China
• Taxation of Indirect Transfer of Real Estate in China
• China proposes new Foreign Investment Law
• AMAC issues guidelines on outsourced fund services
• CBRC publishes measures on financial asset management companies
• State Council publishes trial rules for immovable properties registration
• Qianhai Shenzhen – Hong Kong cooperation plan approved

Hong Kong
• Proposed extension of the Hong Kong offshore fund exemption regime may benefit PE funds and PERE funds
• Amendments to Code on Unit Trusts and Mutual Funds take effect
 

Other Headlines:
• Indian government reviews FDI policy on foreign investment limit for construction development sector
• Thai SEC to issue infrastructure trust regulations

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 Henry Lam at [email protected]

As a pension fund manager, APG’s mandate is to invest responsibly by incorporating sustainability and governance factors into every investment they make. In the alternative investment space, they believe their investment success depends on finding and building long-term relationships with investment partners who understand APG’s fiduciary
responsibilities and investment philosophy.

Lemon Tree Hotels (Lemon Tree Hotels), a developer and operator of mid-range hotels across India, is one such investment partners. The company owns/operates 3,100 hotel rooms as of December 2014. APG has and continues to support Lemon Tree Hotels’s unique social program, which has made an invaluable social impact within its local community while at the same time helping to consolidate its own brand reputation which in turn has a positive effect on investment value.

Asia Pacific Investors will increase real estate allocation in 2015

The ANREV Investment Intentions Survey 2015 shows that Asia Pacific investors will increase their real estate allocations from 9.8% to 11%.

40% of global investors expect to increase their allocation to non-listed real estate funds in Asia Pacific.

Tokyo, Sydney, China Tier 1 cities and Melbourne are the top investment destinations for investors.

This is the eighth investment intentions Asia Pacific report and the second global survey conducted together with INREV in Europe and PREA in the United States.

This survey attracted a record number of 337 respondents.

The ANREV Sustainability Survey is the second annual report as the result of collaboration between GRESB and ANREV and focuses on analyzing the sustainability performance of ANREV members.

77% of ANREV participants in 2013 have participated in this year’s survey, the total number of ANREV participants has also increased by 6% y-o-y to 70 in 2014 with an aggregate gross asset value of USD93 billion.

The survey concluded that ANREV members have performed well above the overall GRESB average score and showed an improvement compared to the results in 2013. In 2014, ANREV participants obtained an average score of 54 compared with a global average of 47 and a score of 48 in 2013.

In order to let our members better understand ANREV Index as a performance measuring tool, ANREV has published the ANREV Index Guide.

ANREV Index Guide explain the history, composition, management, inclusion criteria and calculation methodology of the index. You can also find publication schedule of ANREV Index in 2015.

Please find the ANREV Index Guide and ANREV Quarterly Index Q3 2014 below. Should you have any questions related to the two documents, please send email to Henry Lam ([email protected]) or Amelie Delaunay ([email protected]).

Data contributions were received from 92 funds with a total gross asset value of US$96.0 billion. The All Asia Index headline return was 1.8% in local currency for Q3 2014 compared with 1.9% in Q2 2014.

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 in January.

To participate in the ANREV Index, please contact Amélie Delaunay at [email protected] or Henry Lam at [email protected] to take part in this industry-led initiative or if you have any questions about the ANREV Index.

Global Real Estate Fund Index (GREFI) shows the performance of non-listed real estate funds on a global scale and is created by ANREV, INREV and NCREIF. This publication includes the performance figures up to Q3 2014.

The GREFI consists of 369 funds in Q3 2014. The total gross asset value of all funds is $496.1 billion.

Please send your feedback on this consultation release to [email protected].

英国の事業用不動産市場： その規模とは？

IPFリサーチプログラムはこのほどポール・ミッチェル不動産コンサルタンシー社のポール・ミッチェル著「英国の不動産市場の規模と構造2013年：変化の10年」を刊行した。この著書は、英国の事業用不動産の価値とはいかなるものか、さまざまなセクターや英国内でどのように分布しているのか、保有者は誰なのか、投資市場の規模はどのくらいか、といったIPFが2005年に提起した疑問に立ち戻っている。またこの新たな調査はさらなる2つの疑問 -- 居住用不動産は事業用不動産と比較してどうか、そして不動産へのエクスポージャーが断片化する世界で保険会社や年金基金などの機関投資家が英国不動産への投資から得るものとは何か -- を投げかけている。