汇丰：全球房地产图表手册（4 月）：全球增长放缓担忧持续拖累该行业

Investment Rating - The FTSE World REIT Index has a rating of 26th out of 37 constituents in April 2025, with a return of +0.5% [2][10] - The FTSE World REIS Index performed better, achieving a return of +4.9%, placing it in the top quartile [2][10] Core Insights - The report indicates a divergence in performance between REITs and REIS, with REITs underperforming significantly, particularly in the US market [2][9] - Emerging markets, particularly Brazil, showed positive returns across all sub-sectors, while mainland China continued to underperform [5][9] - Data Centres in both developed and emerging markets rebounded in April after a sharp decline in March, indicating a recovery trend [2][9][19] Performance Summary - In the last month, developed markets saw the best performance from Developed Europe excluding the UK, while the US was the worst performer [5][9] - Over the last 12 months, most markets underperformed relative to their broader local indices, with the US and Developed Europe excluding the UK being exceptions [18] - The report highlights that the industrial sector continues to decline in developed markets, while data centres have shown significant positive returns over the last 12 months [19][49] Target Price Changes - In the last month, most markets recorded flat or declining target price cuts, with the US experiencing its first significant target price cuts of the year [14][54] - Over the last six months, the UK saw the sharpest target price downgrades, while the US was the only market to record marginal target price upgrades [54][59] Consensus Ratings - The US has seen a material rise in positive ratings over the last three and six months, despite a marginal increase in negative ratings [15][60] - South Africa recorded a significant rise in positive ratings, with a corresponding drop in negative ratings over the same periods [17][60]