GPR/APREA Index

ENG- Synchronized slowdown in global economies, tariff uncertainty, and geopolitics were key macro themes in August.  Hence, stable yields remained an investor draw, with Asian REITs continuing to beat the broader market, with total returns up by 1.8% in August. Industrial REITs, fueled by logistics and ecommerce, fared the best.

• 作为世界上最大的数据存储库，新加坡已成为全球流行的数据投资中心。新加坡数据存储房地产投资信托基金提供了诱人的收益，例如Keppel DC REIT 向投资者提供了高达51％的收益。
• 2009年菲律宾国会已通过房地产投资信托基金法律，但是由于法律限制较多，一直未有房地产投资信托基金进行上市。今年政府已同意放宽该法律的限制性规定。期待已久的第一支菲律宾房地产投资信托基金即将在年底前上市。

• 在日本房地产基本面强劲的背景下，日本房地产股票继续跑赢亚太其他国家。新西兰也继续受到投资者的关注，其房地产市场显示出令人鼓舞的增长迹象。
• 日本REITs和泰国REITs在9月份及过去的一年中也表现最佳。日本银行将继续购买日本REITs作为其刺激计划的一部分，将继续对日本REIT市场形成良好的支撑。
• 新加坡REITs也因其离岸扩张而备受关注，今年迄今为止购买了创纪录的27亿美元资产，因此使其成为全球房地产投资信托基金中拥有最大跨境支出的国家。

• Japan real estate continued to outperform all countries in Asia Pacific, against a backdrop of strong property fundamentals. New Zealand also remains on the investor radar, with its property markets showing promising signs of growth.
• J-REITs and Thailand REITs were top performers in September and also on a trailing one-year basis. The J- REIT market will remain well supported, with the Bank of Japan buying J-REIT shares as part of its stimulus plan.
• Singapore REITs have also been on the spotlight for their offshore expansion, buying a record US$2.7 billion of assets this year to date, thus making “them” the largest cross border spenders among REITs globally.

Asia Pacific REITs were least impacted with relatively lower volatility in July and remain the strongest long-term performer.

Hong Kong stocks declined as fears over protests grow and the social unrest knocks investor confidence. Hong Kong listed real estate market witnessed hardest hit among other rivals. Additionally, lower mainland demand against slowing China economy have hindered commercial rentals in Hong Kong.

Japan REITs recorded the highest total returns 4.4% in July. Institutional investors piled into REIT as they consider yields of government bond continue to decline.

• 日本的酒店市场在2019 年的前六个月中实现了亚太地区最大的国内交易量11 亿美元。日本房地产投资信托占总交易量的近50％。
• 菲律宾领先的房地产开发商Ayala Land Inc. Inc.（ALIALI）计划筹集3 亿美元将成为菲律宾第一家上市的房地产投资信托基金。

• 社会动荡的局势加剧了投资者对香港抗议活动的担忧， 导致投资者的信心被削弱，从而引发港股下跌。香港 的上市房地产市场与其他地区相比，收益率下降最多。 与此同时，中国经济的放缓与内地需求的下降是其他 导致市场表现不佳的原因。
• 日本房地产投资信托基金7月份的总回报率最高，为 4.4%。机构投资者不断地涌入日本房地产投资信托 基金市场，因为他们认为房地产投资信托基金是政 府债券收益率暴跌的最优备选投资资产之一。

• 新加坡上市的房地产投资信托基金（REITs）在截至6月份的12个月中表现最优，为投资者带来了25.3％的回报率。新加坡有利的政策环境和积极的投资群体为REITs的蓬勃发展营造了良好的环境。
• 对不同物业类型来说，多元化物业的房地产投资信托基金表现最佳。在截至6月的12个月中，办公是另一个表现强劲的物业类别。办公仍是热门的物业类型，其需求一直强劲并且大部分主要城市的租金都在上涨。

The GPR/APREA AsiaPac Performance Snapshot tracks the dynamics of listed real estate securities (including REITs) across 12 AsiaPac countries/regions and eight sectors, over multiple time horizons. 

All data in this Snapshot is calculated on a USD denominated basis. The GPR/APREA series is separately available in a country local currency format.

The GPR/APREA AsiaPac Performance Snapshot tracks the dynamics of listed real estate securities (including REITs) across 12 AsiaPac countries/regions and eight sectors, over multiple time horizons. 

All data in this Snapshot is calculated on a USD denominated basis. The GPR/APREA series is separately available in a country local currency format.

• REITs were the top-performing asset class in December and over a one-year, five-year and 10-year horizon.
• Malaysia (1.4% total return) was the top performing listed real estate market.

马来西亚计划发展世界上首个机场房地产投资信托基金（REIT），机场REITs将推动马来西亚REIT市场的发展。
第一季度亚太投资量减少主要是由国内资本的减少而引起的。