@tura - don't let the discussion about taxes scare the f' out of you.
Taxes and death are inevitable and it is just human nature that we remain obscessed about them. (Not saying the discussion is valid or not, but I do think it might unreasonably scare you.)
Also, while I agree with the whole REIT thing in general, I don't think it should dissuade you from purchasing a property if you can afford it. With REITs / stocks you're not getting the easy and relatively safe and cheap leverage you'll get from property - and you're putting a bunch of cash into a very heavily levered sector.
Anyways ... the Asian in me tends to view property a bit differently from my excel spreadsheet.