亚太地区房地产信托基金(REIT)调查报告36页.pdf

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1、asia-pacific reit survey JUNE 2010Results of a benchmark survey of senior property professionals to understand perceptions of the REIT markets in Asia-Pacific.2|Asia-Pacific REIT Survey 2010AUSTRALIAIndonESIASIngAPoREvIETnAmThAILAndchInAhong kongTAIwAnjAPAnkoREAIndIAThE PhILIPPInESmALAySIAwelcome to

2、 the fourth edition of the Asia-Pacific REIT Survey.For the 2010 edition,The Trust company is delighted to partner with Asia-Pacifics leading law firm,Baker&mckenzie.This year,Baker&mckenzie have provided the country analysis section with descriptions of the regulatory and investment regime for REIT

3、s in each of the 13 markets.we would like to take this opportunity to thank all those who took the time to complete the survey.This year we had over 140 respondents,up 37%on last bined with the results of the previous years,their responses form the basis of the insights and trends that we share with

4、 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$58.5bn1 in global equity raised.In the Asia-Pacific,the largest REI

5、T recapitalisations were in Australia(US$9.5bn2)and Singapore(US$3.3bn).however,those REITs that were able to recapitalise tended to be the larger ones such as westfield(US$1.9bn),Stockland(US$1.4bn),capitaLand(US$1.2bn),gPT group(US$1.2bn)and goodman(US$0.9bn).Unfortunately,many smaller REITs remai

6、n 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 REITs compared to a year ago.In the 2010 survey,47%of respondents predict companies will increase the si

7、ze of existing REITs compared to 27%last year and 20%of respondents expect additional REITs will be launched which is a 17%increase on 2009.we have seen real evidence of this with the IPo of the cache REIT on the Singapore Exchange in April 2010,the first new REIT IPo since december 2007,and more in

8、novative moves such as the dual listing of the Fortune REIT in Singapore and hong kong.After the lows of 2009,REIT markets across Asia-Pacific are starting to recover,although they remain a long way below the highs of the period between 2001 and mid-2008,where the size of the Asia-Pacific REIT marke

9、t grew a multiple of 40 times.In terms of threats to REITs,it is interesting that each year a different threat has come out on top.This year,adverse taxation developments(71%)are rated as the biggest threat to the future of REITs as compared to financial engineering(69%)in 2009.In our 2008 survey,lo

10、w yields were seen as the biggest threat(63%).overall,the REIT sector can justifiably feel that the“worst may be over”.The reduction in REIT debt levels have created some breathing room,with rewards coming via higher share prices and improved levels of volatility compared to the broader market.howev

11、er,we know that there is still some way to go before we can declare the recovery is complete.The next 12 months are likely to go a long way towards defining the future of the Asia-Pacific REIT market.wELcomE 3ABoUT US 4BAckgRoUnd To SURvEy 5RESPondEnTS PRoFILE 6SURvEy RESULTS 8coUnTRy SUmmARy And LE

12、gAL UPdATE 20conTAcT US 34WelcomecoNteNts1.Source:EPRA,nAREIT,RealPac&cohen&Steers 2.Source:EPRA,nAREIT,RealPac&cohen&SteersThe Trust company and Baker&mckenzie|3Milton Cheng Partner Asia Pacific REITs Practice group Leader Baker&mckenzieJohn Atkin chief Executive officer The Trust company4|Asia-Pac

13、ific REIT Survey 2010ABOUT THE TRUST COMPANY when it comes to corporate trustee services,its often difficult to know who to choose,or even where to start looking.Thats where we come in.were the only corporate trustee licenced to provide corporate trustee services in both Australia and Singapore.This

14、 allows us to build bespoke products,fashioned to suit the subtleties of businesses in each region and your business in particular.granted we dont know you(yet)but were sure to know someone in a position not dissimilar to yours.Someone who has already benefited from the experience,ingenuity and genu

15、ine local knowledge of our dedicated teams.we believe that theres no substitute for experience.And with 125 years of financial expertise,which includes 55 years providing corporate trust services,we at The Trust company are one of the most experienced trustees in the Asia-Pacific.currently,were cust

16、odians of global assets totalling in excess of AUS$116 billion.well be your:Trustee for any type of collective investment scheme Custodian and cash administrator for wholesale,private or exempt property funds Debenture/bond trustee Security trustee Escrow agentabout usABOUT BAkER&MCkENziEBaker&mcken

17、zie has provided sophisticated legal advice and services to many of the worlds most dynamic and global organisations for more than 60 years.we have the knowledge and resources to deliver the broad scope of quality legal services required to respond effectively to both international and local needs c

18、onsistently,confidently and with sensitivity for cultural,social and legal practice differences.As one of the first international law firms to recognise the importance of the Asia-Pacific,Baker&mckenzie has been assisting clients operating throughout the region for more than 40 years.we are one of t

