REIT ASIAPAC MAGAZINE REITASIAPAC AUGUST 2020 ISSUE | Page 3

THIS ISSUE 04 Cover Story 18 20 Opinion About 40% Of REITs May Not Have Earnings Issues Residential REITs claim three of the current top seven REITs on the GPR REIT 250 list. As of June, none of the top five REITs in the index is office or retail, Victor Yeung, Chief Investment Officer, Admiral Investments says. Feature China’s New REIT Structure: What Are The Pros And Cons? Is Office-centricity Over? 06 China published the structure for a pilot REIT programme in April. The announced structure differs in many ways from established regimes in other countries, and all eyes will be on the first batch of C-REITs to be launched in the second half of this year. Interview The Future of Hong Kong’s Investment Climate Concerns are rife that China’s national security laws could jeopardise Hong Kong’s special autonomy and freedoms. REITAsiaPac talks to Dr. Daniel Feldmann, Director and Assistant Portfolio Manager, Global Listed Real Estate at Timbercreek Investment Management to get a grip on what is the current investment climate in Hong Kong. 23 Morgan Stanley expects office rent in Asia to decline 10- 15% over the next three years, but with big corporations embracing working from home set-ups, rental reductions may increase. Nikkei Real Estate Market Report, in its August issue, said Tokyo’s Shibuya Ward is seeing increased cancellation of lease contracts since June. Feature 09 Survey HOTELS: Facing Uncertainty Mergers and acquisitions in the global tourism and leisure industry reportedly plunged 71.8% in the second quarter of this year, from the previous quarter, to $3.64 billion. The drop, compared with the last four-quarter average of $18.59 billion, was 80.4%. What Investors Say About Recovery, Valuations, Leverage, Landlord-tenant Relationship, and More REIT AsiaPac conducted a mini survey in which we asked Asia-Pacific REIT fund managers and market participants for their thoughts on the sector’s fundamentals amid the ongoing impact of the pandemic. 26 Opinion Japan’s Secondary Offerings: Room for Improvement While there are problems to include Japan’s retail investors in overnight offerings, a solution would be to retain a portion for retail investors commensurate to the size of their holdings and to have either investors or an investment bank underwrite the portion in the case retail investors chose not to participate, Christian Bernasconi, Managing Director, B&I Capital says. All the information herein is intended to be for information purposes only. All details are approximate and have not been independently verified. Readers should make their own enquiries to verify and satisfy themselves of all aspects of the information. While the information has been prepared in good faith with due care, REITAsiaPac, its officers, employees, subcontractors, agents and clients shall not be liable for any loss, liability, damage or expense arising directly or indirectly from or connected in any way with any use or reliance on such information. No part of this magazine may not be reproduced without permission from REIT AsiaPac. FOR SPONSORSHIPS AND CONTRIBUTIONS [email protected] 3