Supply Total stock at end-q1 stood at 5.44 million sq metres (58.6 million sq ft). Over the next three years, we expect the total new supply in core a

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Colliers Quarterly Q1 218 27 April 218 SHENZHEN OFFICE 深圳写字楼 Lower supply in the quarter, solid demand Kirsten Geng Assistant Manager South China 季内新增供应走低, 需求依然坚挺耿毓坤副经理华南 Shenzhen achieved real

Pillar industries like finance, hotels, Internet business service, and professional services all played important roles in the leasing market.

Considering the heavy new supply in the future, notably in Nanshan and Qianhai, we predict the vacancy rate will rise to nearly 29% by 219.

1 Colliers Quarterly Q April 218 SHENZHEN OFFICE 深圳写字楼 Lower supply in the quarter, solid demand Kirsten Geng Assistant Manager South China 季内新增供应走低, 需求依然坚挺耿毓坤副经理华南 Shenzhen achieved real GDP growth of 8.8% in 217 and surpassed Hong Kong. Correspondingly, the market demand for Grade A office in Shenzhen stayed robust. Pillar industries like finance, hotels, Internet business service, and professional services all played important roles in the leasing market. In Q1 218, the rent remained stable with an increment of 1.3% QOQ. Considering the heavy new supply in the future, notably in Nanshan and Qianhai, we predict the vacancy rate will rise to nearly 29% by 219. We expect the high-quality new supply will push rent up slightly in 218, followed by a downward adjustment in 219. We think rent will start to pick up again in 22. For tenants in Luohu with office upgrading plans, there will be more options in five years. Tenants with large space needs should try to enter the market soon, as we forecast the rent in Shenzhen (excluding Qianhai) will go up steadily in the future. 深圳市经济增长迅猛, 截至 217 年年末 GDP 总量达到 2.24 万亿元人民币 (356 亿美元 1 ), 同比增长约 8.8% 相应的, 深圳甲级写字楼物业市场第一季度租赁需求持续活跃除了传统强势行业如金融, 来自酒店互联网和专业服务等行业的租赁需求表现突出季内平均租金表现平稳, 环比攀升了 1.3 个百分点 ; 而由于未来将有持续大量新增供应入市, 尤其是南山和前海, 我们预测空置率将于 219 年攀升至 29% 考虑到新增供应的高品质, 我们预计 218 年年内租金会稳中有升, 而到 219 年或有调整性下浮, 随后于 22 年会有所回升对于罗湖的部分企业的改善性需求, 未来将有更多选择租金方面, 除前海外, 我们认为深圳的中长期的租金趋势依然是稳中有升有大面积办公需求的租户应看准时机, 尽早入市 Forecast at a glance 预测一览表 Demand Supported by firm economic growth, leasing demand from all districts stayed robust. We further forecast that over the next three years, the economic growth will further boost the market demand with average quarterly net absorption over, sq m (2.15 million sq ft). 需求受稳健的经济增长支撑, 租赁需求表现持续活跃 ; 各区租户均表现突出 ; 我们预计未来三年, 经济的增长将进一步提升市场需求, 全市净吸纳量将达到每季度平均 2 万平方米 (215 万平方英尺 ) 1 Exchange rate = 6.29

