Research

Size: px

Start display at page:

Download "Research"

建濮
7 years ago
Views:

1 Research 研究报告 Knight Frank 萊坊 SHANGHAI Retail market report 上海商铺报告 Q 年第三季度 retail 商铺

2 Q shanghai retail Quarterly Highlights New shopping mall supply reached 513,000 sqm in the third quarter, three times higher than the previous quarter and hit a new high. New malls included the soft-opened Jing an Kerry Centre Phase Two (73,000 sqm) and the iapm Mall (120,000 sqm) as well as the officially-opened Global Harbor (320,000 sqm). Retail rents in Shanghai started to rise notably again in the third quarter after remaining almost unchanged in the first two quarters of In the third quarter, ground-floor retail rents in prime areas increased 2.7% quarter on quarter to RMB57.1 per sqm per day. With a huge amount of local residents and maturing ancillary facilities, large-scale shopping malls in non-prime retail areas are under rapid development and witness fast rental growth. According to Knight Frank s statistics, ground-floor rents in non-prime retail areas increased by 4.1% quarter on quarter, 1.4 percentage points higher than that in prime retail areas. In the third quarter, the retail property investment market remained stable, with a number of deals under negotiation and one shopping mall acquisition deal recorded. Touch Mall in Xuhui District was acquired by Harvest Real Estate Investments (HREI) for a total consideration of RMB1.7 billion. Outlook Looking forward, the Shanghai retail market is set to become relatively quiet after experiencing a supply surge in the third quarter. In prime retail areas, besides Lane Crawford in Shanghai Times Square, no new shopping malls are set to open in the fourth quarter. However, in the coming 12 months, new retail malls scheduled for completion include River Mall Phase Two (260,000 sqm), Hopson International Plaza (166,000 sqm) and Golden Hongqiao International Centre (86,000 sqm). The first outlet in Pudong, Florentia Village, is set to open in the third quarter of In 2013, most new supply is concentrated in prime areas, whilst more new retail malls will be launched in emerging areas in Meanwhile, an increasing number of retailers continue to launch their stores in Shanghai, demonstrating their sustained confidence in consumer demand. The fourth Apple Store in Shanghai will open in iapm Mall this October. The first H.E. by Mango flagship store in China will open in Jing an Kerry Centre. In the fourth quarter, retail rents are estimated to remain stable and the vacancy rate is set to increase slightly. In the coming 12 months, retail rents will remain on an upward trend with an annual growth rate of approximately 10%. In the fourth quarter, retail rents are estimated to remain stable and the vacancy rate is set to increase slightly. In the coming 12 months, retail rents will remain on an upward trend with an annual growth rate of approximately 10%. 2

Retail rents in Shanghai started to rise notably again in the third quarter after remaining almost unchanged in the first two quarters of 2013.

3 KnightFrank.com.cn Supply and Demand The officially-opened Global Harbor has replaced Super Brand Mall to become the largest shopping mall in Shanghai. Due to the opening of large shopping malls, new shopping mall supply reached 513,000 sqm in the third quarter, three times higher than the previous quarter and hit a new high. New malls included the soft-opened Jing an Kerry Centre Phase Two (73,000 sqm) and iapm Mall (120,000 sqm) as well as the officially-opened Global Harbor (320,000 sqm). Developed by Kerry Properties, Jing an Kerry Centre Phase Two had its soft opening this July. The mixed-use project comprises office towers, serviced apartments, hotel and retail space. With a total retail gross floor area (GFA) of 73,000 sqm, Jing an Kerry Centre Phase Two is the largest shopping mall project in the Nanjing West Road retail area. Currently, confirmed apparel tenants include Paul Smith, Michael Kors, Emporio Armani and Hugo Boss, while Food and Beverage (F&B) tenants include Element Fresh, Simply Thai, Jade Garden and Din Tai Fung. Two supermarkets including Ole and Life by City Shop are situated in the basement. In the Huaihai Middle Road retail area, iapm Mall started trial operation on 5 August. Developed by Sun Hung Kai Properties, the project has two Grade-A office buildings, luxury serviced apartments and the iapm mall. With a retail GFA of 120,000 sqm, iapm Mall has a number of internationally renowned brands, including Hermès, Prada and Gucci and will feature Shanghai s first Gucci Café. An IMAX Theatre is situated in Palace Cinema on levels five and six. Besides the two soft-opened luxury shopping mall in the downtown, a mid to upper-end shopping centre Global Harbor was officially opened in Putuo District with an occupancy rate of 90%. The total retail GFA of Global Harbor is approximately 320,000 sqm and existing tenants include luxury brands such as Burberry, Chanel and Dior as well as mid-priced brands such as Novo, Muji, H&M, Gap, Uniqlo and C&A. Level four of Global Haror is public cultural space featuring museum, art gallery and cultural display. Global Harbor has replaced Super Brand Mall to become the largest shopping mall in Shanghai. In the third quarter, international retailers continued to expand in Shanghai. Zara Home landed its first store in Nanjing West Road in Jing an District. Global stylish fashion and art concept store 10 Corso Como opened its first boutique store in Wheelock Square. Mulberry opened its fourth store in China in iapm Mall, which is Mulberry s largest flagship store in China. The world s largest Uniqlo store with a retail floor area of over 8,000 sqm opened in Shanghai on 30 September. As the largest Ikea store in Asia, Ikea Baoshan Store was launched on 15 August, boasting a retail floor area of 55,032 sqm. On 1 August, H&M launched its first menswear store in China together with its first MONKI store in Shanghai in Global Harbor. 3

