The Philippines waited a decade for its first REIT IPO, but brokers discovered last week that they may need more time before they can actually trade the securities. When shares of AREIT, previously known as AyalaLand REIT, started changing hands on Thursday, some brokers found that they could not buy and sell the securities on behalf of clients, unaware a special licence was required to participate in the new market. The lack of retail orders as a result of the licence snafu contributed to a 7.8% fall in the shares on their debut.
展开▼
