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1、ASIA REITMARKET INSIGHT2022-2023CASE STUDYCapitaLand China Trust 22Overview of the Asia REIT Market04CHAPTER 105CHAPTER 2 Recent Changes in the Asia REIT Market09CHAPTER 3Analysis of REIT Performance in Japan,Singapore and Hong Kong18CHAPTER 4The Growth of Mainland China and India REIT MarketsTable
2、of Contents2|C u shman&Wake fie ld Cushma n&Wa ke fie ld|32022-2023 ASIA REIT MARKET INSIGHTCushman&Wakefield data shows that a total of 220 REIT products were active in the Asia market at the close of 2022,with a combined market valuation of US$263.8 billion,a drop of 14.7%on the prior year.Within
3、the region,Japan,South Korea and Singapore were the early pioneers in establishing REIT markets.But with strong support from regulatory authorities,nations including Thailand and the Philippines,as well as India,have successfully established their own REIT markets in recent years,encompassing divers
4、ified offerings in sectors such as commercial office,infrastructure,warehousing and logistics,industrial facilities,and renewable energy.The emergence of infrastructure REITs in mainland China has also brought new changes to the Asia REIT market landscape,and mainland China is now the fourth largest
5、 REIT market in Asia.2.1 Number of REIT ProductsAs of Dec.31,2022,there were a total of 220 REIT products active in the Asia market,an increase of 18 REIT products from the previous year.New additions in the mainland China,Thailand,South Korea,Philippines and Malaysia markets totaled 21 products.The
6、re were three product losses,with the Singapore market delisting two REITs via mergers and a further delisting in Thailand.The new products mostly focus on warehouse and logistics assets,industrial facilities,and office buildings;as well as airport infrastructure and clean energy assets.As with the
7、mainland China market,the Thailand REIT market invites further exploration,with the benefit of offering both freehold REITs and leasehold REITs.In addition,the Philippines REIT market welcomed its first renewable energy REIT listing,primarily holding photovoltaic assets and land leased to photovolta
8、ic operators.In the Singapore market,Mapletree North Asia Commercial Trust(MNACT)officially merged with Mapletree Commercial Trust(MCT)in August 2022 to form Mapletree Pan Asia Commercial Trust(MPACT).Following the merger,MPACT holds 18 commercial,retail,and vehicle parking assets,with a total manag
9、ed portfolio of S$17.1 billion,making it the third-largest REIT in Singapore and one of the top ten REITs in Asia.Overall,the Asia REIT market experienced declines in stock prices and overall market values through 2022,predominantly due to the influence of the U.S.interest rate hikes.Despite this,th
10、e Asia REIT market has still performed better than its U.S.and European counterparts.Nevertheless,a drop in REIT acquisition and merger activities around mainland China assets in the Singapore and Hong Kong markets has indicated a more cautious view by investors.We have also seen that the persistent
11、 effects of the COVID-19 pandemic continue to pose global challenges for cyclical commercial real estate asset sectors,such as hotel,office,and retail.However,the impact of this is becoming increasingly counteracted by growing market attention to new economy sectors,such as modern logistics faciliti
12、es and data centers,as well as living sectors,extending from multifamily assets to healthcare facilities.CHAPTER 1OVERVIEW OF THE ASIA REIT MARKETCHAPTER 2RECENT CHANGES IN THE ASIA REIT MARKET2022-2023 ASIA REIT MARKET INSIGHT4|C u shma n&Wake fie ld C ushma n&Wa ke fie ld|5Number of REITs by Prope
13、rty Type At the end of 2022,40%of the active REITS in the Asia market were invested in multiple property types,together with 15%in industrial and logistics properties,13%in office assets,12%in hospitality,and 10%in retail assets.Of the remaining 10%,REITs were invested in infrastructure assets,susta