19、he largest law firms in Asia,with more than 1,100 lawyers spanning 14 offices.As part of Baker&mckenzies global network of 3,900 locally qualified,internationally experienced lawyers in 39 countries,each office and member firm provides a full spectrum of legal services to a range of clients.we are a

20、ble to bring the right team of lawyers to best serve clients needs.our Asia-Pacific practice comprises full service offices located in Bangkok,Beijing,hanoi,ho chi minh city,hong kong,a correspondent firm in jakarta,kuala Lumpur,manila,melbourne,Shanghai,Singapore,Sydney,Taipei and Tokyo.In India an

21、d South korea,we have longstanding relationships with respected firms and regularly engage them to provide full regional coverage to meet our clients needs.The Baker&mckenzies Asia-Pacific REITs group has been at the forefront of ground-breaking REIT transactions in Asia.The team has acted on almost

22、 all of the significant transactions to date involving REITs listed or with assets in hong kong and has also advised on other significant REIT-related deals across Asia-Pacific and Australia.The Trust company and Baker&mckenzie|5bacKGrouNDIn order to develop a better understanding of the REIT market

23、 in Asia-Pacific and local nuances in each country,The Trust company undertook an inaugural survey of key stakeholders in 2007.This is the fourth issue of the Asia-Pacific REIT Survey with the results compared year-to-year to highlight changes over time.This survey seeks to ascertain their views on

24、the following specific areas:1.Property market growth:which countries offer the best prospects for growth?2.market growth:which markets offer the best prospects for growth of REITs?3.REIT opportunities:which countries offer the best opportunity for REITs?4.overall REIT potential:what is the overall

25、rating for each country after combining the results of the 3 measures?5.Regulatory support:how supportive is the regulator to new REITs in each country?6.REIT outlook:what is the greatest threat to REITs,and what does the future of REITs look like?The Trust company is delighted to be partnering with

26、 Baker&mckenzie for this years survey.Baker&mckenzie have provided the country summary and legal update.This is a succinct update of the current REIT legislation,along with their perspective on issues affecting that particular market.NEw SURvEY ENTRANTSThis year we have introduced Thailand and the P

27、hilippines into the Asia-Pacific REIT Survey.SURvEY METHOdOlOgYmembers of the property community were invited by email to participate in the survey.This email contained a URL to an on-line survey tool,with an individual login and password for security and to protect individual respondent confidentia

28、lity.The on-line survey was undertaken by Latham consulting,a Sydney based performance management consultancy between 28 january and 8 march 2010.dATA iNTERPRETATiONThe survey questions used a 5-point rating scale where 1 and 2 equal a negative rating,3 equals a neutral rating and 4 and 5 equal a po

29、sitive rating.For easy interpretation a colour code system has been used in some graphics,where orange highlights a negative rating,purple highlights a neutral rating and blue highlights a positive rating.In order to monitor changes in the REIT market outlook over time,we have compared the results y

30、ear-on-year.For the purpose of the results the research in each year was taken at the following times:2007:4 December 2006 and 19 January 2007 2008:20 November 2007 and 16 December 2007 2009:16 October and 10 November 2008Rating indexPositiveneutralnegative6|Asia-Pacific REIT Survey 2010respoNDeNtsO

31、ther 3%Singapore 40%Australia 36%Hong Kong 9%Japan 5%Malaysia 4%Philippines 3%A total of 140 respondents completed the survey which represents an increase of 37%compared to 2009.The quality of the final sample continues to improve year-on-year.This years sample represents 114 companies with 96%of th

32、e sample residing in or have resided in Asia.69%of the respondents are professionals working in the property industry,with 60%working for international companies.The profile of the respondents is similar to previous years.key points regarding the sample are outlined below.Country of residenceTime in

33、 AsiaNationality10 years+55%5-10 years19%3-5 years 17%1-2 years 4%Less than a year 1%Do not work in Asia 4%Australian 50%Singaporean 19%British 9%Other 6%Japanese 6%Malaysian 5%American 3%Filipino 2%The Trust company and Baker&mckenzie|7AgeType of firmRoleUnder 30 5%30-40 36%40+59%Local firm 40%Inte

34、rnational firm 60%Property owner 8%Tax/accounting professional 9%Investment banker 9%Lawyer 12%Property professional 23%Fund manager 39%8|Asia-Pacific REIT Survey 20101.wHiCH MARkET OffERS THE BEST PROSPECTS fOR gROwTH Of REiTs?Respondents were asked to rate each REIT market on their growth prospect

35、s.market growth prospects have improved across all sectors by 8%from a low of 46%in 2009.Infrastructure is still rated as the best prospect for growth with Retail rated as a close second(57%).Residential has shown the biggest increase in growth prospects,up 19%to 55%,its highest level since the surv

36、ey began.hospitals have shown the biggest decline from number 2 in 2009 to number 5 this year.hotels are the least favoured sector of the REIT market at 48%with only 35%of respondents rating them positively.0102030405058%57%55%55%53%52%48%60708090100HotelsIndustrialHospitalsCommercialOfficeResidenti

