In February 2021, the Thai Securities and Exchange Commission (the “SEC”) introduced Real Estate Investment Trusts (“REITs”) with buy-back conditions whereby a property owner has an obligation or an option to buy assets back from a REIT. This measure is to support real estate operators who are facing difficulty in relation to the liquidity of their businesses due to the impact of the COVID-19 pandemic. Recently the SEC has permitted a similar mechanism for a REIT that will invest in a leasehold right.