14、inability-focused assets,healthcare,and data centers.In this report,we have adjusted asset categories to integrate apartments and hotels into the hospitality category,which also includes the rental housing sector in mainland China.The infrastructure category has been added,predominantly represented
15、by highway products in mainland China and airport products in Thailand.The new sustainability category includes clean energy products in mainland China and the photovoltaic product in the Philippines.Figure 1:Number of REITs by Property Type in AsiaSource:Bloomberg Database,compiled by Cushman&Wakef
16、ield Valuation&Advisory Services.2.2 Market Value At the close of 2022 the combined value of the Asia REIT market was at US$263.8 billion,down 14.7%compared to the end of 2021.The mainland China REIT market value surged 80%on the back of new product offerings,but the remaining Asia markets all exper
17、ienced declines in market value.The Malaysia market witnessed the most evident contraction in market value,enduring a 34%fall,despite a new product listing.At the other end of the table,the Thai market saw the smallest contraction,displaying an overall decline of approximately 4%.In between,the Hong
18、 Kong REIT market value dropped by 20%,Japan by 18%,and Singapore by 14%.These three major markets experienced a significant cumulative devaluation amounting to US$45 billion.In Japan,a wider interest rate gap and weakened yen have led to the J-REIT underperformance,keeping some investors on the sid
19、elines due to potential funding concerns amid elevated uncertainty surrounding the interest rate outlook.Source:Bloomberg database,compiled by Cushman&Wakefield Valuation&Advisory Services*Data as of Dec.31,2022Table 1:Total Market Value of Active REITs on Major Asia ExchangesQuantityMarket Value(US
20、D billion)%Japan61120.89 45.8%Singapore4073.13 27.7%Hong Kong,China1124.17 9.2%Mainland China2312.37 4.7%India37.41 2.8%Thailand296.73 2.6%Malaysia186.13 2.3%South Korea215.50 2.1%Philippines74.13 1.6%Others73.30 1.3%TOTAL220263.75 100.0%Source:Bloomberg Database,compiled by Cushman&Wakefield Valuat
21、ion&Advisory Services.Data as of December 31,2022.Figure 2:Market Value Share of REITs Active on Asia ExchangesJapanSingaporeHong Kong,ChinaMainland ChinaIndiaThailandMalaysiaSouth KoreaPhilippinesOthers45.8%27.7%9.2%2.8%2.6%2.3%2.1%1.6%1.3%4.7%The contraction seen in the Asia REIT market in 2022 wa
22、s primarily influenced by global macro policies and events.The U.S.Federal Reserves seven rounds of interest rate hikes,totaling 450 bps,sparked a global trend of rate rises.Elevated geopolitical risk,combined with supply chain concerns,also led to global inflation tracking above 6%8%.Finally,height
23、ened financial market volatility,at similar levels to that seen around the peak during the Q4 2008 global financial crisis,has also meant higher financing costs in many capital markets.As a result of these and other factors,the total return index for the global REIT market in 2022 was at-24.4%,accor
24、ding to the National Association of Real Estate Investment Trusts(NAREIT).By region,the European market recorded the worst performance,at-40.5%,followed by North America at-24.8%and Asia at-10.9%in 2022.8934292723754200708090100综合工业 物流办公住宿零售基础设施可持续健康医疗数据中心Mixed UseIndustrial/LogisticsOffi
25、ceHospitalityRetailInfrastructureSustainabilityHealthcareData Center2022-2023 ASIA REIT MARKET INSIGHT6|C u shman&Wake fie ld Cushma n&Wa ke fie ld|7Figure 5:Number of REITs by Property TypeSource:Bloomberg Database,compiled by Cushman&Wakefield Valuation&Advisory Services.350300250200150100500US$bi
26、llions2002:The first REIT in Singapore,CapitaLand Commercial Singapore Trust,is listed on the main board of the Singapore Exchange.2005:The first REIT was listed in Hong Kong SAR and Malaysia.2011:The first REIT in South Korea is listed.2014:The first REIT in Thailand is listed.2019:The first REIT i
