Singapore Simplifies REIT Leverage Rules for Growth Flexibility
Singapore Simplifies REIT Leverage Rules for Growth Flexibility
Wong emphasised that this move will also help align Singapore with other major REIT markets in the Asia Pacific region, such as Japan, Australia, and Hong Kong, where similar leverage limits do not exist or are more relaxed. "Relaxing the leverage requirements also aligns Singapore with other REIT markets in Asia Pacific and allows it to be more competitive," Wong said.New leverage requirements align Singapore REITs with APAC markets.
新的槓桿要求將使新加坡的信託行業與亞太區的市場保持一致。
The Monetary Authority of Singapore (MAS) has proposed a minimum interest coverage ratio (ICR) of 1.5 times and a simplified aggregate leverage limit of 50% for all Singapore REITs (S-REITs). Currently, the 2.5 times ICR only applies to S-REITs seeking to increase their leverage from 45% to 50%.
新加坡金融管理局（MAS）提議爲所有新加坡信託行業（S-REITs）設置最低利息覆蓋比率（ICR）爲1.5倍，以及簡化的總槓桿限制爲50%。目前，2.5倍的ICR僅適用於尋求將槓桿從45%增加到50%的S-REITs。
Wong Xian Yang, Head of Research Singapore and Southeast Asia at Cushman & Wakefield, noted that the proposed changes aim to simplify the leverage requirements while maintaining financial discipline within the sector.
紅杉（Cushman & Wakefield）新加坡與東南亞研究部門主任黃顯陽指出，提議的改變旨在簡化槓桿要求，同時保持行業內的財務紀律。
Wong emphasised that this move will also help align Singapore with other major REIT markets in the Asia Pacific region, such as Japan, Australia, and Hong Kong, where similar leverage limits do not exist or are more relaxed. "Relaxing the leverage requirements also aligns Singapore with other REIT markets in Asia Pacific and allows it to be more competitive," Wong said.
黃強調，此舉還將有助於將新加坡與亞太地區的其他主要信託市場（如日本、澳洲和香港）保持一致，在這些市場中，類似的槓桿限制要麼不存在，要麼更爲寬鬆。黃說：「放寬槓桿要求還使新加坡與亞太地區的其他信託市場保持一致，並使其更具競爭力。」
The current average gearing for Singapore REITs is approximately 39%, which is below the existing leverage limit. Wong highlighted that the proposed relaxation should ultimately lead to higher gearing levels, enabling REITs to pursue more growth opportunities.
新加坡信託行業目前的平均資產負債率約爲39%，低於現有的槓桿限制。黃強調，提議的放寬應最終導致更高的槓桿水平，使信託能夠追求更多的增長機會。
With the proposed ICR requirement, Wong advised that REITs prepare by conducting and disclosing sensitivity analyses on the impact of changes in earnings and interest rates on their ICR. "MAS has proposed that REITs conduct and disclose sensitivity analysis on the impact of changes for earnings and interest rates on the ICR, and this should be communicated clearly to investors during the financial reporting," he mentioned.
針對提議的ICR要求，黃建議信託應進行和披露對收益和利率變化對其ICR的影響的敏感性分析。他提到：「MAS已提議信託對收益和利率變化對ICR的影響進行敏感性分析並進行披露，並應在財務報告中向投資者清楚地傳達此信息。」
Despite the upcoming changes, Wong believes that Singapore REITs are well-positioned to adapt and thrive. He also noted that the average ICR for S-REITs is currently above three times, which indicates a strong financial footing for the sector.
儘管即將出台的變化，黃相信新加坡信託行業已做好了適應和發展的準備。他還指出，S-REITs的平均ICR目前超過3倍，這表明該行業具有強大的財務基礎。
"In general, I think the proposed changes is a positive step for Singapore REITs, and will allow them to grow asset talent management. They also have more flexibility in a capital structure and will be more competitive with the other REIT markets in the region," Wong concluded.
黃總結道：「總體而言，我認爲提議的改變對新加坡信託行業來說是一個積極的步驟，將使其能夠實現資產才能管理增長。他們在資本結構方面也具有更大的靈活性，並且將在該地區的其他信託市場上更具競爭力。」
譯文內容由第三人軟體翻譯。