The global property sector posted another month of solid returns (up 3.0 percent) on the back of generally higher broader equities (up 2.4 percent), although Asia Pacific property stocks lagged once again in September, up 1.2 percent. Even though real rates are trending up around the globe, a combination of performance among value names (instead of growth) and a search for more stable revenue streams amidst a faster deceleration of the global economy, helped drive property sector returns. Furthermore, some indications that China’s economy was faring better than feared helped ease regional headwinds that were confronting Asia Pacific stocks during the past few months. As such, the region’s positive returns in September were the first since June, but were not enough to erase the past two months of losses. The result is Asia Pacific property stocks were down 6.9 percent in third quarter 2019 as compared with a 4.3 percent return for the global property sector. Because of strong fir