Asia REIT Market Value Grows 18 Percent as Chinese Mainland Drives New Listings and India Becomes Region’s Fourth-Largest Market
Gurugram, September 21, 2026: The Asia Real Estate Investment Trust (REIT) market entered a new phase of expansion between 2025 and 2026, with the Chinese mainland and India emerging as the principal engines of regional growth, according to Cushman & Wakefield’s Asia REIT Market Insight 2025–2026 report.
The annual report showed that 289 active REIT products in Asia reached a combined market value of US$279.4 billion as of March 31, 2026, up 18% from the end of 2024. Mature markets such as Japan, Singapore, and Hong Kong stabilized and recovered moderately, while emerging markets in the Chinese mainland and India gained momentum through new product issuance, expanded asset classes, and deeper institutional participation.
Japan led the region with 58 REITs valued at US101.4billion(3676.7 billion (27%), and the Chinese mainland with 79 REITs worth US32.1billion(1117.7 billion (6%), surpassing Hong Kong, which held 11 REITs valued at US$17.4 billion (6%). Malaysia, Thailand, the Philippines, South Korea, and Taiwan made up the remaining regional share.
The Chinese mainland contributed 21 of the 27 new REIT listings in Asia between late 2024 and March 2026. Growth was further supported by the launch of a commercial real estate REIT pilot program in late 2025, expanding eligible assets to offices, shopping malls, hotels, outlets, and mixed-use properties.
“The Chinese mainland REIT market is moving into a more sophisticated phase,” said Andrew Chan, Managing Director, Head of Valuation & Advisory Services, Greater China, at Cushman & Wakefield. “Regularised infrastructure REIT issuance has established scale and investor familiarity, while the commercial real estate REIT pilot programme introduces a powerful second growth pillar. By opening the market to a wider range of income-producing properties, the new framework can support asset revitalisation and optimise capital, but long-term performance will increasingly depend on asset quality, operating capability, and ESG credentials.”
India’s REIT market value grew 62% from end-2024 to March 2026, driven by new listings such as Knowledge Realty Trust and Bagmane Prime Office REIT, which added 53.7 million square feet of space.
“India’s REIT market has reached an important inflection point, with larger listed portfolios, strong occupancies and a healthy development pipeline reinforcing its institutional depth,” said Somy Thomas, Executive Managing Director, Capital Markets, India, at Cushman & Wakefield. “Demand from multinational companies and GCCs continues to favour high-quality, professionally managed office assets, while recent regulatory measures are widening the investor base and improving access to financing. Together, these developments create a stronger foundation for continuous REIT portfolio growth and market liquidity.”
Established markets also expanded, with Japan, Singapore, and Hong Kong recording market value growth of 12%, 14%, and 8%, respectively.
“Looking ahead, we expect the Chinese mainland and India REIT markets to remain the region’s key growth engines, while established markets focus on operating efficiency, capital structure and selective portfolio expansion,” said Catherine Chen, Research Director, Asia Pacific, at Cushman & Wakefield. “The opportunity set is becoming broader, while investors will be increasingly discerning about income resilience, operational efficiency, ESG performance and the ability of managers to create value through active asset management.”\
