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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.
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.
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.
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.
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.
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.
Asia Pacific REITs remained resilient despite a general downturn in Asia’s equities arising from the uncertainty brought about by COVID-19. As broader Asia continues to feel the impact on business and supply chain disruptions, Asia’s central banks are taking the economic implications of the virus seriously; the Bank of Thailand surprised with a rate cut on February 5th.
Australian and Japanese listed real estate equities and REITs were top performers among large-scale markets in the region, while India real estate equities recorded the best performance among mid and smaller markets. Notably, real estate continues to be a bright spot in many of their major cities.
The economic implications of COVID-19 are most pronounced in China, as major cities are in lockdown, business disruption is unprecedented, and consumers are forced to stay home. The People’s Bank of China along with the Ministry of Finance have announced a variety of measures to soften the impact of the virus. In addition, on February 12th, Shanghai, Zhejiang Wuxi, Xian, and Nanchang rolled out supportive policies for developers, aiming at relieving liquidity pressure.
Kemmu Kawai joined Longevity Partners Japan in September 2022 as the Country Director. Based in Tokyo, he oversees all operations and activities in Japan, the Asia-Pacific region and beyond. He brings him more than 16 years of experience in finance where he specialised in real estate and credit investments. Before joining Longevity Partners, he served as a Portfolio Manager at Norinchukin Bank and as Investment Manager at Center Point Development.
Kemmu Kawai
Managing Director
Longevity Partners
