2023

Capital Trends $139.7b Income properties volume

Asia Pacific -28% YOY volume change

Asia Pacific’s commercial real estate market contracted in 2023 Annual Transaction Volume
as the full impact of the high interest rate environment kicked
$250b
into gear. The year did finish on a more optimistic note with
renewed hopes for rate cuts across major markets, but it will
take time for this shift to work its way through markets in 2024.

200
Deal volume fell by more than a quarter to total $139.7b. This
was the lowest annual tally since 2012, an understandable
outcome given that interest rates had increased by some 250-
300 basis points (bps) across the major markets in a span of
150
roughly two years. One of the major exceptions was Japan,
which tempered the regional decline in activity with a solid
showing in 2023.
100
Despite the challenging dealmaking environment, there remain a
handful of bright spots across the region. Volume in India held
firm from a year prior, boosted by the market’s strong growth
prospects and macroeconomic tailwinds from a “China plus”
50
reorientation of manufacturing supply chains. Emerging living
sectors, such as Australia’s build-to-rent (BTR) segment, Chinese
rental apartments, and student housing, have also grown in
popularity in 2023. 0
'07 '09 '11 '13 '15 '17 '19 '21 '23
The retail and hotel sectors, where values had adjusted in Individual Portfolio Entity
response to the pandemic a couple of years ago, also made a
comeback in 2023. Both sectors posted strong growth in activity
in the fourth quarter, with a good spread of deals across the Year-Over-Year Change
major markets that brought full-year volumes in line with those
of 2022. 75%

That regional volume overall remains some way below recent 50%
years owes much to the fact that many institutionally-dominated
sectors remain in the doldrums. Activity across virtually all the 25%
major office markets and China’s industrial sector remains some
distance from historical levels, while in Australia the industrial 0%
market is far away from the record highs of 2021 and 2022.
Prices have shifted for some, but not all, of these sectors. -25%

Looking to 2024, the good news is that one key source of -50%
uncertainty — where peak interest rates would land — appears '07 '09 '11 '13 '15 '17 '19 '21 '23
resolved for most markets with the exception of Australia. This
should help investors underwrite deals with more clarity and
Acquisition Volume by Deal Type
accelerate the pace of price discovery early in the year. The bad
news is that it could still be some months before interest rates Q4 2023 Volume 2023 Volume
begin falling. Price discovery remains paramount in dictating
$b YOY $b YOY
when the recovery can begin.
Individual 27.1 -22% 105.2 -29%
Portfolio 9.9 27% 34.4 -12%
Entity 0.0 -90% 0.0 -99%
Join Benjamin Chow for the newest insights on investment trends
at our quarterly webinar, now renamed Real Assets in Focus. Total 37.0 -14% 139.7 -28%

Register here for this event on Feb. 15. Asia Pacific Capital Trends charts exclude development sites unless otherwise stated.

© 2024 MSCI Inc. All rights reserved. Data believed to be accurate but not guaranteed or warranted; subject to future revision. 1
 Asia Pacific | 2023

Recent Trends Countries

Despite China’s struggles in 2023, its commercial real estate market Most Active Countries
remains relatively active. China emerged as the top market for the
whole of 2023, ahead of Japan. Notably, trades of office and retail Q4 2023 Volume 2023 Volume
assets picked up after a quiet period in the middle of the year. $b YOY $b YOY
However, over one-fifth of the $37.5b of investment came from 1 China 11.7 -13% 37.5 -19%
distressed property sales, which is understandable given the pressure 2 Japan 7.6 -44% 36.9 -16%
that many developers are under to secure liquidity. 3 South Korea 4.2 -6% 18.8 -47%
4 Australia 3.9 -37% 16.5 -56%
Japan finished 2023 on a more subdued note than earlier in the year.
5 Hong Kong, SAR, China 3.0 146% 8.1 23%
Recent changes to the policy of yield curve control has brought the
6 Singapore 3.0 112% 9.1 -11%
prospect of higher interest rates in 2024-25, making investors more
7 Taiwan 1.6 10% 4.5 -25%
cautious. This was especially true for the office sector, where deal
8 Malaysia 0.9 905% 1.7 223%
volume sank year-over-year in the fourth quarter. Other sectors fared
better, but it was retail that bounced back strongest, boosted by a 9 India 0.8 143% 4.3 10%

