Asia-Pacific Property Sectors : A Company and Industry Analysis (June 2008)
Mergent, June 2008, Pages: 36
This report updates the previous Asia-Pacific Property report, focusing on the markets in Australia, China, Hong Kong, India, Japan, South Korea and Taiwan
Current Environment - Key Points
- The global economic slowdown caused most Asia-Pacific countries to experience slower property growth over the six months ended March 31, 2008, even though property prices remained at high levels
- As many foreign investors sought ways to cover their losses from subprime mortgage delinquencies in the US, many Asia-Pacific property stocks tumbled in early 2008
- Despite slowing property growth, corporate earnings for most leading property companies were higher, boosted by strong company fundamentals
- Several property companies delayed their plans to go public, due to poor equity market sentiment
- The weakening global economy slowed merger, acquisition and alliance activity towards the end of 2007, with only a few significant deals taking place
Industry Profile - Key Points
- Strong property fundamental in most Asia-Pacific countries has contributed largely to economic growth, with rising property prices
- Despite rising interest rates, high population growth has underpinned demand for the region's residential property over the past few years
- Demand for office spaces is well-supported by strong tenant demand from local and foreign corporations, with Japan having the highest office market rents in the Asia-Pacific
- High disposable incomes and a rising number of tourists have spurred most Asia-Pacific retail property market growth, particularly in China, Hong Kong and India
- Investors optimistic about the market's long-term prospects led to rising property investment in 2007, particularly in commercial property
- REITs have become more popular in the Asia-Pacific, especially with Japan introducing appropriate regulations in 2001
- Rising property prices have led the Chinese Government to continue implementing a series of measures to boost household affordability
Market Trends and Outlook - Key Points
- More Chinese developers are starting to comply with green building standards, with high energy consumption in construction highlighting environmental degradation
- Poor global equity market sentiment is discouraging companies across the region to form REITs, despite the attractive returns over the past few years
- The upcoming Beijing 2008 Olympic Games have boosted Beijing's retail property market, with strong leasing activity in most prime retail locations
- Limited space and high rental is prompting many tenants to seek cheaper spaces, fueling demand for submarket properties in Hong Kong and India
- Slower property growth is expected to be recorded across the Asia-Pacific in 2008, but investment activity in commercial property is likely to record steady growth.
Current Environment - Sector Overview - Sector Performance - Initial Public Offerings - Leading Companies - Mergers, Acquisitions and Alliances Industry Profile - Industry Size and Value - Industry Focus - Residential Segment - Office Segment - Retail Segment - Real Estate Investment Trusts - Sector Investment - Policy and Regulatory Environment Market Trends and Outlook - China Goes Green - REITs Growth Slows Down - Beijing Olympics Boost Retail Property - Submarkets in Demand - Market Outlook Country Profiles - Australia - China - Hong Kong - India - Japan - South Korea - Taiwan Currency Conversion Table The Scope of this Report Comparative Data Key References Reports Coverage
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