• ANREV is now collecting investor reporting documents for its fifth Review of Investor Reporting Trends 2014, a survey of non-listed real estate funds in the Asia Pacific Region.

    This project, which is again being undertaken in co-operation with PwC, reviews reporting practice in the Asia Pacific region in relation to the INREV Guidelines. It aims to analyse non-listed real estate funds’ investor reporting to determine the extent to which they comply with the INREV Guidelines on annual and interim reporting and to identify the current market best practices for this topic in Asia-Pacific. The INREV Guidelines were recently reviewed, updated and reissued, to access them click here: INREV Guidelines - ANREV.

    Whilst 2013 investor reporting was performed whilst the new Guidelines were in White Paper form, the 2014 report will look at compliance with the new Guidelines. 

    In order to assess compliance with INREV Guidelines, we would like to invite you to fill the self-assessment questionnaire, to access them click here: Guidelines_Compliance_Checklist. We would appreciate if you could send it back together with your latest audited annual reports and interim reports before 22 July 2014.  Note that in Asia, the “interim reports” required by the Guidelines, would often be the quarterly reports sent to investors, and in some cases, presentations which are made in quarterly investor calls. Each manager may determine what documents to submit, depending on how they report to investors, and where information relevant to the Guidelines is presented. Managers may wish to submit Q4 quarterly report, if one is issued to the same date as audited financial statements.

    As with previous Investor Reporting studies, participating fund managers will be provided with high-level individual feedback on the reporting performance of their funds and areas for potential improvement, with a follow up physical meeting or phone call to discuss the findings.

    To preserve confidentiality, your reporting documents should be submitted directly to PwC (contact details below). All information submitted by fund managers for the purposes of the study will be treated confidentially. ANREV management may also attend some feedback meetings unless a participant requests them not to. More information about PwC and their assurance on confidentiality are provided below.  

    We would therefore appreciate it if you could send the latest audited annual reports and quarterly investor reports for your non-listed real estate funds to us as it becomes available at the address below, before 22 July 2014.


    Private & Confidential


    21/F, Edinburgh Tower

    15 Queen’s Road, Central

    Hong Kong

    Attention: Stanley Tam

    E-mail: [email protected]


    If you have any questions with regard to the project please do not hesitate to contact the PwC project leader, Mr. Paul Walters, or Amelie Delaunay.


    Paul Walters
    Asia-Pacific Real Estate Assurance Leader
    Tel:  + 852 2289 2720
    Email: [email protected]
    Amélie Delaunay
    Director, Research and Professional Standards
    Tel: +852 3757 9799
    Email: [email protected]


    Thank you in advance for your support.We look forward to receiving your responses. 


    Information on PwC

    PwC helps organisations and individuals create the value they’re looking for. We’re a network of firms in 158 countries with more than 180,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com.

    PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.



    PwC will treat all fund annual reports and other information provided by ANREV members and other fund managers for the purposes of this project as confidential and in accordance with PwC’s normal confidentiality policies and procedures. All such reports and other information provided for the project will only be used for the purposes of the project and will be stored in a secure location.

    Neither the names of the participants in the study nor any financial data in the reports submitted will be published or referenced in the final report or otherwise. 

  • 다운로드를 원하시면 로그인을 하시기 바랍니다.

  • After 18 months of consultation, including input and feedback from over 300 industry participants, the revised INREV Guidelines are online and ready for implementation. The Guidelines’ structure has been completely overhauled to be more user-friendly and accessible, and to respond to future market changes.

    A number of substantive changes have been made, particularly in the areas of corporate governance, liquidity and reporting. This new set of industry guidelines will help boost transparency and performance analysis and promote greater investor choice.

    The INREV Guidelines 2014 consist of the following:

    • Seven modules: Corporate Governance, Reporting, Property Valuation, INREV NAV, Fee and Expense Metrics, Liquidity and INREV Data Delivery
    • Seven tools: compliance checklist, corporate governance self assessment tool, due diligence questionnaires for fund managers and for fund of funds managers/ multi-manager, standard non-disclosure note, debt and derivative disclosure note, and SDDS
    • Seven examples: compliance decision tree, statement of level of adoption of INREV Guidelines, sustainability reporting recommendations, capital calls and distribution, INREV NAV computation, calculations and presentation of fee and expense metrics and structure of a private placement memorandum.

    Ongoing development will see modules, tools and examples added where and when needed.


    For further information on the Guidelines, please contact Amélie Delaunay at [email protected]

    INREV Guidelines 2014PDF
    INREV Definitions 2014PDF
    INREVガイドライン2014 - 定義集PDF
    INREV Guidelines 2014 SnapshotPDF
  • 지난 18개월에 걸쳐 300여 참여자와 협의, 의견, 피드백 등을 거친 INREV 의 개정 가이드라인이 마침내 온라인 공개를 통해, 시행 준비가 완료 되었습니다. 기존 가이드 라인 구조를 완전히 재검토하여, 사용자 편리성, 이용의 용이성, 미래 시장변화에 대한 대응성을 높였습니다.

