May marked the fifth consecutive month of positive performance for Asia Pacific property stocks, with a total return of 4.1 percent. This performance has more than kept pace with global property stocks, which returned 2.4 percent in May, as both segments have benefited from an unusual confluence of a stabilising global growth environment and a dovish yield curve that is keeping long-dated interest rates low. With the performance, Asia Pacific property companies are up 19.2 percent for the year through May, well ahead of global returns, at 12.2 percent. While the strong performance primarily has been driven by a rebound in developer valuations globally, REITs have also posted positive, although more modest, returns, at 5.2 percent through May (based on SNL Financial data, with quoted country returns in local currency, and regional indices quoted in US dollars). While the spectre of higher interest rates likely will weigh on the property sector in the future, the move to a self-sustai