Day 2 Session 1

I'm well. Thank you for everyone for joining us at this Oxford, real estate panel on Aisha Pacific property and the response to the pandemic. I'm very pleased to have three very accomplished. Unless with me today will be coming. The Brits of asia-pacific. Starting from the top in the north will have James, will be focusing on the China Market. Will then be moving to Malcolm. Be looking after I seen Forrest, I didn't find me. Steve will be looking after Australia. As I said, they're all incredibly accomplished.

I'll be heading over to them, personally to do some introduction shortly before we start up a background of myself. My name is Richard Cuda. I'm the head of asia-pacific for International Investment Services. I do take consultancy and operating out of London. We help businesses to expand abroad with a particular focus on the asia-pacific region, study smart. I got to be moderating today's panel count. As I said, we have James who's the head of research? Mainland China. It'll still be focusing on the mainland. China Market. We have no Syracuse am credit Analyst at carrying Aisha. You'll

be focusing on the ice in market and find me. Stephen Spiro music on not in the real estate and finance team that Addison in Australia and also a property lawyer for a number of years in a striker as well. I woke up like the bottom James of like to start with you if you'd like to give a brief introduction of yourself. So, I'm as you mention. My name is McDonald. I help you search for San Jose, men and China are being out here now for coming out to the 20 years with

showers now, since 2005. So, 15 years within several choices in research. So I want to see about 25 people. We have offices around about 18. Is he still at my lunch? And I'm on coronavirus in Shanghai,, Memphis, Midtown hotel, and residential districts will stop. And look at it, and dated, since markets, and I'm also looking at the market. Fantastic. Thanks James. I know I that you self. Hyon's Mel c o m. I n e. M credit analyst covering a shift manager called Global Evolution

relationship. Unless I move to Singapore, full years ago to to Cabeza before that. I was covering the European market and first lady looking at my guests properly named in 2009/2010. The one many in the capital markets that old man D banked, but she is distressed in the bank took over then. They want to see bones to set up Market Gruene estate. But then when I moved to Asia, I've been looking pretty much covered and Indonesia, and I'm also, now being an issue up from Vietnam. So I can talk to it yet. The Singapore

experience. Thanks Mel. And last but certainly not least a very good personal friend of mine. Steven. Hello, everyone. My name is Jayden Spears, real estate in Fond, a spot in the CD by slow for the medicines. We recover, the nation and Jose New Zealand on a variety of different Lego man has been intense in my particular Focus. If it's mainly acting full in relations property, development top matters across the country in Salem. Thanks Steven. Now, I appreciate them going to have a global audience on today. Some would have great knowledge of the ice at the Civic property Market, some

might not all out. Take the same running, what I thought, I'd like to throw it out of its depend less just to keep some Salient features of your market and outlined some of the major differences say to the UK Market. I'm so drained. I'll start with you for China. Hello differences between the UK and China Market. Close long-term institutional investors. One of the biggest one of the bigger risks, his actual Antonia. It's being in place for long. Of time, but most commercial properties. You have Landon. This is about fifty years. And so I want you to come

to the last 20 years. We don't know how these my nieces after me. With them. When it comes to saving, money invested buildings, where they got to the longest, runway on the investment. In one of the other big issues is just that was doing a pregnant client grassmarket. So Marcus like Shanghai. We go great on the space within this, with the city centre around about 6:30, many square meters, but we're adding three to Pullman square meters of the next two years to restore in the construction phase. Even though these markets for a lunch and then a future with stool acting on a tremendous amount

needs to find, most of the stuff is being built is expected to stop being built without any previous commitments. To be fun to see pre-leasing 12 to 18 months price action completion. And so I just wanted to say that again. It's too very, very much for me to see about Chinese about develop his own, special tree, sells and got you. If you would prefer the cost of borrowing, then there's quite a significant dislocation meds, all the moving to a Market Square Off on your mortgage is at 5 to 6 %, but you have to yield on your residential investment is about 1.42 per cent

as well. Where you going to give you is better on your Investments. I believe all the issues would be surprised if you got to smell the questions. Absolutely. I definitely on the commercial side, get the sense that if you build it, they will come. So no, I'd like to give you some highlights in the asean market. Yeah, sure. So I can speak properly. Mostly about Indonesia solo. If I think about the industrial space than that, I've been calling all the developments around Jakarta benefiting from, I guess I'll Shoring out of

