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Listed Real Estate
The region’s real estate focused stocks outperformed in August, edging ahead of the wider market. This was led by the wider GPR/APREA Composite Listed Real Estate Index, which returned 5.8%, powered mainly by the Australian and Japanese markets. This more than offset the stall on China’s stocks, which remained largely flat after enjoying a strong rally up to July.
The property market has been a major driver in China’s economic recovery, with home sales and investment growing at a robust pace in recent months after coronavirus lockdowns were lifted. While home prices in the region’s largest economy, as tracked by the nation’s statistical body eked out a 0.6% rise in August from a month earlier, sentiment was stalled by tightening measures aimed at promoting a sustainable market.
Chinese authorities took a step to rein in debt growth, issuing new guidelines on bond issuance, as a strong housing market recovery prompted caution. June’s home prices which rose at their fastest pace in 10 months have already prompted fresh housing curbs.
REITs
Asia Pacific REITs recorded their fifth consecutive monthly gain with the GPR/APREA Composite REIT Index returned 5.6% in August, beating equities for just the second time this year. The gains were broad-based as nearly all markets across Asia Pacific turned in positive price performance. The region’s REIT stocks were led by the heavily weighted Australian market, which returned over 7.0%.
Industrial REITs, a clear outperformer so far this year, however, recorded a slight dip in August. REITs with industrial assets have mostly been resilient in the wake of the pandemic, as Retail and Hospitality REITs bore the brunt of the fallout from the pandemic fallout. Hotel, Retail and Office focused REITs, which had been the most vulnerable to the social distancing measures were some of the best performing sectors in August.
Rotational dynamics were clearly in play as investors bought ahead into a broadening economic recovery in the region, in search of higher yield. This was echoed in Japan, where Hospitality REITs led the rally, followed by Retail and Office.
In hopes of more to come, Japan’s first reciprocal green-lane arrangement for essential travel between Singapore shored up sentiment. Retail-focused REITs in Australia also outperformed as sentiment got a boost from the expected rebound in consumption. The latest Retail Trade figures released by the Australian Bureau of Statistics had showed retail turnover climbing 3.2% in July.
The worst may also be over for Office REITs as restrictions ease across the region. Vacancy, while moving up, has not spiked as occupiers in the region have been conservative on space requirements, especially in high-cost cities. The adoption of telework is also expected to be lower. The office will remain the region’s default workplace as culturally, it is more accepted; connectivity is an additional concern in the emerging economies.
The securitization of real estate in the region continues to gain ground. The Indian and Philippine stock markets debuted new REITs with the latter welcoming its first in the country. This month, India’s latest listing, Mindspace Business Park REIT, which debuted strongly, was included into GPR/APREA’s real estate indices. Meanwhile, Singapore’s status as a listing venue for cross border REITs received another boost as South Korea's AIP Asset Management and Japan’s Tokyu Land announced plans for a REIT listing in Singapore as soon as this year. The offering, backed by Australian commercial properties, could raise about S$400 million.
While some bumps are expected, gains registered by Asia Pacific REITs are expected to remain sustained, as policy support and monetary conditions remain conducive. Central banks in the region have continued to reiterate a lower-for-longer outlook. For the rest of the year, the region’s REIT space in the region is likely to be shaped by ongoing M&A activity as well as the creation of Chinese REITs. A continued economic recovery as well as an earlier-than-expected vaccine will remain strong sentiment drivers.
Download the Report Read More亚太地区上市房地产股票指数回报率在7月份保持低位，仅为0.3%，该地区的上市房地产股票尚未从6月的低潮完全复苏。
由于新冠疫情的反弹使中国香港特区政府实施了新的限制社交距离的措施，中国香港地区的上市房地产股票在7月份的表现，相比于6月的12.2%收益，下降了5.7%。作为亚太地区具有影响力的市场，日本也由此出现了加速下降的态势。中国大陆的上市房地产股票则呈现上升趋势，自6月份内销复苏之后保持持续的上涨。
亚太地区REITs则连续第四个月盈利，7月份获得3%的收益，其根源在于工业地产REITs的出色表现，但相较于回报率达4.6%的亚太股票指数，其上涨幅度还是未能跑赢该指数。
7月份，新加坡REITs的表现最佳，回报率为4.5%，其次是中国台湾地区REITs，获得1.3%的收益；而亚太其他地区REITs则表现平平，甚至出现亏损。随着新加坡监管部门自4月份放宽对REITs分红的频率要求，从通常的每三个月一次，放宽至最长每十二个月一次之后，新加坡REITs的表现相较于3月已恢复了20%。与此同时，新加坡金融管理局还将新加坡REITs的杠杆率限制上调到了50%，并将其最低利率覆盖率的规定推迟至2022年实行，这些利好措施都有助于新加坡REITs更好地度过危机。
在亚太其他REITs市场中，8月份有两支新的REITs在亚太地区上市。随着菲律宾最大的房地产开发商——Ayala Land地产集团主导的REIT成功上市，菲律宾也成为了最新一个在本地具有上市REITs的亚太地区国家。同时，印度也迎来了第二支房地产投资信托基金，名为Mindspace Business Parks REIT（Mindspace商务园区REIT），其联合发起人为黑石集团及印度本地开发商K Raheja集团。
Download the Report Read MoreThe GPR/APREA Composite Listed Real Estate Index finished July just above water, returning just 0.3%, as real estate stocks in the region slowed from its June performance. Hong Kong’s stocks finished July 5.7% lower, down from a 12.2% gain in June, as a resurgence in COVID-19 infections in the territory prompted the government to reintroduced social distancing measures. Declines also accelerated in regional heavyweight, Japan. However, stocks in China bucked the trend, sustaining another month of gains that had been sparked off by recovering home sales in June. The region’s REITs registered its fourth consecutive monthly gains (+3%), which came on the back of sustained outperformance by Industrial REITs. However, they continued to lag the broader market, which posted a return of 4.6%.
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