2 Supply Total stock at end-q1 stood at 5.44 million sq metres (58.6 million sq ft). Over the next three years, we expect the total new supply in core areas to exceed 6 million sq m (65. million sq ft), one third of which will come from Qianhai. Vacancy rate The vacancy rate stood at 11.1% at end-q1. We expect vacancy to rise to a peak of nearly 29.% in 219 due to heavy new supply in Nanshan and Qianhai, but to fall back to 17.9% by end-222. Rent We expect rent to rise by 2-3% in 218, followed by a downward adjustment of 4% in 219 due to heavy new supply in Qianhai. Rent should pick up in 22. 供应截至 218 年第一季度季末, 深圳市甲级写字楼可租赁面积的总存量增至 544 万平方米 (5856 万平方英尺 ) 218 年到 221 年, 深圳核心地区新增甲级写字楼供应超过 6 万平方米 (6 万平方英尺 ); 其中超过三分之一的供应量将来自前海空置率本季度空置率为 11.1%, 环比下调 2.5 个百分点我们预估南山和前海的大量新增供应将带动全市空置率在 219 年攀升至近 29% 的历史高位, 随后或于 222 年回调至 17.9% 租金我们预测 218 年租金会稳中有升, 同比或有 2% 到 3% 的增幅, 而到 219 年受前海大量新增供应的压力或有调整性下浮, 浮动区域约为 4 个百分点随后于 22 年会有所回升 Demand stayed robust, vacancy rate dropped further Shenzhen's economy remains positive. By end-217, Shenzhen s GDP reached RMB2.24 trillion (USD356 billion), up by 8.8%, surpassing not only Guangzhou, but also Hong Kong. Fixed asset investment reached RMB515 billion (USD82billion), up by 23.8% YOY and showing the fastest growth in the last 24 years; tertiary industry investment reached RMB424 billion (USD67 billion) and increased 23.4% compared to 217. We also witnessed scaled enterprises 2 revenue increase by 22.7%, and 41 more local companies went public. The leasing market was active in Q1 218, and the city s vacancy rate decreased further. Luohu saw its vacancy rate drop by.3 percentage points QOQ to 7.%. Futian saw its vacancy rate drop by 3.9 percentage points QOQ to 9.7% due to several large leasing transactions and lack of new supply within the quarter. With strong demand in Nanshan, the vacancy rate decreased by.2 percentage points to 7.6% despite the new supply in the quarter. Qianhai has three projects in total by Q1 218; its total vacancy rate 租赁市场活跃, 空置率进一步下降深圳经济保持积极态势,217 年全年全市 GDP 超过 2.24 万亿元 (356 亿美元 ), 同比增长 8.8%, 超过广州和香港的 GDP 总量全市固定资产投资达 5147 亿元 (816 亿美元 ), 同比增长 23.8%, 增速创 24 年来新高 ; 第三产业投资达 4236 亿元 (673 亿美元 ), 同比增长 23.4% 规模以上企业利润平均增长 22.7%, 新增境内外上市公司 41 家 218 年第一季度, 租赁市场活跃, 全市空置率进一步下降罗湖区的空置率表现较稳定, 环比下调.3 个百分点至 7.%; 福田 CBD 由于季内无新增供应, 加上录得若干大面积租赁成交, 空置率的环比下跌 3.9 个百分点至 9.7% 南山尽管季内新增供应体量较大, 然而由于需求旺盛, 空置率持续下调.2 个百分点, 至 7.6%; 前海目前只有三个项目入市, 空置率环比下调 1.8 个百分点至 81.4%, 短期内 2 Scaled enterprises refer to industrial enterprises w ith revenue of no less than RMB2 million. The details please refer to: ww.sztj.gov.cn/xxgk/tjsj/tjfx/2182/t21821_ htm 2 Colliers Quarterly 27 Apr 218 Shenzhen Office Colliers International