China. But you know with the movement restrictions and bound traffic that has moved motor was in the middle of a domestic Market, although you know, there are projects that are all going on. So I meet you today and in my pocket Myspace is trying to raise the capital to finance a manufacturing plant that they have just outside the car. I said that's going to 50,000. On the rez, east side that has been. I guess that's hiring for a few years, everyone. Hope that off to be elections

a year or so ago, but you don't really like to do that with the reinvigorate, the market. But that is still, I guess it's kind of a long time, is stimulated foreigners, Convoy residential, property market and I never really recovered. I didn't we tell a couple of transactions. It's been kind of a special situation starts that I was a related party style from a three. And then there was another distressed style sell recently, but that's probably Looking to be a bit more about other than office space

and you talkin about the tourism assets and all that. I let send you said that in some markets like that. The the domestic Market is really picked. Picked up. Where are the foreigners left? All Vietnam? I think 2.9% last year and I'm in, for my, my colleagues on on covel sovereigns. They really like it. I think it's in her 6.57% because they managed to control the, the coronavirus, which allowed them to, to maintain domestic travel and if you know, Vietnam Israel own

country, so State tourism is down, 10% last year. Where is it in the country? In neighbouring Thailand? It was down 43%. And how long was that reply? So I know what sort of growing income people were Keen to buy property. So, you know, probably have sweat. China was a few years ago in Texas that that Russia people to try on that put cash into real estate. So yesterday in Township is doing it seems our rules regulations. The why is Shreya looks very similar to the UK, but appreciate when it comes to property, being somebody who's had the

privilege of buying properties in bugs. Very, very different than some might argue a lot more direct and straightforward. I'm Vestavia Takin. Ye tell us a little bit about the Salient features of property, marketing stripe. I meant the rubbish device, when I want to come a little legal system. So very similar to the UK and we borrowed a lot from the UK and we continue to do so we are slightly more streamlined insides of a price as to what happens in the UK. In the main reasons for that is we have something that we called it, the torrents total system. We

Central registers for the title that guarantee. In the face ability of toddle. Know what that tells me is that how deals can move quicker and somewhat less risky is Will Robins would have gone through times and showings of title and I'm just got ring on unregistered basements and things like that with it doesn't really happen this dryer. It's a very efficient way to do real estate deals in a lot of pain and I really enjoy us apart of the sudden yelled at because it's all on the written by. In relation to interface ability and they're very few exceptions to that rule. Quite

similar to the UK apart from that is quite a remarkable different suck, but I would probably put it in terms of what's going on in Australia. With we have Encore unprecedented growth in real estate prices. So probably we haven't really seen both 30 on you with holding it in you real estate market every week. So you had the usual sort of like to hear is why I have a bye this week, but the Market's Easter for me to wake light up, you know, so that is generally the picture across most real estate asset classes. They have been found that have been affected in a negative respect. Mainly around

student housing. The main reason for that is quite strong borders that we've set up in Australia, to take the bar exam, has resulted that we've lost a lot of international students coming in and not to biegler asset class has stuffing Beatbox commercial is doing extremely well. A lot of investors very quickly move money into that is a real estate. I said Kloss particular given out very low interest rate environment. Again will be the lowest in history of the country. We've we've seen a lot of movement in the bricks-and-mortar space and residential real estate prices

are growing too quickly, and is a concern about how quick we are moving and the same as the position in New Zealand. And it's been a lot of government. Intervention has been spiking about a New Zealand to try to take some out of the market without moving. Thanks, Steven. I think most of the listeners in the UK. Only school would. But you're almost, as you told him. That's how to train for a sale or purchase in line. And I will we be briefly, highlighted it in kind of high-level brakes on a market. I'm going to fly now, to take

Kaylee to focus on the pandemic. Our show, the panels were doing quite well, that sometimes I feel free to the kind of speakers do as long as you as long as you need to. But I wanted to take you like to cut off all the asset classes and how they performed over the pandemic to cover. Both the policy responses from their respective governments any rules and regulations changes. For example, Millie. I'm talking about dinner for despising, limited people in offices, and also, any of the kind of practical real life, kind of effects admitted that I do.