corporate buyer’s billion-dollar purchase of a Tokyo department store. 10 New Zealand 0.2 -76% 0.9 -58%
Other Asia Pacific 0.2 -35% 1.4 -32%
That Japan’s deal activity came close to 2022’s levels owes much to Grand Total 37.0 -14% 139.7 -28%
the industrial sector. While capital values have fallen for most other Ranked by Q4 2023 volume.
major industrial markets worldwide, they continued to rise across the
four major regions in Japan. Logistics volume grew 23% from 2022,
surpassing the 800b JPY ($5.7b) threshold for the first time in a
Japan Industrial Returns by Market
calendar year. Notably, Greater Fukuoka alone garnered 117b JPY, 10%
overtaking both Greater Osaka and Nagoya, as investors targeted the
higher returns on offer. 8%

South Korea was one of the few markets where the number of deals
rose in the fourth quarter, while deal volume declined only marginally. 6%

Following further price declines in the second half of the year, interest
has picked up again in South Korea’s logistics sector, with notable 4%
cross-border deals by Nuveen and Warburg Pincus in the final quarter.
2%
Australia finished the year more than 50% lower than 2022, missing
the traditional year-end bounce in the fourth quarter. This was largely
due to lackluster activity for both office and retail assets. Of the top 0%
Greater Tokyo Greater Osaka Greater Nagoya Greater Fukuoka
10 institutionally-dominated sectors across Asia Pacific, these are the
only two where price declines of more than 10% are required to Capital growth Income return

restore liquidity to longer-term averages, according to the MSCI Price Source: MSCI Japan Annual Property Index.

Expectations Gap model.

Elsewhere, Asia Pacific’s smaller markets closed out the year on a Singapore Volume by Capital Type
high. Volume in Singapore more than doubled in the fourth quarter. S$6b
The city-state has been one of the most resilient hubs of activity
globally in 2023 — activity fell just 11% from 2022 and was slightly 5
higher than the 2018-22 average. Activity in the fourth quarter was
boosted by a resurgence in cross-border interest, with a focus on 4
value-add deals.
3
Hong Kong’s property market began to show some signs of life
towards the end of 2023 with a string of office deals in the fourth 2
quarter. Corporates purchased two big offices on Hong Kong Island,
while the Nexxus Building was sold to a Taiwanese investor for 1
$820m. Blackstone also acquired an industrial building for conversion
to self storage, its fifth such purchase in Hong Kong. 0
'17 '18 '19 '20 '21 '22 '23
Cross-border Domestic

© 2024 MSCI Inc. All rights reserved. Data believed to be accurate but not guaranteed or warranted; subject to future revision. 2
 Asia Pacific | 2023

Recent Trends Sectors

Appetite for the retail and hotel sectors bounced back strongly in Acquisitions by Property Type
the fourth quarter. Both sectors registered significant increases in
deal activity over the prior year, with deals across the major Q4 2023 Volume 2023 Volume
markets. This brought their deal volume totals for 2023 close to $b YOY $b YOY
the levels of 2022. Office 12.3 -37% 47.3 -45%
Industrial 8.4 -33% 34.4 -28%
Both retail and hotel had been hit hard during the Covid-19 crisis,
Retail 9.6 80% 31.0 -5%
with the latter half of 2022 the low point for many major markets.
All Commercial 30.3 -19% 112.7 -32%
Back then, the focus had been on non-discretionary income
Hotel 3.3 36% 13.7 -12%
sources, such as business hotels and grocery-anchored
Apartment 3.0 6% 11.9 5%
neighborhood centers. The pickup in 2023 was largely led by
increased trading of bigger shopping centers and luxury hotels. Seniors Housing & Care 0.4 -19% 1.4 -46%

These were sectors where prices had slid more during the onset of Income Properties 37.0 -14% 139.7 -28%
the pandemic and were coming into 2023 off a lower base. Dev Site 231.2 4% 548.6 -18%
Grand Total 268.3 1% 688.3 -20%
Interest in growth sectors across Asia Pacific has stayed strong
throughout much of this downturn. Acquisitions of standing data
center assets grew by over 50% from the prior year to reach $2.7b Selected Yields
in 2023. And while Japan multifamily has typically been the go-to 9%
market for investors seeking residential exposure in Asia Pacific,
the uptick in apartment volumes in 2023 was largely due to the 8%
emergence of newer living subsectors.
7%

