Ponzi I believe. Truth be told people are making money from Ponzi. 

Reit generally generated about 6-7% yield but due to infavourable tax structured on the income distribution, it is not that popular here. (local being taxed at 15% while foreigner 20%).

So if a reit yield 6% but after tax left only 5.1% which is only slightly above FD rate, that's why reit is not so attractive here. Overseas like Singapore, the reit income is tax free (for 5 years or something like that,not sure) while others also being taxed at a much lower rate.
That's also why most of the reit traded at below IPO offer price due to lack of interest especially from foreign investors.

If gov gave tax exemption on reit, definitely this industry will have much better future.