Pakistani property of the way complete setup. So for example, less occupancy of his people more spread out or having to put expensive systems in place like animals standing in in taking with y'all to the webpage, going through a James 11 it up two sofas. Even though Tommy was the first one affected by the band do make it punch me, one of the first ones to come out with you all the time, and I'm sorry, I mean just in case if I were supposed to answer we were actually able to get back into the office about a month later,

by the end of the month getting April and we things are operating at full capacity,, some change too much to use the office space over the last year and I can get all of our clients and then you have had a speaking to the device if you don't control. Haitian. We have to all kinds of basic indicate. Whether we mean to harvest location also does being an outbreak in abundance in the pouch. I know it will say that because I was not trying to be the last 2 weeks. And therefore you are a Allura spell hydrostat again, and you won't be allowed into

certain public locations that happening which is trying to limit the scope and some soup tantrum spread. It has been with my break but that happens to Rachel trying to receive a price of covid-19, certain degree of flexibility. Mingo to the management style. Do you say in China is a very different situation from different. Departments is ready to be a great public. Transportation office is on Shimano Pleasant surroundings being then I'm at home. Giving you my PS3, how to get some thoughts into all this destruction service, a cheap little

people in front first, come back in the office and I'm smoking a reminder bread. Be put together having sex with distance to Old West, by Kool on stations are full of the money retail. We are meeting with ministration child as being one of the highest blue blee and geladas eat when smoking a long. Of time. We have seen some Innovations and some to eat,. And then again the percentage that of a retail sales of camping. Continue to grow the weird thing thing thing is not going to be buying so that's when residential

communities will buy a bunch of them. Could someone come and then we just become as we've seen him socially,, sweet dreams again, Rising price covid-19. But without online media, how do you capture that? How you monetize that and how do you spell goes on? The back of that ski missing my point. We'll do that online payment to the critical in. Ecosystems. Do not do that. Social media platform has delivery times we had Open Instagram and off line store. And then, if you look at the residential Market residential was incredibly Swift country, so we can do with the

limitations for Residential Properties in three months, last year, but then find me. Where are the levels in bike? June? I can drop 10. 15% on 3 covid, 11 symptoms of transactions and pricing in first cities starts at 2. I'm grow by Mikky Ekko, and then if you'll see,, so I started to enforce restrictions drink Kool-Aid, a price for us at the moment. We party scene, accelerations investment firm in Sims Beach industrial. Physical stimulus to look at me to call me so I can do this or what a BRD Life Sciences. Think the

census, Muntinlupa stick scolding storage. Does it mean we might have to see the real picture of funny being stopped and stood in front of this year, with the idea that will that will be infrastructure in the trucking business Parks Logistics and bases in the most of the way. And then investment again, took a hit since you about what was going on. And so not messy, wanting to conclude on the dealer. Prepare to level pricing been wanting to see, wanting to Discount, too heavily. So there's a bit of a disconnect.

Negotiations in 2019. We need to, we need to do. I got Spirit everything. I mean everything like it. Come by and see the floater, something other than most definitely. To the changes, to the retail with chick named Christine because one of the few sectors in property that seems to be suffering, the beat in different markets, has the highest rate, but it seems China is already kind of responding to that with the experiences and also the kind of convincing of United the online to move to

offline in the US with Amazon. And they're kind of, you know, it to a list shops, potassium's, like, trying to stay ahead of the game. That can you bring some pocket? Meaning of guys in that, you just open up across the road from this location. Open up yesterday's location in China and Popeyes open up, lost you as well. Coming through, whatever it is, incredible how quickly the local runs out. She starting to pick up and take a mortgage. That's all very interesting

and Shake Shack. Next couple years ago, but that actually might have been tight slide, one in the asean markets. Joe talked and talked about, you know, what we're doing in Singapore here. So, I don't know what the Indonesian companies have experienced a kind of a little bit, like what James is saying, it doesn't know totally there yet. So, you know, we have QR codes to enter buildings and offices. You have to scan in Channel, but everyone could have, you know, I made it back to to an

