MANILA/TOKYO -- With the novel coronavirus pandemic accelerating office demand in the Philippines instead of shrinking it, Ayala Corp. has set itself up for new commercial developments with the aid of foreign investors.
Ayala-backed AREIT became the first-ever real estate investment trust to list in the Philippines on Aug. 13, after the administration eased regulations on these trusts in January. The country passed a law in 2009 to allow REITs, but none were set up because of onerous regulations. Now, however, REITs are expected to bring a new wave of cash into the Philippine real estate market, since it allows foreigners, who are mostly banned from owning land in the country, to indirectly invest into properties.
