Weekly Overview

February 10, 2016

MidLincoln Research

Real Estate Weekly

Emerging Markets Sector Reports

MidLincoln Real Estate Global Index

basketnameweekchmonthchytdchyearch
ML Global Real Estate-0.13-8.38

Select Equity Indexes Yields

nameweekchmonthchytdchyearch
Russian Trading System Cash Index-3.52-9.47-6.93-14.80
S&P 500 Index-4.43-8.51-10.17-9.83
Hong Kong Hang Seng Index-0.78-19.08-11.98-21.54
Ibovespa Brasil Sao Paulo Stock Exchange Index0.05-17.93-6.36-16.81
S&P BSE SENSEX Index-3.42-12.00-7.78-15.61
Deutsche Boerse AG German Stock Index DAX-7.98-16.42

Select Bond Yields (Eurobonds)

NcountryAvg Sovereign YieldAvg Corporate Yield
Venezuela34.0849.94
Ecuador17.75
Zambia15.36
Ghana14.53
Iraq13.76
Angola12.93
Gabon11.56
Mongolia11.06
El Salvador10.20
Ukraine9.07
Kenya9.03
C?te dIvoire8.23
Azerbaijan7.82
Costa Rica7.78
Sri Lanka7.576.81
Pakistan7.43
Brazil7.3611.84
Egypt7.24
Argentina7.059.28
Jamaica6.9213.91
Dominican Republic6.91
Kazakhstan6.767.15
Lebanon6.67
South Africa6.649.30
Paraguay6.45
Colombia5.7015.75
Russia5.655.92
Mexico5.518.13
Indonesia5.456.34
Vietnam5.37
Uruguay5.25
Turkey4.934.52
Peru4.924.48
Croatia4.60
Chile4.534.81
Serbia4.44
Malaysia4.283.22
Morocco4.215.70
Panama4.01
Romania3.90
Hungary3.77
China3.144.43
Philippines3.093.47
Poland3.00
Lithuania2.76
Slovak Republic2.27
Thailand2.96
Singapore2.63
Qatar3.48
Korea2.30
Israel4.54
India6.65
Hong Kong3.32
Latvia
United Arab Emirates3.98



Top 10 Winners In MidLincoln Global Real Estate Index Between 2016-02-09 and 2016-01-02

Top 10 Losers In Global Real Estate Index Between 2016-02-09 and 2016-01-02

Winners and Losers by Country ML Global Real Estate Index Between 2016-02-09 and 2016-01-02

                         

                                   

Source: Midlincoln Research



Chart: Asset Structure

Some perspective on how real estate dwarfs the rest of the asset universe

Source: http://www.marketwatch.com/story/some-perspective-on-how-real-estate-dwarfs-the-rest-of-the-asset-universe-2016-01-25

Table of Contents:


Real Estate Yields and News

  • Real Estate Funds Fundflow


    Logistic Real Estate Yields

  • Some facts about Moscow Warehouses


    Retail Real Estate Yields

  • Some facts about Moscow Retail


    Office Real Estate Yields

  • Chart of office yeilds


    Residential Real Estate Yields

    MidLincoln Global Real Estate Index Composition and Stats

  • Top 10 Real Estate Picks with highest score
  • Top 10 Real Estate Picks with lowest score





    Real Estate Flows, Yields and News


  • Look to REITs for 4% to 5% Yields in 2016 -- Strategist
  • Real estate to enjoy longer low interest rate regime
  • Vancouver Property Yields Drop to Manhattan Levels, CBRE Reports
  • Real Estate Investment Trust Stock Outlook - Feb. 2016
  • Global Real Estate Value Hits $217 Trillion In 2015, 2.7 Times World ...
  • Key risks for UK real estate in 2016
  • What to consider when investing in real estate equity
  • Foreigners Set to Buy Record Commercial Real Estate in Canada


    Weekly Fund flow into Real Estate focused funds and REITS showed (Previous Week)79.4 USD mn of inflow