27、n India is listed.2021:The first batch of mainland China infrastructure REITs go public.20022005200820004200720006200920002020212022Figure 3:The Course of REIT Development in Asia0%10%20%30%40%50%60%70%80%90%100%Figure 4:Asia REIT Market Share(2001-2022)So
28、urce:Bloomberg Database,compiled by Cushman&Wakefield Valuation&Advisory Services.Source:Bloomberg Database,compiled by Cushman&Wakefield Valuation&Advisory Services.JapanSingaporeHong Kong,ChinaMainland ChinaOthers2.3 Overall Market SituationThe Asia REIT market was established relatively late,with
29、 Japan only officially listing its first REIT in 2001.However,over the past twenty years the Asia market has achieved rapid growth,with the total number of REITs reaching 220 by the end of 2022,and the total market value growing to US$263.8 billion.Although REIT products have now been issued in many
30、 countries in Asia,they are still heavily concentrated in Japan,Singapore,and Hong Kong,which together account for more than 80%of the overall Asia REIT market share.The mainland China REIT market has also climbed rapidly to rank as the fourth largest Asia market in 2022.Japan,Singapore,and Hong Kon
31、g account for more than 80%of total REIT market share in Asia.Consequently,this report section focuses primarily on analysis of these three key markets.Unless otherwise noted,we refer to the annual financial reports published by REITs,focusing on the four financial indicators of gearing ratio,divide
32、nd yield,total return,and price-to-book(P/B)ratio.At the time of this report there were 61 REITs listed on the Tokyo Stock Exchange,40 on the Singapore Exchange,and 11 on the Hong Kong Exchange.CHAPTER 3ANALYSIS OF REIT PERFORMANCE IN JAPAN,SINGAPORE AND HONG KONG2001:The first two REITs in Japan go
33、 public on the Tokyo Stock Exchange.288522432530综合办公工业/物流零售酒店公寓健康医疗数据中心Mixed UseOfficeIndustrial/LogisticsRetailHotelApartmentHealthcareData CenterSingaporeHong Kong,ChinaJapan2022-2023 ASIA REIT MARKET INSIGHT2020:The impact of the COVID-19 pandemic drags down the overall valu
34、e of the Asia REIT market.2022:The influence of rising interest rates in the U.S.again impacts Asia REIT market values.2008:The global financial crisis negatively impacts the overall value of the Asia REIT market.8|C u shman&Wakefield C ushma n&Wa ke fie ld|9In this report,we define the gearing rati
35、o as the ratio of total liabilities to total assets.The gearing ratio of REITs listed in Hong Kong and in Singapore is capped at 50%of the total asset value,either directly or via special purpose vehicles(SPV).Japans authorities place no restrictions on REIT gearing ratios,but stipulate that REITs m
36、ay only borrow from qualified institutional investors.In 2022,the average gearing ratio in the Hong Kong REIT market was at 27.8%,remaining flat compared to the previous year.Its median was 22.8%,far below the 50%limit.Two REITs had gearing ratios of over 40%:Regal REIT(hotel)and Yuexiu REIT(commerc
37、ial).The average gearing ratio in the Singapore REIT market was at 37%.Its median was 37.5%,showing little change compared to the previous year,which was lower than the regulatory requirement but higher than the average level in the Hong Kong market.Six REITs had gearing ratios above 40%,including C
38、apitaLand Integrated Commercial Trust(CICT)and Suntec REIT,whose underlying assets chiefly comprise office and commercial properties located in Singapore.Three products had gearing ratios below 30%:Fraser Logistics Trust(industrial logistics),SASSEUR REIT(outlet retail),and Digital Core REIT(data ce
39、nters).In Japan,J-REITs may determine their optimal debt levels to minimize their costs of capital.Low interest rates have meant their average gearing ratios have been higher than in the Greater China markets,which have mandatory gearing ratio limits.In 2022,the gearing ratios of J-REITs were relati
40、vely concentrated,with both the average and the median at 44.6%,up just 0.6 percentage points compared to the previous year.Overall,debt burdens tend to align with the parent companys funding strategy,with the top five REITs by market value having lower financial leverage than the national average.A
