Commercial real estate debt
Estimated US$257bn in senior real estate debt in Asia Pacific
US$bn
2018
2019
2020
2021
2022
2023
0
20
40
60
80
100
120
Debt: Non-Recourse Loan
Debt: Recourse Loan
US$257bn
2024 Asia Pacific Funding Gap
LTVs and All-in debt costs
LTVs unchanged outside of Australia and Hong Kong SAR;
debt to remain elevated
Loan-to-Value Ratios (%)
LTV(%)
Australia
Mainland
China
Hong Kong
SAR
Japan
Singapore
Korea
30
40
50
60
70
80
2021
2024
2024 Asia Pacific Funding Gap
2024 Asia Pacific Funding Gap
LTVs unchanged outside of Australia and Hong Kong SAR;
debt to remain elevated
Debt costs (reference rate + spread (margin)
Reference Rate + Margin (%)
Australia
Q1 2021
Current
Q1 2021
Current
Q1 2021
Current
Q1 2021
Current
Q1 2021
Current
Q1 2021
Current
Mainland
China
Hong Kong
SAR
Japan
Singapore
Korea
0%
-1%
1%
2%
3%
4%
5%
6%
7%
Reference Rate
Margin
LTVs and All-in debt costs
United States
Europe
Asia Pacific
US$4.6bn
Australia
Mainland China
Japan
US$2.9bn
US$964mn
US$6.1bn
US$157.3bn
US$191.4bn
US$8.4bn
Office
Retail
Industrial & Logistics
US$885mn
US$831mn
Asia Pacific
Asia Pacific
By Market (Top 3)
By Sector
2024 Asia Pacific Funding Gap