亚太地区房地产信托基金(REIT)调查报告36页

asia-pacific reit survey J UNE 2010

Results of a benchmark survey

of senior property professionals

to understand perceptions of

the REIT markets in Asia-Pacific.

2 | Asia-Pacific REIT Survey 2010

welcome to the fourth edition of the Asia-Pacific REIT Survey.

For the 2010 edition, The Trust company is delighted to partner with Asia-Pacific’s leading law firm, Baker & mckenzie. This year, Baker & mckenzie have provided the country analysis section with

descriptions of the regulatory and investment regime for REITs in each of the 13 markets.

we would like to take this opportunity to thank all those who took the time to complete the survey. This year we had over 140 respondents, up 37% on last year. combined with the results of the previous years, their responses form the basis of the insights and trends that we share with you in this publication.

In our last REIT Survey published in February 2009, we discussed the 3-R challenge; Refinancing, Recapitalisation and Revaluation. In the past 12 months, we certainly saw significant recapitalisation with over US$58.5bn 1 in global equity raised. In the Asia-Pacific, the largest REIT recapitalisations were in Australia (US$9.5bn 2) and Singapore (US$3.3bn). however, those REITs that were able to recapitalise

tended to be the larger ones such as westfield (US$1.9bn), Stockland (US$1.4bn), capitaLand (US$1.2bn), gPT group (US$1.2bn) and goodman (US$0.9bn). Unfortunately, many smaller REITs remain mired in debt negotiations as we continue to move through the recovery phase.

So what has happened to the Asia-Pacific REIT markets? There has been a dramatic change in the short-term outlook for REITs compared to a year ago. In the 2010 survey, 47% of respondents predict

companies will increase the size of existing REITs compared to 27% last year and 20% of respondents expect additional REITs will be

launched which is a 17% increase on 2009. we have seen real evidence of this with the IPo of the cache REIT on the Singapore Exchange in April 2010, the first new REIT IPo since december 2007, and more innovative moves such as the dual listing of the Fortune REIT in Singapore and hong kong.

After the lows of 2009, REIT markets across Asia-Pacific are starting to recover, although they remain a long way below the highs of the period between 2001 and mid-2008, where the size of the Asia-Pacific REIT market grew a multiple of 40 times.

In terms of threats to REITs, it is interesting that each year a different threat has come out on top. This year, adverse taxation developments (71%) are rated as the biggest threat to the future of REITs as

compared to financial engineering (69%) in 2009. In our 2008 survey, low yields were seen as the biggest threat (63%).

overall, the REIT sector can justifiably feel that the “worst may be over”. The reduction in REIT debt levels have created some breathing room, with rewards coming via higher share prices and improved levels of volatility compared to the broader market.

however, we know that there is still some way to go before we can declare the recovery is complete. The next 12 months are likely to go a long way towards defining the future of the Asia-Pacific REIT market.wELcomE 3ABoUT US

4BAckgRoUnd To SURvEy 5RESPondEnTS PRoFILE 6SURvEy RESULTS

8coUnTRy SUmmARy And LEgAL UPdATE 20conTAcT US

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Welcome

coNteNts

1. Source: EPRA, nAREIT, RealPac & cohen & Steers

2. Source: EPRA, nAREIT, RealPac & cohen & Steers

The Trust company and Baker & mckenzie | 3

Milton Cheng Partner

Asia Pacific REITs Practice group Leader Baker & mckenzie

John Atkin

chief Executive officer The Trust company