data centres and hotels observed in this year's survey, domestic investors' overall observed across Asia Pacific, suggesting that investors are adopting a cautious stance, after by domestic investors—-remain in the top tier, they recorded sharp declines of 13%p and 19%p, respectively, compared to last year. This shift suggests that investors are now reassessing profitability based on actual operational risks, moving away from rates and demographic shifts. Preference for life sciences and personal storage facilities also fell into the single digits this year, moving further away from domestic selection process for alternative sectors in 2026, contrasting with the recovery of traditional assets. Rather than relying on the simple growth potential of emerging asset classes, investors are likely to closely scrutinize actual profitability and risk, selectively considering assets with clear exit visibility. This is expected to further intensify the polarization between assets and markets within the alternative investment landscape.