Growth Agenda

In addition to REIT advocacy, APREA also engages governments in relation to:

  • tax liberalisation – rationalising the number and impact of taxes that apply to real estate investment
  • cross border investment – streamlining the process for international allocation and repatriating returns and capital  
  • assisting governments develop innovative funding and financing mechanisms in relation to nation building programs, including infrastructure and affordable housing
  • helping shape ‘fit for purpose’ international frameworks relevant to accounting standards, good governance, stewardship and ESG protocols, as well as voluntary industry standards.
  • promote other ‘inclusive growth’ programs that support nation building.
  • regtech solutions that will build certainty around property rights in emerging countries.

China and Hong Kong

Housing and Infrastructure

Propose innovative funding and financing mechanism (including securitisation)

Shenzhen - Hong Kong connect mechanism

Remove barriers to the inclusion of real estate in the “connect” mechanisms.

Shanghai - Hong Kong connect mechanism

Remove barriers to the inclusion of real estate in the “connect” mechanisms.

Mandatory Provident Authority

Liberalise the rules that currently limit a Hong Kong citizen’s ability to allocate, more real estate to their mandatory pension account

Automatic Exchange of Information (AEOI)

Propose a more efficient compliance system for REITs that aligns to international practice.

The Philippines

Philippines Growth Priorities

  • Re-boot REITs to turbocharge economic growth
  • Commit to a new deal to revitalise cities in the Philippines
  • Connect the Philippines with smart infrastructure
  • Introduce a plan for sustainable and resilient
  • Launch national housing solutions that delivers affordability and choice
  • Promote the Philippines as a business investment hub
  • Unlock the archipelago’s tourism opportunities
  • Cut red tape and increase contractual certainty

India

Insurance companies and real estate

Remove barriers to insurance companies investing in eligible the real estate (in particular, REITs and InvITs)

Foreign investment rules

Streamline cross border and repatriation rules for real estate – remove cash traps

Foreign Property Investors (FPI) regime

Enable efficient access to corporate bonds for real estate purpose

Property rights

Work with governments and other stakeholders to fast-track a trusted land rights and title registration system, utilising innovative regtech strategies where viable.

Affordable housing

Help India’s central government deploy securitisation and bond aggregation strategies as tried and tested pathways to increasing the supply and choice of affordable housing (and foster a new asset class)

Singapore

Fund structures (and tax efficiency)

APREA promotes tax efficient fund structures for real estate investment holdings.

This includes incorporating real estate in such legislation as the Asia Region Funds Passport and Singapore Variable Capital Company (S-VACC) regimes.

In all cases, we aim to ensure an even playing field between different types of managers across different jurisdictions.

REIT regulations

The Singapore Government and stock exchange regularly seek APREA’s views on the nation’s evolving REIT regime.

Recent discussions relate to internal-external management, income support, valuation methodologies, etc.

Our approach is to maximise the long-term potential of the Singapore REIT market and to ensure all key stakeholders are appropriately incentivised.

Singapore Stewardship Principles (SSP)

APREA supports the Singapore Stewardship Principles (SSP) as a fundamental leap forward in fostering a healthy, efficient and trusted capital marketplace.

The SSPs set out seven voluntary guiding principles which address clarity of investment intentions, enhanced engagement and collaboration between asset owners and managers, transparency, conflict resolution and corporate citizenship. 

The SSP was developed by a high-powered group of prominent stakeholders, including APREA, and is supported by the Monetary Authority of Singapore and the Singapore Stock Exchange.

Please click here for APREA’s Media Statement.

In addition, APREA participates in several international initiatives:

  • APREA is working with REESA – the Real Estate Equity Securitisation Alliance – on the following projects
  • FFO/AFFO/ACFO reporting conventions
  • EBITDA conventions
  • Business combinations project
  • Primary Financial Statements project
  • Sustainability Accounting Standards Board/Real Estate Sustainability Council ‘code’

APREA supports the development of international standards via the International Property Measurement Standard Coalition, which is actively developing global measurement conventions

APREA is a member of the International Ethics Standard Coalition, which is developing the first set of globally recognised ethics standards for property and related professional services.

www.ies-coalition.org