In the latest edition of our series on how technology is transforming the real estate industry, we take a closer look at “smart contracts”, the blockchain-based contract system which has been tipped to significantly streamline the real estate transaction process and revolutionise the industry.

If members have any questions, or require a more detailed explanation of any of the points referenced in this note, please contact the ANREV Technology and Innovation Working Group at the following e-mail address: [email protected]

This is the third fund termination study conducted by ANREV. The survey aims to examine the options fund managers consider as their funds approach their termination dates. The survey was conducted in October 2019 through a questionnaire. We received participation from 11 fund managers managing 19 non-listed real estate funds in Asia Pacific with a combined gross asset value (GAV) of US$4.4 billion.

The document is a distillation of information provided to ANREV by non-listed property vehicles, as well as publicly available information of other non-listed property vehicles, in order to give a view on the size and composition of the Asia Pacific non-listed property funds market over a particular period of time.

If you have any questions, please contact Daisy Huang at [email protected] or Kip kong at  [email protected]

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.74% in September 2019. The ACOE includes 19 funds with a total GAV of AUD 113.67 billion.

The ACOE index also reports data on geographic allocation by sectors.

Please contact Amélie Delaunay at [email protected] or Daisy Huang at [email protected] if you have any questions regarding the Index.

In October's issue, we have included:

Australia

• Board of Taxation issues consultation paper on corporate tax residency rules
• ASIC extends relief for foreign financial services providers
• ATO releases draft guidance on risk assessment and arm’s length debt test
• APRA responds to submissions on proposed changes to reporting consolidation for securitisation special purpose vehicles

Hong Kong

• Circular to licensed corporations on managing the liquidity risk of funds
• FSTB consults on limited partnership regime for funds
• Hong Kong Court of Final Appeal rules that receipts from disposition of land are not chargeable to profits tax

India

• Corporate tax rates slashed and fiscal relief announced
• India Budget 2019 - Partial roll back of higher surcharge

Ireland

• AML policy enhancements required for investment funds

Korea

• Korea announces 2019 tax reform proposals

Luxemburg

• Luxembourg publishes draft law on DAC 6

Singapore

• Consultation Paper on Proposed Amendments to the Requirements for REITs
• Singapore to launch Variable Capital Company framework by end of 2019

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 Q2 2019 IRR Index by vintage. The IRR Index measures performance of value added and opportunistic non-listed closed end funds investing in Asia Pacific.

The Q2 2019 sample of the ANREV IRR index includes 70 funds.

We welcome any questions or comments - please email Daisy Huang or Kip Kong.

After securing the first and largest sustainability linked loan in Asia’s real estate sector from DBS Bank (DBS). The CapitaLand Group has signed new sustainability linked loans with Credit Agricole Corporate & Investment Bank (CACIB), Natixis Bank and Société Générale to raise a total of S$600 million to date.

CapitaLand has the flexibility to use these sustainability linked loans for general corporate purposes.

The five year multicurrency sustainability linked loans will see interest rates reduced based on CapitaLand’s achievements of environmental, social and governance metrics.