2020 should be at least equivalent to the severe 2009.

Macros deriving from Coronavirus will destabilize both voids and rents leading to values decreasing massively in FY20-21.

None of the asset classes we cover (Offices, Hotels, Shopping Malls, Residential) can be considered as fully immune.

For both listed companies and shareholders, the big challenge now is to avoid dilutive rights issues in FY 20-21.

Wait for the reset before playing the next cycle. A few stocks may offer better protection.

AlphaValue’s leading Property analyst Christian Auzanneau just released its last piece on the sector.