutions to co-learn and co-innovate with peers in China. These include interdisciplinary global learning courses, impact startup and venture builder programmes, industry-based immersions and student exchanges. SUSS students will also gain regional exposure through internships and other workplace learning opportunities. In addition, the Academy will support SUSS in working with universities and organisations in China to jointly design and deliver industry-relevant courses and programmes for students and executives.
Extending engagement into Northeast China with Shenyang satellite office
To further deepen its engagement in Northeast China, SUSS will launch a satellite office in Shenyang on 11 March 2026 under the Success Academy in Chongqing. This office will support SUSS’ initiatives in Liaoning Province and surrounding areas, including Dalian. In addition, three Memoranda of Understanding (MOU) will be signed with the following organisations:
- Shenyang University of Chemical Technology (SYUCT): Collaborative development of a Master’s degree programme in Social Work, fostering cross-border knowledge exchange, curriculum innovation, and talent development to address evolving social service needs.
- North-East Institute of Population and Social Development: Joint research endeavours, professional development programmes, and meaningful academia-industry partnerships to generate evidence-based solutions, build capabilities, and promote active ageing ecosystems that benefit individuals and communities.
Professor Tan Tai Yong, President of SUSS, said, “China is an important partner for SUSS as we expand opportunities for our students and strengthen collaboration across Asia. The launch of the Success Academy in Chongqing allows us to work more closely with universities, industry and community partners in Western and Northeast China, and to deliver applied, practice-oriented education that responds to real-world needs. Our partnership with Raffles Young Academy reflects our shared commitment to developing future-ready talent and supporting professional growth across the region.”
Mr. Samuel Ng, Executive Chairman, RYA, said, “Our collaboration with the Singapore University of Social Sciences reflects a shared belief in applied, practice-oriented education and in preparing students and enterprises to navigate an increasingly complex and interconnected world. Chongqing’s strategic position as a gateway to Western China and a hub for industry and connectivity makes it an ideal location for immersive, industry-linked education. This partnership represents a long-term commitment to building enduring bridges between students and industry, between academia and practice, and between Singapore and China.”
The launch of the Success Academy in Chongqing is part of SUSS’ broader expansion across Asia. Since 2023, SUSS has established Success Academies in Beijing, Shenzhen, Ho Chi Minh City Bangkok, Kuala Lumpur, Jakarta, Manila and Mumbai.
For more information, visit www.suss.edu.sg/success-academy.
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