Developers have had a tough 2020 between supporting their REITs, supporting their tenants, and having to revalue their hospitality portfolios downwards. Among the developers, JP Morgan likes CapitaLand — which is very diversified — and UOL Group for the Singapore reflation play. As part of the usual developers versus REITs battle, the large-cap developers are trading at discounts to their book values while the large-cap REITs are trading near or above their net asset values (NAVs).

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