GPR / APREA Index

The wider GPR/APREA Listed Real Estate final dash in December brought total returns back into positive territory for the full year, largely on the performance of markets in Australia and Japan.

Australia’s property stocks have had an outstanding year in 2021 on strong earnings expectations. With inflation expected to remain manageable, the country’s central bank is under no significant pressure to tighten policy rates from the currently historic lows.

Gains were also registered across the rest of the region’s heavyweights, with the exception of Chinese stocks, which continued to remain pressured.

A series of asset sales underscored concern that equity investors will bear the brunt of losses as developers offload projects to repay debt.

However, signs are mounting that China will ease curbs on its property sector. To stem off downward pressure on the economy, the central bank trimmed banks’ reserve requirement ratio in December.

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With the scheduled FOMC meeting slated to take place at the start of the month, Asia Pacific stocks were already bracing for a volatile ride from the get-go.

In a widely anticipated move, the Fed affirmed plans to dial back pandemic-era support for the economy, trimming asset purchases by US$15 billion a month. This puts the central bank on track to exit the program by mid-2022.

In the same mold, monetary authorities in South Korea and New Zealand also hiked its policy rates by another 25 basis points. While the moves were largely priced in, it presaged sentiment for the rest of the month.

The detection of the new Covid-19 Omicron variant – which health authorities observed as heavily mutated – sparked a sell off as investors raised alarms on the pandemic’s resurgence and its potential impact on economic growth. The region’s stocks, as measured by the MSCI Total Returns index, fell to its lowest from a year ago.

The region’s REITs were relatively more resilient, shedding 3% during the month to outperformed the region’s wider stock markets.

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Please find below the rebalancing results for the following GPR/APREA index series, which will become effective as of 20 December 2021 (start of trading):

• GPR/APREA Investable 100 Index
• GPR/APREA Investable REIT 100 Index
• GPR/APREA Composite Index
• GPR/APREA Composite REIT Index (indicated with an asterisk)

GPR/APREA Investable 100 Index

INCLUSIONS

CHN	6158 HK	Zhenro Properties Group Ltd
JPN	3295 JT	Hulic REIT
JPN	3465 JT	Ki-Star Real Estate Co. Ltd.
PHL	SMPH PM	SM Prime Holdings

EXCLUSIONS

CHN	683 HK	Kerry Properties Ltd.	Liquidity too low
JPN	8986 JT	Daiwa Securities Living Investment Corp.	Liquidity too low
MYS	MSGB MK	Mah Sing Group Bhd	Liquidity too low

GPR/APREA Investable REIT 100 Index

INCLUSIONS

AUS	HDN AT	HomeCo Daily Needs REIT
IND	EMBASSY IB	Embassy Office Parks REIT
KOR	034830 KS	Korea Real Estate Investment & Trust Co., Ltd

EXCLUSIONS

NZL	KPG NZ	Kiwi Property Group Ltd	Liquidity too low
SGP	CDREIT SP	CDL Hospitality Trusts	Liquidity too low

GPR/APREA Composite Index + GPR/APREA Composite REIT Index

INCLUSIONS

AUS	HCW AT	HealthCo Healthcare and Wellness REIT *
IND	ASFI IB	Ashiana Housing Ltd
KOR	034830 KS	Korea Real Estate Investment & Trust Co., Ltd *

EXCLUSIONS

None

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