41、 number of the top ten REITs in terms of debt ranking focus on residential apartment assets,with their high gearing ratios reflecting the low volatility of the underlying asset performance.3.1 Asset-to-Debt Ratio|Gearing RatioFigure 6:Gearing RatioSource:Bloomberg Database,SGX website,compiled by Cu
42、shman&Wakefield Valuation&Advisory ServicesIn this report we define dividend yield as the ratio of dividends for the past 12 months(total dividends for the past year)to the stock market price of the REIT(price as of Dec.31,2022).In 2022,the average dividend yield of REITS in Hong Kong was 7.9%,up 80
43、 basis points(bps)on the previous years 7.1%,while that of Singapore was 7.7%,up 157 bps on the previous years 6.1%.The Japan market registered an average dividend yield of 4.2%,40 bps higher than the previous years 3.8%.The increase in dividend yield is related both to REITs operations and secondar
44、y market prices.3.2 Dividend YieldSource:Bloomberg Database,Hong Kong SAR Exchanges website,SGX website and Tokyo Stock Exchange website,compiled by Cushman&Wakefield Valuation&Advisory ServicesFigure 7:Comparison of Dividend Yield:REITs vs.10-Year Government BondsDividend Yield10-Year Government Bo
45、ndsAt the end of 2022,the yield spreads in Hong Kong,Singapore,and Japan were at 4.2,4.6,and 3.8 percentage points(pp),respectively.As expected,the yield spreads in Singapore and Japan were slightly higher than in 2021.In contrast,the yield spread in Hong Kong was 149 bps lower than in 2021,as the d
46、ividend yield did not increase proportionately with the rise in government bond yields,as REITs in Hong Kong have been traded at a discount for several years.44.637.027.80.05.010.015.020.025.030.035.040.045.050.0日本新加坡中国香港JapanSingaporeHong Kong,China7.9%7.7%4.2%3.7%3.1%0.4%0.0%1.0%2.0%3.0%4.0%5.0%6.
47、0%7.0%8.0%9.0%中国香港新加坡日本Hong Kong,ChinaSingaporeJapan4.2 pp4.6 pp3.8 pp2022-2023 ASIA REIT MARKET INSIGHT1 0|Cushma n&Wakefield C ushma n&Wa ke fie ld|11Office REITs in the three prime markets offered the highest yields among all property types.Office REITs in Singapore enjoyed dividend yields of 13.
48、5%.All office REITs in Singapore delivered higher yields than the average of 7.9%and the yields of two REITs,PRIME U.S.REIT and MANULIFE U.S.REIT,both invested in the U.S.property market,exceeded 17%.Nevertheless,according to data disclosed by NAREIT,office REITs in the U.S.experienced a significant
49、 decline of 37.6%in total returns in 2022.In the healthcare sector,the dividend yields of J-REITs was at 3.8%,down from the previous year,primarily due to rising operational costs.Healthcare REITs in Singapore produced a dividend yield of 7%,chiefly driven by a yield of 10%from FIRST REIT.Analysis o
50、f dividend yields alone is not sufficient to determine the overall performance and integrated earnings of a REIT.Sometimes,REITs with higher dividend yields may face challenges such as insufficient growth or volatile performance,requiring them to compensate for high volatility in share price with hi
51、gher dividends.Conversely,REITs with lower dividend yields may not necessarily underperform,and could have the potential for higher growth with rising stock prices.Investors need to weigh both dividend income and capital gains,although dividend income is generally less volatile when compared to capi
52、tal gains.The dividend yields of REITs by property type have continued the trend seen in the previous year.Mixed-use,office,and retail REITs have enjoyed higher dividends,reflecting the economic cyclical characteristics of these assets.Industrial/logistics,healthcare,and data center assets have been
53、 favored by investors as new growth drivers in recent years.Some of these REITs present excellent price performance and thus have lower dividend yields.By market,the hotel sector in Japan delivered the lowest dividend yield among all property types,standing at only 2.4%.This is far lower than the 6.
