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- April 1, 2016: Vol. 8, Number 4

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Meager property stock recovery in February

by Christopher Hartung

1 After a rough start to the year, Asia Pacific and global property stocks recovered slightly during February as a safe haven play, with the broader equity markets remaining weak against continued global growth concerns. In addition, fourth quarter 2015 earnings generally demonstrated a solid state to property markets across the Asia Pacific region, giving investors comfort in the yield sustainability for property companies. Meanwhile, further government stimulus measures (such as the move to a negative interest-rate policy in Japan) also bolstered the view for real estate. The net of these various factors was a 2.0 percent return for Asia Pacific property companies during the month, led by a 7.5 percent jump in Asia Pacific REITs. This compares to more modest global property company returns of 1.0 percent. For the year through February, the Asia Pacific region is still down 6.9 percent compared to global property stocks, which are down 5.5 percent (based on SNL Financial data, with q

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