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