While the global property sector was down slightly in July (by 0.5 percent) on further signs of flattening global growth, Asia Pacific property stocks had a tougher month, down 3.1 percent, as the region was led lower by tensions in Hong Kong and moves by China’s politburo to limit the property sector’s role as a potential economic stimulus tool. Because of ever-lower interest rates driven by more dovish US Federal Reserve and European Central Bank actions, however, yield-oriented REITs have continued to fare better; Asia Pacific–based REITs posted a 1.0 percent return in July, slightly better than global REITs, at 0.5 percent. With July’s returns, Asia Pacific REITs have returned 17.6 percent for the year, which, while very strong, lags global REIT performance of 20.2 percent. Overall for the year through July, Asia Pacific property stocks (when including developers) are also lagging global property stocks, up 11.4 percent and 15.5 percent, respectively. By comparison, broa