New Delhi, June 17 -- Major Asian real estate groups are increasingly shifting from traditional property ownership and development towards fee-based asset management businesses in a bid to generate more recurring income and improve profitability, according to a Goldman Sachs equity research report.

Investors may be underestimating the earnings and profitability benefits of this transition, the report said, arguing that the market is not fully recognising the potential improvement in returns and long-term growth that could come from asset-light business models.

According to Goldman Sachs, the market has largely accepted the rationale behind these business transformations, with investor discussions now shifting from "why they are transfor...