F&B RETAILERS REMAINED THE MOST ACTIVE IN Q Due to the Spring Festival, the market was quiet and no shopping malls opened in prime retail areas

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1 RESEARCH 研究报告 SHANGHAI RETAIL MARKET REPORT Q 上海商铺市场报告 2018年第一季度

2 F&B RETAILERS REMAINED THE MOST ACTIVE IN Q Due to the Spring Festival, the market was quiet and no shopping malls opened in prime retail areas during Q Consumer demand in Shanghai s retail sector rose steadily. From January to February, Shanghai achieved a total retail sales of consumer goods of RMB billion, an increase of 6.7% over the same period of Ground floor prime retail rents in Shanghai s major retail areas increased by 1.0% quarter on quarter (Q-o-Q) to RMB58.5 per sqm per day in the first quarter (Q1) of 2018 (see Table 1). The overall vacancy rate of shopping malls remained unchanged at 14.4% in Q1 (see Table 1). We expect that over three million sqm of new retail supply will be launched in the coming three quarters of Jing an Imix Park (190,000 sqm) in North Jing an is scheduled to open in the second quarter (Q2), whilst LC Mall in Pudong is set to open in the third quarter (Q3). In Q2, retail rents are expected to increase steadily and the vacancy rate will decrease slightly to 14.0%. The UK high street brand TOPSHOP will open its flagship store on the Chinese Mainland at No 775 Huaihai Middle Road in Q3. TABLE 1 Shanghai prime retail market indictors Indicator Q figure QoQ change Outlook (Q2 2018) New supply 0 n/a Ground floor rent RMB58.5 / sqm / day 1.0% Vacancy rate 14.4% Capital value RMB263,000 / sqm 2.8% Source: Knight Frank Research 2

3 SHANGHAI RETAIL MARKET REPORT Q RESEARCH RENTS & PRICES FIGURE 1 Shanghai ground-floor retail rents in prime areas In Q1, the average rent of prime shopping mall s ground floors reached RMB61.9 per sqm per day, whilst that of prime street shops reached RMB55.0 per sqm per day. Due to outstanding performance and growing occupancy rates, rents of some shopping malls including Metropolitan Mall on Nanjing East Road, Xintiandi Style Shopping Mall in Xintiandi and Hong Kong Plaza on Huaihai Middle Road saw slight increases. Officially opened in November 2017, HKRI TaiKoo Hui currently has an average ground-floor rent of RMB35-50 per sqm per day. In Q1, F&B (Food & Beverage) retailers were active players in shop leasing. A local restaurant and bar, for example, rented a 970-sqm ground floor retail space in Aegean Shopping Mall for RMB8.5 per sqm per day. The achievable pre-letting rents involving F&B tenants in BFC, Huangpu District ranged from RMB10 to RMB15 per sqm per day, while those in Sinar Mas New Bund, North Bund, Hongkou District ranged from RMB8 to RMB12 per sqm per day. In the primary strata-titled sales market, transactions exceeding RMB100,000 per sqm were concentrated in Yifeng Times Square, Pudong District. In Q1, nine retail units there were sold for an average price of RMB111,708 per sqm. Source: Knight Frank Research TABLE 2 Selected retail property leasing transactions, Q District Building Floor / unit Trade Area (sqm) Rent (RMB / sqm / day) Hongkou Sinar Mas New Bund Level 1 unit F&B Huangpu BFC Basement 1 unit F&B Minhang Aegean Shopping Mall Level 1 unit F&B Putuo Changfeng Joy City Level 1 unit Cosmetics Pudong Forte Vanke Energy More Level 1 unit Apparel Source: Knight Frank Research Note: all transactions are subject to confirmation TABLE 3 Selected retail property sales transactions, Q District Building Floor / unit Area (sqm) Price (RMB million) Price (RMB / sqm) Pudong Yifeng Times Square Level 1 unit ,447 Pudong Hengyue Plaza Level 1 unit ,256 Huangpu New Rich Port Level 1 unit ,017 Songjiang Shanghai Aegean Level 1 unit ,961 Minhang Royal Territory Level 1 unit ,908 Source: Shanghai Real Estate Trading Centre / Knight Frank Research Note: all transactions are subject to confirmation. 3

SUPPLY & DEMAND Though there were no retail malls opened in prime areas during Q1, the market witnessed the partial openings of some malls in the suburb areas.