54、1%recorded in 2020,but an improvement on the 1.9%performance of 2021.Nevertheless,the border reopening has seen the hotel sector already recover to the level reported in Q4 2019.In Singapore,the lowest dividend yield is also in the hotel sector,at 4.4%,90 bps higher than the previous year.In Hong Ko
55、ng,the retail sector provided the lowest dividend yield,represented by the Link REIT and Fortune REIT,at 5.3%and 6.8%,respectively.Source:Bloomberg Database,Hong Kong Exchanges website,SGX website and Tokyo Stock Exchange website,compiled by Cushman&Wakefield Valuation&Advisory ServicesFigure 9:Hist
56、orical Average Dividend YieldSource:Bloomberg Database,Hong Kong Exchanges website,SGX website and Tokyo Stock Exchange website,compiled by Cushman&Wakefield Valuation&Advisory ServicesFigure 8:Dividend Yield Return by Property Types(%)SingaporeHong Kong,ChinaJapanSingaporeHong Kong,ChinaJapan4.5%4.
57、8%4.3%3.8%2.4%3.9%3.8%7.0%12.4%8.1%7.4%4.4%7.0%5.0%8.6%8.1%6.0%9.8%6.6%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%综合办公零售工业/物流酒店公寓健康医疗数据中心日本新加坡中国香港Mixed UseOfficeIndustrial/LogisticsRetailHotelApartmentHealthcareData Center0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%日本新加坡中国香港2022-2023 ASIA REIT MARKET
58、INSIGHT1 2|Cushma n&Wake fie ld C ushma n&Wa ke fie ld|13Note:1,000 points as of January 1,2022.Source:Bloombergs database,compiled by Cushman&Wakefield Valuation&Advisory ServicesFigure 10:Performance of REIT indexTotal Return of Major REITs Index in Asia MarketsMarketIndexOne-year Total ReturnJapa
59、nTokyo SE REIT Index-4.8%SingaporeiEdge S-REIT Index-11.9%Hong Kong ChinaHang Seng REIT Index-23.7%Source:SGX Chartbook,compiled by Cushman&Wakefield Valuation&Advisory ServicesTable 2:Total Return of Major REITs Index in Asia MarketsThe total return of a REIT is a key income indicator for investors
60、,consisting of the change in the stock price per fund unit,and the dividend;and this provides a more comprehensive profile of a given REIT,from the asset end to the capital end.The following section selects the Tokyo SE REIT Index,iEdge S-REIT Index,and Hang Seng REIT Index to represent the overall
61、market conditions in Japan,Singapore,and Hong Kong,respectively.In the first half of 2022,the indexes in the three key markets remained stable.However,in the second half,a trend of volatility across financial markets led to each index failing to recover to the levels recorded at the beginning of the
62、 year.In 2022,the Total Return Index of Hang Seng REITs(HSREIT TRI)in Hong Kong declined by 23.7%.From September 2021,the TRI started to enter a slow downward trend and hit a bottom in October 2022.It experienced a rebound in November and December,showing q-o-q growth of more than 10%in the last thr
63、ee months of the year.The downward performance of the HSREIT TRI was primarily influenced by the decline in the REITs Price Index(HSREIT PI).The iEdge Singapore REIT total return index(iEdge S-REIT TRI)was at-11.9%in 2022.According to the Singapore Exchange,the hotel and industrial/logistics sectors
