During May, both Asia Pacific and global property stocks fought to hold on to early-month gains as the US Federal Reserve put a potential June rate hike on the table. Ultimately, the real estate markets lost the struggle, with both segments posting negative returns of 2.8 percent and 0.5 percent, respectively. As has been the case for some time, even though real estate markets have responded favourably to accommodative governmental fiscal policies that support views global interest rates are going to remain low for the foreseeable future, near-term market responses to interest rate increases in the United States are sentimentally negative for listed property stocks. Notwithstanding the near-term negative sentiment, property stock earnings are looking relatively strong compared with other stocks, given the more insulated nature of property company earnings (particularly REITs) and the resultant current yield stability. So far, the net of these swirling factors is essentially a flat y