November 2015 started off where October ended, with property stocks generally weak throughout the month. After a generally stellar October, property stocks began to slide toward month’s end, as it became evident a US Federal Reserve December rate hike was still on the table. With little information to suggest a change to that timing throughout November, the sector remained weak. The net result was a 2.7 percent decline in the Asia Pacific listed real estate market for the month, which dug 2015 return performance through November further into the red, at –6.4 percent. This performance was directionally similar to global real estate stocks, which were down 2.1 percent for the month and down 4.5 percent for year through November 2015. Given the more uncertain macroeconomic environment and a consequent more risk-averse investor sentiment, REITs outperformed developers during the month, both on a regional and global basis (based on SNL Financial data, with quoted returns in local cur