GPR / APREA Index

GPR/APREA指数2020年4月
27 May 2020

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。

Operational challenges, combined with increased concerns on a second wave of infections in Asia, continued to result in significant underperformance of hospitality, retail and residential sectors in the region. According to STR, Asia Pacific hotel occupancy decreased to 41.2% in February, while RevPAR dropped 36.5% to $44.27, albeit some improvements were reported in March in the hotel sector in China stemming from the resumption of corporate travel.
Australia was worst hit among larger markets, as its economy entered a period of “hibernation” to contain the spread of COVID-19. The Australian economy had avoided recession for almost 30 years, but in 2020 the economy will be in recession. Taiwan real estate equities and REITS were least impacted by the volatile global macro backdrop especially as it has kept the virus under control.
Industrial and healthcare sectors were the only sectors that witnessed positive one-year returns through March. Industrial stocks have benefited from the growth in ecommerce as online orders surged. Across the region, fiscal policy is working alongside monetary policy to cushion the COVID-19 blow, which should help limit downside risks.

运营方面的挑战，再加上对亚洲第二波感染浪潮的忧虑日益加剧，继续导致该地区的旅游，零售和住宅部门的表现严重不佳。根据STR的数据，2月份亚太地区酒店入住率下降至41.2％。尽管3月份中国酒店业因公司旅行的恢复而有所改善, 每间可用客房收益(RevPAR)仍下降36.5％至44.27美元。
在较大市值的市场中，澳大利亚受到的打击最大，因为其经济进入了“冬眠”时期，以遏制COVID-19的传播。澳大利亚经济近30年来一直避免衰退，但到2020年，经济将陷入衰退。受全球宏观经济动荡的影响，台湾房地产股票和房地产投资信托基金受到的影响最小，尤其是因为该地区病情受到良好的控制。
直到3月，工业和医疗保健行业是仅有的在过去一年获得正收益的行业。随着在线订单的激增，工业股票已从电子商务的增长中受益。在整个地区，财政政策与货币政策一起在缓解 COVID-19所带来的负面压力，这将有助于限制下行风险。