Both Australia and China’s multifamily sectors rose to the fore in

6%
2023. The $3.6b spent across both markets was more than double
the previous year’s tally. Seniors housing and student housing both 5%
had strong years as well, with many deals outside Australia and
Japan, where activity has historically been concentrated. The 4%
expansion of these subsectors, together with manufactured
housing, collectively pushed their share of total investment in 3%
'14 '15 '16 '17 '18 '19 '20 '21 '22 '23
APAC living sectors above 50% for the first time, and the share of
AUS IND JPN IND KOR IND
Japan multifamily below 50%.
AUS RET JPN APT

Still, the $12.0b in deal volume garnered across all living sectors RCA Hedonic Series yields.
represented less than 10% of all income-producing property
activity in 2023. Office remains by far the biggest sector even
though volume contracted by almost half in 2023. The only Investment into Living Sectors
significant price adjustments were for Australia and China, but $15b
Japan multifamily
even these have not yet tempted investors to return.

Interestingly, the office markets that showed only relatively Student housing
modest price declines were also those where second-half volumes
held up best. Singapore and Seoul remain two of the strongest 10 Seniors housing
office markets globally, but with yields still well below borrowing
costs, most office deals have been in the value-add space. Manuf housing

As for industrial, a cooling off from the frothy levels over the past 5 APAC other
two years was to be expected. Still, 2023 did finish on a relatively multifamily
strong note, with both the $39.0b of investment and the number of China multifamily
deals exceeding 2019, the year before the pandemic. More
importantly, prices have adjusted significantly for markets like Australia BTR
0
China, Singapore and South Korea. Meanwhile Japan’s industrial '15 '16 '17 '18 '19 '20 '21 '22 '23
sector posted a record level of investment in 2023, buoyed by Manufactured housing includes holiday/caravan parks; these sectors are not
strong interest in logistics and data centers. captured in our standard aggregate volume statistics of Capital Trends. BTR is build
to rent. Volumes exclude properties intended for demolition.

© 2024 MSCI Inc. All rights reserved. Data believed to be accurate but not guaranteed or warranted; subject to future revision. 3
 Asia Pacific | 2023

Capital Flows
The divergence in cross-border buying patterns in Asia Pacific Asia Pacific Investment by Source of Capital
widened in 2023. Global investors continued their retreat, while
$250b 30%
regional investors maintained elevated levels of activity. These
trends were part of a broader global narrative of investors
retreating to markets closer to home. 200

20%
Investors from North America and Europe reduced their 150
spending in Asia Pacific by more than 50% in 2023 compared
with the year before. The sharp decline in activity was seen
100
across the major investor origins. Investment from Canada and 10%
Europe plunged by 75% and 79%, respectively, while U.S.-based
investors halved their allocations. (An exception to this retreat 50
was capital bound for Japan, which we discuss on page 5.)
0 0%
As a result, global investors’ share of APAC acquisition activity '07 '09 '11 '13 '15 '17 '19 '21 '23
fell to just 9%, the second-lowest level for a calendar year on Cross-border from outside APAC Cross-border within APAC
record. In tandem, Singaporean investors overtook U.S. investors Domestic % Regional cross-border
to become the most prolific cross-border group across the % Global cross-border
region. Notably, they continued to invest in Australia and China,
two major markets that global investors had retreated from, with
major deals concluded into the fourth quarter. Major Cross-Border Capital Sources into APAC
$15b
Japanese investors ramped up their spending significantly last
year. Their outlay in 2023 was more than that for the years 2020
to 2022 combined. Australia was by far their biggest target
market, with the sale of 60 Margaret Street also being Australia’s 10
biggest single asset deal of the year. Hong Kong investors -25%
-49%
maintained their activity compared with the three-year average, -6%

