In September's issue, we have included:

Australia

• ASIC extends transitional relief for foreign financial services providers
• Australian Government consults on taxation treatment of digital currency
• Australian Treasury consults on multinational tax integrity and enhanced tax transparency measures

China

• China releases security assessment measures for data export
• Joint Announcement of the People’s Bank of China, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority

Hong Kong

• SFC publishes review of online brokerage, distribution and advisory services
• SFC updates FAQs relating to investment-linked assurance schemes

Japan

• FSA publishes draft guidelines providing details on creating, recordkeeping and reporting of transaction information in respect of derivatives transactions
• FSA publishes report and draft code of conduct for ESG evaluation and data providers

Singapore

• MAS publishes circular on disclosure and reporting guidelines for retail ESG funds
• MAS publishes information paper on strengthening AML/CFT practices for external asset managers
• MAS publishes circular on reporting of significant redemption, gating and suspension of funds

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 2022 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 2022 sample of the ANREV IRR index includes 72 funds.

We welcome any questions or comments - please email Daisy Huang or Justin Wong.

The ANREV Management fees and terms study explores fees and costs structures of Asia Pacific non-listed real estate funds with a focus on the Total Global Expense ratios (TGERs) and real estate expense ratios (REERs).

This year’s study includes 57 vehicles managed by 27 managers that provided information on general fees and terms (representing a combined total GAV of US$110.9 billion). Of those, 42 funds managed by 24 managers submitted their 2021 TGERs representing a combined total GAV of US$96.8 billion.

Welcome to the September 2022 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q2 2022.

The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. All numbers are also available in an Excel file.

The history of the Global Real Estate Fund Index (GREFI) has been extended to Q1 2005, now offering more than 15 years of performance across all regions. 

Key highlights:

• The GREFI All Funds Index delivered a total return of 3.36% in Q2 2022.
• Funds targeting the US outperformed other regional strategies, posting a total return of 4.83%.
• Non-core funds outperformed their core peers, posting quarterly total returns of 4.23% and 3.19%, respectively.

Please send any queries to Daisy Huang, Justin Wong or Amélie Delaunay.

• ANREV’s All Funds Index returned 0.87% in Q2 2022, down from 1.94% in Q1 2022.

• Core funds outperformed value added and opportunity funds with returns of 1.62% versus -4.01% and -6.01% respectively.

Data contributions were received from 76 funds with a total gross asset value of US$152.4 billion. 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.

If you have any questions about the ANREV Index or want to take part in this industry-led initiative, please contact Daisy Huang or Justin Wong.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.32% in August 2022. The ACOE includes 19 funds with a total GAV of AUD 129.85 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang, Justin Wong, or Donald Lam if you have any questions regarding the Index.

The ANREV Australia Farmland Index provides financial performance of 63 different properties of market value over AUD 1.9 billion in farmland.

ANREV Australia Farmland Index returned 10.21% on a 12 month rolling basis in Q2 2022.

On an annualized rolling return basis, the income return was at 6.32% in Q2 2022.

Capital growth was at 3.70% in Q2 2022 on a 12 month rolling basis.

We would like to thank all the managers for their data contribution.

If you have any questions about the Index, please contact Daisy Huang, Justin Wong or Donald Lam.

The Q2 2022 ANREV ODCE Fund Index - Open End Diversified Core Equity (ODCE) results were released on 31 August 2022 and showed a total return of -3.97% for 8 funds.

Please provide feedback and comments to Justin Wong or Amélie Delaunay.