GPR/APREA Index

• Asia Pacific REITs outperformed the broader market in May against a backdrop of falling number of new COVID-19 cases and phased re-openings of the region’s economies.  There continues to be a wide array of fiscal policy responses across the region including further subsidies to sectors most strongly impacted by social distancing policies and travel restrictions, as well as to small and medium-size enterprises (SMEs).
• By sector, industrial remained the top performer, posting double-digit gains in May. By country, Australian real estate equities outperformed on the back of strong returns generated by the residential and industrial sectors. 
• Japan REITs led the region’s in May, mainly driven by the hotel and retail sectors. Japan’s lower house of parliament approved an emergency budget that include rent subsidies for SMEs and thus bode well for the office sector. Singapore REITs were also an outperformer, buoyed by a solid performance of the industrial and retail REITs.

•  Australian real estate equities and REITs led the region, as retail rebounded and industrial sector remained strong.  Additionally, investor sentiment has improved with the further easing of COVID-19 restrictions throughout Australia.
• Singapore REITs also outperformed on the back of a rebound in hotel REITs and continued resilience in the industrial sector.  Furthermore, the rally comes on the heels of the Singapore government’s announcement of a series of new measures to provide S-REITs with greater flexibility to manage their cash flows and raise funds.
• China offshore REITs also performed well in April as domestic activity continued to gradually pick up.  Notably, China launched a pilot scheme for REITs in the infrastructure sector on April 30, focusing on warehousing and logistics, toll roads and other transportation facilities, etc. as well as new infrastructure, national strategic emerging industrial clusters, high-tech industrial parks, and other thematic industrial parks.

•  澳大利亚房地产股票和房地产投资信托基金领涨整个亚太地区， 主要原因是澳大利亚零售业在4月份相较3月份表现反弹取得高收 益率，以及澳大利亚工业部门继续保持强劲增长。此外，随着整 个澳大利亚对新冠肺炎病毒疫情的限制进一步放松，投资者的情 绪有所改善。
•  新加坡房地产投资信托基金的表现也优于其他国家，得益于新加 坡酒店房地产投资信托基金的反弹表现以及其工业领域的持续良 好表现。此外，新加坡政府宣布了一系列新措施，为新加坡房地 产投资信托基金提供更大的灵活性来管理其现金流和筹集资金， 为股市带来积极的效应。
• 随着中国国内活动继续逐步回暖，中国境外房地产投资信托基金 在4月也表现良好。值得注意的是，中国于4月30日启动了针对 基础设施领域房地产投资信托基金的试点计划，重点针对仓储和 物流，收费公路和其他交通设施等，以及新的基础设施，国家战 略性新兴产业集群，高科技工业园区，和其他主题工业园区。

• Operational challenges, combined with increased concerns on a second wave of infections in Asia, continued to result in significant underperformance of hospitality, retail and residential sectors in the region. According to STR, Asia Pacific hotel occupancy decreased to 41.2% in February, while RevPAR dropped 36.5% to $44.27, albeit some improvements were reported in March in the hotel sector in China stemming from the resumption of corporate travel.
• Australia was worst hit among larger markets, as its economy entered a period of “hibernation” to contain the spread of COVID-19.  The Australian economy had avoided recession for almost 30 years, but in 2020 the economy will be in recession.  Taiwan real estate equities and REITS were least impacted by the volatile global macro backdrop especially as it has kept the virus under control.
• Industrial and healthcare sectors were the only sectors that witnessed positive one-year returns through March. Industrial stocks have benefited from the growth in ecommerce as online orders surged.  Across the region, fiscal policy is working alongside monetary policy to cushion the COVID-19 blow, which should help limit downside risks. 

• 运营方面的挑战，再加上对亚洲第二波感染浪潮的忧虑日益加 剧，继续导致该地区的旅游，零售和住宅部门的表现严重不佳。 根据STR的数据，2月份亚太地区酒店入住率下降至41.2％。 尽管3月份中国酒店业因公司旅行的恢复而有所改善, 每间可 用客房收益(RevPAR)仍下降36.5％至44.27美元。
• 在较大市值的市场中，澳大利亚受到的打击最大，因为其经济 进入了“冬眠”时期，以遏制COVID-19的传播。澳大利亚经济 近30年来一直避免衰退，但到2020年，经济将陷入衰退。受 全球宏观经济动荡的影响，台湾房地产股票和房地产投资信托 基金受到的影响最小，尤其是因为该地区病情受到良好的控制。
• 直到3月，工业和医疗保健行业是仅有的在过去一年获得正收 益的行业。随着在线订单的激增，工业股票已从电子商务的增 长中受益。在整个地区，财政政策与货币政策一起在缓解 COVID-19所带来的负面压力，这将有助于限制下行风险。
   

Please find below the constituent changes to the GPR/APREA Indices, which will become effective as of 23 March 2020 (start of trading):

在全球金融危机之后（2009年及之后）开始投资 的基金所获得的回报（从净内部收益率和净倍数 来看）都比之前的基金大得多。较新年份的基金 仍处于其基金生命的早期，因此这些年份的数字 可能会随着基金的成熟而发生变化。
 

• 中国上市房地产股票在2月份反弹并创下最佳表现。政府为遏 制冠状病毒爆发所做的前所未有的努力从而增强了投资者的信 心。预计中国将采取更多的财政和货币刺激措施，以增强消费 者和企业的信心。
• 由于动荡继续控制市场，包括REITs在内的日本上市房地产股 受到的冲击最大。国际奥委会宣布，由于新型冠状病毒 COVID-19的影响，东京2020年夏季奥运会将推迟，预计时间 可能会推迟到2021年。
• 马来西亚上市的房地产股票在中小型市场中表现最佳，其房地 产投资信托基金领先于亚太房地产投资信托基金。在前总理马 哈蒂尔（Mahathir Mohamad）辞职之后， 马来西亚新总理穆 希丁（Muhyiddin Yassin）宣誓就职。
   

•   Chinese listed real estate equities rebounded and recorded the best performance in February. The unprecedented effort from the government to contain the coronavirus outbreak has buoyed investor confidence. Additional fiscal and monetary stimulus measures are expected to strengthen consumer and business sentiment.

•   Japan listed real estate stocks including REITs were the hardest hit as volatility continued to grip the markets.  The International Olympic Committee announced that the Tokyo 2020 Summer Olympic Games will be postponed because of the COVID-19 pandemic and the games are likely be pushed to 2021.

•   Malaysia listed real estate equities were top performers among mid and smaller markets, with its REITs leading the Asia Pacific REITs. This performance comes on the heels of the recent appointment of Prime Minister Muhyiddin Yassin, following the resignation of Dr. Mahathir Mohamad.

• 尽管由于COVID-19带来的不确定性导致亚洲股市普遍下跌，但亚太REIT仍保持弹性，在1月获得1.8%的收益回报率。随着业务和供应链中断的影响，亚洲的中央银行正在积极调整战略去应对该病毒所带来的的负面经济效应， 例如泰国银行在2月5日采取降息措施去减少病毒对经济的消极影响。
• 澳大利亚和日本上市的房地产股票和房地产投资信托基金是该地区大型市场中表现最好的股票，而印度房地产股票在中小型市场中表现最好。
• 在中国，COVID-19所带来的的经济影响最为明显。部分城市处于封锁状态，消费者被迫留在家中，许多业务链被迫中断。中国人民银行和财政部已经宣布了各种措施打响经济保卫战。在2月12日，上海，无锡，西安和南昌推出了针对开发商的扶持政策，旨在缓解其流动性压力。