automatic fail. Most kind of now to give it to the lines coming in. Ended the Dave recently increase the capacity and officers, to 75% of personnel. It had been 25% and 50% and, you know, the various Ministries in company such as detailed plans on the floor and an old is the best on this is pretty. Pretty owner has been quite a while. I guess what people are still working from home because companies had allowed people to choose, right? I got to get some of that it was helping in other countries

and I'm being in the office for a whole year. I haven't seen that. What college has the best for you if your team a.m. Team be weeks. That's how I don't know it. What will be the long-term impact. What do you have to go back in the office as well? I mean it had suffered with the restrictions in in opening hours, Singapore speak of it to post covid anymore. Now, I guess some of the higher and Braun just suffering because in a single-family private line on inbound Chinese tourism like more like a lot of

countries in the world said that has suffered, but you know, that everything else seems to be doing pretty well. Goodnight knife in the food, and beverage director, kind of suffering a little bit, like going back to the UK 10:15 to 10:30 11:00. Now, there's no, they're not nice till the taxi driver. Party might be having you know, I don't know if people are just saving a lot and then have any way to spend the money now, but you know, the residential property Market is doing very well hand Singapore plus 3% last quarter. He won that. I have a 1% a month that thinking about all this

talk about additional security measures the government likes to keep property prices pretty stable. So once they get up to high that are all included, measures and buildings have old Residential Building study 40 years old, they do what's going on block sale, occasionally and tear it down and build smaller motor units. More of them for the same price in Indonesia. Yeah, they had, I guess, I've been more of a serious outbreak equipped with covid-19 of had more onerous restrictions the opening hours

kind of like in in China, you know, the ability to Market residential development was curtailed. There was also a response to that restriction in terms of them. You don't just give the government has stepped in and avoid a government assistance because I really wasn't any of the tenants, but nothing specific weather in Indonesia. You seem quite a few messages come in. So it's of that was reduced on properties below to billion rupiah, which is about $130,000, from 10% to 0% between 2 billion

and 5 billion. Rupiah. It was reduced from 10% to 5%. What is to help the developers that I get clear? That that competed infantry? Are you stink you on mocking cells that 30 to 40 per cent higher than in q1 lost. You expect that to continue on the retail side, you know that the most of the expectation is that you aren't even already recovering 2020 to start to see that in the back. End of 2021. The landlords have been having to give rental relief to tenant on

a case-by-case basis because you know starting classes of retail I have been able to be open. So you know what your critical of it is like a pharmacy, some things are not your food and beverage and pretty much restricted 50% occupancy. And so it has buried. The stronger, landlord will pay the balance. Sheets were very quick to support tenants. Maybe some of the weaker one. Have not said it has been a bit of a disparity in terms of occupancy in a city of middle of the tears. I admit I

haven't really started the release date for this year. And that's what else can I say? I didn't have a mortgage disbursements. So if you think about mortgages that are released to developers, it normally fall as a percentage of completion, but I guess the help as much as I can be dispersed upon the signing of the SPI. Will hand over whenever I want to send of its contracted sales in 2019 being mortgages to 61% and how they looked at the contract. But you convinced that customers to take on Mulch Products. And is that something that was instituted by the

government or was that Stoke regulation by the finances? So long as your change the condition because they trying to I guess get the banks to keep the flow of credit going so I might come down and Indonesia as well. So I know that mortgage. Is there a couple years ago? I used to be so rude and annoying 10% range. Indifference saving all private to use to give it to a perspectives on the 80th Street and Market. Will they destroy Market had a very interesting response to the pandemic so very lost and certainly not lost you. There was a

huge amount of fee across the country and how would we, how would we be affected? And what we soar is Australia, moving to to some extent to a protectionism Papa policy in relation to foreign investment in woods into his triazicide. We have rules just like and regulations is that most countries do in relation to foreign investment coming. In this tribe. I'm very concerned from a political perspective on controlling, I suppose it's food security with water, security is APA medical

