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• 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.

Against the backdrop of a slowing domestic economy, coupled with global economic uncertainties and the protracted China–US trade war, the hotel industry in the Greater China region demonstrated weak performance in 2019. Among all major cities, including Beijing, Shanghai, Shenzhen, and Hong Kong, the Average Daily Rate (ADR) of five-star hotels shrank, and the occupancy rate dropped in Shanghai, Shenzhen and Hong Kong. Macau still managed a slight increase in ADR, but the occupancy rate fell. The weak growth trajectory of the hotel industry was further dragged down by the COVID-19 outbreak and this is expected to continue in the first half of 2020. 

•  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。