房地产投资信托中心

This in-depth report offers a comprehensive analysis of the five largest REIT markets in Asia: Japan; Singapore; Hong Kong, China (“Hong Kong”); the Chinese mainland; and India.

Key Highlights:

• In 2023, the India REIT market saw the steepest rise in total market value, up 31% year-on-year.
• Singapore’s REIT market expanded by 4%, with an average total return of 7.0%.
• Combined value of the Asia REIT market stood at US$252 billion, dominated by Japan, Singapore, and Hong Kong.
• The industrial / logistics and multifamily REITs, displayed superior risk resilience, while data center and healthcare sectors continued strong performance.
• New policy initiatives in the Chinese mainland led to the issuance of seven new REIT products in the first four months of 2024.
• India’s combined office REITs portfolio is projected to reach 180 million sq ft by 2025, with Nexus Select Trust planning to double its portfolio size over the next five years.

Cushman & Wakefield’s 2022-2023 Asia REIT Market Insight report investigates the growing Real Estate Investment Trust market in Asia, examining the primary drivers and state of play in key markets including Japan, Singapore, Hong Kong SAR, mainland China and India.

Overall, the Asia REIT market has experienced declines in stock prices and overall market values in 2022, predominantly due to the influence of the U.S. interest rate hikes. Despite this, the Asia REIT market has still performed better than its U.S. and European counterparts.

主要亮点：

• At the close of 2022 the combined value of the Asia REIT market was at US$263.8 billion, down 14.7% y-o-y. The mainland China REIT market value surged 80% on the back of new product offerings, but the remaining Asia markets all experienced declines in market value.
• Industrial/logistics, healthcare, and data center assets have been favored by investors as new growth drivers in recent years.
• A total of 17 new products were introduced into the China REIT market in the period from March 2022 to June 2023.
• REITs have also proven popular with investors in India. Consequently, we estimate that more than 20% of Grade A office stock in India will be held by REITs by the end of 2024.

China’s first REITs were launched in 2021, following earlier exploration of real estate securitization. As of March 2023, 27 REITs have been listed in China, covering various real estate infrastructure types. The sector is transitioning from volatility to a more stable market, and opportunities for private real estate investment funds in China are expanding.

Looking ahead, Chinese REITs are expected to diversify their assets, improve valuation techniques, enhance management structures, and optimize leverage restrictions. China aims to build a REITs ecosystem based on international standards, with collaboration between local and international stakeholders playing a crucial role in its development.

The last decade was marked by an aggressive expansion of the region’s real estate markets. APREA’s Asia Pacific Market Outlook 2023: Onward and Upward held a session with REIT stakeholders on their business strategies around Covid, e-commerce, changing monetary policies, geopolitics, and new priorities (ESG) and the next set of challenges and opportunities.

过去五年，亚洲在FTSE EPRA/Nareit发达市场指数（全球最受关注的房地产指数）中的份额从2017年的25.0%下降到2022年底的21.0%。这一变化主要归因于美国房地产投资信托基金（REITs）的增长，进一步将上市房地产投资信托基金的权力平衡转移到北美，北美在该指数中的份额从2017年的57.1%上升到2022年的64.0%。.

美国房地产投资信托基金（REITs）领域的增长主要得益于经济结构转型和股权投资者强劲需求催生的众多另类房地产板块。这些另类板块在富时EPRA/Nareit发达市场指数美国部分的占比从2007年的34.0%上升至2017年的47.5%，并在2022年达到55.0%。.

美国上市 REIT 领域的增长非常显著，以至于像 FTSE 这样的指数编制者推出了上限指数，限制美国成分股的规模，以避免全球指数越来越被视为‘美国及其他’，从而降低其对投资者的实用性。.

有人可能会问：为什么亚洲另类房地产投资信托基金（REITs）的增长速度未能跟上美国的增长步伐？事实上，亚洲另类REITs的增长速度甚至超过了美国。尽管亚洲在全球REIT指数中的权重有所下降——从2017年的27.11万亿至2022年的21.01万亿至2022年——但亚洲另类REITs的权重却从全球指数的2.31万亿至3.8 ...

