ANREV and PwC are pleased to publish the Real Estate Fund Managers’ Benchmarking Survey 2021. This is the second time we publish this Survey after 2017. The Survey attracted participation of 31 funds managers, representing more than US$1 trillion of real estate assets under management globally.

The publication gathers information about key industry operational trends and metrics of real estate fund managers with significant operations in Asia Pacific, including organisational information, governance, sustainability and risk management, administration, valuation, technology and operations, regulatory information and reporting.

Key findings include:

• Headcount: 42% of respondents report that they are expecting to increase headcount in 2022, indicating a positive outlook for Asia-Pacific business in 2022 and beyond.
• Sustainability and climate risk: 90% of respondents have a formal policy on sustainability and climate risk and 19% of respondents says sustainability and climate risk can be a deal breaker when making investment decisions.
• Investor reporting: 64% of respondents follow INREV Standards for investor reporting which is the highest amongst guidelines published by all industry associations.

Message from the Chairman to ANREV members and stakeholders

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.46% in October 2021. The ACOE includes 19 funds with a total GAV of AUD 119.36 billion.

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

Please contact Alfred Tang or Daisy Huang if you have any questions regarding the Index.

In November's issue, we have included:     

Australia

• ASIC publishes report on state of competition in Australian funds management industry
• Government consults on evaluation of 2021 foreign investment reforms

British Virgin Islands (BVI)

• British Virgin Islands introduces data protection act
• Economic Substance reporting requirements

China

• China releases Personal Information Protection Law

Hong Kong

• Government responds to inclusion of Hong Kong in EU's watchlist on tax co-operation
• SFC to introduce questionnaire on asset management activities regarding private funds and managed accounts
• SFC concludes consultation on anti-money laundering guidelines
• SFC concludes consultation on climate-related risks in funds
• HKMA releases the guideline on fund certification for carried interest tax concession

Japan

• Japan Enacts Law Restricting Land Use Near Important Facilities and on Islands Near Borders

Korea

• FSC informs financial investment businesses about upcoming changes in PEF rules

Malaysia

• Malaysia is now added to the revised European Union’s List of Non-Cooperative Jurisdictions for Tax Purposes

Singapore

• Public consultation on proposed changes to the Limited partnership Act
• SGX introduces listing framework for special purpose acquisition companies
• SGX consults on mandatory climate reporting, board diversity disclosures and common set of core ESG metrics
• MAS revises compliance toolkits for fund managers

Lastly, we would like to thank our committee who helped putting together the newsletter. Details about this committee can be found here.

The Index Guide provides an overview of ANREV’s suite of indices and their specific characteristics.

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

Message from the Chairman to ANREV members and stakeholders - subscription rate adjustment

The ANREV / INREV Management Fees and Terms Comparison Study compares the fees and cost structures of 33 non-listed real estate investment funds in Asia Pacific and 87 in Europe with a focus on Total Global Expense Ratios (TGERs), Total Expense Ratios (TERs) and Real Estate Expense Ratios (REERs). The report is based on the regional studies conducted by ANREV and INREV during 2020.

Some of the key findings identified in the report are as follow:

• Average TGERs and TERs for core and value added non-listed real estate funds in Asia Pacific are lower than those in Europe.

• Average REERs are higher in Asia Pacific than in Europe

Please contact Sharon Chan if you have any questions regarding the comparison study.

This ANREV Vehicles Universe document provides data on 384 vehicles with a total gross asset value (GAV) of US$ 283.7 billion as of Q2 2021. Data on 245 vehicles (total GAV US$172.7 billion) was extracted from the ANREV Vehicles Database. Data on the remaining 139 vehicles came from secondary sources.

If you have any questions, please contact Daisy Huang or Alfred Tang.