supplies. It became almost obsessed with ensuring the agricultural land in particular. Remind in the hands of these trying people and Destroy investors, so we had a notification Richard strout, foreign investment, review board, reduce to Crossville real estate asset classes, 20 strand dollars. So any form of investment coming in wood and to acquire interest and is trying real estate. Weather was enough to plan your residential apartment thing. Bought the Full House in the Australian dollars to buy dairy farms in and sign for. It

all became subject to government scrutiny. And the response. Moved from 40 days from the Omni applications, from a l pushed out to 6 months, just because everything became heavily scrutinized. At the same time that this is all happening. Again, probably similar to most economies uncommitted deals fell away on my starving. So, you know, we've gone from Fairly stable real estate market to a very unstable one. That probably lost it for about six to eight weeks was the feeling and at that particular

point in time. You got my policies with coming in to assist across residential, agriculture rate, Thailand from Isis are landlords and tenants were supposed to come together and do deals to ensure all of us, advised the businesses on both sides survived. The banks. Also instituted policies to assist borrowers again corporate residential and Granny should have interest rate. And I'm sorry for that was okay. And I did a lot of these policies have since come to an end. So in particular, the foreign investment review board,

change the notification for Schultz back to original levels. If they get one January this year, we've definitely seen a lot more foreign investment community care of the last month or two and activity. We're saying is very much coming back with some very sad. Al Graf rights and you know, Jada paid a very strong. We had one quarter lost. You were we contracted by roughly 7% as a nation that was very quickly made off of cross the next to his record is it is almost as if we've forgotten about that. That one negative quota, you know

that we've since recovered, I mention to you that for about 4 to 6 weeks, there was two Mall in in terms of the uncommitted deals. What we saw in this is just by virtue of the night group developers. In particular, that we realize, we Act full day. 10 to be quite fully said, I saw it as an opportunity. While they were a lot of exits, out of the real estate market that I feel that it was a good,, stop putting money in and the size of the transactions, very much and Grace

very quickly. And I think this is what school is the run on in the real estate market because leading our own practice. Values probably went out for about four to six hundred percent since about June last year. So when am I in practice we doing several billions of dollars a month in Acquisitions and it hasn't rained since about June lost G. So that's also had a flow-on effect with residential. There seems to be a lot of movement again cuz people can borrow it roughly two, two and a half percent interest rates with starch and giving people on traveling and

the like and then people get a taste of what it felt like to spend more time at home with saying, a lot of 1850 get a lot. 300 Market moving, very quickly. Sorry. We might have bought a house in the Sydney suburb of Oakleys for about 8 million dollars for months ago. We can probably expect a full tank for the same time now. It is very patchy. But even in the patches with this still being very accessible high levels of growth in the property market. So I mention there any is USA classes that have been affected in the negative. Why you mentioned horse,

Rachel Richard there seems to be a bit of a push recently in the last quarter or to towards heart rate drops. And I think that's because people very much learned. That going to a Westfield shopping center, wasn't the way to God during a pandemic and its board local demand back to High Street stores, which is actually quite nice to see you come back. So I think some real estate investment flows back into that as an asset cost, but we are not happy that property passes and I'm moving. So we're expecting the housing affordability. Another generation from

now. Just one exists and will be much more similar to New York. And Hong Kong Lego Market consensus. Housing affordability. That's very interesting. Stavan not see, Cody Kraken property prices. I think, since we're being born to run, has been mentioning of the property bubble in Australia, but seek your confidence would never exist. Cuz every time you don't, you doubt probably process in Australia that you can even send emails and I just keep on Rising and rising and Rising economy price and then I'm future growth could real estate

prices. Every year, our site has to come to an end and for the last 10 years, a sound like a fool. Steven Yeun pay the first, I'm sure going to miss to come in on that and I'm sure you're not going to be the last one was kind of the changing of the Capitol close. So I was hoping to just get her a guide from yourselves about the capital Flows In in the property Market in your country's maybe see them drop off increase growth. I'm in the mix. Whether it is being a guy trying to give the dog

