- October 1, 2018: Vol. 10, Number 9

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Macro issues drag on Asia Pacific property stocks in August

by Christopher Hartung

Asia Pacific property stocks continued to struggle in August as more macro issues — heightened trade-war tensions and a decoupling of once synchronised global growth — gave way to additional issues of emerging market currency weakness and indications of some economic slowdown in China. During August, Asia Pacific property stocks were down 1.1 percent — after a return of 0.7 percent in July — while global property stocks returned 0.9 percent. As such, the Asia Pacific region is now down marginally for the year, at –3.2 percent, and lags global property stocks, at –0.9 percent. Of note for both regional and global returns, property stock weakness remains concentrated among developers rather than REITs, as REITs have benefited from a more risk-off profile. As such, Asia Pacific REITs are up 3.7 percent for the year through August, which is in line with global REITs, up 4.0 percent (with returns based on S&P Global Intelligence data, with quoted country returns in local

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