GPR / APREA Index

GPR/APREA指数2020年5月
25 June 2020

在近期疫情数量下降以及各地区经济体分阶段重新开放的背景下，5月的亚太REIT跑赢大盘。整个亚太地区正在采取积极的财政应对措施，包括对受社会疏远政策和旅行限制影响最大的部门以及对中小企业的进一步补贴。
按部门划分，工业仍然是表现最好的行业，5月份以两位数形式增长。按国家来划分，由于住宅和工业部门产生了可观的回报，澳大利亚的房地产股票表现优于大市。
5月，日本房地产投资信托基金（REITs）在酒店和零售业的推动下领先亚太其他地区。日本国会下议院通过了一项紧急预算，其中包括对中小企业的租金补贴，因此对办公部门而言是个好兆头。在工业和零售房地产投资信托基金的强劲表现的推动下，新加坡房地产投资信托基金也跑赢大市。

Please find the constituent changes to the GPR/APREA Indices, which will become effective as of 22 June 2020 (start of trading).

Asia Pacific REITs outperformed the broader market in May against a backdrop of falling number of new COVID-19 cases and phased re-openings of the region’s economies. There continues to be a wide array of fiscal policy responses across the region including further subsidies to sectors most strongly impacted by social distancing policies and travel restrictions, as well as to small and medium-size enterprises (SMEs).
By sector, industrial remained the top performer, posting double-digit gains in May. By country, Australian real estate equities outperformed on the back of strong returns generated by the residential and industrial sectors.
Japan REITs led the region’s in May, mainly driven by the hotel and retail sectors. Japan's lower house of parliament approved an emergency budget that include rent subsidies for SMEs and thus bode well for the office sector. Singapore REITs were also an outperformer, buoyed by a solid performance of the industrial and retail REITs.

Australian real estate equities and REITs led the region, as retail rebounded and industrial sector remained strong. Additionally, investor sentiment has improved with the further easing of COVID-19 restrictions throughout Australia.
Singapore REITs also outperformed on the back of a rebound in hotel REITs and continued resilience in the industrial sector. Furthermore, the rally comes on the heels of the Singapore government’s announcement of a series of new measures to provide S-REITs with greater flexibility to manage their cash flows and raise funds.
China offshore REITs also performed well in April as domestic activity continued to gradually pick up. Notably, China launched a pilot scheme for REITs in the infrastructure sector on April 30, focusing on warehousing and logistics, toll roads and other transportation facilities, etc. as well as new infrastructure, national strategic emerging industrial clusters, high-tech industrial parks, and other thematic industrial parks.

澳大利亚房地产股票和房地产投资信托基金领涨整个亚太地区，主要原因是澳大利亚零售业在4月份相较3月份表现反弹取得高收益率，以及澳大利亚工业部门继续保持强劲增长。此外，随着整个澳大利亚对新冠肺炎病毒疫情的限制进一步放松，投资者的情绪有所改善。
新加坡房地产投资信托基金的表现也优于其他国家，得益于新加坡酒店房地产投资信托基金的反弹表现以及其工业领域的持续良好表现。此外，新加坡政府宣布了一系列新措施，为新加坡房地产投资信托基金提供更大的灵活性来管理其现金流和筹集资金，为股市带来积极的效应。
随着中国国内活动继续逐步回暖，中国境外房地产投资信托基金在4月也表现良好。值得注意的是，中国于4月30日启动了针对基础设施领域房地产投资信托基金的试点计划，重点针对仓储和物流，收费公路和其他交通设施等，以及新的基础设施，国家战略性新兴产业集群，高科技工业园区，和其他主题工业园区。