In March's issue, we have included:

Australia

• ASIC welcomes new International Sustainability Standards Board and updated climate related disclosure guidance
• Australian Government consults on regulatory relief for foreign financial services providers

Cayman Islands

• Cayman Islands and the EU AML high risk third countries list

Hong Kong

• Circular to licensed corporations Updates to the reminder of business continuity planning in view of COVID 19 Vaccination Programme : Temporary Protection Measures for Business Tenants (COVID 19 Pandemic) Bill gazetted
• Temporary Protection Measures for Business Tenants (COVID 19 Pandemic) Bill gazetted
• Circular to Licensed Corporations and Associated Entities Anti Money Laundering / Counter Financing of Terrorism Updated AML/CFT Self Assessment Checklist
• HKEX Publishes Net Zero Guide & Announces New ESG Data Display

Japan

• FSA consults on facilitating entry of foreign securities brokers, investment advisors and investment managers into Japanese market
• JPX Publishes “Survey of TCFD Disclosure in Japan”

Korea

• Potential Comprehensive Real Estate Tax Bomb on Land for AMCs

Singapore

• Variable Capital Companies (Consequential Amendments to Other Acts) Order 2022 gazetted
• MAS revises guidelines on licensing, registration and conduct of business for fund management companies

United States

• SEC Proposes Sweeping New Interventions in the Private Funds Market

Lastly, we would like to thank our committee who helped putting together the newsletter. Details about this committee can be found here.

ANREV has launched the Q4 2021 IRR Index by vintage. The IRR Index measures performance of value added and opportunistic non-listed closed end funds investing in Asia Pacific.

The Q4 2021 sample of the ANREV IRR index includes 70 funds.

We welcome any questions or comments - please email Daisy Huang or Justin Wong.

Welcome to the March 2022 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q4 2021.

The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. All numbers are also available in an Excel file.

The history of the Global Real Estate Fund Index (GREFI) has been extended to Q1 2005, now offering almost 15 years of performance across all regions. 

The GREFI All Funds Index delivered a total return of 5.93% in Q4 2021. The latest results are the strongest on record for the GREFI, considerably above the pre-pandemic levels of 2019 and pre-GFC levels.

Key highlights:

• US funds showed the strongest performance out of the regional strategies, recording a total return of 8.05% this quarter.
• Non-core funds outperformed their core peers, with the quarterly total returns of 7.34% and 5.66%, respectively.

Please send any queries to Daisy Huang, Justin Wong or Amélie Delaunay.

• ANREV’s All Funds Index returned 4.69% in Q4 2021, up from 1.57% in Q3 2021.

• Core funds outperformed value added and opportunity funds with returns of 5.15% versus 1.82% and 0.62% respectively.

Data contributions were received from 73 funds with a total gross asset value of US$143.4 billion. Further detail of the sub-indices which cover fund style and various geographies can be found in the full report.

We would like to thank all the companies that supported the data collection exercise and look forward to your continued support in the next round of data collection.

If you have any questions about the ANREV Index or want to take part in this industry-led initiative, please contact Daisy Huang or Justin Wong.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.34% in February 2022. The ACOE includes 19 funds with a total GAV of AUD 124.76 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Justin Wong, Daisy Huang, or Yingying Ma if you have any questions regarding the Index.

The ANREV Australia Farmland Index provides financial performance of 65 different properties of market value over $1.8 billion in farmland.

ANREV Australia Farmland Index returned 13.14% on a 12 month rolling basis in Q4 2021.

On an annualized rolling return basis, the income return was at 7.22% in Q4 2021.

Capital growth was at 5.62% in Q4 2021 on a 12 month rolling basis.

We would like to thank all the managers for their data contribution.

If you have any questions about the Index, please contact Daisy Huang, Justin Wong or Yingying Ma.

The Q4 2021 ANREV ODCE Fund Index - Open End Diversified Core Equity (ODCE) results were released on 1 March 2022 and showed a total return of 2.78% for 8 funds.

Please provide feedback and comments to Justin Wong or Amélie Delaunay.