    Top 10 Real Estate Focused Funds or REITS by Inflows
    Fund Namefund flow mn$Total Assets mn$
    PRUDENTIAL GLOBAL REAL ESTATE FUND - C (PURCX)73.93148.0
    NUVEEN REAL ESTATE INCOME FUND (JRS)34.9318.1
    VIRTUS REAL ESTATE SECURITIES - C (PHRCX)17.81201.0
    PRINCIPAL GLOBAL REAL ESTATE SECURITIES FUND - P (POSPX)16.72831.0
    CS SELECT FUND CH SWISS REAL ESTATE SECURITIES - I (CSSWREI)15.1235.6
    DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO - INSTITUTIONAL (DFITX)14.93478.0
    PRINCIPAL INVESTORS FUND INC - REAL ESTATE SECURITIES FUND - P (PIRPX)14.32303.0
    PRINCIPAL INVESTORS FUND INC - REAL ESTATE SECURITIES FUND - R 2 (PRENX)14.02303.0
    PRINCIPAL INVESTORS FUND INC - REAL ESTATE SECURITIES FUND - R 1 (PRAEX)14.02303.0
    B&I ASIAN REAL ESTATE SECURITIES FUND - B (BIARESB)13.177.4

    Top 10 Real Estate Focused Funds or REITS by Outflow
    Fund Namefund flow mn$Total Assets mn$
    ING GLOBAL REAL ESTATE FUND/UNITED STATES - B (IGBAX)-57.43562.0
    AXA WORLD FUNDS - FRAMLINGTON EUROPE REAL ESTATE SECURITIES (AW4J)-33.7825.2
    NATIXIS AEW REAL ESTATE FUND - Y (NRFYX)-19.9185.1
    ALLIANZ FONCIER - C &/OR D (AGFFONC)-15.8389.9
    MORGAN STANLEY INVESTMENT FUNDS - US PROPERTY FUND - B (MORUSRB)-12.5370.2
    MORGAN STANLEY INVESTMENT FUNDS - EUROPEAN PROPERTY FUND - A (MOREPUI)-12.3400.2
    DELTA LLOYD L - GLOBAL PROPERTY FUND - IC (DELGPIC)-11.6478.1
    DELTA LLOYD L - GLOBAL PROPERTY FUND - B CAPITALISATION (DELGPBC)-11.4478.1
    AXA WORLD FUNDS - FRAMLINGTON EUROPE REAL ESTATE SECURITIES - EC (AXAEDEC)-10.0825.2
    ING L INVEST - EUROPEAN REAL ESTATE (XUM3)-9.9390.2


    Logistic Real Estate Yields




  • Asean Logistics: Refining tansportation networks
  • Why Dubai's real estate sector is ideal for investment in 2016
  • The C-Suite Speaks: Inventories Destocked?
  • Tritax Big Box REIT PLC (BBOX) To Go Ex-Dividend on February 11th
  • The Real Kickstarter: How global capital markets can help support ...
  • ABF Freight lays off workers, cuts costs as LTL volumes drop
  • Moody's: Industrial S-REITS will continue overseas acquisitions in ...
  • Asean Logistics: Refining tansportation networks
  • Vancouver Property Yields Drop to Manhattan Levels, CBRE Reports
  • Stag Industrial: Weird Market Meltdown Has Boosted Dividend Yield ...
  • DCT Industrial Trust Inc (DCT) Price Target Raised to $38.00
  • Soil Health Workshop announces speaker

    Some facts about warehousing segment: This chart shows average warehousing stock per 1000 persons for select countries



    Some facts about Moscow Warehouses:

  • Level of vacancy on Moscow warehouse market is likely to decrease
  • The Bouvier Affair
  • Joseph Klaynberg's Journey From Minsk to Manhattan
  • The best destinations and hotels for a stag weekend in Europe
  • Achievements in Treasure Valley business, government, education ...
  • The Bouvier Affair
  • Immofinanz finalizes logistics portfolio sale for EUR 305 mln
  • Islamic State creeps east
  • Immofinanz finalizes sale of logistics portfolio to Blackstone
  • Editor's Choice: Bulls and bears

    Current yields are soft compared to their historical averages for Moscow assets (Warehouse Yields)