New malls included the soft-opened Jing an Kerry Centre Phase Two (73,000 sqm) and iapm Mall (120,000 sqm) as well as the officially-opened Global Harbor (320,000 sqm).

4 Q shanghai retail Quarterly Rent Some non-prime shopping malls recorded quarter-on-quarter growth of over 5% in rents. Shanghai ground-floor retail rents in core areas (Q Q3 2013) RMB/sqm net/day Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q Source: Knight Frank Research Retail rents in Shanghai started to rise again in the third quarter after remaining almost unchanged in the first two quarters of In the third quarter, ground-floor retail rents in prime areas increased 2.7% quarter on quarter to RMB57.1 per sqm per day. Ground-floor shopping mall rents increased 2.4%, whilst street-shop rents increased 3.1% compared with the previous quarter. F&B retailers are actively seeking for new retail space in Shanghai. In September, Sun Life Food Court leased 5,000 retail space in Citic Plaza Shenhong on Sichuan North Road at RMB4 per sq m per day. Influenced by the new supply, the prime retail vacancy rate went up slightly by 0.3 percentage point to 8.8% in the third quarter. With a huge amount of local residents and ancillary facilities getting mature, large-scale shopping malls in non-prime retail areas are in rapid development and witness fast-paced rental growth. According to Knight Frank s statistics, ground floor rent in non-prime retail areas increased by 4.1% quarter on quarter, 1.4 percentage points higher than that in prime retail areas. Some non-prime shopping malls including Kerry Parkside, Life Hub@Jinqiao, Life Hub@Daning and Super Ocean Sky Mall recorded quarter-on-quarter growth of over 5% in rents. 4

2011 2012 2013 Source: Knight Frank Research Retail rents in Shanghai started to rise again in the third quarter after remaining almost unchanged in the first two quarters of 2013.

5 KnightFrank.com.cn INVESTMENT In July, Touch Mall in Xuhui District was acquired by Harvest Real Estate Investments for a total consideration of RMB1.7 billion or a unit price of RMB30,000 per sqm. In the third quarter, the retail property investment market remained stable, with a number of deals under negotiation and one shopping mall acquisition deal recorded. In July, Touch Mall in Xuhui District was acquired by Harvest Real Estate Investments (HREI) for a total consideration of RMB1.7 billion or a unit price of RMB30,000 per sqm. Located in Xuhui Binjiang Area, Touch Mall opened on 1 June Developed by Cha Tai Group, Touch Mall has a total retail GFA of 55,000 sq m with committed tenants including Uniqlo, Ochirly and Westa Cinema. HREI is a real estate fund formed by Harvest Fund Management and Britain-based Grosvenor Fund Management. As a joint venture, HREI aims to invest in real estate markets in China. This transaction marks HREI s first investment in China. Some retailers are optimistic about the Shanghai market, transforming from pure leasing strategy to buying properties for self-use. In August, Shanghai Waigaoqiao Free Trade Zone Development Co., Ltd announced that French sporting goods retailer Decathlon acquired Sunland Plot D4-4 for a total consideration of RMB600 million to build up their headquarters. The acquired property is situated to a green park to the north, Sunland International Project D4-5 to the east, Zhouhai Road to the south and Lansong Road to the west. Currently, Decathlon owns six retail stores in China and the proportion of self-owned stores will increase to one third in the future. Boosted by the development of Shanghai Pilot Free Trade Zone, Sunland Waigaoqiao is positioned as another international community after the Gubei, Green City and Lianyang communities and is scheduled for completion in The Decathlon headquarters project is located in Sunland International Area of Sunland Commercial and Business Zone with at least ten corporate headquarters to move in. The whole Sunland Commercial and Business Zone will have 750,000 sqm of urban commercial complex. 5

