GPR / APREA Index

Capital markets in the region experienced another weak month in October, following a lackluster September. Uncertainties from the US presidential election, protracted US fiscal stimulus talks and a resurgence in infection numbers in Europe contributed to the bearish sentiment.

Closer to home, Thailand’s stocks fell on mounting anti-government protests, which, if protracted is likely to derail an economic recovery – its key equities benchmark tumbled to its lowest level in more than six months. The  GPR/APREA total return gauges for both the Kingdom’s listed real estate and REITs contracted by double digits to clock the biggest fall among regional markets.

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• 美国即将进行总统大选，全球经济复苏仍存在许多不定因素，而投资者多出于风险规避心理，九月地区内地产股票出现下滑。
• 九月GPR/APREA综合房地产投资信托指数下挫1.4%，终止了自四月以来的涨势，表现逊于大盘，后者下跌1.1%。
• 在低利率，高负债能力的支持下，地区房产信托雄心勃勃，逐渐恢复停滞的交易。根据房地产资本分析公司Real Capital Analytics数据显示，就收购体量而言，第二季度体量为2010年以来的历史最低值，而第三季度地区房产信托收购总额超41亿美元。

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The region’s property stocks lost ground in September as risk aversion gripped investors. ahead of a US Presidential election and continued concerns that a global economic recovery remains volatile.

The GPR/APREA Composite REIT Index lost 1.4% in September, snapping a string of monthly gains since April, underperforming the wider market which declined by a smaller 1.1%.

Supported by low interest rates and higher debt capacity, the region’s REITs are turning acquisitive and resuming stalled deals. According to Real Capital Analytics, the region’s REITs expended over US$4.1 billion in acquisitions in the third quarter, after posting a record low quarterly volume in the second quarter since 2010.

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Please find the constituents changes for the following GPR/APREA index series, which will become effective as of 21 September 2020 (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

AUS	Waypoint REIT Limited
HKG	ESR Cayman Ltd
VNM	Yungshin Construction & Development Co

 

Exclusions

PHL	SM Prime Holdings	Liquidity too low
THA	Amata Corp PCL	Liquidity too low

 

GPR/APREA Investable REIT 100 Index

Inclusions

AUS	Centuria Industrial REIT
IND	Embassy Office Parks REIT

 

Exclusions

JAP	Healthcare & Medical Investment Corporation	Liquidity too low
SGP	SPH REIT	Liquidity too low

 

GPR/APREA Composite Index

Inclusions

AUS	AVJennings Ltd
SGP	United Hampshire US REIT *
TWN	ReaLy Development&Construction Corp

 

Exclusions

None

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