MUNICH - Housing is to be removed from Germany's draft legislation for real estate investment trusts (REITs), German junior finance minister Axel Nawrath announced on Monday. In removing residential REITs from the draft legislation, the finance minister Peer Steinbrueck is bowing to massive resistance within his Social Democrats (SPD) party. Construction minister Wolfgang Tiefensee (also SPD) informed Steinbrueck in a letter last week that he would not be able to approve the draft in its current form.
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