After a rough end to 2018, January 2019 started off at a record-performance pace across the globe as stock markets rallied on more-dovish US Federal Reserve commentary, still-strong US economic data and better sentiment regarding easing trade tensions. As such, global stocks were up 7.3 percent for the month while global property even did better, at 8.2 percent. Not to be outdone, Asia Pacific property companies narrowly outperformed global property companies, with a total return of 8.3 percent. While the strong performance certainly feels good to property investors, the performance essentially puts the region’s return at zero since the end of 2017. That said, property stocks continued to perform well on a relative basis because of a still-slight, risk-adverse posture, and the sector’s more-localised economic exposure (ie, earnings not as immediately impacted by global tensions compared with other equities). While the headwind story lines of US Federal Reserve tightening, trade