some water from my knee foreign flows to the Mystic closed. So track changed clothes in Shenzhen, China. One of the biggest and best to have a physical presence. Can be refused to sign is incredibly challenging. So I think some of the front of us is wine unable to cheat continue to rest in the front of my computer because the physical barriers in place now... I'm sorry for the rest is all want to come back Market under the biggest issue with the Chinese Capital Market is just so

long as being classified as Emerging Markets. He looking at most of the actual return. You mean balm controversy gross and now that we seen was A disruption to his, that Trend people start to question the logic behind that, and it starts on the inside of a game, using able to generate Cam cover the car trunk of the Broncos. And so we need to stop. We need to sort some questions. We need to see some more years ago. And here are some things you want to look at 3. We want to look more closely at the tennis match in five years

is to wants to make sure that you might industry cluster. So This Is Christmas the office tomorrow, it's going to make sure they got the right industry, cost at that sexy. The industry's going to continue over the next five years. It will be saved many minor infractions against the trade sector may be impacted by what you see. Clusters where you looking more licenses are indeed the bondsman track train that those are is a Pokemon with the strongest antenna base. I'm in the mid to long-term growth potential that you start seeing versus Ferguson

Avenue. So similar to everyone else between Globe, leave the office and meet some of the new economy sectors will again to just explain to senses would stop and see investors. Even look at the healthcare sector. The education sector with the education sector may be an inspection school and maybe so. I purchase a nice box and maybe 20in tenant, which is something you have to be in the sectors are incredibly small. Incredibly in a liquid inside the body returns. Local

joint venture and that since we got my last week and so they may be worst as well. And investors have raised Catholic to need appliance. Service is looking at the one that it is not going to see. It is just trying to find the right balance between I really wouldn't be able to take on the bus. If we send you getting the money be returned, as you can imagine the commotion walk with justify the receipt given to a cyclical nature. Given the supply. Haven't already seen the market and I think investors willing to take a look at more risk to get high as even though she's not there.

Relaxation from April last year. I was trying to see some real speed creative for launching in the sky,. We also seem less fun with me active at the moment within the commercial markets, but with what he seemed longer-term investors get in the car going cycling. But it has any questions on that. Do you want to do in this weather? Refund my money cuz it's a few other things that I wanted to kind of get through. Also puppy. Now, we have had one question with a question and I'm going to get on to them very, very soon. If you do have any questions for the audience, please, put them in

the chat box, and we'll try and impress them at the end. Mel. Just moving onto to you, how you say, apple close in the icy on Mario. Show us. Hello again. Just a relationship has been applied for a while. It has been quite difficult to, to get a meaningful and sections that are in the retail space, which is that it's interesting because shopping malls in the same with people's hesitancy in Australia, you know in Jakarta specifically the traffic so bad that people tend to spend several hours in the shopping mall. There are quite

a few offerings that they might have been a lifestyle frame stitches in the mall, bowling alley food, and beverage offering, and then people just Hang out that at the weekend and I spend my weekends are very constructive in the particular one, but I guess Landmark transaction was was a related party. Wanted other cars last year. It's a remote to a parent needed to show up as mine and she said it was a very good deal for strong. My landlord was able to use cash on balance sheet and then execute that. Pretty quickly. Market.

It was claimed. He had been closed to foreigners. But Indonesia's, thinking about opening up to Define, is that they had that I went to Chloe, Coco. Real like today to try and relax a lot of restrictions and regulations. And then one thing that they thinking about, is this trying to allow foreigners to participate, going to roast a pocket. So, that would be a big, a big help and it's probably only what I have it done. Thanks, Mel. I'm just waiting around for an investment. But I

have you seen the capital flows across the sector. Has been trying not to send set my timer from that perspective. Last year did she seems to be different any activity that we was saying towards the end of last year in anticipation of the relaxation of that foreign policies with an investment policies. As result in a flowing traditionally is a normal Source investments in real estate. I'm hoping that'll change, but we are definitely saying a lot more investment or would stay

in his lost quarter. Then we probably did two years ago. Around this time out of Hong Kong. We seem to become much more favorable to some European nations as well. So we are staying more activity coming out of the UK and Germany and France in particular. Did the US has seemed to be quite stable. Although, it dropped off during during the pandemic, pretty similar levels to what we were saying pre-pandemic from from. I am respected. Write, this is what's going to be the last kind of pre-packaged panel question that

side before we moved to the Q. And I about opportunity to seems like the respective markets is starting to come out of the pandemic. If not, we're almost on the other side. Welcome would. So what changes do you say? How many new markets. It's going to affect property. I know you have to get at least thought it was trying to send you a joke about the introduction of great, social free to be broader than the pandemic changes in general, that you think you have a big effect in the short-to-medium term.

