During August, both Asia Pacific and global property stocks had muted performance, as the markets once again assessed the balance of conflicting global economic data and signs the US Federal Reserve would be more likely to raise interest rates in 2016, which led to a strengthening dollar. Meanwhile, income-oriented investment shined year-to-date through August, given investors have fewer yield investment opportunities. The result of the muted August was a 0.8 percent and –0.8 percent return for Asia Pacific and global real estate stocks, respectively. Through August of this year, Asia Pacific listed property stocks have fallen short of global property stocks, with returns of 9.4 percent and 12.3 percent, respectively. The demand for yield is evident in REIT-specific performance, with Asia Pacific REITs up 22.8 percent for the year (based on SNL Financial data, with quoted country returns in local currency and regional indexes quoted in US dollars).

On a country basis, Chine