In July, Touch Mall in Xuhui District was acquired by Harvest Real Estate Investments (HREI) for a total consideration of RMB1.7 billion or a unit price of RMB30,000 per sqm.

6 Q shanghai retail Quarterly Selected retail leasing transactions, Q District Building Floor Trade Basement Personal Huangpu Richgate 1 st floor care unit Area Rent (sq m) (RMB/sq m/day) Hongkou Citic Plaza Shenhong Basement 1 st -2 nd floors units F&B 5, Pudong Super Brand Mall Level 1 unit Apparel 1, Basement Jing an Park Place 2 nd floor unit F&B Huangpu Plaza 336 Levels 1-4 units Apparel 5, Source: Knight Frank Research Selected retail sales transactions, Q District Building Floor Area (sq m) Total price (RMB million) Price (RMB/sq m) Xuhui The Hysun Level 1 unit ,976 Zhabei Chamtime Corporate Avenue Level 1 unit ,277 Putuo Tianhui Plaza Level 1 unit ,826 Hongkou Pudong Citic Rainbow Garden Powerlong City Plaza Level 1 unit ,273 Level 1 unit ,392 Source: Knight Frank Research / Shanghai Real Estate Trading Centre 6

0 Huangpu Plaza 336 Levels 1-4 units Apparel 5,830 15.

7 2013 年第三季度上海商铺季刊 KnightFrank.com.cn 焦点第三季度上海新开商场面积达到 513,000 平方米, 为前一季度的近三倍, 季度供应达到历史峰值新开商场包括仍在试营业期的静安嘉里中心二期 (73,000 平方米 ) 和环贸 iapm (120,000 平方米 ), 以及已经正式开业的月星环球港 (320,000 平方米 ) 零售租金在连续维稳两个季度后, 于第三季度出现明显增长第三季度, 上海主要商圈首层租金环比增长 2.7% 至每天每平方米人民币 57.1 元随着近年来人口的大量导入, 区域内配套设施逐步成熟, 非核心商圈内大型购物中心的发展迅猛, 租金也随之稳步提高据莱坊统计, 第三季度, 非核心商圈首层租金的环比增速为 4.1%, 比核心商圈首层租金的环比增速高出了 1.4 个百分点第三季度, 零售物业投资市场保持稳定, 数宗交易在积极谈判中, 录得一宗购物中心整栋成交案例位于徐汇区的正大乐城购物中心被嘉实房地产投资公司 ( 简称嘉实地产 ) 收购, 总价为人民币 17 亿元未来展望第四季度市场供应趋缓, 租金保持平稳展望未来, 供应方面, 上海零售市场在经历了第三季度的供应高峰以后将回归平静, 第四季度除了大上海时代广场的连卡佛百货试营业外, 各主要商圈未见有新商场计划落成而在未来 12 个月内, 即将开业的新商场项目包括世博源二期 (260,000 平方米 ) 合生国际广场 (166,000 平方米 ) 和金虹桥国际中心 (86,000 平方米 ) 浦东首家奥特莱斯佛罗伦萨小镇也计划于明年第三季度开业与 2013 年集中在核心区域的新供应相比较,2014 年的新开商场将主要集中在非核心区域零售商方面, 未来选址上海开店的零售商有增无减, 显示出对零售需求的信心上海第四家苹果店 (Apple Store) 已选址在淮海中路的环贸 iapm 商场, 预计将在今年 10 月份开业 Mango 旗下男装品牌系列 H.E.by MANGO 也即将登陆中国, 在上海静安嘉里中心开设首家旗舰店零售租金将在第四季度保持平稳, 空置率略有升高, 未来一年内, 零售租金将保持升势, 预计年增幅约在 10% 左右零售租金将在第四季度保持平稳, 空置率略有升高, 未来一年内, 零售租金将保持升势, 预计年增幅约在 10% 左右 7

球港 (320,000 平方米 ) 零售租金在连续维稳两个季度后, 于第三季度出现明显增长第三季度, 上海主要商圈首层租金环比增长 2.7% 至每天每平方米人民币 57.