but the bulk of that capital found its way into China.
5
Investors from China, however, did not reciprocate. While they 12% 211%
maintained their levels of activity compared with the three-year -75% -79%
prior average, their primary target was Singapore. Chinese
0
investors acquired a record $1.5b of Singaporean properties in
China Hong Japan Singapore Canada United Europe
2023, and this was the second consecutive year in which they Kong SAR States
had spent more in Singapore than Hong Kong. '20 - '22 Avg '23
In the case of joint ventures, deal volume is pro-rated equally across each investor origin.
Data labels show change 2023 vs 2020-22 average.
Still, the vast majority of Chinese capital continues to be focused
domestically. The lack of appetite from international capital
sources means domestic investors face less competition within Domestic Acquisitions by Chinese Insurance Firms
the Chinese market. Exchange rates and geopolitical risk, which CNY60b
are cited as the main impediments for foreign investors, are less
of a concern for domestic institutions. These investors have 50
been able to take advantage of falling interest rates and
heightened yields to pick up choice assets. 40

This is most evident for insurance-backed capital, which 30

accounted for almost CNY40b ($5.2b) in deal volume. This
represented a 12% increase over 2022, which is a significant 20
contrast with China’s overall decline in deal activity. Notably,
insurance players tend to target core strategies as they seek 10

stable, less risky returns. Like other major markets, this has
0
coincided with a pivot towards the industrial and living sectors, '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
while allocations to offices have fallen dramatically.
OFF IND RET HTL APT SHC

© 2024 MSCI Inc. All rights reserved. Data believed to be accurate but not guaranteed or warranted; subject to future revision. 4
 Asia Pacific | 2023

Top Metros
Tokyo finished the year atop the rankings of Asia Pacific’s biggest
metros. Japan’s number one extended its lead from 2022, buoyed by
strong capital inflows from global investors based outside Asia
Pacific. Indeed, appetite from North American and European
investors has dwindled nearly everywhere except for Japan.
Following the $2.5b spent in Tokyo, the next most favored market
for global investors was Melbourne, where interest in the industrial
and BTR sectors pushed volume to more than $830m. Hong Kong
and Kuala Lumpur were also among the top destinations, which
speaks to how much global investors’ traditional mainstays of
Sydney, Brisbane, Beijing and Shanghai have all fallen away.
Regional investors did at least fill in some of these gaps, pushing
Singapore and Shanghai up the rankings. Singapore had a record
$4.2b of capital flows from within Asia Pacific due to a late burst of
value-add deals in the second half of the year. Added to the $0.7b of
inflows from global investors, Singapore was easily the top target
for overseas capital in 2023, ahead of Tokyo in second place.
Shanghai also had a strong showing thanks to a resurgence of deal
activity led by regional investors. An Indonesian family office
purchased a hotel in December for $234m, while GIC and Swire
Properties both acquired mixed-use developments in the fourth
quarter. Remarkably, this meant that Shanghai took the title of the
biggest hotel market for 2023, brushing aside the traditional
heavyweights of Tokyo and Seoul.
Australia’s top cities all fell down the rankings, largely due to
subdued interest in the office sector. Interest in Melbourne offices
was so weak that it was overtaken by the industrial and apartment
sectors, while annual volume for Sydney industrial overtook office
for the first time.
Besides Tokyo, other Japanese cities also posted year-over-year
gains. Sizable retail deals pushed Osaka up the rankings, while
Chiba and Saitama both grew thanks to a streak of deal activity in
Japan’s logistics market.

Most Active Metros 2023

Domestic Cross-border within APAC Cross-border outside APAC

2021 2022 2023 Metro Sales Volume ($m) YOY Change

2 1 1 Tokyo 18,043 -21%
3 3 2 Shanghai 12,043 -25%
1 2 3 Seoul 10,793 -44%
8 5 4 Singapore 9,133 -11%
6 7 5 Hong Kong 8,063 23%
4 4 6 Sydney 6,209 -59%
5 8 7 Beijing 4,734 -17%
7 6 8 Melbourne 4,575 -45%
11 12 9 Osaka 3,721 21%
12 15 10 Guangzhou 2,199 -8%
17 14 11 Taipei 2,177 -11%
9 10 12 Brisbane 1,960 -55%
27 21 13 Chiba 1,937 40%
21 32 14 Chengdu 1,737 122%
15 13 15 Bundang-Pangyo 1,586 -41%
34 43 16 Mumbai 1,399 168%
22 22 17 Saitama 1,392 30%
10 9 18 Shenzhen 1,307 -71%
19 16 19 Busan 1,234 -28%
25 31 20 Fukuoka 1,103 36%
23 33 21 Hangzhou 1,092 47%
40 57 22 Kuala Lumpur 1,090 243%
30 24 23 Wuhan 986 2%
20 17 24 Nagoya 949 -44%
45 46 25 Kyoto 913 89%

