CEO 來信
Dear Esteemed APREA Members,
I am pleased to share our annual update on APREA. Last year marked APREA’s 20th anniversary, a milestone that reflected both the strength of our community and the enduring relevance of our mission in a new world order. Across the Asia Pacific, REITs rebounded in 2025, reaffirming the region’s position as a cornerstone of global real assets markets. This recovery was underpinned by improving fundamentals, renewed investor confidence, and growing interest in sectors aligned with long-term structural trends.
Expanding Engagement Across the Region
Throughout the year, APREA remained focused on providing a collaborative platform for cross-border investments, engaging constructively with policymakers and regulators, and equipping members with relevant thought leadership and market intelligence.
We onboarded 33 new corporate members, expanding our investor base and further strengthening the depth and reach of our community. We gathered a record of 3,000 leaders in 60 events, including conferences, roundtables, leadership dialogues, forums, and networking sessions, which have facilitated an exchange of insights and opportunities across different markets. Of note, we organised our inaugural conferences in the United Arab Emirates (UAE) and the Greater Bay Area (GBA), two markets that are attracting growing interest from global investors.
Beyond convening global leaders, APREA continued to play an active role in shaping industry perspectives and driving practical action. A key milestone was the launch of the APREA Nature-based Solutions (Nbs) Playbook, which provides practical guidance on integrating nature-positive strategies into real assets investment and development. The first of its kind for the industry, the NbS Playbook moves sustainability discussions beyond intent by offering actionable frameworks, case studies, and practical tools that support long-term value creation.
Advancing Real Assets Advocacy
Furthermore, we have maintained sustained and high-level engagement with regulators in India to ensure that members’ interests were well represented. Through direct consultations, parliamentary testimony, and formal submissions with policymakers including the Ministry of Finance, Department of Financial Services (DFS), Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), and others, APREA advocated for key issues spanning REIT and InvIT investment access, taxation, digital infrastructure standards, and market inclusion.
Notably, APREA was invited to present on REITs and InvITs to India’s Parliament, as part of the review of the New Direct Tax Bill 2025. We have also engaged with the Central Board of Indirect Taxes on Goods and Services Tax (GST) Input Tax Credit (ITC) matters affecting commercial leasing players, calling for practical reforms aligned with global best practices. These efforts resulted in significant regulatory outcomes, including higher insurance investment limits and the inclusion of business trusts in market indices, while laying the groundwork for further reforms in taxation and GST treatment.
At the same time, APREA deepened its engagement with regulators and market institutions in China. APREA presented to the China Securities Regulatory Commission (CSRC), as well as to the Shanghai Stock Exchange and the Shenzhen Stock Exchange. These engagements enabled constructive dialogues on market development, regulatory frameworks, and cross-border investment considerations, reinforcing APREA’s role as a champion for REITs and the broader real assets industry.
The Path Forward
Looking ahead, APREA’s focus will be on further expanding our global platform and working closely with our members and stakeholders to deliver value. 2026 is shaping up to be a year defined by execution, discipline, and sustainable growth, with markets becoming more selective and rewarding sectors anchored by strong fundamentals. APREA will step up with our role of strengthening connections between investors, policymakers, and markets, and helping capital and ideas move forward across borders. We will stay closely engaged with our members as they navigate change, sharpen strategies, and position for long-term growth in an increasingly demanding market environment.
I am deeply grateful to the APREA team for their dedication, delivering a fruitful year of membership growth and meaningful progress. I extend my sincere appreciation to the APREA Board, led by our Chairman John Lim, and to our members serving on APREA’s local chapter boards and committees, whose guidance and support continue to shape our direction. I am thankful as well to all our members and partners for the trust they place in us. It is this shared commitment that enables APREA to remain relevant and effective in a world that has changed, where collaboration matters more than ever.
As we welcome the Year of the Horse, we wish you continued success and good fortune, with opportunities that bring progress and momentum. Thank you, and we look forward to staying closely connected in the year ahead.
