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  • The impact of the pandemic has been pervasive with economic dislocations now reverberating across the world, hitting consumption, tourism, and supply chains. Financial market volatility has also increased with equity prices dragged lower through 2020.
  • While REITs have not been spared in the current selloff, the recent price drops have upped the distribution yields of the region’s REITs, which rose to 4.4% in February, from 4.0% in January, according to the GPR/APREA Composite REIT Index.
  • Historically, returns for REITs have demonstrated lower volatility over the longer term, supported by their stable dividend pay-outs. The main reason is that the overall performance, especially for office and industrial, is tied to relatively long-term leases.

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Heightened political tensions, along with the weak economy and the lingering impact of the COVID-19 pandemic, continued to affect business sentiment. Office tenants remained cautious and continued to seek downsizing and other cost-saving options, resulting in a 30% reduction in monthly rental costs because of downsizing and relocation since January 2020. In some sectors, such as banking and finance, office tenants put their plans on hold. Recent news about MNCs surrendered Grade-A office space highlighted the challenges office landlords face.

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  • 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。
     
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•   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.

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The APREA-Preqin Quarterly Monitor uses interactive infographics to showcase the performance of closed-end private real estate funds focused on Asia-Pacific (APAC). Benchmark your APAC- or global focused funds against those of your peers, see how fund performance has evolved over the past decade and analyze fund returns based on different vintage years and strategies.

Preqin captures performance data from a variety of sources including direct contributions from institutional investors and fund managers, as well as the latest financial reports, public filings and annual reports. The Index is updated as of Q2 2019, and will be refreshed every quarter (early October, January, April and July) with a six-month lag to ensure figures are meaningful. Vintage analyses are based on the most up-to-date data collected by Preqin as of December 2019.

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Since each VPO is expected to conduct an examination of a member prior to issue of a certificate of practice, the Registration Authority may recognise the examination conducted by the VPO, dispensing with the need for the Valuation Examination in terms of Rule 5(1) (a) to be conducted by the Registration Authority.

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The Finance Bill 2020 proposes to levy tax on the dividend paid by InvITs/ REITs to the unitholders in the hands of the unitholders, which was until this proposed amendment exempt from tax. An efficient tax structure provided under the Income Tax Act 1961 enabled the successful listing of two public InvITs in 2017, two privately placed but listed InvITs and India’s first REIT in April 2019 which attracted investment from large long-term foreign investors and also domestic institutional investors.  

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SEBI rolled out REIT Regulations in September 2014 (“REIT Regulations”). Of the Grade A office space stock of over 500 msf in India, as per JLL Research, 294 mn sq. ft. of office space stock would be eligible for REIT in India. This would translate to potential investment of USD 35 bn.

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鉴于新冠疫情，房地产企业业务开展出现严重障碍和滞后，在财务领域带来一系列需要 应对的棘手问题。为协助房地产企业控制负面影响、做好业务持续发展规划、完善风险 管理机制和提升企业管理水平，毕马威凭借多年来服务于房地产企业财务税务领域的专 业经验，梳理了房地产企业近期应重点把握的财税问题和亟需开展的管理工作，供房地 产企业管理层、财务总监及财务负责人参考.

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  • 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。
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