GPR / APREA Index

 Asia Pacific REITs remained resilient despite a general downturn in Asia’s equities arising from the uncertainty brought about by COVID-19.  As broader Asia continues to feel the impact on business and supply chain disruptions, Asia's central banks are taking the economic implications of the virus seriously; the Bank of Thailand surprised with a rate cut on February 5th.
 
Australian and Japanese listed real estate equities and REITs were top performers among large-scale markets in the region, while India real estate equities recorded the best performance among mid and smaller markets. Notably, real estate continues to be a bright spot in many of their major cities.
 
The economic implications of COVID-19 are most pronounced in China, as major cities are in lockdown, business disruption is unprecedented, and consumers are forced to stay home. The People’s Bank of China along with the Ministry of Finance have announced a variety of measures to soften the impact of the virus. In addition, on February 12th, Shanghai, Zhejiang Wuxi, Xian, and Nanchang rolled out supportive policies for developers, aiming at relieving liquidity pressure.

• China real estate equities’ s total return surged to 12.9% in December supported by solid China’s official Purchasing Managers’ Index at 50.2 for December. China's home prices saw an increase in December witnessed a 3.34 percent year on year growth, according to the China Index Academy.
• Indonesia real estate stocks were top performers among mid and smaller markets in December. In the fourth quarter of 2019, foreign direct investment into Indonesia rose 6.4% year-on-year to US$7 billion. China, Hong Kong, and Singapore were the top sources of investment.
• Hong Kong REITs recorded the best performance at 2.2% in December. China Merchants has raised US$327.2 million in a public offering in Hong Kong, breaking a six-year listing drought for REITs in Hong Kong.

• 据12月中国官方数据，在PMI指数为50.2稳定的环境下，12月中国房地产股票总收益飙升至12.9％。根据中国指数研究院（China Index Academy）的数据，12月中国的房价同比上涨了3.34％。
• 印尼房地产股票在12月的中小型市场中表现最佳。 2019年第四季度，印尼的外国直接投资同比增长6.4％，达到70亿美元。中国，香港和新加坡是最大的投资来源。
• 12月，香港房地产投资信托基金表现最好，收益率达到2.2％。招商蛇口在香港公开发行股票筹集了3.272亿美元，打破了香港房地产投资信托基金连续六年上市的瓶颈。