The REIT approach continues to gain momentum internationally as three countries ventured further into establishing listed real estate securities markets in late 2005. In November 2005, Malaysia's Securities Commission published guidelines for Islamic REITs, a proactive step on behalf of the country to become a beneficiary of the increasing number of Islamic funds. These guidelines are all permissible under Shariah, or Islamic law. According to the guidelines report, some of the rental or investment activity not permitted includes financial services based on lending, gambling, and hotels and resorts.

Making a big-time impact on the global landscape, the world's largest property trust IPO also hit the market in late 2005. Hong Kong's Link REIT increased its IPO to H.K. $22 billion (U.S. $2.8 billion), following the company's sale of more than 211 million shares for H.K. $10.30 (U.S. $1.32) per share. Since the REIT began trading in late November, its shares have gained 29 percent.

In other global news, the British government is continuing to lay the groundwork for establishing the country's own REIT structure. In the Chancellor's Pre-Budget report, the British government acknowledged its commitment "to taking a flexible approach" to developing REIT investment in the U.K. The report promised draft legislation for inclusion of REITs in the 2006 Finance Bill. According to the report, U.K. property companies publicly listed on a recognized stock exchange will be able to adopt this REIT structure, and those companies that fit the U.K. REIT eligibility criteria will not pay corporation tax on qualifying property rental income nor chargeable gains. Lastly, U.K. REITs will be required to distribute 95 percent of taxable gains to shareholders.