While regaining some lost ground in July after weak second quarter performance, Asia Pacific property stocks generally are still struggling from a combination of factors, including higher US interest rates, heightened trade-war tensions, a decoupling of once synchronised global growth, and greater differences in government policies surrounding economic stimulus measures and property cooling measures. During July, Asia Pacific property stocks returned 0.7 percent, in line with a 0.9 percent return for global property stocks. As such, the Asia Pacific region is now down marginally for the year, at –2.1 percent, and lags global property stocks, at –1.0 percent. Of note for both regional and global returns, property stock weakness has been concentrated among developers rather than REITs, as REITs have benefited from a more risk-off profile. Given this, Asia Pacific REITs are up 3.5 percent for the year through July, slightly ahead of global REITs, up 2.5 percent (with returns based