    Retail Real Estate Yields



  • Better Buy: Realty Income Corporation vs. National Retail Properties
  • Real Estate Investment Trust Stock Outlook - Feb. 2016
  • Europe Shares Rise While Asian Stocks Drop as Yen Gains With Oil
  • Amazon's Next Plot Is Real Estate
  • Apollo Commercial Real Estate Finance, Inc. Reports Fourth Quarter ...
  • Former Clinton Adviser Offers Predictions About Robots, Bitcoin and ...
  • High yielding 'Big Box' trust bucks property slowdown
  • Big-Box Properties Outperform
  • Avison Young Issues 2016 Commercial Real Estate Forecast
  • Inland's McGuinness: Brick-and-mortar retailers fighting back ...

    Retail stock per 1000 persons



    Some Facts about Moscow Retail

  • Fashion retailer H&M plans Downtown Summerlin store
  • Turkey's Fiba Group puts Russian bank up for sale - sources
  • Reed Exhibitions Russia to acquire REX (Real Estate eXhibition ...
  • Egan: From swine to pearls, Bearbrook's Walter Henn was self ...
  • Moscow authorities carry out mass demolitions of trade pavilions

    Current yields are soft compared to their historical averages for Moscow assets (Retail Yields)



    Some facts about Russian Retail: Modern food retail penetration in Russia remains far lower than its European and Asian counterparts



    Some facts about Russian consumers: while its net ajusted disposable income per houshold in the same group is above average



    Office Real Estate Yields

  • Is Dream Office Real Estate Investment Trst a Secure Income ...
  • Groupon co-founder buys loft office building
  • North Charleston office project could yield more than 500 jobs
  • Yields fall as office blocks prove popular investment location
  • Mortgage Brokers Place $12M in Purchase Financing
  • Dickinson real estate stabilizes as housing expansion slows
  • REITs Won't Put You in the Penthouse Yet
  • Why Dubai's real estate sector is ideal for investment in 2016

    Global Ofice Yields


    Source: MidLincoln Research

    Residential Real Estate Yields

  • ESS Dividend Yield Pushes Past 3%
  • Real Estate Investment Trust Stock Outlook - Feb. 2016
  • Mortgage REITs Face Challenges from Flatter Yield Curve
  • Income Investors: Focus on Quality, Not the Fed
  • 5 Dividend ETFs Shelling Out More Than 5%
  • 50/50 (BDC, mREIT) Portfolio, Bubble-Up-Yield Purchase Method ...
  • Bet Your Real Estate Dollars on Debt in 2016
  • ESS Dividend Yield Pushes Past 3%



    Index News

  • Survey: Commercial Real Estate Remains Strong, Yet Outlook ...
  • Nikkei tumbles to lowest since Oct 2014 as bank concerns intensify
  • Makkah, Madinah real estate index up 7% in 2015- Alpha1Estates
  • Real Estate Investment Trust Stock Outlook - Feb. 2016
  • Wall Street cuts losses late to end tad lower
  • Europe Shares Rise While Asian Stocks Drop as Yen Gains With Oil
  • Legal & General IM expands index funds range

