he price carnage mimics the movements seen during the GFC.

The price of S-REITs has dropped 22.4% from its peak in January, in line with the fall of the Straits Times Index (STI), according to DBS Group Research.

This is said to be caused by S-REITs? fund outflows prevailing over fundamentals. ?In our view, it is ?who owns what? that matters for now as a potent mix of fund redemptions and reversal in leveraged positions has resulted in investors heading for the exit in the near term,? said Derek Tan, analyst at DBS Group Research.

Such movements mimic the share price carnage seen during the 2007-2008 Global Financial Crisis (GFC). Looking back, S-REITs plunged by 70.6% in this period, which is similar to the 69.2% retreat for the developers? index of FSTREH ? both underperforming the 57.6% drop in the STI Index. The drop is more gradual and over a longer period of 21 months compared to the STI Index?s 17-month decline.