Asia Pacific Listed Real Estate: A Contextual Performance Analysis

Abstract

In this paper we set out to answer the following questions:

• Growth of the market: How has the Asia Pacific market grown relative to the global real estate universe?

• Performance analysis: How has the sector performed relative to other regions globally, as well as other asset classes over the cycles? Are there diversification benefits?

• Portfolio analysis: Has having exposure to Asian listed real estate improved performance of a global fund? We use the proprietary fund database of Consilia Capital to assess the impact.

• Corporate governance: Asian REITs have a different structure to REITs in Australia, the US and Europe. Does this affect performance?

• Regulatory changes: Are there potential changes to REIT legislation that could further increase demand?

• Market perception: What are some of the issues holding back global investors?

Keywords: Asian real estate, listed real estate, REITs, Portfolio management, Asset Management

JEL Classification: G11