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Scentre GroupSCG:AUREIT15977.972.46%11.657.7766.7028.6624.11%97.64
    Mirvac GroupMGR:AUAustralia Real Estate Owners & Developers5213.954.81%12.084.4336.6758.1015.19%87.72
    Goodman GroupGMG:AUAustralia Real Estate Services8061.713.57%9.329.5099.9933.2714.85%130.56
    GPT Group/TheGPT:AUAustralia REIT6159.444.63%10.2012.2499.9947.2314.67%161.53
    Dexus Property GroupDXS:AUAustralia REIT5194.185.84%11.268.1172.0265.7612.60%128.95
    Westfield CorpWFD:AUAustralia REIT14233.16-11.8612.4199.99-0.008.56%91.17
    StocklandSGP:AUAustralia REIT7067.505.75%10.934.6742.7362.857.15%91.62
    IMMOFINANZ AGIIA:AVAustria Real Estate Owners & Developers2546.30--3.360.000.10%
    BR Properties SABRPR3:BZBrazil Real Estate Owners & Developers641.6723.93%-3.41-0.003.36%
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers1882.480.27%20.896.5331.265.64-18.00%-12.16
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1355.312.01%39.253.809.6878.89-29.43%9.72
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers12049.237.99%5.600.6711.9644.74141.83%182.77
    Shui On Land Ltd272:HKChina Real Estate Owners & Developers2214.652.88%10.062.0520.3828.9720.96%50.08
    Longfor Properties Co Ltd960:HKChina Real Estate Owners & Developers8750.673.03%6.741.0515.5820.4220.34%39.43
    Sino-Ocean Land Holdings Ltd3377:HKChina Real Estate Owners & Developers4752.324.87%6.930.8512.2733.7516.12%45.03
    Country Garden Holdings Co Ltd2007:HKChina Real Estate Owners & Developers9044.302.53%5.510.5710.3413.948.93%17.54
    Guangzhou R&F Properties Co Ltd2777:HKChina Real Estate Owners & Developers3945.103.82%6.580.6810.3325.145.72%24.44
    Agile Property Holdings Ltd3383:HKChina Real Estate Owners & Developers2186.675.75%4.690.357.4626.972.25%21.82
    SOHO China Ltd410:HKChina Real Estate Owners & Developers2475.554.37%10.609.2587.2646.32-20.18%92.64
    KlepierreLI:FPFrance REIT14493.003.92%-9.35-0.0019.61%
    Etalon Group LtdETLN:LIGuernsey, Channel Islands Real Estate Owners & Developers505.393.47%4.420.7216.2915.34-8.10%8.94
    Raven Russia LtdRUS:LNGuernsey, Channel Islands Real Estate Owners & Developers397.76--1.700.00-16.15%
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers2139.32-7.050.466.52-0.003.21%-7.48
    China Jinmao Holdings Group Ltd817:HKHong Kong (SAR) Real Estate Owners & Developers3642.874.32%7.681.0513.6733.1827.03%56.03
    China Overseas Land & Investment Ltd688:HKHong Kong (SAR) Real Estate Owners & Developers33787.382.06%7.231.6522.8214.8921.03%41.35
    China Resources Land Ltd1109:HKHong Kong (SAR) Real Estate Owners & Developers19568.412.26%8.311.3716.4918.789.93%26.72
    Link REIT823:HKHong Kong (SAR) REIT13408.544.14%5.8413.1699.9924.18-0.16%233.35
    Yuexiu Property Co Ltd123:HKHong Kong (SAR) Real Estate Owners & Dev 00004000 elopers2100.824.24%6.760.8412.4328.66-6.95%17.21
    New World Development Co Ltd17:HKHong Kong (SAR) Real Estate Owners & Developers9109.755.48%3.531.2234.5619.34-9.01%31.20
    Shanghai Industrial Holdings Ltd363:HKHong Kong (SAR) Real Estate Owners & Developers2835.783.98%8.841.1412.9035.18-9.14%19.93
    Shimao Property Holdings Ltd813:HKHong Kong (SAR) Real Estate Owners & Developers6149.876.52%5.340.6512.1734.82-15.91%15.57
    Poly Property Group Co Ltd119:HKHong Kong (SAR) Real Estate Owners & Developers1188.883.00%-0.37-0.00-19.89%
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers916.690.32%9.070.535.842.90-20.77%-31.26
    DLF LtdDLFU:INIndia Real Estate Owners & Developers2991.791.76%37.592.667.0866.16-14.74%10.74
    Unitech LtdUT:INIndia Real Estate Owners & Developers258.05-2.030.5125.12-0.00-57.73%-44.81
    Bumi Serpong Damai Tbk PTBSDE:IJIndonesia Real Estate Owners & Developers2583.830.83%14.275.3237.2811.840.50%25.19
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers30624.890.55%45.973.036.5925.28-0.70%-24.96
    Japan Retail Fund Investment Corp8953:JPJapan REIT5172.113.62%26.309.1334.7195.21-5.26%88.19
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers26444.410.92%25.111.917.6123.10-5.35%-9.92
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers14435.330.63%18.342.0010.9111.55-15.45%-21.50
    Daelim Industrial Co Ltd000210:KSKorea, Republic of (South) Non-Residential Bldg Const1948.430.15%-0.25-0.001.98%
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1243.962.63%11.322.0818.3729.77-17.96%8.70