64、 recorded the best total returns in 2022.In contrast,the data center and office sectors experienced the largest declines.However,this generated only limited impact as the two sectors account for only 5%and 15%of the total market value of REITs listed on the Singapore Exchange,respectively.The Tokyo
65、Stock Exchange REITs Total Return Index(TSEREIT TRI)reflects the relatively strong resilience of the Japanese REIT market.Its TRI declined 4.8%for the full year,with investors welcoming the Bank of Japans decision to keep interest rates steady,under new governor Kazuo Ueda.The hotel/apartment sector
66、 outperformed the J-REIT benchmark return in 2022.In contrast,the office sector posted the steepest decline,with the cumulative fall since Q4 2019 now at approximately 30%.40060080010001200iEdge S-REIT IndexTSEREIT IndexHSREIT Index2022-2023 ASIA REIT MARKET INSIGHT1 4|Cushman&Wakefield C ushma n&Wa
67、 ke fie ld|153.3 Total ReturnWe define P/B ratio as the ratio of the market price per fund unit(based on the market price as of Dec.31,2022)to the net asset value per fund unit(the net asset value per fund unit as of Dec.31,2022).If the ratio is greater than one,it is at a premium,and if it is less
68、than one,it is at a discount.At the end of 2022,all three major REIT markets presented discounts compared to their net asset values.The Hong Kong market has remained at a discount status for a long time,but the situation became more severe in 2022.Data shows that the average P/B ratio of REITs in Ho
69、ng Kong was 0.91 as at their IPO date.As at the end of Dec.31,2022,the average P/B ratio of REITs in Hong Kong dropped to 0.45,meaning that the trading price on the secondary market was only 45%of the net asset value,a further drop from last years 60%.In 2022,the Singapore market experienced a rever
70、sal and saw a decline in the P/B ratio.The average P/B ratio of REITs in Singapore was 1.01 as at IPO date,which edged down to 0.96 at the end of 2020,rose to 1.0 at the end of 2021,and then dropped to 0.78 at the end of 2022.Nineteen REIT products had P/B ratios below the average,including Dasin Re
71、tail Trust,with the lowest ratio at only 0.2.The Parkwaylife REIT,in the healthcare sector,presented the highest ratio at 1.6.3.4 Price to Book(P/B)RatioSource:Bloomberg Database,Hong Kong Exchanges website,SGX website and Tokyo Stock Exchange website,compiled by Cushman&Wakefield Valuation&Advisory
72、 ServicesSource:Bloomberg Database,Hong Kong SAR Exchanges website,SGX website and Tokyo Stock Exchange website,compiled by Cushman&Wakefield Valuation&Advisory ServicesFigure 11:P/B Ratio by MarketFigure 12:P/B Ratio by Property TypeHong Kong,ChinaJapanSingapore0.780.980.451.00P/B ratios for REITs
73、vary greatly by property type.The impact of COVID-19,coupled with global interest rate hikes,caused P/B ratios of mixed-use,office,retail and hotel REITs to drop sharply.In a similar manner as in the previous year,the P/B ratios of hotel REITs in all three markets were at less than 1.0,while mixed-u
74、se and office sectors also continued to stay at less than 1.0.In contrast,the P/B ratios of“new economy”assets such as industrial/logistics,healthcare and data center REITs remained relatively high.Average P/B Ratio By Property TypeThe J-REIT market witnessed a rare fall of P/B ratio to less than 1.