With a total retail gross floor area (GFA) of approximately 110,000 sqm, Qingpu Powerlong Plaza is the first large-scale mixed-use development in the eastern part of Qingpu, also the first one-stop

4 SUPPLY & DEMAND Though there were no retail malls opened in prime areas during Q1, the market witnessed the partial openings of some malls in the suburb areas. For example, the street shop portion of Qingpu Powerlong Plaza, the Macau Street (Phase I) opened on 26 January. With a total retail gross floor area (GFA) of approximately 110,000 sqm, Qingpu Powerlong Plaza is the first large-scale mixed-use development in the eastern part of Qingpu, also the first one-stop topside shopping mall of a metro station in Qingpu. The retail portion opened in the quarter has a total GFA of nearly 20,000 sqm, including over 60 diversified F&B retailers. Its shopping mall portion is set to open this year. FIGURE 2 Shanghai shopping mall annual supply and stock Source: Knight Frank Research On 19 January, Bailian Group s Oriental Department Store Wujiaochang was transformed into an urban outlet under the new brand of UMAX. Featuring a total retail GFA of approximately 30,000 sqm with an average retail unit size of 80 to 100 sqm, UMAX is Bailian s first urban outlet project. Its anchor tenant is the 3,000-sqm Dangdang Bookstore. In Q1, consumer demand in Shanghai s retail sector saw a steady rise. Analysed by sector, the retail sales of the wholesale and retail sectors increased 6.8% year-on-year (Y-o-Y) to RMB billion, whilst those of the accommodation and F&B sector increased 5.7% Y-o-Y to RMB billion. According to the statistics of the Municipal Commerce Commission, during the Spring Festival (8 to 21 February), the total retail sales of 276 retail shops and restaurants in Shanghai reached RMB10.79 billion, an increase of 10.4% Y-o-Y. The total number of tourists Shanghai received remained unchanged at 4.43 million. Tourism revenue reached RMB4.941 billion, an increase of 1.5% Y-o-Y. 4

SHANGHAI RETAIL MARKET REPORT Q1 2018 RESEARCH INVESTMENT MARKET In the investment market, two major retail properties were transacted in Q1.

5 SHANGHAI RETAIL MARKET REPORT Q RESEARCH INVESTMENT MARKET In the investment market, two major retail properties were transacted in Q1. On 22 January, Master Gold, the whollyowned subsidiary of Continental Holdings Limited, signed a purchase agreement with A Glory, to sell the only asset of the Group 50% indirect equity interests in the 11-storey shopping mall Bauhinia Square in Yangpu District for RMB2.939 billion. On 6 February, C&D International Investment Group Limited announced its acquisition of 100% equity interests in Shanghai Putuo Yueda Property Company Limited for RMB355 million through its indirect subsidiary, Shanghai Zhaoyu, to further hold Amanda Plaza. Located in the Caojiadu shopping area, the plaza has a site area of approximately 8,258 sqm and a total GFA of 17, sqm. MARKET ACTIVITIES With the development of the new retail concept, domestic technology companies such as Xiaomi, Huawei and OPPO have opened offline distribution channels by setting up new stores in prime shopping districts to seize market share. These experiential stores usually help boost the popularity and promote the images of the shopping malls. As a result, these stores have become a new retail trade category operators are eager to bring into their malls. In recent years, Xiaomi is rapidly expanding in Shanghai. Since the opening of the first Mi Store in Joy City, Jing an District, Xiaomi now has 14 Mi Home Stores in the city. It will open a new store in Changfeng Joy City and stay active in planning for new openings at other locations. By the end of Q1 2018, Huawei had approximately 42 authorised experiential stores in all 16 districts in Shanghai. Its expansion plan is notably aggressive, with ten Huawei-authorised experiential stores located at People s Square, Baoshan Wanda Plaza, Songjiang Wanda Plaza and The Mixc opening together on 30 September 2017, further enhancing Huawei s offline distribution channels in Shanghai. On 24 December 2017, OPPO opened its first super flagship store worldwide at Joffre 688, Huaihai Middle Road in Shanghai, with a total area of 500 sqm. Different from other OPPO street shops opened previously, this was the first flagship store of OPPO emphasing image instead of sales, located at a prime shopping street in a first-tier city s core retail area. 5

