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The MSCI Global Annual Property Index weighs real estate investment returns across 25 countries. While MSCI’s national indexes for Japan and Korea are included in the MSCI Global Annual Property Index, our market data for seven other Asian countries – China, Hong Kong, Indonesia, Malaysia, Singapore, Taiwan and Thailand – are excluded from that index. In this report, all national market sizes are based on bottom-up, portfolio-specific estimates, and these are converted into US Dollars using the yearend currency conversion rate.

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。

The 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%.

Cushman & Wakefield, in its latest report titled ‘The Rise and Rise of ASEAN’ highlighted the bright future that lies ahead for Southeast Asia. Some of the key perspectives include:

1. ASEAN's economies and population hold tremendous potential for its growth as a manufacturing bloc in the region. 

2. The stock of industrial land across ASEAN remains very healthy, presenting opportunities for occupiers to take up space at competitive land rates. 

3. Once the region emerges from the ongoing COVID-19 crisis, it appears that Vietnam, Thailand, Philippines and Indonesia are set for a bright future through the rest of the 2020s. Developers active in these markets need to identify the stream of new corporate occupiers scoping out their markets.