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REITs in Taiwan and China Surprise on the Upside in October

REITs in Taiwan and China Surprise on the Upside in October

All REIT sectors were down with retail the hardest hit

by Jeroen Vreeker, Global Property Research

November 4, 2020 – The coronavirus pandemic continued to impact the total return performance for Asia Pacific REITs in October. Ultimately, the GPR/APREA Composite REIT Index finished 4.2% lower, underperforming regional equities, which were up 1%. The table below shows the total return performances realised in the previous month for the various currencies available for the GPR/APREA Composite REIT.

GPR/APREA Composite REIT Index -3.5% -5.1% -4.1% -4.2%

In terms of country performances, Taiwan (0.1%) and China (2.8%) were the only REIT jurisdictions that managed to stay in the positive territory during the month. Other country index series were down, ranging from -2.7% for Australia to a double-digit contraction (-10.5%) for Thailand.

In terms of sector performances, retail was the hardest-hit with a contraction of 5.9%. industrial REITs, on the other hand, were the best performing sector during the month with a contraction of 2%. All other REIT sectors registered declines for the period.

GPR/APREA Composite REIT Index -5.2% -3.0% -2.3% -2.0% -5.1% n/a -2.1% -5.9%

Following the removal of CapitaLand Commercial Trust (Singapore) as a result of the merger with and into CapitaLand Mall Trust (Singapore) and the subsequent renaming to CapitaLand Integrated Commercial Trust, the GPR/APREA Composite REIT Index covers 164 Asia Pacific REITs with a combined free-float market capitalization of USD 268.8bn as at October 31, 2020.