8 KnightFrank.com.cn 供应与需求正式开业的月星环球港取代上海正大广场, 成为上海规模最大的购物中心由于有大体量的新商场开业, 第三季度上海新开商场面积达到 513,000 平方米, 为前一季度的近三倍, 季度供应达到历史峰值新开商场包括仍在试营业期的静安嘉里中心二期 (73,000 平方米 ) 和环贸 iapm(120,000 平方米 ), 以及已经正式开业的月星环球港 (320,000 平方米 ) 静安嘉里中心二期由嘉里集团开发, 于七月份开始试营业, 包括办公楼酒店式公寓酒店及商场等, 其中商业体量约为 73,000 平方米, 成为南京西路商圈体量最大的购物中心项目目前确认入驻的服饰类商户有保罗史密斯 (Paul Smith) 迈克高仕 ( Michael Kors) 安普里奥阿玛尼 (Emporio Armani) 雨果博斯 (Hugo Boss), 餐饮类商户包括新元素 (Element Fresh) 天泰 (Simply Thai) 翠园 (Jade Garden) 鼎泰丰 (Din Tai Fung) 等, 地下一楼设有两间超市, 分别是 Ole 和 Life by City Shop 而在淮海中路商圈, 环贸 iapm 于 8 月 5 日开始试营业, 由新鸿基地产开发, 整个综合性项目包括两栋写字楼高档酒店式公寓和 iapm 商场其中 iapm 商场的面积约占 120,000 平方米, 汇集了爱马仕 (Hermès) 普拉达 (Prada) 以及古驰 ( Gucci) 等多个国际奢侈时尚品牌, 还将开设上海第一间古驰 (Gucci) 咖啡店在商场 5 楼和 6 楼的百丽宫影城中配备了 IMAX 影院除了上述两家在市中心试营业的高端购物中心, 另有一家中高端购物中心月星环球港在普陀区正式开业, 入住率达到 90% 左右月星环球港商业总面积约在 320,000 平方米左右, 入驻商户不仅有奢侈品牌巴宝莉 (Burberry), 香奈尔 (Chanel) 和迪奥 (Dior) 等, 还包括价格亲民的品牌 NOVO 无印良品海恩斯莫里斯 (H&M) 盖普 (GAP) 优衣库 (Uniqlo) 西雅衣家 (C&A) 等, 在四楼设有文化区, 包括博物馆美术馆和文化展区此外, 月星环球港取代上海正大广场, 成为上海规模最大的购物中心国际零售商继续在上海扩展店面飒拉家饰 (Zara Home) 上海首家门店正式登陆静安区南京西路全球生活潮牌名店 10 Corso Como 的首家精品店在会德丰广场开业玛百莉 (Mulberry) 在上海环贸 iapm 购物中心开设中国第四间专卖店, 这也是该品牌在中国的最大旗舰店优衣库 (Uniqlo) 全球最大旗舰店于 9 月 30 日在上海开幕, 卖场面积超过 8,000 平方米宜家 (Ikea) 宝山店于 8 月 15 日正式开业, 宝山商场是目前宜家家居在亚洲开设的最大商场, 营业面积达 55,032 平方米海恩斯莫里斯 (H&M) 中国首家男装门店及旗下 MONKI 上海首家店选址上海月星环球港, 于 8 月 1 日开业 8

试营业期的静安嘉里中心二期 (73,000 平方米 ) 和环贸 iapm(120,000 平方米 ), 以及已经正式开业的月星环球港 (320,000 平方米 ) 静安嘉里中心二期由嘉里集团开发, 于七月份开始试营业, 包括办公楼酒店式公寓酒店及商场等, 其

