TAILIEUCHUNG - Baker & McKenzie analyzes the next step for Thai REITs

Global credit squeeze, escalating political tensions and monetary tightening will weigh on economic growth in 2008. From 2006 to 2007, the annual growth rate decreased from to . Slower growth in 2007 was attributable to the strength of the Turkish currency, which hurt the export industry, the delayed effects of monetary tightening in mid-2006 and a drought-related drop in agricultural output. The most significant slowdowns in growth in 2007 were in agriculture, construction and manufacturing. The unfavourable developments in the global economy which began during the second half of 2007 have increased downside risks on domestic and external demand. | Real Estate Investment Trusts Thailand Legal Alert Baker McKenzie analyzes the next step for Thai December 2009 REITs For further information or assistance regarding this Alert please contact The Securities and Exchange Commission of Thailand is currently drafting regulations that would govern the establishment and Bangkok Wittaya Luengsukcharoen Partner Theppachol Kosol Partner management of Thai REITs. This follows its notification that REITs may be established under the current trust laws of Thailand. The proposed REIT regulations are expected to encourage real estate investments. This Alert discusses the main features of the proposed REIT regulations and compares it with the existing regulations governing the Thailand Property Fund for Public Offering. Yours sincerely Roy Melick Chairman - Global Real Estate Group 61 2 8922 5138 For further advice regarding Baker McKenzie s Global REITs practice please contact Addison Braendel Partner Chicago Milton Cheng Partner Hong Kong Roy Melick Partner Sydney Oliver Mesmin Partner Paris The Next Step for Thai REITs Moving Closer and Closer to the Traditional REITs In 2002 Thailand s Securities and Exchange Commission SEC introduced the Thailand Property Fund for Public Offering PFPO . The PFPO was created as a recovery vehicle for distressed property assets resulting from the 1997 financial crisis. It is sometimes referred to as the Thailand Real Estate Investment Trust REIT as it is similar to the REITs used in other markets. However unlike REITs in other markets the PFPO regulations are less flexible. As of 31 August 2009 there are only 25 PFPOs in the Thai market having a Net Asset Value NAV of Baht 73 000 million approximately USD 2 086 million . The SEC has recently issued a notification prescribing that trusts may be .

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