ANREV has launched the fifth release of the ANREV Pan Asia Open-End Diversified Core Fund Index (ODCI).

Please provide feedback and comments to Kip Kong at [email protected] or Amélie Delaunay at [email protected]

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.33% in Jan 2019. The ACOE includes 19 funds with a total GAV of AUD 108.00 billion.

Please contact Amélie Delaunay at [email protected] or Daisy Huang at [email protected] if you have any questions regarding the Index.

In January's issue, we have included:

Australia

• Managed Investment Trusts: applying a 30 per cent withholding rate on residential and agricultural property
• Extending the definition of a Significant Global Entity (SGE)
• ASIC extends relief for foreign financial services providers
• Australian government consults on Corporate Collective Investment Vehicle Bill

Cayman Island

• CIMA issues amendments to the AML Guidance Notes

Hong Kong

• SFC concludes consultation on amendments to anti-money laundering and counter-financing of terrorism guidelines
• Proposed changes to the funds tax exemption in Hong Kong

India

• Amendments in the long term capital gains tax

Japan

• Consumption tax amendments and transitional rules effective from October 2019
• 2019 tax reform proposals for the financial services industry and real estate market

Luxemburg

• ALFI Real Estate Investment Fund (REIF) Survey available for download.

Malaysia

• Taxation of unit holders of Real Estate Investment Trust/Property Trust Funds
• Qualifying expenditure and computation of industrial building allowance

Singapore

• Singapore parliament passes the Variable Capital Companies Bill
• MAS publishes FAQs on definition of accredited investor and opt-in process
• MAS guidelines on liquidity risk management practices for fund management companies

South Korea

• Debt Service Ratio (DSR) to be introduced as Household Debt Management Standard
• Proposed changes to the overseas investment vehicle (OIV) regime in Korea
• Financial measures to stabilize housing prices

Thailand

• New property tax in Thailand

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

ANREV is pleased to present the results of its sixth global Investment Intentions Survey with a specific focus on non-listed real estate funds. The survey was conducted in conjunction with the European Association for Investors in Non-listed Real Estate Vehicles (INREV) and the Pension Real Estate Association (PREA). By joining the forces of all three organizations, the survey is able to present a truly global view on expected trends and investment intentions within the real estate industry. This is the twelfth edition of the regional survey which attracted 154 respondents: 144 investors (93.5%), and 10 funds of funds managers (6.5%).

Chapter 2 explores global real estate allocations, providing insight into investment trends globally and is based on the full sample of respondents. This is a common section that can also be found in the INREV and PREA 2019 Investment Intentions reports.

Chapters 3 through 7 focus on the Asia Pacific real estate market, including insights on preferred structures, markets, sectors, styles and trends. These chapters are based only on those investors and fund of fund managers who are already investing in the Asia Pacific market or intend to do so in the next two years.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 1.79% in Dec 2018. The ACOE includes 19 funds with a total GAV of AUD 107.82 billion.

Please contact Amélie Delaunay at [email protected] or Daisy Huang at [email protected] if you have any questions regarding the Index.

Welcome to the January 2019 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 Q3 2018.

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 GREFI All Funds Index delivered a Q3 total return of 1.89%, down from 2.10% previously, according to the latest release of the Global Real Estate Fund Index (GREFI) 

Key highlights:

• The US outperformed Europe and Asia Pacific with a total return 2.02%, 1.79% and 1.59% respectively
• Non-core funds continue to outperform core funds, recording a quarterly return of 2.02% for non-core and 1.86% for core
• Open end funds outperformed GREFI All Funds, reaching 1.97%, down from 2.23%

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

Please send any queries to [email protected] or [email protected].

Real estate professionals have traditionally focused their attention on the physical aspects of security, safeguarding their properties from damage, intruders and natural disasters. However, with real estate businesses becoming more reliant on data, connectivity and other digital technologies, they are now also open to cybersecurity threats. Indeed, recent high-profile attacks have shown the ways in which the sector is vulnerable to security breaches through everyday systems such as lighting, access control and air-conditioning. Cybersecurity threats are changing the way real estate professionals approach asset management, and this is becoming a leading factor in decision making processes.

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]

We would also be keen to hear members’ experiences of big data, and/or their views on how this technology will impact the industry in the coming years.

ANREV has launched the Q3 2018 IRR Index by vintage. The IRR Index measures performance of value added and opportunistic non-listed closed end funds investing in Asia Pacific.

With the on-going Historical Data Project, the total number of funds qualified to be included in the IRR Index has increased by 7 funds in Q3 compared with Q2 2018,  resulting of a total of 71 funds.

We welcome any questions or comments - please email [email protected]