GPR / APREA Index

GPR/APREA Index March 2020
31 March 2020

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。