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Shiukay Hung

Shiukay Hung

Co-Chair, National REIT Tax Practice
Shiukay is a very bright tax attorney in the REIT space.
Chambers USA

Shiukay Hung is Partner and Co-Chair of DLA Piper’s National REIT Tax Practice. He advises US-listed public REITs, Singapore-listed public REITs, non-traded public NAV REITs, mortgage REITs, and private REITs on REIT taxation matters including formation, operation, acquisition, disposition, joint ventures, M&A transactions, restructurings, workouts and transactions under Chapter XI of the US Bankruptcy Code. Shiukay is recognized as a leading lawyer by Chambers USA and Legal 500.

Shiukay also specializes in advising sovereign wealth funds (SWFs), foreign pension funds and non-US family offices with a focus on Canadian pension plan investors. He helps non-US investors structure their investments through various vehicles, such as in the acquisition, disposition and operation of investments through funds, REITs, leveraged blockers and joint venture vehicles. Shiukay has extensive experience in structuring investments in a tax efficient manner for non-US investors to minimize ECI/CAI, reduce withholding, and qualify for benefits under income tax treaties or under Section 892 of the Internal Revenue Code. He regularly advises clients on the implications of the Foreign Investment in Real Property Tax Act (FIRPTA) including the use of domestically controlled REITs and the exemption for qualified foreign pension funds.

With over 15 years of experience, both as an in-house attorney and in private practice, Shiukay provides clients with practical advice on complex transactions that draws on his deep industry knowledge. He is actively involved in bar associations and industry groups including the Real Estate Roundtable, the Institute for Portfolio Alternatives (IPA), the National Association of Real Estate Investment Trusts (Nareit), the Association of Foreign Investors in Real Estate (AFIRE), the New York State Bar Association, and the American Bar Association (ABA). He is a frequent legal commentator and has spoken before various audiences and media outlets including Bloomberg, Law360, Nareit, IPA, SS&C, the ABA, Tax Notes, the American Institute of CPAs, the Harvard Law School Association of New York City, Strafford, the Private Equity Law Report, and the Tax Executives Institute. He regularly writes for LexisNexis and the Real Estate Finance Journal and is a contributing author of the treatise The AFIRE Guide to U.S. Real Estate Investing: What Global Investors Need to Know about Commercial Real Estate Acquisition, Management, and Disposition published by McGraw-Hill (4th ed. 2023).

Bar admissionsBritish ColumbiaNew York


Real Estate

  • Represented a non-US pension fund in its $0.5B acquisition and related financing of a life science building portfolio in California from a US real estate private equity fund 
  • Represented a non-US pension fund in its $2B sale of an office building in New York to a Fortune 500 company
  • Represented a non-US pension fund in its programmatic joint venture for the acquisition, financing and development of $1B of industrial outdoor storage/service facilities throughout the US
  • Represented a non-US pension fund in its investment in a mortgage REIT
  • Represented a US real estate private equity fund in its sale and equity and debt recapitalization of a portion of its $1B development of a mixed-use development in Boston


  • Represented a non-US pension fund to establish a programmatic JV with another non-US pension fund to invest and originate US real estate mortgage and mezzanine loans
  • Ongoing representation of a non-US pension fund in its US lending program including investments in mortgages, mezzanine loans, preferred equity and mortgage passthrough certificates
  • Represented a non-US pension fund in its investment in a mortgage REIT

Public REITs

  • Represented a public non-traded REIT in its $4B acquisition by a US real estate private equity fund
  • Represented several US sponsors in their launch of equity NAV REITs
  • Ongoing representation of a US sponsor in the launch of their mortgage NAV REIT
  • Ongoing representation of REITs listed on the Singapore Exchange (SGX) that own a portfolio of US real estate
  • Sovereign Wealth Funds and Foreign Pension Funds
  • Represented sovereign wealth funds and foreign pension funds in their investments in private equity funds, hedge funds, real estate private equity funds, and joint ventures

Restructuring and Debt Workouts

  • Ongoing representation of a publicly traded REIT in its financial and corporate restructuring
  • Ongoing representation of a private REIT in its financial and corporate restructuring 
  • Harvard Law School, LL.M.
    University of British Columbia, J.D., Wesbrook Scholar
    University of British Columbia, B.Sc., Honors


Shiukay is recommended by Chambers USA 2023 and Legal 500 United States 2023 as a leading lawyer.

  • Chambers USA
    • Band 3, Nationwide REITs: Tax (2023)
  • Legal 500 United States
    • Leading Lawyer, REITs (2023)
    • Recognized, Real Estate Investment Trusts (REITs) (2022 - 2023)

Clients say:

Chambers USA

  • "Shiukay is a very bright tax attorney in the REIT space."
  • "He is very easy to work with, technical and practical."

Legal 500 United States

  • "Shiukay has years of experience and great insights in dealing with REITs. He is a deep thinker that was always willing to help solve difficult questions, and constantly producing publication to help clients and peers navigate complex REIT rules. I have in many occasion inquired Shiukay on various issues I have encountered in transactions involving REITs and have always be very grateful for Shiukay's advice."
  • Shiukay is "top-notch in tax knowledge, razor-sharp in thinking, and is able to explain tax issues to you in such a way that makes you feel you're smarter than you actually are."
  • "The DLA REIT practice in NY is anchored by Shiukay Hung who is one of the premier REIT tax practitioners in the country. He is practicable, easy to work with and given his extensive REIT knowledge finds solutions to problems before they even arise."
  • "I enjoy working with Shiukay Hung who is experienced and practical."



Media Mentions

Memberships And Affiliations

  • Board Member, Harvard Law School Association of New York City
  • Member, Real Estate Roundtable, Tax Policy Advisory Committee (TPAC)
  • Member, Institute for Portfolio Alternatives (IPA), Tax Policy Task Force
  • Member, Tax Club
  • Member, New York Committee of Realty Trust Tax Lawyers
  • Member, National Association of Real Estate Investment Trusts (Nareit), Federal Tax Subcommittee 
  • Member, American Bar Association, Section of Taxation
  • Member, New York State Bar Association, Tax Section