Data-Center REIT Push (Philippines): PLDT filed with the SEC to list a Vitro data-center REIT that could raise up to P24.2B, selling shares at up to P11 and targeting eight operational sites totaling about 24MW. AML & Property Finance Risk (Nepal/China): Nepal remains on FATF’s grey list after weak anti-money laundering progress, while China signals tighter enforcement on virtual-currency laundering and cross-border financial crime—both themes that can reshape how capital flows into real estate. Climate Risk for Listed Real Estate (Global): Measurabl and CRREM launched a company-level dataset to track climate transition risk across major listed real estate indexes, aiming to improve how investors price decarbonization exposure. Hospitality Development (Global): Hotel operators warn that post-recovery growth is still constrained by higher costs, pushing owners toward smarter brand and ROI strategies rather than pure expansion. Construction Safety (India): A Lucknow commercial fire exposed serious safety and exit failures, triggering arrests and suspensions—another reminder that compliance is now a real estate risk factor. Industrial Build-to-Suit (US/Sweid & Sweid): Sweid & Sweid announced a 390,000 sq ft build-to-suit battery-separator facility in Virginia for Microporous, highlighting continued demand for tailored industrial real estate. Housing Market Pressure (Australia): Auction clearance rates fell to the weakest since April 2020, with sellers shifting tactics as higher rates and tax uncertainty weigh on demand. REIT/Capital Markets Watch (New Zealand): NZ’s market dipped as rate-sensitive names rose on easing swap rates, while broader Asia sentiment stayed cautious amid AI spending worries.