2017年7月全球房地产市场分析报告（英文版）（337页）

UBS global real estate outlook

Key investor questions and our answers

Investment market robust despite political uncertainty

Tenant demand stronger than GDP growth implies

Real estate returns more reliant on yield

Asset values - absolutely expensive, relatively cheap

Listed real estate valuations fair

The pace of earnings growth fades

Listed real estate from an asset allocation perspective

Listed real estate and 10-year treasury yields

Listed real estate vs equities

Listed real estate vs physical real estate

Listed real estate and the Fed (or other central banks)

Implications: higher bond yields on physical property

Restructurings, M&A, IPOs and more

Credit markets relatively stable to improving

Country positioning

UBS global economic outlook

REITs and interest rates

REITs in inflationary or deflationary times

Death of the mall – Reality or hype？

Back to fundamentals

Investor positioning: 14th annual investor survey . 102

Balance sheets & financing

Fund flows, short interest & positioning

The case for global real estate

The REIT revolution

Australia

New Zealand

Hong Kong

China

Japan

Singapore

Europe: UK and the Continent

United States

Malaysia

Philippines

Thailand

Indonesia

Mexico

Appendix

UBS Global Real Estate Team Contact List