By Dominic Whiting, Asia property correspondent

HONG KONG (Reuters) - Hong Kong's neglected real estate investment trust market is stirring to life and may finally do what it's supposed to -- give investors stability, a decent yield and, possibly, clear prospects for growth.

A high profile acquisition by office landlord Champion REIT 2778.HK, and the imminent listing of a hotel REIT by developer Far East Consortium (0035.HK: Quote, Profile, Research) may help revive investor interest.

The reputation of Hong Kong's REITs has been sullied by investor perceptions that they were used by wily developers to offload second-rate assets at inflated prices, and marred by the byzantine financial engineering that accompanied their deals.

As new REIT markets emerged across Asia, with investors enjoying fat dividends from rental income and capital gains from rising property prices, Hong Kong REITs were given the cold shoulder.

"It seems like a lot of REITs are like a second concubine -- it's whatever leftover product you have," said Far East Consortium Chief Executive David Chiu.

"But we're saying to the market that we're putting all the hotels we have in," he said about the group's latest offering, a listing of its hotel REIT. "You either like it or not, but it's all of them."

After a year's lull in new REIT listings, Far East has lined up an initial public offering, packaging all seven of its hotels in the city into the Hong Kong Hotel Trust, and moving away from complex financial engineering.

Earlier this month, Champion REIT said it would dismantle the complicated financial structure linked with its IPO, and also bought a 56-storey block in Hong Kong's Kowloon district.