This thesis explores the effects of the adoption of US REIT regulations of a listed property market of an emerging country. By looking at the example of South Africa, this paper analyses the outcome of a transition from a local design of publicly listed property regulations to the adoption of the global standard of a REIT structure (modelled after US). By utilizing and event study model, this paper focuses on the returns, abnormal market returns and buy-and-hold abnormal returns of REIT securities that existed before and after the adoption of new regulation over a short and long period horizon. Although not significant, results show a positive relationship associated with the transition of regulation.