Welcome to the September 2020 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 2020.

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 almost 15 years of performance across all regions. 

The GREFI All Funds Index delivered a total return of -1.29% over Q2 2020, down from 0.22% posted over Q1 2020, according to the latest release of the Global Real Estate Fund Index (GREFI).

Key highlights:

Total returns stood at -2.33% for Asia Pacific funds, -1.62% for US strategy funds and -0.60% for European funds over Q2 2020

GREFI Non-core funds posted the lowest return since the last Q4 2009, with a negative quarterly performance of -0.83% over Q2 2020

From Q3 2018 edition onward, the GREFI Index will no longer include US closed end value added funds (NPI - CEVA Index)

Please send any queries to Daisy Huang , Kip Kong or Amélie Delaunay.

•ANREV’s All Funds index returned -2.33% in Q2 2020, down from -1.36% in Q1 2020.

•Opportunity fund performance recovers from -4.35% in Q1 to 3.99% in Q2 2020.

Data contributions were received from 94 funds with a total gross asset value of US$122.3 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 Kip Kong.

In the first of a series of topics on PropTech in China, this paper gives an overview of China as the birthplace of modern PropTech, and how you should ensure investment consideration for mainland buildings.

Adam Stuckert of KPMG and Jordan Kostelac of JLL introduce their brief, outlining why PropTech is important to Asian real estate, touching on blockchain patent applications, AR/VR, 5G Infrastructure, AI-population and countrywide initiatives for developing technology.

Look out for upcoming, in-depth papers on these topics over the coming months.

If members have any questions, or require a more detailed explanation of any of the points referenced in this note, please contact the ANREV Technology and Innovation Working Group at the following e-mail address: [email protected]

In September's issue, we have included:     

Australia

• Government consults on reforms to foreign investment review framework

Cayman Islands

• Economic Substance Guidance Notes V3.0 issued
• Regulator issues new rules regarding regulated funds

China

• CSRC and PBOC launch connect scheme between CIBM and exchange bond market

Hong Kong

• SFC issues quarterly report
• Government welcomes passage of Limited Partnership Fund Bill
• Inland Revenue Department issues departmental interpretation and practice notes on profits tax exemption for funds
• Prudential measures for mortgage loans on non residential properties

Japan

• FSA creates new permit system so that foreign managers can temporarily operate their business in Japan as a BCP
• Bill introducing financial services intermediary business and classification of fund transfer services passed by National Diet

Korea

• New bill on supervision of financial conglomerates moves ahead for enactment
• Government approves revisions to Financial Investment Services and Capital Markets Act

Singapore

• Variable Capital Companies (Amendment No. 2) Regulations 2020 and Variable Capital Companies (Consequential Amendments to Other Acts) Order 2020 gazetted
• Additional loan and cashflow support for landlords and businesses affected by COVID 19
• MAS consults on Environmental Risk Management Guidelines for Financial Institutions

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

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.19% in August 2020. The ACOE includes 19 funds with a total GAV of AUD 111.18 billion.

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

Please contact Daisy Huang or Sebastian Ramirez if you have any questions regarding the Index.

The Q2 2020 ANREV ODCE Fund Index - Open End Diversified Core Equity (ODCE) results were released today and show a total return of  2.51%.

Please provide feedback and comments to Kip Kong or Amélie Delaunay.

ANREV Chairman, Nicholas Loup, steps down after 12 years - hands over Deputy Chair Williem de Geus. 

Stephen Tross appointed as new Deputy Chairman.