The Financial Supervisory Commission plans to ease regulations to allow the securities investment trust sector to launch and manage real-estate investment trusts (REITs), it said on Thursday.
Under current rules, only trust companies are allowed to collect money from investors to launch and manage REIT, of which there are seven listed in Taiwan, with average yields of less than 3 percent in the past three years, Securities and Futures Bureau Deputy Director-General Tsai Li-ling (蔡麗玲) told a news conference in New Taipei City.
That was lower than the average yields of REITs listed in other regions, such as 6.2 percent in Singapore, 6 percent in Hong Kong, 5 percent in the US and 3.5 percent in Japan, according to data compiled by Bloomberg in February.
Critics have blamed the slow REIT activity in Taiwan on trust companies’ conservative stance toward real-estate investments and their preference for stable incomes.
“Although we do not completely agree with critics, we heard their opinions ... we are considering amending the Securities Investment Trust and Consulting Act (投信投顧法) to allow the securities investment trust sector to launch and manage REITs,” Tsai said.
Not all firms in the sector could apply to launch the funds, as they are required to apply for a specific license, Tsai said, adding that property management firms could also apply if they meet the criteria, which have not been finalized.
The commission would propose draft amendments to the act by the end of this year after receiving feedback through planned public hearings, she said.
As the licensed firms could launch REITs and manage the properties of funds, they are expected to be more proactive than trust companies, which usually appoint other firms to manage the properties, she added.
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