ANREV is now collecting investor reporting documents for its fifth Review of Investor Reporting Trends 2015, 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 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.

In order to assess compliance with INREV Guidelines, we would like to invite you:

• To fill the self-assessment questionnaire: Guidelines_Compliance_Checklist.
• To send  your latest audited annual reports and interim reports before 26 June 2015, together will all other relevant communications sent to investors (i.e.: presentations, webcasts, investor portal access on website, ad hoc reporting on INREV NAV)

Each manager may determine what documents to submit, depending on how they report to investors, and where information relevant to the Guidelines is presented.  It would be preferred that Managers submit their 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, along with a follow up physical meeting or phone call to discuss the findings and comparison to their peers.

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 26 June 2015.

Private & Confidential

PwC

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 myself.

We look forward to receiving your responses.  

This is the second annual report on the analysis of the ANREV Quarterly Index to assess the riskadjusted performance and diversification benefits of Asia-Pacific non-listed real estate funds over 2010-2014. Differences are seen in the performance of specific non-listed real estate strategies, relating to style, country, regions, sectors and structure. This clearly highlights the effectiveness of Asia-Pacific non-listed real estate in the Asia-Pacific real estate investment landscape.

For further information concerning this ANREV report, contact Professor Graeme Newell at [email protected] or ANREV at [email protected] .

エグゼクティブサマリー

・中国経済の構造変化は複雑であるが、引き続き大きな住宅不動産投資機会を形成していく。「シェルター需要」なのか「改善需要」なのか検証する際、住宅需要を細分化するとｗかりやすい。後者は生活環境を改善する為の需要であり、住宅不動産市場の主要な牽引役になると期待されている。

・中国の上位10都市は、より好ましい住宅投資環境を提供すると見られる。現在の大都市は今後もその規模を保持し、さらに成長すると見込まれる一方、現在の小都市は小さいまま、もしくはさらに小さくなる可能性がある。

개요

• 중국경제의 구조적 변화는 매우 복잡하기는 하나, 향후 상당한 규모의 주택부동산투자기회가 계속 늘어날 것으로 보인다. 주택수요를 “주택수요” 대 “주택개량수요”로 분리하여 비율을 조사하는 것이 바람직하다. “주택개량수요”란 주거상태개선을 위한 수요로서, 향후 주택부동산시장의 강한 동인이 될 것이다.

• 중국의 10 대 대도시들의 주택투자환경이 상대적으로 우수할 것이다. 현재 대도시들은 그 규모가 유지되거나 더 커질 것이며, 현재 소규모 도시들은 크기가 유지되거나 더 축소될 것이다.

도입

논평가들에 따르면, 최근의 중국주택시장은 중국경제 및 글로벌 경제에 모두 커다란 위험이라고 한다. 이렇게 우려하는 이유는 2014 년에 주택가격이 떨어지고 거래량도 급락했기 때문이다. 공급량은 경기순환에 따라 변화하고, 투자가/ 디벨로퍼의 리스크성향도 경제 및 금융시장 사이클에 따라 달라진다. 따라서, 주택전망을 볼 때 이제는 “수요의 지속가능성”이 큰 화두가 되었다. 본 고는 주택에 대한 장기수요( 입주자수요) 및 수요양상을 예측하는 기초를 마련하고, 투자에 대한 함의를 평가하고자 한다. 본 고의 분석에 따른 시사점들은 다음과 같다:

• 입주자총수요는 계속 증가할 것이나, 약화되는 인구동향으로 인해 지금까지보다는 그 증가속도가 둔화될 것이다.

• 향후 주택업그레이드수요가 더 중요해질 것이다. 입주자들은 중산층 내지 고급주택세그먼트를 선호할 것이다. 중국의 특정지역에 입주자수요가 강하게 집중될 것이며, 특히 서비스섹터가 더 빨리 발달된 주요도시의 우수 서브마켓에 집중될 것이다. 결론적으로, 시장선택이 중요하다.

