In November 2014, both global and Asia Pacific real estate stocks built on October’s strong results, as the markets continued to respond positively to a combination of surprise policy easing/stimulus measures, primarily from China and Japan, and a slackening in global economic vitality, both of which help keep interest rates low and support property values. For the month, the SNL Financial Asia-Pacific Real Estate Index (which includes Australia) increased by 0.2 percent, which slightly lagged the 1.7 percent returns for the Global Real Estate Index, with regional returns denominated back to US dollars and country returns in local currency. Due to the shift toward yield assets, REITs generally outperformed developers during the month, with particular strength among Hong Kong and Japanese REITs (up 8.0 percent and 5.9 percent, respectively). During the first 11 months of 2014, the Asia Pacific region posted modestly positive returns of 7.0 percent, with the region’s