APREA announces best practices awards winners
11 October 2012
The Asia Pacific Real Estate Association (APREA), which promotes and represents the Asia-Pacific real estate asset class, has announced the winners of the APREA Best Practices Awards 2012. The winners are Commonwealth Property Office Fund in the mature markets category and Sunway REIT in the emerging markets category.
The APREA Best Practices Awards are open to all real estate companies and trusts listed on a regional stock exchange. As with previous years, there was an overwhelming response from high-quality organisations from countries around the region, including Australia, India, China, Japan, Malaysia, New Zealand, Singapore and the Philippines. In all, organisations from nine different jurisdictions lodged submissions.
Winners were chosen based on how an organisation has contributed to providing greater transparency and comparability in their local market and the region. Submissions were also judged on the extent to which they have adopted recommendations in the APREA Best Practices Handbook in the categories of market disclosures, accounting and financial reporting, property valuation, portfolio performance reporting and corporate governance.
Highly commended awards were conferred on The GPT Group (mature markets category) and Axis Real Estate Investment Trust (emerging markets category). Merit awards, country awards and awards for the most improved, the best first year entrant, the best property development company and a special chairman’s award were handed to companies that have displayed transparency in each of the respective categories as listed in the handbook.
Lim Swe Guan, CFA, chairman of the board of APREA, says: "We are delighted with the level of best practices demonstrated by the companies who submitted for the awards this year. We continually encourage members to adopt the most up-to-date valuation techniques, adhere to international financial reporting standards and follow good corporate governance. Combined with a greater transparency of portfolio performance and provision of reliable timely information to investors, we believe this will lead to higher investor confidence and wider support for the industry. We are confident that with the support of our members, who are leaders in their field, we can make real estate a crucial part of every investor’s portfolio.”
Peter Mitchell, chief executive officer of APREA, said “We would like to extend our congratulations to Commonwealth Property Office Fund and Sunway REIT for winning the overall award for best practices. These awards are held annually to highlight the importance of the recommendations in APREA’s Best Practices Handbook, which has emerged as a clear benchmark for the region for managing and reporting performances since it was first published in 2009.”
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