April brought mixed returns to both global and Asia Pacific property stocks, with generally tough going for REITs but better results for developers. Global and Asia Pacific property stocks returned 2.1 percent and 8.0 percent, respectively. This was the result of incredibly-strong regional performance driven by a stellar rebound in Hong Kong and China due to demand for Chinese equities, further policy stimulus and emergent signs of a housing-market recovery. Including April performance, on a year-to-date basis, Asia Pacific property stocks have returned 12.9 percent, which is well ahead of global equity returns at 5.5 percent (as represented by the MSCI ACWI Index) and global property stocks at 4.2 percent. Across the region and in concert with global property stocks, broader REIT performance lagged during the month as investors continued an earlier theme of generally focusing more on growth over yield (based on SNL Financial data, with quoted returns in local currency)