December may have closed out 2015 relatively strongly for both Asia Pacific and global property stocks (returning 2.5 percent and 1.4 percent, respectively), but it capped a turbulent year in which property stocks were buffeted by changing interest rate and global economic growth expectations, even though real estate fundamentals were generally good and demand for real estate assets by institutional investors was strong across markets. For the full year, Asia Pacific property stocks’ performance was lacklustre, with the region down 4 percent and witnessing monthly price swings of greater than +/–2 percent in nine of the 12 months. The back-and-forth performance between REITs and developers throughout the year also was interesting, with both sectors within the Asia Pacific region down similarly at approximately 4 percent. In the end, all the angst surrounding the impact of the US Federal Reserve raising its target range for the federal funds rate affected real estate not much wor