Markets in orange denote record high annual volume. YOY change truncated at 150%.

© 2024 MSCI Inc. All rights reserved. Data believed to be accurate but not guaranteed or warranted; subject to future revision. 5
 Asia Pacific | 2023

Where Has Value Emerged?

Asia Pacific has been characterized as the global laggard in terms Retail Yields in Australia
of pricing adjustments throughout this market downturn. By this
10%
point, there appears to be good reason for this trend — deal
activity has held up better than the Americas and EMEA as buyers
9%
have still been acquiring assets despite the less substantial
discounts on offer.
8%

Not all sectors have escaped the drop, however. For certain
sectors buffeted by macroeconomic headwinds, sellers have been 7%

willing to concede steeper price declines. As a result, activity has

6%
been more resilient than other core sectors where the impasse
between buyer and seller pricing expectations has continued.
5%
Australia’s largest shopping malls — regional centres — are a case
in point. Growth in discretionary spending turned negative midway 4%
'05 '07 '09 '11 '13 '15 '17 '19 '21 '23
through 2023, even as turnover for grocery and essential services
continued to rise. Resultantly, yields have risen over 100 bps since Regional Neighbourhood Large Format
the end of 2021, reaching levels last seen during the Global RCA Hedonic Series yields.
Financial Crisis by the end of last year. The higher yields on offer
have enticed both institutional and private buyers, and deal volume
for regional centers rose marginally in 2023 relative to 2022. Industrial Yields in China
For China’s industrial sector, the slowdown in GDP growth and 11%

tensions with the U.S. have weighed heavily on exports and 10%
manufacturing, which has in turn dampened the outlook for e-
9%
commerce. As a result, average yields rose by an estimated 80 bps
during the year. At the same time, 10-year government bond yields 8%

went the other way, falling more than 60 bps. The widening spread 7%
has caught the attention of domestic institutional investors, who 6%
have recapitalized many logistics assets in funds set up by
5%
managers such as GLP and ESR. This activity pushed volume in
the second half of the year above that of the first half. 4%

3%
Other than declines in capital values, yields are also expanding for
certain sectors with countercyclical tailwinds. The hotel sector is a 2%
'12 '14 '16 '18 '20 '22 '24
prime example, with both Japan and China hotel volumes surging
in the second half of the year. Gross Net Hedonic yield trend

Trend computed across both gross and net yields; RCA Hedonic Series methodology.
For Japan, the rapid recovery in tourism numbers has been
nothing short of remarkable — official figures show October
arrivals surpassing the same month in 2019. As a result, net Japan In-Place NOI Yields by Sector
operating income yields for hotel assets have doubled from mid-
6%
2022 to the end of 2023. Despite the upswing, some operators are
still divesting assets at relatively subdued valuations. Orix J-REIT
sold a hotel in Hyogo at 1.8b JPY ($24m), some 42% lower than 5%
the prior year’s valuation.
4%
Student housing is another sector where interest has surged amid
strong rental growth. Australia has traditionally been the dominant
market for this sector, but there were a record number of deals 3%
across the major markets in 2023 — 17 in total. In the fourth
quarter, Japan Post Insurance acquired two assets in Kyoto and 2%
Kobe, while Alta Capital notched India’s biggest ever student
housing deal, a $320m portfolio purchased from Goldman Sachs
1%
and Warburg Pincus. '17 '18 '19 '20 '21 '22 '23
Retail Office Industrial Residential Hotel

Source: MSCI Japan Annual Property Index.