9 KnightFrank.com.cn 租金第三季度, 多家位于非核心商圈的购物中心租金均录得环比 5% 左右的增长上海主要商圈首层租金,2006 年第一季度至 2013 年第三季度人民币 / 平方米净面积 / 天 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q 数据来源 : 莱坊研究部零售租金在连续维稳两个季度后, 于第三季度出现明显增长第三季度, 上海主要商圈首层租金环比增长 2.7% 至每天每平方米人民币 57.1 元其中, 购物中心首层租金环比增长 2.4%, 而街铺租金环比增长 3.1% 餐饮品牌亦积极在上海寻求铺面今年 9 月份, 阳光小镇美食广场在位于四川北路的中信泰富申虹广场租赁了 5,000 平方米的店面, 租金约在每平方米每天人民币 4 元左右上海优质商场空置率的变动不大, 受新供应的影响, 第三季度空置率环比略升随着近年来人口的大量导入, 区域内配套设施逐步成熟, 非核心商圈内大型购物中心的发展迅猛, 租金也随之稳步提高据莱坊统计, 第三季度, 非核心商圈首层租金的环比增速为 4.1%, 比核心商圈首层租金的环比增速高出了 1.4 个百分点其中, 包括浦东嘉里城金桥国际商业广场大宁国际商业广场和仲盛世界商城在内的多家位于非核心商圈的购物中心, 第三季度的租金均录得环比 5% 左右的增长 0.3 个百分点至 8.8% 9

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 2006 2007 2008 2009 2010 2011 2012 2013 数据来源 : 莱坊研究部零售租金在连续维稳两个季度后, 于第三季度出现明显增长第三季度, 上海主要商圈首层

10 2013 年第三季度上海商铺季刊投资七月份, 位于徐汇区的正大乐城购物中心被嘉实房地产投资公司 ( 简称嘉实地产 ) 收购, 总价为人民币 17 亿元, 折合成交均价约为每平方米 30,000 元第三季度, 零售物业投资市场保持稳定, 数宗交易在积极谈判中, 录得一宗购物中心整栋成交案例 7 月份, 位于徐汇区的正大乐城购物中心被嘉实房地产投资公司 ( 简称嘉实地产 ) 收购, 总价为人民币 17 亿元, 折合成交均价约为每平方米 30,000 元位于徐汇滨江区域的购物中心正大乐城于 6 月 1 日开始营业, 由正大集团及绿地集团共同开发, 总建筑面积 55,000 平方米, 目前入住租户包括优衣库欧时力和华士达东方影城嘉实地产是由嘉实基金和高富诺基金联合投资成立的房地产投资公司, 作为一支私募地产基金, 专注于大中华区的房地产投资此次收购正大乐城是该基金在中国达成的首项交易另外, 也有部分零售商看好上海市场, 由纯租赁策略转向买地自建的方式今年 8 月, 上海外高桥保税区开发股份有限公司发布公告称法国运动品牌迪卡侬 (Decathlon) 将斥资人民币 6 亿元在森兰 D4-4 地块建设总部项目地块北临绿地东临 D4-5 森兰国际项目南临洲海路西临兰嵩路目前, 迪卡侬在全国范围内拥有六家自建商场, 而未来迪卡侬在中国的自建商场比例将达到三分之一在自贸区概念的推动下, 森兰外高桥规划成为继古北碧云联洋之后又一国际社区, 将于 2017 年完成整体开发建设此次迪卡侬总部项目位于森兰商业商务区中的森兰国际板块, 森兰国际板块将迎来至少 10 家企业总部入驻, 而整个森兰商业商务区总规划面积为 75 万平方米 10

大乐城于 6 月 1 日开始营业, 由正大集团及绿地集团共同开发, 总建筑面积 55,000 平方米, 目前入住租户包括优衣库欧时力和华士达东方影城嘉实地产是由嘉实基金和高富诺基金联合投资成立的房地产投资公司, 作为一支私募地产

11 KnightFrank.com.cn 上海主要商铺租赁成交,2013 年第三季度区域项目楼层业态面积 ( 平方米 ) 租金 ( 人民币 / 平方米 / 天 ) 黄浦华府天地地下一层单元个人护理虹口中信申虹广场地下一至二层单元餐饮 5, 浦东正大广场一层单元服饰 1, 静安越洋广场地下二层单元餐饮黄浦华旭国际大厦一至四层单元服饰 5, 数据来源 : 莱坊研究部上海主要商铺买卖成交,2013 年第三季度区域项目楼层面积 ( 平方米 ) 总价 ( 人民币百万元 ) 成交价格 ( 人民币 / 平方米 ) 徐汇海珀府邸一层单元 ,976 闸北长泰企业天地一层单元 ,277 普陀天汇广场一层单元 ,826 虹口中信虹港名庭一层单元 ,273 浦东宝龙城市广场一层单元 ,392 数据来源 : 莱坊研究部 / 上海房地产交易中心 11

7 数据来源 : 莱坊研究部上海主要商铺买卖成交,2013 年第三季度区域项目楼层面积 ( 平方米 ) 总价 ( 人民币百万元 ) 成交价格 ( 人民币 / 平方米 ) 徐汇海珀府邸一层单元 483.0 40.

