After this past October’s dismal performance across the equities universe, real estate stock performance was strong in November 2018, with global property stocks significantly outperforming global equities due to a more risk-adverse posture. While the headwind story lines of US Federal Reserve tightening, trade war tensions, and ex-US global economic slowdown remain, more constructive perspectives on these headwinds helped propel the strong November performance. During the month, Asia Pacific property stocks rose by 7.5 percent, which was ahead of the 4.4 percent return for global property stocks and also significantly better than global equities, at 1.2 percent. As such, the Asia Pacific region is now down 5.6 percent for 2018 through November, and lags global property stock returns of –4.3 percent. Of note for both regional and global returns — in a change from past monthly performance — property stock strength was concentrated in developers rather than REITs. For the year