37、alRetailInfrastructure2007 2008 2009 2010Market Growth Ratings trend 2007-2010survey resultsThe Trust company and Baker&mckenzie|92.wHiCH PROPERTY MARkETS OffER THE BEST PROSPECTS fOR gROwTH?Respondents were asked to rate each country on their property market growth prospects.Property market growth

38、prospects have improved by 7%across the region to 50%from a low of 43%in 2009.These results demonstrate growth prospects are recovering to pre-gFc levels of 59%.china remains the best growth prospect with a rating of 68%and 81%of respondents rating it positively.Australia has demonstrated the bigges

39、t growth in the region with an increase of 20%on 2009 levels.new entrants Thailand and the Philippines,along with japan are seen as the least attractive markets for growth.68%60%58%54%53%53%50%50%46%46%40%38%36%2007 2008 2009 2010Property Market Growth Ratings trend 2007-20100102030405060708090100Ja

40、panPhilippinesThailandMalaysiaIndonesiaKoreaTaiwanHong KongVietnamSingaporeAustraliaIndiaChina10|Asia-Pacific REIT Survey 20103.wHiCH COUNTRiES iN THE ASiA-PACifiC OffER THE BEST OPPORTUNiTY fOR REiTs?Respondents were asked to rate each country on how they felt it offered opportunity for REITs.REIT

41、opportunity prospects have improved across the region by 6%.Although sentiment has not recovered to pre-gFc levels,indications are positive sentiment is increasing.Singapore retains its number 1 position(60%)in terms of REIT opportunity;however this is still down from its historical highs in 2007.Au

42、stralia is a close number 2(59%)with a massive 20%increase since 2009.new entrants Thailand and the Philippines,along with vietnam and Indonesia are the least attractive.REIT Opportunity Ratings trend 2007-20100102030405060708090100RegionalIndonesiaThailandVietnamPhilippinesJapanTaiwanMalaysiaIndiaK

43、oreaHong KongChinaAustraliaSingapore2007 2008 2009 201060%59%58%50%49%47%44%43%43%38%36%35%34%46%The Trust company and Baker&mckenzie|114.HOw SUPPORTivE iS THE REgUlATOR TO NEw REiTs iN EACH COUNTRY?Respondents were asked to rate the regulatory support of REITs in each country.Regulatory support rat

44、ings have improved across the region by 4%to 46%.Singapore retains its top ranking(70%),but there was a slight decrease of 3%from 2009.Australia has increased by 4%,and is moving closer to the number one ranking held by Singapore.The biggest increases were in vietnam(11%),china and Indonesia(10%).ho

45、wever vietnam and Indonesia have received the lowest ratings for regulatory support.70%66%55%53%46%46%44%43%42%37%37%32%30%46%Regulatory Support Ratings trend 2007-20100102030405060708090100RegionalIndonesiaVietnamThailandIndiaPhilippinesTaiwanChinaKoreaMalaysiaJapanHong KongAustraliaSingapore2007 2

46、008 2009 201012|Asia-Pacific REIT Survey 20105.wHAT iS THE OvERAll REiT POTENTiAl RATiNg fOR EACH COUNTRY?An overall REIT potential rating for each country is calculated by combining the three main measures of:1.Property market growth2.REIT opportunities3.Regulatory supportoverall“potential”ratings

47、have improved across the region by 5%.Singapore retains its number 1 ranking at 62%and was rated positively by 66%of respondents.The greatest improvements were in Australia(15%),Indonesia(11%)and china and korea(10%).new entrants Thailand and the Philippines have below average ratings with Indonesia

48、 still seen as the country with the least potential.overall potential%+/-2009 property market growth%+/-2009 REIT opportunity%+/-2009Regulatory support%+/-2009SIngAPoRE62%5%54%8%60%9%70%-3%AUSTRALIA61%15%58%20%59%20%66%4%chInA56%10%68%11%58%8%44%10%hong kong53%9%53%12%50%10%55%6%IndIA48%5%60%7%47%2%

49、37%5%koREA48%10%50%11%49%11%46%9%TAIwAn46%6%50%8%43%4%43%6%mALAySIA45%2%46%7%44%0%46%0%jAPAn44%2%36%-2%43%2%53%6%vIETnAm41%8%53%8%36%5%32%11%PhILIPPInES39%n/a38%n/a38%n/a42%n/aThAILAnd37%n/a40%n/a35%n/a37%n/aIndonESIA37%11%46%16%34%8%30%10%REgIonAL AvERAgE47%5%50%8%46%5%46%5%Country Rating 2010The T

50、rust company and Baker&mckenzie|135.1 COUNTRY SUMMARYAustraliaRating+/-RankingRatings distribution(%)20072008200920102009-1020102009PositiveneutralnegativeovERALL“PoTEnTIAL”60%59%47%61%15%2367%28%5%PRoPERTy mARkET gRowTh50%51%38%58%20%3960%34%6%REIT oPPoRTUnITy57%52%39%59%20%2763%30%7%REgULAToRy SUP