3 dropped by 1.8 percentage points to 81.4%. We expect the vacancy rate to remain high due to incomplete infrastructure. In five years, we predict demand will intensify in Qianhai and Nanshan. Demand remained robust in Q1 218, tenants from different districts were active. Major leasing transactions are listed as follows: International Freightbridge leased about 5 sq m at Shun Hing Plaza in Luohu; Moët Hennessy Diageo rented about 3 sq m at SCT Center in Luohu; Ping An's Yizhangtong rented about 4, sq m at Galaxy Centre in Futian; Evergrande rented about 18, sq m at 289 Digital Park in Futian; Zhujiang China Life Insurance Co. rented about 2, sq m at Ling an Finance Centre in Futian; Huading Investment Fund Management Co. rented about 2, sq m at Tax-free Building in Futian; Zhuoxin Hezhong Techniques Consulting Co. rented 2, sq m at Wongtee Center in Futian; Happy Valley rented 1,9 sq m at Crland Building D in Nanshan; Zhong an Insurance rented 5,6 sq m at One Shenzhen Bay in Nanshan; Shenzhen Globalegrow E-commerce Company rented 5,8 sq m at Novel Park in Nanshan. Future rental trend led by Futian and Nanshan By the end of Q1 218, the average rent of Shenzhen Grade A office was RMB235 (USD37.3) per month per sq m, up by 1.3 percent QOQ and 1.4 percent YOY. Luohu saw its rent rise by.4% QOQ, reaching RMB219 (USD34.8) per month per sq m in Q Average rent in Futian increased 1.8 percent QOQ and rose by 7.5% YOY to RMB272 (USD43.2) per month per sq m. Nanshan saw its average rent rise 2.3% QOQ and 5.3% YOY to RMB18 (USD28.6) per month per sq m. Qianhai has limited attraction to tenants due to the incomplete infrastructure. Its average rent was RMB (USD23.9) per month per sq m, remaining flat compared to Q However, we expect significant rental growth in Qianhai when a major metro line is completed and put into operation in 22. 或因未成熟的基建环境而维持高位中长期来看, 南山和前海的租赁需求将日渐活跃 218 年第一季度, 租赁需求强劲, 各区租户活跃瞩目的租赁成交包括物流业的国桥远航国际货运于罗湖的地王大厦租赁约 5 平方米 ; 零售业的酷悦轩尼诗帝亚吉欧洋酒于罗湖的深城投中心租赁约 3 平方米 ; 金融业的平安一账通于福田的星河中心租赁约 4, 平方米 ; 地产业的恒大于福田的 289 数字园租赁约 18, 平方米 ; 金融业的珠江人寿于福田的平安金融中心租赁 2, 平方米 ; 金融业的华鼎投资基金于福田的免税商务大厦租赁约 2, 平方米 ; 咨询业的卓信众和信息咨询于福田的皇庭中心租赁约 2, 平方米 ; 文娱业的欢乐谷文化于南山的华润置地 D 座租赁约 1,9 平方米 ; 金融业的众安保险于南山的深圳湾一号租赁约 5,6 平方米 ; 互联网业的深圳市环球易购电子商务于南山的永新汇租赁约 5,8 平方米 ; 未来租金走势由福田和南山领涨截至 218 年第一季度末, 深圳市甲级写字楼市场的平均租金为 235 元每月每平方米, 环比基本持平, 同比增长 1.4% 分区看, 罗湖区 218 年第一季度录得租金 219 元, 环比增长.4%; 福田区的平均租金同上季度比增长 1.8 个百分点, 较去年同比攀升 7.5 个百分点至 272 人民币每月每平方米南山区的甲级写字楼的平均租金, 环比增长 2.3 个百分点, 同比增长 5.3 个百分点至 18 元每月每平方米另一方面, 前海因基建设施的未完善, 目前对租户吸引力较为有限, 其租金依然维持在元每月每平方米, 与上季度持平然而, 前海租金走低的情势或在 22 年主要地铁线路投入使用后有所改观 3 Colliers Quarterly 27 Apr 218 Shenzhen Office Colliers International