75、0.At the end of 2022,the average P/B ratio of J-REITs was at 0.98,tracking within a relatively narrow range.The highest ratio was in the healthcare sector,led by Healthcare&Medical REIT at 1.42 and followed closely by Hoshino Resorts REIT at 1.31.The latter owns hotel properties and supporting cycli
76、cal assets in resort destinations.More than twenty REITs fell within the range of 1.0 to 1.2,while the majority traded in the range of 0.8 to 1.0.0.410.570.430.570.360.800.900.580.610.761.201.000.961.070.881.080.951.031.420.000.501.001.502.00综合工业/物流办公零售酒店公寓健康医疗数据中心Mixed UseOfficeIndustrial/Logistics
77、RetailHotelApartmentHealthcareData CenterSingaporeHong Kong,ChinaJapan1 6|Cushman&Wake fie ld C ushma n&Wa ke fie ld|172022-2023 ASIA REIT MARKET INSIGHT4.1 Mainland China REIT MarketThe overall infrastructure REITs market in mainland China experienced stable development in 2022,demonstrating contin
78、ued popularity with investors.During the period this report section covers,from the end of March 2022 to the end of June 2023,a total of 17 new products were introduced into the public REIT market.The new entrants demonstrated development momentum across seven categories of underlying assets:industr
79、ial parks,warehousing and logistics facilities,industrial plants,affordable rental housing,highways,clean energy,and other ESG-related projects.At the end of June 2023,there were 28 public REITs listed in mainland China,with total market value standing at RMB87 billion,approximately 10%below the ini
80、tial issuance value of RMB97 billion.Of the 28 REITs,seven were focused on highway assets,seven on industrial parks,four on affordable rental housing,three on warehousing logistics,three on clean energy,and two each were focused on industrial plants and ecological protection assets.Data source:Wind,
81、Cushman&Wakefield Valuation&Advisory ServicesFigure 13:Number of REITs in Mainland ChinaHighway sectors7743322Industrial parksAffordable rental housingWarehousing and logisticsClean energyIndustrial plantsEcological conservationAlso as of the end of June 2023,the average distribution yield for the 1
82、6 real estate asset-based REITs(comprising seven industrial park REITs,four affordable rental housing REITs,three logistics REITs,and two industrial plant REITs)was at 4.2%,representing an increase from the 3.3%of the nine projects in the same period last year,although the rise was primarily due to
83、price drops in the secondary market.On March 24,2023,the Mainland China Securities Regulatory Commission(CSRC)issued the Notice on Further Promoting the Normalized Issuance of Real Estate Investment Trusts(REITs)in the Infrastructure Sector.The Notice presents a total of 12 measures which are summar
84、ized into three areas as here:Figure 14:Dividend YieldExpand the types of pilot asset issuances to include retail projects,and prioritizing support for rural and urban commercial outlets projects,such as department stores,shopping centers,and farmers markets,and community malls.In terms of projects
85、for franchised operation rights and operating income rights,their IRR during fund duration should not be lower than 5%in principle,while for non-franchised operation rights and operating income rights projects,the projected annual net cash flow distribution rate should not be lower than 3.8%for the
86、next three years.For affordable rental housing projects that issue infrastructure REITs for the first time,the net value of the real estate valuation in the current period should not be less than RMB800 million in principle.CHAPTER 4THE GROWTH OF THE MAINLAND CHINA AND INDIA REIT MARKETS1230.0%2.0%4
87、.0%6.0%8.0%10.0%IndustrialparksIndustrialplantsWarehousingand logisticsAffordablerentalhousingEcologicalconservationClean energyHighwaysectorsData source:Wind,Cushman&Wakefield Valuation&Advisory Services1 8|Cushman&Wakefield C ushma n&Wa ke fie ld|192022-2023 ASIA REIT MARKET INSIGHT4.2 India REIT
88、MarketA total of four REITS were listed in the India market as of May 2023,comprising three office REITs and one retail REIT.The three office products have been in existence for more than two years,while the retail product was a new listing in May 2023.REIT regulations have been in place since 2014,
89、but all four REITs have been launched in a four-year period since 2019.REITs have proven popular with both institutional and retail investors in India since the first listing in 2019,with each of the four IPOs gaining positive subscription attention.The office REITs operational asset distribution is
90、 largely concentrated around major cities such as Mumbai,Bengaluru,Delhi-NCR,Hyderabad,and Pune.However,the Nexus Select retail REIT has a wider operational spread that also includes second-tier cities.The three office REITs hold approximately 74 million sq ft of completed office stock as of March 2
91、023,with an additional 21 million sq ft portfolio at various stages of development.The combined portfolio size,including both completed and under-construction,accounts for approximately 14%of Indias total Grade A office stock today.Looking at the success of the existing office REITs,more developers
92、are now consolidating their office assets for bundling into REIT products,with market estimates suggesting we could see an additional 90 to 95 million sq ft unfold soon.Consequently,there could be approximately 180 million sq ft of office space held by REITs by the end of 2024.We estimate that this
93、volume may account for approximately 22%of overall Grade A office stock at that time.The recent decision from Indias National Stock Exchange(NSE)to include REITs and InvITs in popular equity indices,such as the NIFTY 500,NIFTY Midcap 150,and NIFTY Smallcap 25,has further spurred the market.Moreover,
94、Indias market regulator SEBI has been consistently making efforts towards making REITs and InVITs more transparent and friendly for retail investors.These moves are helping to further encourage participation from small investors in the real estate growth story.Source:latest investor presentations on
95、 website;*ICICIdirect brokerage report on Nexus Select IPO(May-23)Note:O/S=over-subscribed;U/C=under-construction;F/D=Future DevelopmentEmbassy Office REITBrookfield Office REITMindspace Office REITNexus Select Retail REIT*Listing monthApr-19Feb-21Aug-20May-23Overall IPO subscription statusO/S by 2.
