文档介绍：asia-pacific
reit survey
JUNE 2010
Results of a benchmark survey
of senior property professionals
to understand perceptions of
the REIT markets in Asia-Pacific.
korea
japan
china
taiwan
india hong kong
thailand
vietnam
THE PHILIPPINES
malaysia
singapore
indonesia
AUSTRALIA
2 | Asia-Pacific REIT Survey 2010
e CONTENTS
W omeelc to the fourth edition of the Asia-Pacific REIT Survey. e 3
For the 2010 edition, The pany is delighted to partner About Us 4
with Asia-Pacific’s leading law firm, Baker M& cKenzie. This year,
Background to survey 5
Baker & McKenzie have provided the country analysis section with
descriptions of the regulatory and investment regime for REITs in each Respondents profile 6
of the 13 markets.
Survey results 8
We would like to take this opportunity to thank all those who took the
Country summary and
time plete the survey. This year we had over 140 respondents,
up 37% on last year. Combined with the results of the previous years, legal update 20
their responses form the basis of the insights and trends that we share CONTACT US 34
with you in this publication.
In our last REIT Survey published in February 2009, we discussed
the 3-R challenge; Refinancing, Recapitalisation and Revaluation. In
the past 12 months, we certainly saw significant recapitalisation with
over US$ in global equity raised. In the Asia-Pacific, the largest
REIT recapitalisations were in Australia (US$) and Singapore
(US$). However, those REITs that were able to recapitalise
tended to be the larger ones such as Westfield (US$), Stockland
(US$), CapitaLand (US$), GPT Group (US$) and
Goodman (US$). Unfortunately, many smaller REITs remain
mired in debt negotiations as we continue to move through the
recovery phase.
So what has happened to the Asia-Pacific REIT markets? There has
been a dramatic change in the short-term outlook for pared
to a year ago. I