Junction of Qixin Road and Gudai Road, Minhang District, Shanghai, China

Mapletree is committed to developing environmentally friendly properties. This is driven by the view that sustainable developments not only minimise environmental impact, but enables its users to enjoy cost savings as energy and water consumption lowers.

Spanning 11.9 hectares and comprising two Mapletree signature developments – Mapletree Business City and VivoCity, the Minhang development will cater to the growing demand for decentralised, cost-effective quality office space, and provide retail and lifestyle options to the business and residential communities nearby. For their environmentally sustainable design, both developments were awarded the LEED Gold and Silver level (precertification) respectively.

Data contributions were received from 93 funds with a total gross asset value of US$87.7 billion. The All Asia Index headline return was 9.1% in local currency for 2014 compared with 9.2% in 2013.

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 next year.

Together with the release of Annual Index 2014, ANREV has recalculated the Q4 2014 Quarterly Index and has passed the hurdle of 100 funds. Members can move to ANREV Analysis Tool to check out the updated result. ANREV has also reviewed the ANREV Index Guide to reflect recent changes in production and publication of ANREV Index.

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.

ANREV is pleased to release the April Regulatory and Tax Newsletter in 2015 that gives updates on Asia Pacific legal and tax topics.  In this issue, we have included:
 
Australia
• Australia Investment Manager Regime Public Consultation
China
• China’s new Industry Catalogue for Foreign Investment
Hong Kong
• SFC updates FAQs on Real Estate Investment Trusts
• Hong Kong and China sign fourth protocol on avoidance of double taxation
• Inland Revenue Amendment bill gazetted – profits tax exemption for offshore funds extended to private equity funds 
Japan
• Amendment to Article 63 Exemption
Singapore
• GST rules affecting offshore funds/managers
Switzerland
• Non-Swiss Fund Managers – new Swiss fund marketing regime applies

EXECUTIVE SUMMARY

• Structural changes to China’s economy are complex but will continue to shape significant residential real estate investment opportunities. It is helpful to dis-aggregate housing demand, to examine “demand for shelters” versus “demand for better”, the latter being demand for improved living conditions, which we expect will be a strong driver for the residential real estate market.

• The top ten cities in China are likely to provide a better environment for residential investment. Cities that are large today are likely to remain large and become larger. Cities that are small today will likely remain small and may get smaller.

The consultation is open for the new Performance Measurement Module of the INREV Guidelines.

ANREV and INREV welcome your feedback as we believe that input from the wider industry audience will contribute to covering all aspects in the area of measuring performance for the non-listed real estate vehicles.

We appreciate your feedback before 4 June 2015.

Following the consultation period all relevant feedback will be incorporated and the module will be added to the INREV Guidelines.

Performance Measurement module fits INREV Guidelines framework

The project was initiated by the INREV Performance Measurement and Benchmarking Committee in 2014 and took into consideration GIPS, the generally accepted principles of full disclosure and fair representation of investment performance results. The Performance Measurement module is required to fit into the overall INREV Guidelines framework and is linked with formulas used for the ANREV and INREV Index.

Provide feedback via email

Please send your feedback to Amélie Delaunay, Director of Research and Professional Standards at ANREV via the e-mail: [email protected] or Maurits Cammeraat, Director of Professional Standards via e-mail to [email protected].

はじめに

不動産市場の価格は、ローカル指標、国内指標、グローバル指標などさまざまな要因に基づいて形成される。しかしこれらの市場原理は、クロスボーダー投資家が特定の市場で競う上で有利なギャップを資本市場に生み出すことがある。クロスボーダー投資家にとって投資リターンを変動させるひとつの重要な要因は、言うまでもなく為替変動である。そのため、クロスボーダー投資では必要に応じて為替ヘッジを行う必要がある。

海外市場で借入による資金調達を通して疑似ヘッジまたはセミヘッジされた投資を行う方法は多く存在するが、この戦略では売却による収入を効果的にヘッジすることができず、資本の本国送還時に、基本的に投資家は大きな損益を受けることになる。資本保護のためのヘッジという観点から、為替スワップ先物取引は、変動やリスクを抑え、時には為替差益による投資リターンの増大が望める有効なツールとなり得る。