© 2024 MSCI Inc. All rights reserved. Data believed to be accurate but not guaranteed or warranted; subject to future revision. 6
 Asia Pacific | 2023

Outlook for 2024

Despite the slightly more upbeat end to the year, there remain Institutional Flows into Core Sectors
question marks over both the timing and nature of a hoped-for
recovery in 2024. One major influence should be the point at 2020-22 2023 Metro Segment Sales Volume ($m)
which interest rates begin to fall, but another indicator to look 1 1 JPN OFF
out for is a recovery in institutional appetite for the core
3 2 KOR OFF
sectors across Asia Pacific.
11 3 CHN RET

Much of 2023's deal activity across Asia Pacific is owed to two 9 4 JPN IND
major capital flows. Private buyers were busy picking up hotel 5 5 CHN IND
and retail properties across most of the region. Institutional 12 6 JPN RET
buyers, meanwhile, targeted growth sectors and markets with
7 7 JPN APT
strong tailwinds, such as data centers, student housing,
2 8 CHN OFF
logistics in Japan, build to rent in Australia and rental
apartments in China. 15 9 JPN HTL
8 10 KOR IND
The concern is that most of these sectors have not been 4 11 AUS OFF
traditional strongholds for institutional appetite. Other than
26 12 SGP RET
Japan’s industrial market, none of the rest were in the top 10
6 13 AUS IND
target sectors for institutional buyers over the prior three years.
Moreover, deal activity was already at very elevated levels for 23 14 AUS APT
many of these smaller sectors and niche property types. 17 15 HKG OFF
34 16 CHN APT
Looking ahead, a broader region-wide recovery will require a
10 17 AUS RET
pickup in activity for the rest of the heavy hitters. These are the
14 18 IND OFF
office and industrial markets for the big four markets, as well
as multifamily in Japan and retail in Australia. The good news 16 19 SGP OFF
is that prices did continue to adjust for most core sectors 19 20 KOR HTL
outside Japan throughout the second half of 2023. Yields 0 5 10 $15b
expanded significantly — by over 50 bps — for offices in 2023 2020-22 Avg
Australia and industrial in China and Korea. Institutional flows comprise investment by institutional and public investor groups.

The bad news is that the gap between buyer and seller
expectations remains sizable for others. Based on the end-
Price Expectations Gap and Yield Expansion
2023 results of the MSCI Price Expectations Gap, the gap has
widened, not shrunk, for offices in Japan and Australia, and
JPN OFF
retail in Australia, even in the second half of the year.
CHN OFF n/a
KOR OFF
That may have to do with the fact that the outlook remains
challenging for these specific markets. Although the U.S. is AUS OFF

already talking of cutting rates, Australia is still bracing itself CHN IND

for one more possible rate hike. In Japan, supply-side concerns AUS IND
and growing vacancy have coincided with a drop-off in office JPN APT
volumes, while investors there are bracing for higher rather KOR IND
than lower borrowing costs in 2024. JPN IND
AUS RET
These new sources of uncertainty are likely to subdue activity
-20% -15% -10% -5% 0% 5% 0 50 100 150
for these sectors in the near term. For other sectors, all eyes Price change needed for return to
will be on how much buyers and sellers get in sync on pricing in average liquidity Yield chg, trough to Q4 2023
early 2024. Given the recent price adjustments, the modelled
MSCI Price Expectations Gap. Yield change (in basis points) based on RCA Hedonic
gap was already shallower than -10% for eight of the 10 core Series yields.
sectors as of the end of 2023. With the effects of the Federal
Reserve’s pivot filtering through in the coming quarters, there
could be some light at the end of the tunnel at last.

© 2024 MSCI Inc. All rights reserved. Data believed to be accurate but not guaranteed or warranted; subject to future revision. 7
 Asia Pacific | 2023

