Chinese property stocks lead returns in March
While March performance was relatively flat for both global and Asia Pacific property stocks, returning –0.2 percent and 0.0 percent, respectively, property stocks closed out the first quarter of 2015 with performance that paced broader equities. For the quarter, Asia Pacific property stocks returned 4.6 percent, which was slightly ahead of global equity returns at 4.2 percent (as represented by the MSCI ACWI Index) and global property stocks at 4.3 percent. In broad terms, across the region and in concert with global property stocks, REIT performance lagged during March as investors continued February’s theme of generally focusing more on growth over yield (based on SNL Financial data, with quoted returns in local currency). Of note, the generally placid-looking March returns mask dramatic volatility intra-month. Through the first two weeks of March, Asia Pacific property stocks were down almost 4 percent, only to rally during the last two weeks.
On a country basis, Japa