12 Research 2013 年第三季度研究报告上海商铺季刊 Research & Consultancy Thomas Lam Director, Head of Research & Consultancy, Greater China Regina Yang Director, Head of Research & Consultancy, Shanghai Shanghai Retail Alan Sun National Director, Head of Landlord Project Services Nick Cao National Director, China Head of Investment & Capital Transactions General enquiries East & Central China Graham Zink Managing Director North China Hengky Nayoan Managing Director South China Clement Leung Executive Director 研究及咨询部林浩文董事及研究及咨询部主管, 大中华区杨悦晨董事及研究及咨询部主管, 上海上海商铺孙俊安中国区董事, 综合项目顾问及代理服务部主管曹建中国区董事, 投资及资本市场部主管一般查询华东及华中葛汉文董事总经理华北何金亮董事总经理华南梁伟明执行董事 Knight Frank Research provides strategic advice, consultancy services and forecasting to a wide range of clients worldwide, including developers and investors, as well as financial and corporate institutions. All recognise the need for the provision of expert independent advice, customised to their specific needs. Our worldwide research reports are also available at KnightFrank.com. Knight Frank 2013 This document and the material contained in it is general information only and is subject to change without notice. All images are for illustration only. No representations or warranties of any nature whatsoever are given, intended or implied. Knight Frank will not be liable for negligence, or for any direct or indirect consequential losses or damages arising from the use of this information. You should satisfy yourself about the completeness or accuracy of any information or materials. This document and the material contained in it is the property of Knight Frank and is given to you on the understanding that such material and the ideas, concepts and proposals expressed in it are the intellectual property of Knight Frank and protected by copyright. It is understood that you may not use this material or any part of it for any reason other than the evaluation of the document unless we have entered into a further agreement for its use. This document is provided to you in confidence on the understanding it is not disclosed to anyone other than to your employees who need to evaluate it. 莱坊研究团队向众多商业和住宅物业客户, 包括发展商投资者金融机构和企业机构提供策略性建议市场预测和顾问服务客户均认为我们按其特定需要提供的专业和独立意见能切合他们的需要浏览莱坊的全球研究报告, 请登入 KnightFrank.com 莱坊 2013 本文件及其内容只提供一般数据, 可能随时变更而不作另行通知所有图片只供展示用途本文件并不表示意图或暗示任何性质的代表或担保因使用此数据而直接或间接引致的损失或损毁, 莱坊恕不负责客户应自行确保数据或内容的完整和准确性本文件及其内容属莱坊所有, 使用者知悉其中的观点, 概念及建议均属莱坊的知识产权所有, 并受版权保护除了对上述文件作出评估外, 若非已与莱坊达成协议, 任何人不得以任何原因使用这些内容或其部分本文件在保密的情况下提供予使用者, 除参与评估此文件的人员外, 恕不得向任何人透露 12

com Shanghai Retail Alan Sun National Director, Head of Landlord Project Services +86 21 6032 1758 alan.sun@cn.knightfrank.

2014 年前言房地产投资信托基金 (Real Estate Investment Trusts,REITs) 在海外早已发展成熟, 而香港政府去年也进一步准备放宽房托限制, 相比之下, 中国已经改革开放

2014 年前言房地产投资信托基金 (Real Estate Investment Trusts,REITs) 在海外早已发展成熟, 而香港政府去年也进一步准备放宽房托限制, 相比之下, 中国已经改革开放研究报告 REITs 中国路 2014 年 2014 年前言房地产投资信托基金 (Real Estate Investment Trusts,REITs) 在海外早已发展成熟, 而香港政府去年也进一步准备放宽房托限制, 相比之下, 中国已经改革开放三十年, 对房托发展至今还未