Top Buyers and Sellers 2023

Buyers by Country By Investment Volume
Australia Buyers Sellers
Mitsubishi Estate
Clean Energy Finance Corp (CEFC) GIC Mercatus Co-operative Ltd
PAG (ASIA) Gsum Fund Management Blackstone
AsheMorgan Yodobashi Camera Fortress
Fawkner Property Dajia Insurance Group Dalian Wanda Group
Link REIT GLP
Swire Properties China Vanke
China Mapletree Investments Mirvac Group
Gsum Fund Management Fortress LaSalle
Dajia Insurance Group PAG (ASIA) IGIS
Swire Properties China Construction Bank CPP Investment Board
China Construction Bank Mirae Asset Seven & i Holdings
Ping An Insurance Ping An Insurance Dalian Wanda Comm Mgmt
Mitsubishi Estate Shanghai Lujiazui Group
Mitsui & Co Daiwa House
KKR GIC
Hong Kong
Mastern GrandJoy Group
Mapletree Investments
Hulic Lendlease
PAG (ASIA)
Zhejiang Oriental Fin Hldg Grp Brookfield AM
SFC
China Intl Capital Corp Dexus
Lau Kenneth
Transfar Group Co Ltd Sino-Ocean Land
Chan Kin Sang
Dai-Ichi Life Holdings DWS Group
Goldman Sachs DNE Group
Frasers Property NPS
Japan ADIA Shin Kong No 1 REIT
Yodobashi Camera SC Capital Partners Odakyu
Fortress 0 2 $4b 0 2 $4b
GIC
Mitsui & Co
Hulic
By Number of Properties

Singapore Buyers Sellers

Link REIT
Frasers Centrepoint Trust AXA Group Daiwa House
Frasers Property Mitsui & Co Samty
Bright Ruby Resources GIC JP Morgan
SLB Development CDL China Vanke
Goldman Sachs Global Link Mgmt (JPN)
ADIA Blackstone
South Korea SC Capital Partners BentallGreenOak

Mirae Asset China Construction Bank LaSalle

Mastern JMF REIT NPS

IGIS Es-Con Japan Hulic
KB Asset Management UniSuper Daiwa Securities Living REIT
GIC Hulic GLP
Alyssa Partners Nomura Master Fund
Ranked by investment volume. Blackstone Mirvac Group
Dai-Ichi Life Holdings Dexus
0 25 50 0 25 50

Methodology: Rankings are based on the pro-rated share of the total property or portfolio value. In the case of joint ventures, full credit is assigned to each investor.
For more information please visit the MSCI Real Capital Analytics website.

© 2024 MSCI Inc. All rights reserved. Data believed to be accurate but not guaranteed or warranted; subject to future revision. 8
 Asia Pacific | 2023

Top Deals 2023

Property Sales
Property Location Size Type Volume($m)Δ $/unit Buyer Seller

1 NEX Singapore 634,696 sq ft RET 790.5 * 2,491 FCT JV Frasers Property Mercatus Co-operative Ltd
2 Nexxus Building Hong Kong, SAR, China 264,334 sq ft OFF 782.3 2,960 Steve Chang Eric Chu Nap-Kee
3 Goldin Financial Global Cntr Hong Kong, SAR, China 852,509 sq ft OFF 714.1 838 PAG (ASIA) JV Mapletree Investments Goldin Financial Holdings
4 Tokyu Plaza Ginza Tokyo, Japan 524,021 sq ft RET 696.0 1,328 Sumitomo Mitsui Trust HD Tokyu Fudosan Holdings
5 One Island East (13 flrs) Hong Kong, SAR, China 243,191 sq ft OFF 691.3 2,842 SFC Swire Properties
6 Cameron Mansion Hong Kong, SAR, China 276,451 units APT 637.6 2,306 Lau Kenneth JV Chan Kin Sang Loke Yew Family
7 Samsung SDS Tower Seoul, South Korea 1,071,416 sq ft OFF 628.2 586 KB Asset Management Ryukyung PSG AM JV AIP
8 Fosun Intl Cntr North Tower Guangzhou, China 1,518,800 sq ft OFF 590.9 389 Knowledge City Grp JV HK Kingson Invmt Fosun Int'l Ltd
9 Landmark Tower Beijing, China 876,771 sq ft OFF 579.7 661 China Post Life Insurance Co Ltd GrandJoy Group JV GIC
10 Fraser Suites Top Glory Shanghai, China 185 units HTL 545.7 2,949,603 Shanghai Yongpeng Industrial Co Ltd GrandJoy Group
11 Pangyo Tech One Tower Pangyo, South Korea 2,123,056 sq ft OFF 537.0 * 561 GIC JV Mirae Asset Naver Corporation
12 Grand Hyatt Seoul Seoul, South Korea 615 units HTL 522.5 849,521 BlueCove Investment Inmark AM OBO Feelux Corp
13 Odakyu Dai-Ichi Seimei Bldg Tokyo, Japan 795,645 sq ft OFF 521.3 * 690 Dai-Ichi Life Holdings Odakyu
14 60 Margaret Street Sydney, Australia 498,642 sq ft OFF 500.0 1,003 AsheMorgan JV Mitsubishi Estate Mirvac Group JV Blackstone
15 AlphaDom Tower 3 Pangyo, South Korea 944,110 sq ft OFF 481.6 510 Samsung SRA Mirae Asset JV Korea Land & Hsg
16 Concordian Seoul, South Korea 653,321 sq ft OFF 481.6 737 Mastern JV Samsung Securities DWS Group OBO GIC
17 Gotenyama SH Bldg Tokyo, Japan 215,280 sq ft IND 468.7 2,177 TIS Inc Sekisui House REIT
18 Shanghai Jinchuang Tower Shanghai, China 1,289,527 sq ft OFF 462.9 359 AIA Group Ltd (HKG) DNE Group
19 Incheon Seoknam Log Cntr Incheon, South Korea 3,221,138 sq ft IND 447.8 ** 139 IGIS Pacific Asset Mgmt OBO KKR
20 Tower 8 Seoul, South Korea 556,009 sq ft OFF 438.3 788 Mirae Asset JV NACUFOK DWS Group

