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Conflicts of Interest in Externally Managed REITs with Powerful Sponsors (2015)

Real Estate Investment Trusts (REITs) in Asia are typically managed by an external manager, which is in turn usually a subsidiary of a powerful sponsor. In contrast, the internal management model has become increasingly prevalent in longer established REIT markets such as the U.S. and Australia. This internalisation has been driven, in part, by concerns over the potential for conflicts of interest among the stakeholders (investor, manager and sponsor) within the external management structure. This study examines the agency costs of sponsor-externally managed REITs in Japan, Singapore and Hong Kong to determine if the concerns have basis in reality. It does not find agency costs significantly higher in REITs that are externally managed as compared to internally managed. This might be explained by sponsors having skin-in-the-game, economies of scale of sponsor-externally managed REITs and sizeable institutional investor participation. APREA members can access the report by clicking here.

The Increasing Importance of Real Estate in Asian Pension Funds (2014)

Using the results of the 2013 APREA survey of Asian pension funds with over $790 billion in assets under management, this report reviews the activities of pension funds in Asia that are strategically increasing their levels of real estate. It highlights the strategies and real estate investment vehicles being used to achieve this real estate exposure, both at a local and international level. These increased levels of real estate in Asian pension funds will see significant benefits across all sectors of the real estate industry in Asia. APREA members can access the report by clicking here.

Asia Pacific Listed Real Estate: A Contextual Performance Analysis (2014)

This paper seeks to provide a better understanding of the performance of listed Asia Pacific real estate, the factors which determine this performance and current and potential roles and applications within portfolio management. APREA members can access the report by clicking here.

 

Asia Pacific REITs - a comparative regulatory & tax study (2014)

REITs vary, sometimes considerably, in the way they are regulated, managed and taxed. This fact, and the nature of the differences, is often not well understood. There is an extra layer of complexity in Asia Pacific because of the regulatory and structural differences that exist within the region. This report addresses these issues, is free to the public and can be accessed by clicking here.

  Exploring the Linkage between Listed and Direct Real Estate in Asia (2014)

This paper provides a unique exploration of the relationship between listed and direct real estate. Analysis of the relationship over the nine year period between Q1 2004 and Q4 2012 provides evidence, in the form of return correlations, of short-term linkage between listed and direct property markets. APREA members can request a copy of the report by contacting This e-mail address is being protected from spam bots, you need JavaScript enabled to view it .

  The Impact of REITs on Asian Economies (2014)

The objective of this report is to present a perspective on the impact
REITs have on Asian economies. It includes how REITs have become a valuable option for long-term institutional and individual investors, how they have contributed to capital market diversity and development, and how they have become a positive force in the healthy development of property markets. This report is free to the public and can be accessed by clicking here.

   The Significance of the Asia Pacific Real Estate Markets (2013)

This report highlights the size of the Asia-Pacific real estate markets and its expected significant growth over the next twenty years. Asia-Pacific real estate market liquidity is also assessed in a local, Asia-Pacific and global context. APREA members can access the report by clicking here.

 

The Investment Characteristics and Benefits of Asian REITs for Retail Investors (2012)

Asian REITs provide a liquid, manageable investment quantum means to accessing high quality commercial real estate for general retail investors. The major takeaways are summarised in 10 key lessons. This report is free to the public and can be accessed by clicking here.

 

Asian Commercial Real Estate as An Inflation Hedge (2012)

 

This report examines how the performance of commercial real estate in Asia is intertwined with that of inflation. APREA members can access the report by clicking here.

The Benefits of an Allocation to Asian Real Estate for Institutional Investors (2011)

This report highlights the importance and benefits of including both listed and unlisted Asian real estate in an institutional investor’s portfolio. APREA members can access the report by clicking here.

The Significance of Real Estate in Asian Pension Funds (2010)

This report addresses the current under allocation to real estate amongst Asian pension funds, why real estate must, however, take on significantly increased importance and how leading Asian pension funds are effectively increasing their real estate exposure. It concludes with effective strategies for increasing real estate allocations by Asia pension funds. APREA members can request a copy of the report by contacting This e-mail address is being protected from spam bots, you need JavaScript enabled to view it .

 
 
 
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