One of Taiwan's biggest construction companies, Fubon Construction, will launch the country's first REIT this month. In a slightly surprising move, Fubon Securities is arranging the NT$6 billion (US$180 million) deal by itself, without the aid of an appointed foreign structural advisor, although an international law firm - Baker & McKenzie - is providing legal expertise.

Learning from experience in Korea, international banks were well aware their participation in the domestic market was never going to be long-term. Once Taiwanese banks acquired the necessary skills to execute transactions - having worked alongside foreign advisors on the first batch of deals - it was assumed they would start arranging without external help.

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