Along with global property stocks, Asia Pacific property stocks experienced a tough October as the property sector continued to be dragged down by heightened interest-rate concerns as well as subsequent weak US performance resulting from a rotation away from yield-orientated securities. In general, the behaviour in October once again showed how the magnitude and direction of central bank policies are dominating market moves. For the month, the Asia Pacific region was down 3.1 percent, which was ahead of global property stocks (–5.6 percent) but behind global equities at –1.7 percent. While it was the first down month in the past five for the region, global property stocks have now posted negative returns for three consecutive months. Given the strong summer performance, however, property stocks have still performed well for the year through October, up 7.5 percent in Asia Pacific and up 6.8 percent globally. REITs have driven most of that year-to-date performance, with Asia Paci