本文由 CenterSquare Investment Management 亚太区主管兼高级合伙人 Joachim Kehr 撰写，探讨了美国和亚洲另类 REIT 随着时间的推移而扩张背后的行业，并探索了哪些行业为亚洲另类 REIT 提供了最大的增长潜力，提出了维持这种增长的进一步措施。.

尽管中国政府在推行“零新冠”政策和严格的宏观审慎措施的同时，面临着维持经济稳定发展的诸多挑战，但它始终坚定不移地推进其对国内房地产投资信托基金（REITs）市场的愿景。2022年，随着中国首批租赁型房地产投资信托基金于8月上市，这一持续发展进程又迈上了一个新的里程碑，进一步拓展了中国房地产行业的融资渠道。.

强有力的监管支持、优质的资产基础以及中国12万亿美元股市投资者对高股息股票的强劲需求，将继续支撑该行业的高估值。进展显而易见，我们可以预期2023年将有更多中国房地产投资信托基金（C-REITs）上市。将传统商业地产纳入C-REITs范畴——这可以说是C-REITs发展历程中的终极目标和最终目标——正逐步成为现实，随之而来的上市浪潮无疑将带来巨大的投资机遇。.

虽然没有两个周期是完全相同的，但纵观 20 世纪 70 年代以来的熊市，我们认为’典型的衰退‘已被市场消化，房地产投资信托基金的未来前景光明。.

本报告最初发表于 https://www.hazelview.com/news-updates/our-thinking/details/our-thinking/2022/08/08/global-reits-through-economic-cycles

房地产投资信托基金（REITs）和基础设施信托基金在亚太地区日益受到关注。许多国家已开始试水，推出首批REITs。菲律宾于2020年推出了首批REITs，阿联酋也推出了首只绿色REITs。备受瞩目的中国REITs试点项目终于在2021年6月取得成果，首批九只REITs的零售份额在发售首日即获得超额认购。目前，中国的REITs仅以基础设施资产为基础，并以共同基金的形式进行投资，这些资产是政府为引领国家从疫情中复苏而特意挑选的。.

印度首次推出 REITs，黑石集团和 Embassy 赞助的 Embassy Office Parks REIT 于 2019 年 4 月 1 日上市，成为印度首个房地产投资信托基金。.

另外两家房地产投资信托基金（REITs）——由拉赫贾集团（Raheja Group）支持的Mindspace Business Parks REIT和最近上市的Brookfield India REIT——也已在印度证券交易所上市。这三家REITs的总市值约为75亿美元，在印度拥有8600万平方英尺的A级商业办公空间。据CRISIL评级机构称，印度的基础设施投资信托（InvIT）市场正蓬勃发展，目前规模已超过100亿美元，预计未来五年将增长至超过1000亿美元。.

预计2022年区域新兴市场将持续推动房地产投资信托基金（REITs）的普及，并保持这一增长势头。泰国已有四家REITs正在筹备中。菲律宾则在去年疫情高峰期推出了首家REITs。.

本参考指南涵盖澳大利亚、中国、香港、印度、日本和新加坡的房地产投资信托基金和基础设施信托基金的法规和税收。.

高纬环球发布的《2021-2022 年亚洲房地产投资信托市场洞察报告》调查了亚洲蓬勃发展的房地产投资信托市场，分析了中国大陆、香港特别行政区、印度、日本和新加坡等主要市场的主要驱动因素和市场现状。.

报告显示，在稳健的资本结构、充足的财务流动性和支持性的监管政策的支持下，随着疫情的消退，房地产投资信托基金（REITs）继续保持整体增长势头，其中物流/工业和数据中心 REITs 的表现优于更传统的资产类别。.

主要亮点：

• 在经历了 COVID-19 疫情高峰期并展现出显著韧性之后，亚洲 REITs 在 2021 年强劲复苏，这得益于新经济资产类别的支持。.
• 亚洲市场的工业和物流房地产投资信托基金（REITs）表现出最强的韧性，总回报率达到 24.7%，而其他所有资产类别均实现了正回报。.
• 供应链的不确定性导致运营商囤积仓储空间，从而创造了需求。.
• 成熟的 REIT 市场预计在 2022 年剩余时间内将出现更大的并购活动，而新兴市场预计 REIT 的增长将加速。.