With increasing US interest rates, continuing trade war tensions, indications of an economic slowdown in China, and broad currency weakness, Asia Pacific property stocks struggled once again in September. During the month, the region’s property stocks fell by 3.2 percent, which was slightly worse than the –2.2 percent return for global property stocks. As such, the Asia Pacific region is now down 6.3 percent for the year through September, and also lags global property stocks returns of –3.0 percent. Of note for both regional and global returns, property stock weakness remains concentrated among developers rather than REITs, as REITs have benefited from a more risk-off profile. As such, Asia Pacific REITs are up 3.9 percent year-to-date, which is actually better than global REITs, at 1.8 percent (with returns based on S&P Global Intelligence data, with quoted country returns in local currency, and regional indices quoted in US dollars). Overall, because of the heavier emer