Real estate investment trust (REIT) markets have been rapidly evolving in Asia and the world. The rise in M&A activity has been a notable trend in various REIT markets, as REITs seek to achieve greater scale. M&A activism has also generated ripples in the REIT space. In the infrastructure sector, the ‘One Belt, One Road’ project is expected to stimulate an explosion in demand for infrastructure investment and financing. As Asian REITs and infrastructure funds continue to develop, what can they learn from more mature REIT regimes in the United States and Australia? What challenges and opportunities lie ahead for REIT markets around the world?