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asia-pacificreitsurveyJUNE2010ResultsofabenchmarksurveyofseniorpropertyprofessionalstounderstandperceptionsoftheREITmarketsinAsia-Pacific.2|Asia-PacificREITSurvey2010AUSTRALIAIndonESIASIngAPoREvIETnAmThAILAndchInAhongkongTAIwAnjAPAnkoREAIndIAThEPhILIPPInESmALAySIAwelcometothefourtheditionoftheAsia-PacificREITSurvey.Forthe2010edition,TheTrustcompanyisdelightedtopartnerwithAsia-Pacific’sleadinglawfirm,Baker&mckenzie.Thisyear,Baker&mckenziehaveprovidedthecountryanalysissectionwithdescriptionsoftheregulatoryandinvestmentregimeforREITsineachofthe13markets.wewouldliketotakethisopportunitytothankallthosewhotookthetimetocompletethesurvey.Thisyearwehadover140respondents,up37%onlastyear.combinedwiththeresultsofthepreviousyears,theirresponsesformthebasisoftheinsightsandtrendsthatwesharewithyouinthispublication.InourlastREITSurveypublishedinFebruary2009,wediscussedthe3-Rchallenge;Refinancing,RecapitalisationandRevaluation.Inthepast12months,wecertainlysawsignificantrecapitalisationwithoverUS$58.5bn1inglobalequityraised.IntheAsia-Pacific,thelargestREITrecapitalisationswereinAustralia(US$9.5bn2)andSingapore(US$3.3bn).however,thoseREITsthatwereabletorecapitalisetendedtobethelargeronessuchaswestfield(US$1.9bn),Stockland(US$1.4bn),capitaLand(US$1.2bn),gPTgroup(US$1.2bn)andgoodman(US$0.9bn).Unfortunately,manysmallerREITsremainmiredindebtnegotiationsaswecontinuetomovethroughtherecoveryphase.SowhathashappenedtotheAsia-PacificREITmarkets?Therehasbeenadramaticchangeintheshort-termoutlookforREITscomparedtoayearago.Inthe2010survey,47%ofrespondentspredictcompanieswillincreasethesizeofexistingREITscomparedto27%lastyearand20%ofrespondentsexpectadditionalREITswillbelaunchedwhichisa17%increaseon2009.wehaveseenrealevidenceofthiswiththeIPoofthecacheREITontheSingaporeExchangeinApril2010,thefirstnewREITIPosincedecember2007,andmoreinnovativemovessuchastheduallistingoftheFortuneREITinSingaporeandhongkong.Afterthelowsof2009,REITmarketsacrossAsia-Pacificarestartingtorecover,althoughtheyremainalongwaybelowthehighsoftheperiodbetween2001andmid-2008,wherethesizeoftheAsia-PacificREITmarketgrewamultipleof40times.IntermsofthreatstoREITs,itisinterestingthateachyearadifferentthreathascomeoutontop.Thisyear,adversetaxationdevelopments(71%)areratedasthebiggestthreattothefutureofREITsascomparedtofinancialengineering(69%)in2009.Inour2008survey,lowyieldswereseenasthebiggestthreat(63%).overall,theREITsectorcanjustifiablyfeelthatthe“worstmaybeover”.ThereductioninREITdebtlevelshavecreatedsomebreathingroom,withrewardscomingviahighersharepricesandimprovedlevelsofvolatilitycomparedtothebroadermarket.however,weknowthatthereisstillsomewaytogobeforewecandeclaretherecoveryiscomplete.Thenext12monthsarelikelytogoalongwaytowardsdefiningthefutureoftheAsia-PacificREITmarket.wELcomE3ABoUTUS4BAckgRoUndToSURvEy5RESPondEnTSPRoFILE6SURvEyRESULTS8coUnTRySUmmARyAndLEgALUPdATE20conTAcTUS34WelcomecoNteNts1.Source:EPRA,nAREIT,RealPac&cohen&Steers2.Source:EPRA,nAREIT,RealPac&cohen&SteersTheTrustcompanyandBaker&mckenzie|3MiltonChengPartnerAsiaPacificREITsPracticegroupLeaderBaker&mckenzieJohnAtkinchiefExecutiveofficerTheTrustcompany4|Asia-PacificREITSurvey2010ABOUTTHETRUSTCOMPANYwhenitcomestocorporatetrusteeservices,it’softendifficulttoknowwhotochoose,orevenwheretostartlooking.That’swherewecomein.we’retheonlycorporatetrusteelicencedtoprovidecorporatetrusteeservicesinbothAustraliaandSingapore.Thisallowsustobuildbespokeproducts,fashionedtosuitthesubtletiesofbusinessesineachregion–andyourbusinessinparticular.grantedwedon’tknowyou(yet)butwe’resuretoknowsomeoneinapositionnotdissimilartoyours.Someonewhohasalreadybenefitedfromtheexperience,ingenuityandgenuinelocalknowledgeofourdedicatedteams.webelievethatthere’snosubstituteforexperience.Andwith125yearsoffinancialexpertise,whichincludes55yearsprovidingcorporatetrustservices,weatTheTrustcompanyareoneofthemostexperiencedtrusteesintheAsia-Pacific.currently,we’recustodiansofglobalassetstotallinginexcessofAUS$116billion.we’llbeyour:•Trusteeforanytypeofcollectiveinvestmentscheme•Custodianandcashadministratorforwholesale,privateorexemptpropertyfunds•Debenture/bondtrustee•Securitytrustee•EscrowagentaboutusABOUTBAkER&MCkENziEBaker&mckenziehasprovidedsophisticatedlegaladviceandservicestomanyoftheworld’smostdynamicandglobalorganisationsformorethan60years.wehavetheknowledgeandresourcestodeliverthebroadscopeofqualitylegalservicesrequiredtorespondeffectivelytobothinternationalandlocalneeds–consistently,confidentlyandwithsensitivityforcultural,socialandlegalpracticedifferences.AsoneofthefirstinternationallawfirmstorecognisetheimportanceoftheAsia-Pacific,Baker&mckenziehasbeenassistingclientsoperatingthroughouttheregionformorethan40years.weareoneofthelargestlawfirmsinAsia,withmorethan1,100lawyersspanning14offices.AspartofBaker&mckenzie’sglobalnetworkof3,900locallyqualified,internationallyexperiencedlawyersin39countries,eachofficeandmemberfirmprovidesafullspectrumoflegalservicestoarangeofclients.weareabletobringtherightteamoflawyerstobestserveclients’needs.ourAs