Industry Pulse about Logistics, Banking, Cap Rates and Workspace

大湾区 “跨境理财通” 启动

2020年6月29日，中国人民银行、香港金管局和澳门金管局联合公布开展粤港澳大湾区“跨境理财通”业务试点框架内容，粤港澳大湾区居民可跨境投资由区内银行销售的理财产品。 

继中共中央、国务院于2019年2月印发了《粤港澳大湾区发展纲要》及有关机构于2020年5月发布了《关于金融支持粤港澳大湾区建设 的意见》后，“跨境理财通” 是另一推动粤港澳大湾区金融服务便利化的重要举措，旨在促进大湾区整体发展。我们认为，“跨境理财通” 将有助 

（1）促进大湾区内投资理财多样化和便利区内资本流动；以及 

（2）推动人民币国际化，强化香港作为国际金融中心和离岸人民币业务枢纽的地位。

APAC Cap Rates Report | Q2 2020

The retail market has generally continued to have weak performance due to the ongoing effects of COVID-19, with increases in cap rates from 0.25% to 0.5% in over 50% of the APAC cities covered in this report. 

In some Asian cities, malls have been closed for months with only essential stores such as supermarkets and pharmacies open for business. Despite the observed flat cap rates in Hong Kong, the majority of its retail transactions were on the higher range when valuated.

Lockdowns and social distancing in Australia also led major shopping centres in CBDs experiencing a significant drop in customers. Higher tenant incentives and pro-longed letting-up periods coupled with decreasing rentals have resulted in lower values in the retail market across Australia’s major cities in the last quarter.

The office sector across APAC remained relatively stable, with only Beijing, Shanghai and Manila each observing a 0.5% increase in cap rates. However, unlike most other markets, Yangon saw downward movements across all three sectors, reflecting the continued demand for quality assets in emerging markets. In Yangon, the retail and office sectors remained strong and rental rate adjustments led to minimal pressure on investments. 

Across the APAC region, cap rates in the industrial sector have generally remained flat and in some case experienced tightening. The industrial/logistics sector has proven to be most resilient and has performed well in the current economy. This is the result of a boom in e-commerce and virtual meetings, creating a surge in demand for storage spaces such as warehouses and data centres. 

For more details about APAC Cap Rates Report | Q2 2020, please click here.