6 2018 年第一季度餐饮租户表现最为活跃 2018 第一季度, 正逢春节假期, 上海零售物业市场处于淡季, 主要商圈内没有新商场开业上海零售消费需求稳中有升 1 至 2 月, 上海实现社会消费品零售总额人民币 2, 亿元, 比 2017 年同期增长 6.7% 一季度, 上海主要商圈首层平均租金环比上升 1.0% 至每天每平方米人民币 58.5 元 ( 见表一 ) 上海购物中心的整体空置率环比保持不变在 14.4%( 见表一 ) 我们预计将有超过 300 万平方米新增供应在未来三个季度入市计划在第二季度开业的新商场有位于北静安的静安大融城 (190,000 平方米 ), 计划在第三季度开业的有位于浦东的置汇旭辉广场 (130,000 平方米 ) 二季度零售物业的租金将稳中有升, 空置率可能略微下降至 14.0% 英国高街品牌 TOPSHOP 计划在第三季度开业, 选址淮海中路 775 号, 这将是 TOPSHOP 在中国内地的首家旗舰店表一上海优质商铺市场参考指标指标 2018 年第一季度数字按季变幅预测 (2018 年第二季 ) 新增供应无不适用首层租金人民币 58.5/ 平方米 / 天 1.0% 空置率 14.4% 资本价值人民币 263,000 / 平方米 2.8% 资料来源 : 莱坊研究部 6

7 上海商铺市场报告 2018 第一季研究报告租金及价格第一季度, 主要商圈购物中心首层平均租金为每天每平方米人民币 61.9 元, 而主要商圈街铺的平均租金为人民币 55.0 元图一上海核心商圈首层商铺租金人民币 / 平方米 / 天一些购物中心由于整体业绩好, 出租率有所上升, 因此一季度的租金也略有上调, 例如南京东路上的名人购物中心新天地的新天地时尚购物中心徐家汇的港汇恒隆广场及淮海中路的香港广场 2017 年 11 月正式开业的上海兴业太古汇目前首层平均租金约为每天每平方米人民币元第一季度, 餐饮品牌的租赁活动非常活跃例如一家国内的餐吧在闵行区的上海爱琴海购物公园以每天每平方米人民币 8.5 元的租金租赁了首层 970 平方米的店铺面积正在招商的位于黄浦区的外滩金融中心, 其餐饮租户的成交租金范围约在每天每平方米人民币元 ; 而虹口区北外滩白玉兰广场的餐饮租金报价则在每天每平方民人民币 8-12 元在一手商铺散售市场上, 一季度单价 10 万以上的成交商铺都集中在浦东的亿丰时代广场第一季度, 亿丰时代广场共有九宗商铺成交, 平均成交单价约为每平方米人民币 111,708 元资料来源 : 莱坊研究部表二上海商铺租赁成交范例,2018 年第一季度区域项目楼层 / 单元业态面积 ( 平方米 ) 租金 ( 人民币 / 平方米 / 天 ) 虹口白玉兰广场一层单元餐饮黄浦外滩金融中心地下一层单元餐饮闵行上海爱琴海购物公园一层单元餐饮普陀长风大悦城一层单元化妆品浦东复地万科活力城一层单元服饰资料来源 : 莱坊研究部注 : 所有成交均有待落实表三上海商铺买卖成交范例,2018 年第一季度区域项目楼层 / 单元面积 ( 平方米 ) 总价 ( 人民币百万元 ) 成交价格 ( 人民币 / 平方米 ) 浦东亿丰时代广场一层单元 ,447 浦东恒越生活广场一层单元 ,256 黄浦新富港中心一层单元 ,017 松江中展爱琴海一层单元 ,961 闵行虹桥富力中心商铺一层单元 ,908 资料来源 : 上海房地产交易中心 / 莱坊研究部注 : 所有成交均有待落实 7