Using olive oil levels that was in the box marked Community as well. And so what we had she seeing now is that now that he's getting back to normal. It was fun to see you soon,. So now she's looking in, we starting that campaign touch with service to be at Linda's now and trying to pay that back. So if you cross the set number lines and you were limited ability, Sushi need, that will expand your levels. So that somebody having some smooth. She defaulted on their bones, which is raising issues as well. All the ability to raise you. That is so what we're looking at is,

The developers and we seen the number to be spun off into Hong Kong, IPOs 2020 developers. And she answered within that the Hong Kong market is so, we are looking at some of the, if some of these developers, you have expiration to some of the Sexes, which may be interested, being brave related to the, to the property sector, as you start to see the comment get back to normal. Then, the real hard work starts to begin to try to rebalance the economy and look at some of these issues. The my bill taco costume.

Crates and then Mill where we would put a future changes. You mentioned, you know, you're busy, trying to increase our investment in Indonesia, but will you try and just be say, happening across the I-80? I mean, I guess there's still some potential to be gained from opening up a bit. Coronavirus. Restrictions are some some of that there is a bit of a mixed experienced in the region here. In terms of Grease. Do you know continued offshoring phone from China? So, you

know this resolved as your process that was started when they betrayed rhetoric was amped Up by Workman, Trump was in office, but I think you know, the planning that goes behind it and where you want your, your footprint to be and people thinking about the resilience of the supply chain. I think that is a trend that will continue. So, you know, Indonesia's a beneficiary of Vietnam as well as some of the other regions. And I mean, you talk about from Lucas PEX, if it is that you say that also being driven just by, you know, I'm crazy middle class in China, increasing

cost of production, in China is a poppy as much as that as well. Yeah, I mean that there is a, I guess they push factor in a tons of the two, concentrated diversifying you back, but I think of you so unhappy to see, maybe some of this love by you mind. If I can go in. If you think it wasn't made in China Chinese, about them investing in semiconductors that arranged. A, I go for some of that, you know, labor-intensive manufacturing assembly to go offshore and I don't think it's such a bad. One of you

very much moving to a very developed economy. If not already reached a number of years ago. Show me to jump in that and just saying we all trying to be willing to give up some of the living life, trying to rewrite. 290. Look at the mess of consumption is beachy Drive B,. Great. The services sector consumption sexy. Why would they come here? Very interesting and around all day, even though, I know, you know, how to brace discussion about you. No changes in to clean yourself.

I'll Stand treat, either, Captain. Hal Smith to make housing more affordable, but mostly will probably drop the prices out, but some UniFirst Rhea. How do you say future changes coming out of? You know, if she can apply that I'm sure,, Strada. No way out that the effects, it will have on the market and they are supposed acceleration is is what we're calling it towards, a very large country and a skills. In terms of population, on this is Sara Lee Old Town between Sidney City or The Melvins save a day. So there is a bit of a sheep. To move them with Force has

to be shot within the office and particular commercial offices. Might be running. Late model stopped working from home. Coming in but we're also staying at a slight shift towards people. Working permanently from her. I wouldn't say it's a great proportion, but they definitely has some sort of shift towards that even pretended. It was a lot of new and Ally coming on in the city office Market particularly in the I tried office Tower Market. We're not really sure how long that's going to take to feel. So

what are the way that we typically work with commercial office lacing and in the Australian Market East? Landlords will charge it up ice rink, which is largely ignored because it really dictate what the real rent. The face rain, suits died, largely the same. But the incentives would have group from an average of such a thing, as 20% to about 35 to 40, in the heart of the pandemic, that model come down slightly 3235, but we do think that it's going to take awhile for it to come back. We're not sure. If the same yields will be available in that sector for a