    SM Prime Holdings IncSMPH:PMPhilippines Real 00004000 Estate Owners & Developers13194.630.97%22.428.8239.3421.7528.71%57.21
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers9862.640.76%22.472.7912.4217.089.77%6.62
    Ayala Land IncALI:PMPhilippines Real Estate Owners & Developers10659.331.20%30.035.2817.5836.043.42%16.84
    LSR Group PJSCLSRG:LIRussian Federation Real Estate Owners & Developers978.7915.61%---0.0032.84%
    PIK Group PJSCPIKK:RMRussian Federation Homebuilders1830.07-23.622.6511.22-0.0016.92%-5.65
    Growthpoint Properties LtdGRT:SJSouth Africa REIT4067.205.40%15.977.0544.1586.24-9.34%94.90
    Farglory Land Development Co Ltd5522:TTTaiwan Real Estate Owners & Developers869.9711.00%3.831.0627.6842.132.33%58.14
    Ruentex Development Co Ltd9945:TTTaiwan Real Estate Owners & Developers1815.699.24%5.694.4878.7352.58-3.72%111.73
    Lippo Karawaci Tbk PTLPKR:IJTangerang, Jawa Barat, 15811 Indonesia Real Estate Owners & Developers1781.401.61%15.111.9412.8424.333.02%14.91
    Central Pattana PCLCPN:TBThailand Real Estate Owners & Developers5965.381.38%27.099.0033.2237.384.90%38.25
    Emlak Konut Gayrimenkul Yatirim Ortakligi ASEKGYO:TITurkey Real Estate Services3453.253.61%15.009.3462.2754.15-0.15%91.10
    Segro PLCSGRO:LNUnited Kingdom REIT4705.373.62%4.0615.4299.9914.7019.35%399.62
    Land Securities Group PLCLAND:LNUnited Kingdom REIT13622.412.79%4.4511.8899.9912.425.90%270.66
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT 0000400011731.583.56%5.2615.2299.9918.734.94%297.59
    Intu Properties PLCINTU:LNUnited Kingdom REIT6269.004.25%15.917.4446.7667.62-0.10%88.20
    Public StoragePSA:USUnited States REIT43672.002.70%42.2518.4543.67114.0837.30%142.62
    UDR IncUDR:USUnited States REIT9928.002.93%41.3211.2427.20121.0724.26%121.04
    Digital Realty Trust IncDLR:USUnited States 11236.004.43%38.286.2216.25169.5820.63%158.01
    Essex Property Trust IncESS:USUnited States REIT16132.002.36%79.4413.5317.03187.4819.34%134.24
    Plum Creek Timber Co IncPCL:USUnited States REIT8480.003.61%37.335.5014.73134.7617.23%119.23
    Crown Castle International CorpCCI:USUnited States REIT29372.004.02%55.937.8314.00224.8415.51%188.25
    Equity ResidentialEQR:USUnited States REIT29859.002.70%34.3010.9631.9592.6115.32%95.41
    AvalonBay Communities IncAVB:USUnited States REIT25396.002.70%35.8113.5337.7896.6914.88%103.37
    Federal Realty Investment TrustFRT:USUnited States REIT10411.002.51%53.1413.9726.29133.3811.76%108.12
    Realty Income CorpO:USUnited States REIT13030.004.39%46.2911.8725.64203.2111.76%184.16
    Regency Centers CorpREG:USUnited States REIT6514.002.81%35.1611.5532.8598.809.15%95.47
    Simon Property Group IncSPG:USUnited States REIT60581.003.27%37.9911.7130.82124.238.74%115.63
    Duke Realty CorpDRE:USUnited States REIT7358.003.38%24.347.3029.9982.278.48%86.23
    Kimco Realty CorpKIM:USUnited States REIT11147.003.78%19.759.7149.1674.668.25%102.15
    Macerich Co/TheMAC:USUnited States REIT12942.003.33%7.999.8999.9926.614.50%136.73
    Prologis IncPLD:USUnited States REIT22833.003.67%19.3411.1757.7670.983.20%102.42
    Boston Properties IncBXP:USUnited States REIT19937.002.00%32.148.0224.9564.282.00%48.92
    CBRE Group IncCBG:USUnited States 11739.00-20.741.175.64-0.000.57%-24.70
    American Tower CorpAMT:USUnited States REIT42107.001.97%64.258.9913.99126.570.46%66.61
    General Growth Properties IncGGP:USUnited States REIT24216.002.77%18.859.9652.8452.21-1.49%74.54
    Vornado Realty TrustVNO:USUnited States REIT19133.002.48%41.487.5318.15102.87-3.89%65.48
    SL Green Realty CorpSLG:USUnited States REIT 0000400011521.002.52%59.596.9011.58150.17-4.39%87.60
    Welltower IncHCN:USUnited States REIT24244.004.82%27.566.3222.93132.84-6.59%111.45
    Ventas IncVTR:USUnited States REIT18817.005.59%33.475.3115.86187.10-7.01%152.31
    HCP IncHCP:USUnited States REIT17955.005.85%21.427.1933.57125.31-8.50%118.78
    VEREIT IncVER:USUnited States REIT7285.006.83%299.394.491.50999.99-8.86%999.99
    Liberty Property TrustLPT:USUnited States REIT4707.005.97%18.515.7431.01110.50-12.40%100.44
    Weyerhaeuser CoWY:USUnited States REIT15626.004.05%28.712.227.73116.28-12.72%72.41
    Iron Mountain IncIRM:USUnited States REIT5872.006.99%38.781.914.93271.07-25.39%201.66
    Host Hotels & Resorts IncHST:USUnited States REIT11973.005.02%18.862.2311.8294.68-30.92%46.55