供应与需求尽管主要商圈没有新商场开业, 在远郊区域则有一些商场部分开业例如, 位于外环外的青浦宝龙广场的商业街澳门街 ( 一期 ) 于 1 月 26 日举行开业典礼, 这是青浦东区首个大型城市综合体, 同时也是青浦区首个地铁上盖一站式购物中心, 总商业面积约 11 万平方米此次开业面积近 2 万平方米, 涵盖 60 余家多元化餐饮青浦宝龙广场的购物中心部分也计划于今年开业

8 供应与需求尽管主要商圈没有新商场开业, 在远郊区域则有一些商场部分开业例如, 位于外环外的青浦宝龙广场的商业街澳门街 ( 一期 ) 于 1 月 26 日举行开业典礼, 这是青浦东区首个大型城市综合体, 同时也是青浦区首个地铁上盖一站式购物中心, 总商业面积约 11 万平方米此次开业面积近 2 万平方米, 涵盖 60 余家多元化餐饮青浦宝龙广场的购物中心部分也计划于今年开业图二上海商场新增净供应量及存量 1 月 19 日, 百联集团旗下的五角场东方商厦正式转型为城市奥莱, 并更名为 UMAX( 悠迈生活广场 ) UMAX 是百联首个城市奥特莱斯项目, 商业面积约 3 万平方米, 商铺面积在 80 到 100 平方米左右, 主力商户是 3,000 平方米的当当书店第一季度零售需求保持升势, 从行业看, 今年 1 至 2 月批发和零售业实现零售额人民币 1, 亿元, 比去年同期增长 6.8%; 住宿和餐饮业实现零售额人民币亿元, 增长 5.7% 据市商务委统计, 春节期间 (2 月 8 日至 21 日 ), 上海 276 家零售和餐饮企业销售额达到人民币亿元, 同比增长 10.4%; 共接待游客 443 万人次, 同比基本持平, 实现旅游收入人民币亿元, 同比增长 1.5% 资料来源 : 莱坊研究部 8

上海商铺市场报告 2018 第一季研究报告投资市场大宗交易市场上, 第一季度零售物业录得两宗成交 1 月 22 日, 恒和珠宝集团有限公司的全资附属公司 Master Gold 与 A Glory 订立买卖协议, 拟出售该集团手中的唯一主要资产, 位于杨浦区的 11 层高市场动态的购物中心紫荆广场的 50% 间接权益, 交易总价约为人民币 29.

9 上海商铺市场报告 2018 第一季研究报告投资市场大宗交易市场上, 第一季度零售物业录得两宗成交 1 月 22 日, 恒和珠宝集团有限公司的全资附属公司 Master Gold 与 A Glory 订立买卖协议, 拟出售该集团手中的唯一主要资产, 位于杨浦区的 11 层高市场动态的购物中心紫荆广场的 50% 间接权益, 交易总价约为人民币亿元 2 月 6 日, 建发国际投资集团有限公司发布公告称其透过其间接附属公司上海兆昱以人民币 3.55 亿元收购上海普陀悦达置业有限公司 100% 股权, 进而持有芳汇广场芳汇广场位于曹家渡商圈, 占地面积约 8,258 平方米, 总建筑面积约 17, 平方米新零售形势下, 以小米华为 OPPO 等为代表的国内科技企业纷纷开辟线下渠道, 在主要商圈开设实体店, 抢占市场份额, 他们所开设的体验店往往对提升商场人气建立商场形象起到了积极作用, 因而成为了市场上商业项目希望引入的新租户类别近年来, 小米之家在上海的扩展速度很快自 2016 年 5 月 15 日第一家小米之家在静安区大悦城开业以来, 截止至目前上海已经有了 14 家小米之家线下零售店未来, 小米之家还将在长风大悦城开设新店, 其他区域的选址仍在积极进行中截至第一季度, 华为在上海已经拥有约 42 家授权体验店, 完成上海 16 个区的全线布局华为的开店速度也是比较激进的, 特别是 2017 年 9 月 30 日, 位于上海人民广场宝山万达广场松江万达广场万象城等十家华为授权体验店同时开业, 进一步深化了华为在上海的线下渠道 2017 年 12 月 24 日,OPPO 全球首家超级旗舰店在位于上海淮海中路的华狮广场正式开业, 面积约 500 平方米这是 OPPO 一反街头小店的常规做法, 第一次在一线城市主要商圈黄金地段开出不再强调销售的形象店 9

