Real estate consultancy Jones Lang LaSalle (JLL) has called on Sri Lanka to review the regulatory framework for Real Estate Investment Trusts (REITs). The report says that REIT investors are not required to disclose their ownership of real estate, and therefore they can be used as a vehicle by corrupt officials who use them to launder money. The trusts were created in the USA in the 1960s, and allow investors to take a diversified stake in real estate.
Real estate consultancy Jones Lang LaSalle (JLL) has called on Sri Lanka to review the regulatory framework for Real Estate Investment Trusts (REITs). Current restrictions on foreign ownership of property are a significant barrier to investment in the country, but JLL has said REITs could provide a solution, allowing property investment without transferring the title of an asset to foreign investors. The trusts were created in the USA in the 1960s, and allow investors to take a diversified stake in real estate.