Deloitte and ANREV jointly launched Review of Reporting Best Practice Asia 2010 edition
The 2010 edition of Review of Reporting Best Practice Asia was launched on 2 November 2010 in the ANREV Annual Conference. This thought leadership piece is jointly published by Deloitte China Real Estate Industry Practice and the Asian Association for Investors in Non-listed Real Estate Vehicles Limited ("ANREV").
This year review results show that good levels of reporting best practice for Asian non-listed property funds are continuingly provided a firm foundation for increased adoption of the INREV Guidelines* in the region. 75% of the 2009 annual fund reports analysed have adopted more than 75% of the INREV Guidelines on reporting. This indicates a remarkable improvement as compares to 29% in the 2008 report.
The high level of adoption demonstrates that favourable drivers are supporting this standardisation of reporting within the region. There is a clear influence in the region from international investors and fund managers already familiar with the guidelines from their work experience in Europe. In addition, current market practice for aspects such as the manager's report and the property report already reflects the principles set out in the guidelines, even if the guidelines are not being specifically adopted.
* The INREV Guidelines provide investors and fund managers with an integrated set of principles, best practice requirements and recommendations for governance and information provision for non-listed real estate vehicles. ANREV signed a cooperation agreement with INREV, its sister organization in Europe, in December 2009 to endorse the guidelines in the region.