APAC REIT Daily: Japan’s hotel REITs suffer, A-REITs edge higher

By Benn Dorrington

Japan’s hotel REIT rout continued, as Australian REITs edged higher today. Here’s how the REIT markets performed across Asia Pacific on Monday, 4 May 2020.

Australia

In Sydney, Aspen Group (APZ) shares posted strong gains today, up 7.4% to A$1.09, followed by Elanor Retail Property Fund (ERF) with a 6.2% gain to A$0.78.

At the other end, Charter Hall Long WALE REIT (CLW) stocks closed 3.8% lower to A$4, joined by Carindale Property Trust (CDP), which fell 3.5% to A$3.05.

Market heavyweights Goodman Group (GMG), Mirvac Group (MGR) and Scentre Group (SCG) finished the day higher, up 2.5%, 1.4% and 0.5% respectively.

The S&P/ASX 200 A-REIT Index (XPJ) closed 0.7% higher, while the S&P/ASX 200 finished trading 1.4% higher at 5,319.8.

Singapore

In Singapore, the iEdge S-REIT Index fell 2.6% today, as the FTSE Straits Times Index ended trading down 2.4%.

Mapletree Industrial Trust (ME8U) stocks posted a 0.78% gain to S$2.57, while Mapletree Logistics Trust (M44U), CapitaLand Retail China Trust (AU8U) and ARA US Hospitality Trust (XZL) finished the day unchanged.

The rest of the S-REITs closed lower, with Far East Hospitality Trust (Q5T) shares down 5.8% to S$0.49 and Suntec REIT (T82U) down 5% to S$1.33.

Japan

Hotel J-REIT shares continued to fall in Tokyo today, led by a 4.9% decline in Hoshino Resorts REIT Inc. (3287) stocks to ¥352,000.

Ichigo Hotel REIT Investment Corp. (3463) shares fell 3.2%, while Invincible Investment Corp. (8963) finished 3% lower.

The only J-REIT to make material gains was GLP J-REIT (3281), which traded 1.2% higher to ¥140,300, while Japan Real Estate Investment Corp. (8952), Starts Proceed Investment Corp. (8979) and other posted gains of less than 1%.

The TSE REIT Index closed 0.8% lower and the Nikkei fell 2.8%.

Hong Kong

In Hong Kong, the Hang Seng REIT Index was down 3.6% to 5,830.44 today, while the Hang Seng fell 4.2% to 23,613.80.

All HK REITs finished the day in the red, with Champion REIT (2778) down 4.6% to HK$4.37. Hui Xian REIT (87001) posted the smallest swing, falling just 0.5% to ¥2.26.

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Benn is a freelance journalist and the publisher of APAC Real Estate. He has reported for the Herald Sun, REFI Europe, S&P Global Market Intelligence, Leader Newspapers, and more.