GLOBAL BRIEFING For the latest news, views and analysis on the world of prime property, visit KnightFrankblog.

com Carlby Xie 谢靖宇 Director, Head of Research and Consultancy, China 董事及中国研究及咨询部主管 +86 20 3839 6408 carlby.xie@cn.knightfrank.

institutions. All recognise the need for the provision of expert independent advice, customised to their specific needs.

Shanghai 董事及上海研究及咨询部主管 +86 21 6032 1728 regina.yang@cn.knightfrank.com Ocean Ruan 阮洋 Senior Manager, Research & Valuation,Guangzhou 广州研究及估价部高级经理 +86 20 3839 6408 ocean.ruan@cn.knightfrank.com Pamela Tsui 崔佩贤 Senior Manager, Research & Consultancy, Greater China 大中华区研究及咨询部高级经理 +852 2846 4843 pamela.

com Global Cities 2018 2018 全球城市 Beijing Quarterly Report Office Q4 2017 北京写字楼市场报告 2017 年第四季度 Shanghai Report Retail Q4 2017 上海商铺市场报告 2017 年第四季度 North Bund 下一站 : 北外滩 Cliff So 苏锐强 Executive Director,

10 GLOBAL BRIEFING For the latest news, views and analysis on the world of prime property, visit KnightFrankblog.com/global-briefing RESEARCH & CONSULTANCY 研究及咨询部 David Ji 纪言迅 Director, Head of Research & Consultancy, Greater China 董事及大中华区研究及咨询部主管 Carlby Xie 谢靖宇 Director, Head of Research and Consultancy, China 董事及中国研究及咨询部主管 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. 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 RECENT MARKET-LEADING RESEARCH PUBLICATIONS 近期市场研究报告 Regina Yang 杨悦晨 Director, Head of Research & Consultancy, Shanghai 董事及上海研究及咨询部主管 regina.yang@cn.knightfrank.com Ocean Ruan 阮洋 Senior Manager, Research & Valuation,Guangzhou 广州研究及估价部高级经理 ocean.ruan@cn.knightfrank.com Pamela Tsui 崔佩贤 Senior Manager, Research & Consultancy, Greater China 大中华区研究及咨询部高级经理 pamela.tsui@hk.knightfrank.com Global Cities 全球城市 Beijing Quarterly Report Office Q 北京写字楼市场报告 2017 年第四季度 Shanghai Report Retail Q 上海商铺市场报告 2017 年第四季度 North Bund 下一站 : 北外滩 Cliff So 苏锐强 Executive Director, Agency & Professional Advisory Services, REPro Knight Frank, Taipei 台北瑞普莱坊物业代理及咨询部副总经理 cliff.so@repro.knightfrank.com SHANGHAI RETAIL 上海商铺 Knight Frank Research Reports are available at 浏览莱坊的全球研究报告, 请登入 KnightFrank.com/Research Follow us on Wechat 关注莱坊微信帐号 Scan the QR code and tune in to the latest property insights and research from Knight Frank. 扫描二维码, 即时了解更多房产资讯及莱坊研究报告 Alan Liu 柳维伦 Managing Director Shanghai 上海董事总经理 alan.liu@cn.knightfrank.com Knight Frank 莱坊 2018 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. 本文件及其内容只提供一般资料, 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资料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

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