Advertisement
Advertisement
Asia housing and property
Get more with myNEWS
A personalised news feed of stories that matter to you
Learn more
Finding the right talent for functions such as portfolio management was described as ‘more challenging’. Photo: Robert Ng

Property investment funds look to ramp up staff in Asia-Pacific next year as optimism returns, study finds

  • Nine out of 10 real estate funds plan to increase or maintain the same headcount, according to the joint survey by PwC and the Anrev
  • The study underscores how sentiment has been improving across a region that has largely managed the Covid-19 pandemic well
Most real estate funds that operate in Asia-Pacific will maintain or increase the number of staff they employ in the coming year, according to a joint study by accounting firm PwC and the Asian Association for Investors in Non-listed Real Estate Vehicles Limited (Anrev).
A follow up to a survey conducted in 2017, the latest study found that 42 per cent of respondents are planning to increase their headcount in 2022. Adding in those that intend to keep their current staffing levels, the number increases to 88 per cent.

“The hiring [plans] captured in this survey indicate a positive outlook for Asia-Pacific business in 2022 and beyond,” said Paul Walters, a partner at PwC.

The study underscored how sentiment has been improving recently across a region that has, in general, managed the Covid-19 pandemic relatively well. China, for example, was the only major economy to grow in 2020, albeit at a rate of only 2.3 per cent, its slowest in decades.

02:49

French colonial-era ‘tube houses’ remain popular in Vietnamese capital

French colonial-era ‘tube houses’ remain popular in Vietnamese capital

The survey attracted the participation of 31 fund managers spread across the globe with significant operations in Asia-Pacific. Their funds represent more than US$1 trillion of property assets under management globally.

The survey was conducted between August and September, two months before South Africa reported the discovery of the Omicron variant of the coronavirus, a strain that is responsible for the surge in infections in the US, Europe and several parts of Asia and the reason for the reinstatement of some lockdown measures.

Positions that are likely to see an increase in the staffing levels included those in front office functions, portfolio management and accounting and sustainability.

“[The results of the study show] that industry players still retain a positive outlook for business in Asia-Pacific in 2022,” said an Anrev spokesman. “Mostly front office functions, portfolio management, accounting and sustainability are the areas where more than 77 per cent of the respondents are hiring.”

A separate study by property consultancy Colliers released last week found that 84 per cent of investors in Asia-Pacific were optimistic about the economic outlook.

Property funds look to ramp up staff in Asia-Pacific in 2022, study finds

The hiring process may not be plain sailing in all cases, the PwC study suggested. Finding the right talent for some functions including portfolio management was described as “more challenging”.

“Also in the 2017 survey, only 50 per cent of the respondents were hiring risk management and compliance staff, highlighting how these areas are becoming increasingly important to respondents over the past few years, likely as a result of tightened regulations from regulators globally,” the report said.

ESG, or environmental, social and governance, has become more prominent on business agendas in recent years as the global community confronts climate change and other sustainability issues.

Last month, international organisations setting corporate climate and sustainability disclosure standards agreed to consolidate into one body and unify key standards to improve the quality of disclosures and gain investors’ trust when it comes to their sustainability claims.

The Climate Disclosure Standards Board and the Value Reporting Foundation, among other bodies, will be merged into a new entity called the International Sustainability Standards Board by June next year.

Post