Portfolio and Entity Sales

Buyer Seller Location # Props Type Volume($m)Δ

1 Yodobashi Camera Fortress Kanto 2 RET -

2 Link REIT Mercatus Co-operative Limited Singapore 2 RET 1,604.9
3 Gsum Fund Management Dalian Wanda Group China 4 RET -
4 Fortress Seven & i Holdings Japan 9 RET -
5 Swire Properties Sino-Ocean Land Chengdu, China 3 HTL, RET -*
6 Ping An Insurance Hony Capital China 3 IND 935.8
7 SC Capital Partners JV ADIA Daiwa House Japan 27 HTL 900.0
8 Dajia Ins Grp JV Zhejiang Oriental Fin Holding Group Dalian Wanda Comm Mgmt Group China 3 RET -
9 GIC Blackstone Japan 6 IND 800.0
10 GIC Brookfield AM India 2 OFF 686.0 *

Development Site Sales

Property Location Size Volume($m)Δ $/unit Buyer

1 Shanghai 202310301 Shanghai, China 2,404,557 sq ft 3,291.0 1,369 Shanghai West Bund JV China Overseas L&I
2 CRL JV Chimelong Guangzhou Dev Site Portfolio 2023 Guangzhou, China 3,667,541 sq ft 2,609.5 712 China Resources Land JV Guangdong Chimelong
3 Greentown Shanghai Dev Site Portfolio 2023 Shanghai, China 1,612,482 sq ft 1,944.4 1,206 Greentown China
4 SH Jinwaitan JV SH Land Shanghai Dev Site Portf 23 Shanghai, China 342,358 sq ft 1,934.8 * 5,674 Luneng Group
5 Shenzhen T207-0060 Shenzhen, China 390,663 sq ft 1,765.4 4,519 China Overseas L&I

Δ When prices are not known, estimated prices are used in the ranking but are not shown. Volume is adjusted pro-rata for partial interests although $/unit reflects 100% valuation.
* Partial interest ** Forward sale ‡Building floors, not whole property
The number of buyers or sellers shown on a deal is truncated to two. For full deal and player information go to the MSCI Real Capital Analytics website.

© 2024 MSCI Inc. All rights reserved. Data believed to be accurate but not guaranteed or warranted; subject to future revision. 9
Benjamin Chow
Head of Real Assets Research, Asia

Benjamin Martin-Henry
Head of Real Assets Research, Pacific

Lynette Ng
Senior Associate, Real Assets Research

Methodology
Data based on office, industrial, retail, apartment, hotel and seniors housing properties and
portfolios $10m and greater. Development sites excluded unless otherwise stated. Data as of
Feb. 2, 2024 unless otherwise stated.

About Capital Trends

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