    특히 기업 거버넌스, 유동성, 보고 등의 분야를 중심으로, 많은 실질적인 변화가 이루어졌습니다. 금법 새로운 업계 가이드라인으로 인하여, 투명성 및 성과분석이 개선되고, 투자가의 선택권이 늘어날 것입니다.

    2014년 INREV 가이드라인은 다음과 같이 구성되어 있습니다;

    • 7개 모듈 기업 거버넌스; 보고, 부동산감정평가(Property Valuation), INREV 순자산가치(NAV), 수수료 및 비용 측정치( Metrics),유동성, INREV 데이터 전달(Data Delivery)
    • 7개 툴:준수 체크 리스트,기업 거버넌스 자체 평가툴, 펀드 운용사용 실사 설문지, 재간접펀드/ 멀티 매니저용 실사 설문지, 표준 비밀 유지 서약서, 채권 및 파생상품 공시 설명서(Disclosure), 표준데이터전달서(SDDS)
    • 7개 사례:준수 의사 결정도( compliance decision tree),INREV 가이드라인 채택 수준 설명서, 지속가능성 보고 권고, 출자 요청및 자본 분표, INREV 순자산가치(NAV) 계산,수수료 및 비용 측정치(Metrics) 계산 및 제공, 사모 설명서(memorandum)의 구성

    향후 계속적으로 개발이 진행됨에 따라, 필요시 적절한 곳에 모듈, 툴, 사례 등이 추가 될 것입니다.


    INREV 가이드 라인에 관한 보다 자세한 내용은 Amélie Delaunay 에게 [email protected] 로 문의하시기 바랍니다.

  • ANREVはメンバーのサステイナビリティへの対応を援助することを目的とし、国際的な機関投資家協会であり、不動産ポートフォリオにおけるサステイナビリティパフォーマンスを扱う不動産協会であるGRESB(Global Real Estate Sustainability Benchmark)のパートナー協会となりました。



    ANREVサステイナビリティレポート2013 スナップショットPDF
  • ANREV has undertaken a number of initiatives to raise awareness of the INREV Guidelines and encourage their adoption within the region since entering into a cooperation agreement with INREV, its sister organisation in Europe, in 2009. This study, undertaken by PricewaterhouseCoopers (“PwC”) for the first time this year, is a key part of ANREV’s programme to raise awareness.

    We would like to extend our sincere thanks to all who shared their valuable time and expertise during this project. We trust that all participants received useful feedback from the exercise which will assist them in their ongoing investor relations. We look forward to meeting them again and discussing the revised INREV Guidelines which are expected to be issued in April 2014.

    This document is for members only. Please login if you do not see the downloads below.


    For further information, please contact Alan Dalgleish at [email protected]

    Review of investor Reporting Trends 2013 (Full report in English)PDF
  • One of our goals is to promote professionalism and transparency within the non-listed real estate vehicles industry. To accomplish this, INREV has reviewed the INREV Guidelines to make sure they remain fit for purpose in today’s market.

    This section presents the Revised INREV Guidelines 2014 (White Paper), explains the main differences and provides you with the opportunity to share your comments online. ANREV’s Professional Standards Committee encourages ANREV members to submit comments and feedback.

    • The Revised INREV Guidelines 2014 (White paper) are available online, with a pdf available for download below (login required for both).

    • The accompanying paper provides background information, highlights the main differences and explains the consultation process.

    • The survey collects INREV Members’ views on the Revised Guidelines 2014.



    If you have any questions about the Revised Guidelines 2014 (White Paper), the survey or the consultation process please contact [email protected]

    The documents are for members only. Please log in if you cannot see the downloads below.

    Accompanying Paper Revised INREV Guidelines 2014 (White Paper)PDF
    Revised INREV Guidelines 2014 (White Paper)PDF
  • The Professional Standards Committee is pleased to present a round-up of activities and initiatives undertaken in first half of 2013 and an outline of plans for second half of 2013.

    • A major focus for the committee in the first half of 2013 has been provision of Asia Pacific input to the INREV Guidelines Review. A white paper will be published on this topic in October.
    • Technical Briefings have been held on FATCA and AIFMD, along with an NAV training session and a roundtable on IFRS 10.
    • Coming up in the second half: publication of the ‘Review of Investors Reporting Trends; sustainability case studies; and a regulatory newsletter. Planning is underway for an inaugural foundation training course.
    Mid Year Review 2013PDF
  • 2011 ANREV Review of Reporting Best Practice AsiaPDF