What is a REIT ?

Forbes.com: Market verdict: " A REIT is a group of real estate properties bundled together as a single entity, in which shares are sold, much as a mutual fund is a collection of shares in a number of companies. Both allow investors to own part of a diversified portfolio. In Japan two REITs were listed on the Tokyo stock exchange on Sept. 10, raising $1 billion. Korea and, reportedly, India have shown interest in the idea. Some estimates are for an Asian REIT market of more than $100 billion within a decade. 'Investors will have a new investment vehicle to consider,' says Michael Smith, head of Asian real estate origination for UBS Warburg in Singapore."