wall and given interest right to start shape and Aries supposed to water the movement of capital within his driver at the moment. We say that a lot of the lodge and develop is a trying to be predatory. I suppose take advantage of compressed. The old and rates at this building. So that there is a bit of a shift that way. In terms of what else will say, you mentioned substantially changes, so that that's a Judy and Paul. Is that a New South Wales? Government level down the Strand, government level on purchases real estate within the state of New South Wales. Yes, it does look

like it would be a huge shift in the way that stamps. It is calculated it. It's a huge cost to property. Transactions range is between 4 to 12 per cent of the market value of the real estate asset and you on the corner Bassett. And who the bar a reason you're there for and put your stuff away? Now, looking at moving more to an end to take the Daddy's to apparently, make housing more affordable for people because we do have a housing affordability issue. But as you mention Richard, at least in the short-term, the likely effect will maim increased borrowing power and

capacity of, you know, how it is and probably have another push in real estate process as a result. Now. We're also expecting as as he is trying. Arkansas optimal foreign visitors would take some time. Let's amount levels will start coming into the asset classes that have been affected outside of commercial office. So, I mention, I'm student accommodation in pursuit of us across this week. We can come back for strongly doubt. If I'll be just a year at a months away. So I would say we feel like we're going on you normal. Now,

we feel quite stable and I think that the government's role and just probably take a little bit of it because we are currently Thanks, Steven. I have one question from the audience and it's going to be kind of how I will only one before I close off. But it's more of a general London. Happy sister. Throw it out for the panelists. So, how big is it down spot? The question is, how big is it down? Start Reese from the current issues around shipping and global trade. Sorry, can't change if you wanted to

to stop without. I can repeat the question if you like. That's fine. Let me know. John has had some trade issues in over the last couple years with different trading partners has tried to Pivot toward Asia Pacific vs. Europe. North America Australian in. So I think some of those are bearing fruit. Posting, some of the Aussie EP agreement, you signed was a lawsuit against you and seeing different countries with the most trying to fulfill its commitments.

The agreement with the US in terms of buying Williams products volume is covid-19 response to increased rates of consumption is use sometimes, I've been trying to, but I'm going to be trying to steal. We are increasing our speed. Right. In the middle of states, trying to Jumping about your sexy Market. Yeah, I mean I think global trade seems every bounded quite well, I mean we were talking I remember last year of globalization and intensive, maybe trade buyer is going up around the world. But

if I look at that right there, that make career posted very strong export numbers recently. Amid. China's export numbers also very good, Indonesia, as well as it's strong export numbers. So it doesn't feel like like that is when we were talking at the pressure on China, the impact on Asiana. Would it be known? I guess the supply chain the load of the media could Sean come around the region, but that looks like it. Creighton and Steve. I think probably from the Australian and New Zealand

perspective. It is probably just more of a concern in relation to inflation tree-top precious in our respective markets that we were already same price Rises across a few. So can she migliarese to eilan might have a goals and and some others are huge effect on our economy button, on the list of that seems to be the effect of the moment with China with nothing. We would all like to resolve it or fixing our exports of it. I think it's more bigger issue coming out any poop sticky bras. Okay, thanks for that. Will round up expected, everyone. I'm going to move the clothes

that with the decision now, but before I do, I imagine this a few people on this cold at would be looking at investing in your respective markets or work for developers or potentially rates that my kind of Be Active in your Market East. I if people are interested or available to contact you and what's the best, right? I should do. So like, Dean or free companies respective websites. But spread it out to you, to teach yourself. And then, you know, absolutely mental state

as humans. Set. Same here with you on that happy, note block to close up on very much like to. Thank my free Timeless, James melon stayed in your thoughts were great and very timely, provide really good grounding. What's going on in your respective markets? I'm on behalf of myself and all the panelists. I'd like to thank Ross mccaskill, socks of real estate. Getting us the privilege to speak. I'm also a side business school's, the the running, this as well. I'd like to wish everyone whether you are in the world. I am very happy. I could die over those of

us in the UK or in the US, the America has a very good morning. Thank you, everyone. I say joining the panel.