2018亚太区投资者意向调查（英文版）_26页-1mb

报告摘要

ASIA PACIFIC INVESTOR INTENTIONS SURVEY 2018 Summary

Core Content

The CBRE Asia Pacific Investor Intentions Survey 2018 highlights the continued attractiveness of real estate as an investment asset class in the region, despite challenges such as high property prices and shifting investor priorities. The survey reflects the evolving strategies and preferences of real estate investors across various cities and sectors.

Key Trends and Findings

1. Real Estate Remains an Attractive Asset Class

92% of respondents indicated their investment activity in 2018 would be the same or greater than in 2017.
Real estate fund managers showed stronger intentions to purchase, with US$53 billion of private equity capital projected for Asia Pacific real estate by 2020.
Investors are increasingly motivated by stable income streams and asset class diversification.

2. Narrower Return Expectations

Unlevered total returns are expected to be lower, with Core/Core plus investors anticipating 3–6%, Value added investors 6–9%, and Opportunistic investors 6–12%.
There is increased competition for assets offering high single-digit unlevered returns.
High-risk investors are turning to value-added assets as a way to achieve target returns with lower risk.

3. Shift in Investment Focus

Value-added assets have overtaken prime core as the most preferred asset class.
Investors are moving away from traditional markets like Shanghai, Sydney, and Tokyo towards Singapore, Melbourne, Brisbane, and regional cities in Japan and China.
Industrial and logistics sectors are gaining traction due to e-commerce growth and modern logistics facilities becoming institutional investment products.

4. Rise in Interest for Niche Sectors

Multi-family properties are in demand due to high housing prices and declining affordability.
Data centres are also seeing increased interest, especially in China, India, and Japan, with Singapore as a regional hub.
Retirement living, healthcare, and student accommodation are attracting attention due to demographic changes.

5. Co-Working as a New Trend

60% of investors believe co-working is the future of office work and a critical tenant amenity.
20% is seen as the optimal percentage of co-working space in office buildings to enhance value.
Investors are more selective about co-working space allocation, as exceeding 40% may negatively impact building value.
Property companies are developing their own co-working brands, such as Swire Properties' Blueprint and SOHO China's SOHO 3Q.

6. Potential Slowdown in Chinese Outbound Investment

Despite being the largest source of capital, Chinese outbound investment is expected to slow due to new capital controls and government scrutiny.
Investors are showing greater selectivity in overseas investments.
Belt & Road countries and industrial sectors such as warehouses, industrial parks, and ports are becoming more attractive under flexible regulatory treatment.

Survey Methodology and Respondent Profile

The survey was conducted online from November 15, 2017, to January 31, 2018, collecting 366 responses.
82% of respondents were based in Asia Pacific, while 18% were from Western Europe, the Middle East, and North America.
Respondents were categorized into:
- Funds or asset managers (35%) and private equity firms (4%) (collectively 39%).
- Listed property companies & REITs (15%), Developers (13%), and private property companies & unlisted REITs (11%) (collectively 39%).
- Sovereign wealth funds, insurance companies, pension funds, and family offices (13%).

Conclusion

Real estate remains a highly attractive asset class in Asia Pacific due to its stability and diversification benefits.
Investors are reducing return expectations and focusing on thematic sectors.
Co-working is emerging as a significant trend, with flexible space becoming a key factor in tenant satisfaction and building value.
Chinese outbound investment is expected to slow down due to regulatory changes, with a shift towards Belt & Road and industrial-related assets.

Key Cities and Strategies

Tokyo, Singapore, Melbourne, Brisbane, and regional cities in Japan and China are gaining popularity.
Core/Core plus is the preferred strategy in Tokyo, Sydney, and Melbourne.
Value added is the preferred strategy in Shanghai, Hong Kong, and Brisbane.
Opportunistic is the preferred strategy in China Tier 2/3 cities.

Additional Insights

Co-working operators are only 39% profitable globally, indicating caution in the sector.
Capital value growth is becoming less of a priority, with income growth taking the lead.
Regulatory scrutiny and capital controls are influencing investor behavior and reducing the pace of outbound investment from China.