Asia Headlines:
• Australian merger control clearance
• Reserve Bank of India issues circular regarding FATCA
China
• Beijing de-centralizes and simplifies filing requirements for real estate FIEs
• China Securities Regulatory Commission consults on private fund rules
Hong Kong
• HKMA and SFC seeks consultation on OTC derivatives mandatory reporting
• SFC publishes REIT Code amendment consultation conclusions
• Revised REIT Code takes effect
• SFC reports on annual fund management activities survey for 2013
Korea
• Government regulations to ease foreign direct investment
• Ministry of Strategy and Finance announces tax revision proposals for 2014
Singapore
• Proposed regulatory changes in Singapore affecting private real estate vehicles
• MAS Consultation on Strengthening the REIT market
Non-Asia Headlines:
• Alternative Investment Fund Managers’ Directive (AIFMD) Reference Guide

This paper analyses and compares the fee structures and fee levels of non-listed real estate vehicles in Europe, Asia and the US. The paper is based on the individual Management Fees and Terms Studies for each of these regions.

This year’s ANREV and  INREV studies included total expense ratio (TER) calculations, and both net asset value (NAV) and gross asset value (GAV) based TER were slightly lower in Asia than in Europe. Open end funds had lower TERs than closed end funds and single country funds tended to have lower TER than multi country funds. Target gearing naturally affects the NAV-based TER for highly leveraged funds. The lowest TERs were found in funds with a first closing before 2003.

はじめに ― シャドーバンキングとは？

近年中国の国内銀行は不動産部門への融資により慎重になっており、銀行から融資を受けることは難しくなりつつある。その結果、成長・拡大に向けた資金を調達する他の方法を模索するデベロッパーが増加している。その手段のひとつがシャドーバンキングを通じた借り入れである。

中国のシャドーバンキング制度は、商業銀行と同様の業務を行うものの、銀行規則の対象とならないノンバンク系金融仲介業者にまたがる。地下銀行、マイクロクレジット会社、国内銀行向け簿外融資、プライベートエクイティ・ファンド、信託商品など仲介業者は多岐に渡る。

中国のシャドーバンキング制度のうち最も厳しく規制されているのは、信託法の縛りを受けている信託市場で、中国銀行業監督管理委員会（CBRC）の監督下にある。中国の信託部門は過去5 年間で10 倍近く成長し、2008 年の1.24 兆元から2013 年には10.9 兆元と保険部門の資産規模を軽々と越えた。信託部門は現在中国GDP の約20％を占める。

Data contributions were received from 94 funds with a total gross asset value of US$87.7 billion. The All Asia Index headline return was 2.2% in local currency for Q2 2014 compared with 2.2% in Q1 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 October.

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.