溫暖的問候，,
Sigrid Zialcita
CEO, APREA
尊敬的APREA会员：
我很高兴向您呈报APREA的年度工作简报。去年正值APREA成立20周年，这一里程碑不仅彰显了我们社群的凝聚力，更印证了在新世界格局下我们使命的持久价值。2025年，亚太地区房地产投资信托基金（REITs）强势复苏，再次确立了该区域作为全球实物资产市场核心枢纽的地位。此次复苏源于基本面持续改善、投资者信心重振以及市场对契合长期结构性趋势领域的关注度不断提升。
扩大区域参与
过去一年，APREA始终致力于构建跨境投资协作平台，与政策制定者及监管机构开展建设性对话，并为会员提供前沿思想领导力与精准市场洞察。
我们成功吸纳33家新企业会员，进一步拓展了投资者网络，增强了社群的专业深度与地域广度。全年共举办60场活动，汇聚3,000位行业领袖，涵盖会议、圆桌讨论、领导力对话、论坛及社交活动，有效促进了跨市场洞见与机遇的深度交流。特别值得一提的是，我们在阿拉伯联合酋长国（UAE）和粤港澳大湾区（GBA）成功举办了首届区域会议，这两个新兴市场正日益受到全球投资者的青睐。
除组织高端对话外，APREA在引领行业实践创新方面也取得突破性进展。我们正式发布《APREA基于自然的解决方案（NbS）实施指南》，为将生态友好型策略融入实物资产投资与开发提供了系统化方法论。作为行业首部同类指南，NbS手册通过整合可操作框架、典型案例与实用工具，将可持续发展从理念层面推进至实践操作，为行业创造长期价值提供了坚实支撑。
推进实物资产倡导
在监管合作方面，我们与印度监管机构保持了持续且高规格的互动，确保会员核心利益得到充分代表。通过与财政部、金融服务部（DFS）、印度证券交易委员会（SEBI）、印度储备银行（RBI）、保险监管与发展局（IRDAI）等机构的直接磋商、议会证词及正式提案，APREA就REIT和基础设施投资信托（InvIT）的市场准入、税收政策、数字基础设施标准及市场包容性等关键议题进行了专业倡导。
尤为突出的是，APREA受邀在印度议会就REITs和InvITs发表专业意见，参与2025年新直接税法案的审议工作。同时，我们与中央间接税委员会就商业租赁领域的商品及服务税（GST）进项税抵免（ITC）问题进行了深入沟通，倡导与国际最佳实践接轨的务实改革。这些努力已取得实质性成果，包括提升保险资金投资限额、将商业信托纳入市场指数等，同时为后续税收及GST政策优化奠定了重要基础。
与此同时，APREA与中国监管机构的合作也迈上新台阶。我们向中国证券监督管理委员会（CSRC）、上海证券交易所及深圳证券交易所进行了专题汇报。这些交流促进了关于市场发展路径、监管框架完善及跨境投资机制的建设性对话，进一步巩固了APREA作为REITs及实物资产行业权威倡导者的地位。
前进道路
展望2026年，APREA将聚焦三大核心方向：一是持续拓展全球协作网络，深化与会员及利益相关方的战略合作；二是强化投资者、政策制定者与市场之间的桥梁作用，促进资本与智慧的跨境流动；三是协助会员在复杂多变的市场环境中优化策略，把握基于坚实基本面的结构性机遇。在这一年里，执行力、纪律性与可持续增长将成为市场主旋律，APREA将全力支持会员应对挑战、把握先机。
我谨向APREA团队致以诚挚谢意，感谢他们以专业精神推动会员规模增长与实质性工作成果。同时，衷心感谢由John Lim主席领衔的APREA董事会，以及各国分会董事会与委员会成员的卓越贡献，你们的战略指导是我们前行的灯塔。最后，感谢全体会员与合作伙伴始终如一的信任与支持。正是这种共同信念与协作精神，使APREA能在变革时代保持活力与影响力，因为在这个互联互通的世界里，合作的价值从未如此重要。
值此农历马年伊始，谨祝各位事业蒸蒸日上，机遇纷至沓来，以稳健步伐迈向更加辉煌的未来。感谢您一直以来的支持，期待在新的一年中与您携手共进。
此致，
Sigrid Zialcita
APREA首席执行官