96、57xO/S by 8.0 xO/S by 13xO/S by 5.5XCompleted area(MSF)(Mar-23)34.314.325.89.8U/C+F/D area(MSF)(Mar-23)7.9+2.80.6+3.92.5+3.7N.A.Latest occupancy rate(Mar-23)86%84%89%96%Distribution of operational office assets(Mar-23)Bengaluru(75%),Mumbai(10%),Pune(9%)and NCR-Delhi(6%)NCR-Delhi(68%),Kolkata(22%),Mu
97、mbai(11%)Hyderabad(44%),Mumbai(36%),Pune(17%),Chennai(3%)South India(36%),West(34%),North(25%),East(5%)Table 3:Profiles of India REITs 20|Cushman&Wakefield C ushma n&Wa ke fie ld|212022-2023 ASIA REIT MARKET INSIGHT3 6|Cushma n&Wakefield 2022-2023 ASIA REIT MARKET OVERVIEWAUTHORS:EDITORS:REPORT CONT
98、RIBUTORS:FOR REQUESTS ON GREATER CHINA REIT VALUATION,PLEASE CONTACT:FOR REQUESTS ON REIT RELATED SERVICES INCLUDING CAPITAL MARKETS ADVISORY IN ASIA PACIFIC,PLEASE CONTACT:Andrew ChanManaging Director,Valuation&Advisory Services,Greater CJames Young Head of Investor Services,APAC&EMEAGordon Marsden
99、Head of Capital Markets,Asia PDennis YeoHead of Investor Services and Logistics&Industrial,Asia Pacific Feng HuDeputy General Manager,Beijing OfficeHead of Valuation&Advisory Services,North CChris YangSenior DirectorValuation&Advisory Services,North CCatherine ChenDirector,Capital Markets Research,A
100、sia Pacific,Wynter ZhangSenior Manager,Valuation and Advisory Services,North ChinaWynter.ZKate ZhangSenior Manager,Valuation and Advisory Services,North CGilbert DongSenior Manager,Valuation and Advisory Services,North CMari Kumagai Head of Research&Consulting,Japan Simon GrahamSenior Communications
101、 Manager,Greater China,Xian Yang WongHead of Research,SSuvishesh ValsanDirector,Research,IRosanna Tang Head of Research,Hong KongRosanna.TThe information contained within this report is gathered from multiple sources considered to be reliable.The information may contain errors or omissions and is pr
102、esented without any warranty or representations as to its accuracy.Copyright 2023 Cushman&Wakefield.All rights reserved.About Cushman&WakefieldCushman&Wakefield(NYSE:CWK)is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in
103、approximately 400 offices and 60 countries.In Greater China,a network of 23 offices serves local markets across the region.In 2022,the firm reported global revenue of US$10.1 billion across its core services of valuation,consulting,project&development services,capital markets,project&occupier services,industrial&logistics,retail and others.It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity,Equity and Inclusion(DEI),Environmental,Social and Governance(ESG)and more.For additional information,visit .