    Top 10 Real Estate Picks With Highest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    VEREIT IncVER:USUnited States REIT7285.006.83%299.394.491.50999.99-8.86%999.99
    Segro PLCSGRO:LNUnited Kingdom REIT4705.373.62%4.0615.4299.9914.7019.35%399.62
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT 0000400011731.583.56%5.2615.2299.9918.734.94%297.59
    Land Securities Group PLCLAND:LNUnited Kingdom REIT13622.412.79%4.4511.8899.9912.425.90%270.66
    Link REIT823:HKHong Kong (SAR) REIT13408.544.14%5.8413.1699.9924.18-0.16%233.35
    Iron Mountain IncIRM:USUnited States REIT5872.006.99%38.781.914.93271.07-25.39%201.66
    Crown Castle International CorpCCI:USUnited States REIT29372.004.02%55.937.8314.00224.8415.51%188.25
    Realty Income CorpO:USUnited States REIT13030.004.39%46.2911.8725.64203.2111.76%184.16
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers12049.237.99%5.600.6711.9644.74141.83%182.77
    GPT Group/TheGPT:AUAustralia REIT6159.444.63%10.2012.2499.9947.2314.67%161.53

    Top 10 Real Estate Picks With Lowest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Unitech LtdUT:INIndia Real Estate Owners & Developers258.05-2.030.5125.12-0.00-57.73%-44.81
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers916.690.32%9.070.535.842.90-20.77%-31.26
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers30624.890.55%45.973.036.5925.28-0.70%-24.96
    CBRE Group IncCBG:USUnited States 11739.00-20.741.175.64-0.000.57%-24.70
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers14435.330.63%18.342.0010.9111.55-15.45%-21.50
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers1882.480.27%20.896.5331.265.64-18.00%-12.16
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers26444.410.92%25.111.917.6123.10-5.35%-9.92
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers2139.32-7.050.466.52-0.003.21%-7.48
    PIK Group PJSCPIKK:RMRussian Federation Homebuilders1830.07-23.622.6511.22-0.0016.92%-5.65
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers9862.640.76%22.472.7912.4217.089.77%6.62
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    Ovanes Oganisyan

    research@midlincoln.com

    •  February 10, 2016· Midlincoln Research · midlincoln.com