After racing out the gate to start 2019 on record pace, both Asia Pacific and global property stocks took a pause in February. The reduced performance of 0.2 percent and –1.2 percent, respectively, during the month primarily was driven by a more pronounced risk-off trade within the equities market due to reduced trade tensions between China and the United States — as well as supportive monetary policies, particularly in the United States and China. As a result, while Asia Pacific property stocks outperformed global property stocks during the month, property stocks overall lagged the performance of the MSCI World Index, which returned 3.4 percent. While the risk-off attitude was quite supportive of broader equities, the continuation of the US Federal Reserve’s “data-dependent” approach has helped anchor low interest rates globally — a positive for property markets. For the year through February, Asia Pacific property stocks have returned 8.4 percent compared with 8.7 perc