Parkway Life Reit – Despite having the capacity to do so, the manager of Parkway Life Reit said it will not be aggressive in acquisitions this year as it believes that commercial property prices will come down further. 'If we wait out a bit longer, we will potentially be able to have a more opportunistic buy at a more objective valuation, as well as more objective yield,' said Yong Yean Chau, the newly appointed chief executive of Parkway Trust Management, the Reit's manager.

Revealing the strategy at its fourth-quarter results briefing yesterday, Mr Yong also said that acquisition targets are likely to be narrowed down to those in politically safer countries such as Singapore, Malaysia and Australia. While China remains a core market, the Reit is likely to take a more cautious approach because of legal issues related with property ownership. 'With limited gunpowder right now, we want to be more focused and more targeted rather than hitting everywhere,' Mr Yong added. As of Dec 31, Parkway Life Reit has a net gearing of 23.3 per cent, with a debt headroom of $300 million before reaching its optimal gearing of 40 per cent.