LVS Lodging REIT and LVS Mall REIT would be Singapore-listed REITs owning the mall assets in Macao and Singapore, while the lodging REIT would own the hotels in Macao, Singapore and Las Vegas. The Singapore REIT market is the most active and mature in Asia, comps have good valuations in the mall and lodging space and the Sing government would likely be favorable toward a transaction relating to Marina Bay Sands, Las Vegas Sands Singapore Asset if they got the listing on Two REITs with market caps totaling over $30 billion. LVS would spin out to existing shareholders shares in the mall and lodging company and those shareholders would then have the option to buy more or sell. Ideally, the management team of LVS would not sell any shares in these entities. Both the mall and lodging REITs would be the fastest growing in their respective property space, the largest, and likely the most sought after by institutional investors that are dedicated to real estate or want a way to participate in the growth of the Asian consumer. At the time of publication the author held no positions in any of the stocks mentioned.Follow @swan_investorThis article is commentary by an independent contributor, separate from TheStreet's regular news coverage.