Led lower by broader equity-market weakness due to rising concerns about a global economic-growth slowdown — and further heightening of trade tensions as the United States opened another trade-war front (with Mexico) — both Asia Pacific and global property stocks traded lower during May, down 3.4 percent and 1.3 percent, respectively. The weaker relative performance of the Asia Pacific region was driven by sharply-lower Chinese property stocks, as that market traded off on the heightened trade rhetoric and subsequent lower economic projections for China. Because of ever-lower interest rates and a move — once again — to a more risk-off mindset, however, both Asia Pacific and global REITs recorded positive returns for the month, up 2.8 percent and 0.4 percent, respectively. This overall performance was in comparison to global equity returns of –5.6 percent in May. Through May, Asia Pacific property stocks are still performing quite well on an absolute basis, up 9.9 percent,