4 Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 New Supply, Net Absorption and Vacancy Rate of the Shenzhen Grade A Office Market (' sq m) 深圳甲级写字楼市场新增供应净吸纳量和空置率 ( 千平方米 ) ' sq m ' 平方米 25% 2% 15% 1% 5% % ' sq m ' 平方米 25% 2% 15% 1% 5% % New Supply Net Absorption Vacancy Rate Source: Colliers International Shenzhen Grade A Office Rent by Submarket (RMB psm per month) 数据来源 : 高力国际新增供应净吸纳量空置率深圳甲级写字楼子市场租金 ( 人民币每月每平方米 ) 2 RMB psm per month 人民币每月每平方米 Average Rent: RMB235 psm per month 2 RMB psm per month 人民币每月每平方米 Average Rent: RMB235 psm per month Luohu 罗湖 Futian 福田 Nanshan 南山 Qianhai 前海 Luohu 罗湖 Futian 福田 Nanshan 南山 Qianhai 前海 Source: Colliers International Major Leasing Transactions 数据来源 : 高力国际主要租赁交易 4 Colliers Quarterly 27 Apr 218 Shenzhen Office Colliers International

5 MAJOR LEASING TRANSACTIONS Q1 218 PROPERTY TENANT INDUSTRY Shun Hing Plaza International Freightbridge Logistics SCT Center Moët Hennessy Diageo Retail Galaxy Centre Ping An's Yizhangtong Finance 289 Digital Park Evergrande Real Estate Ling an Finance Centre Zhuhai China Life Insurance Finance Tax-free Building Huading Investment Fund Finance Management Wongtee Center Zhuoxin Hezhong Techniques Consulting Consulting Co. Crland Building D Happy Valley Entertainment One Shenzhen Bay Novel Park Source: Colliers International Zhong an Insurance Shenzhen Globalegrow E- commerce Co. Finance Internet Heavy new supply should enter the market over next three years Supported by firm economic growth, leasing demand from all districts stayed robust. We further forecast that over the next three years, the economic growth will further boost the market demand with average quarterly net absorption over, sq m (2.15 million sq ft). With one project of 8, sq m (86, million sq ft) postponed, we saw two new projects with area of 11, sq metres (1.18 million sq ft) enter the market in Q1, pushing the total stock up to 5.44 million sq metres (58.6 million sq ft). Over the next three years, we expect the total new supply in core areas exceed 6. million sq m (65. million sq ft), one-third of which will come from Qianhai. The vacancy rate stood at 11.1% at end-q1, decreasing by 2.5 percent YOY. We expect vacancy to rise to a peak of nearly 29.% in 219 due to heavy new supply in Nanshan and Qianhai, but to fall back to 17.9% by end-222. Average rent of Grade A office in Shenzhen remained stable during Q1, growing by 1.3% QOQ. We expect rent to rise by 2-3% in 218, followed by a downward 218 年第一季度主要租赁交易项目租户行业地王大厦国桥远航国际货运物流深城投中心酷悦轩尼诗帝亚吉欧洋酒零售星河中心平安一账通金融 289 数字园恒大地产平安金融中心珠江人寿金融免税商务大厦华鼎投资基金金融皇庭中心卓信众和信息咨询咨询华润置地 D 座欢乐谷文化文娱深圳湾一号众安保险金融永新汇数据来源 : 高力国际深圳市环球易购电子商务互联网未来三年前海将有大面积新增供应入市受稳健的经济增长支撑, 租赁需求表现持续活跃 ; 各区租户均表现突出 ; 我们预计未来三年, 经济的增长将进一步提升市场需求, 全市净吸纳量将达到每季度平均 2 万平方米 (215 万平方英尺 ) 合计可租赁建筑面积约 8 万平方米 (86 万平方英尺 ) 的 1 个甲级写字楼项目延迟交付, 此外, 季内共有 2 个甲级写字楼项目入市, 带来约 1 万平方米 (18 万平方英尺 ) 的可租赁面积这将令季末的总存量增至 544 万平方米 (5856 万平方英尺 ) 218 年到 221 年, 深圳核心地区讲新增甲级写字楼供应超过 6 万平方米 (6 万平方英尺 ); 其中超过三分之一的供应量将来自前海本季度空置率为 11.1%, 环比下调 2.5 个百分点我们预估南山和前海的大量新增供应将带动全市空置率在 219 年攀升至近 29% 的历史高位, 随后或于 222 年回调至 17.9% 季内, 虽然全市平均租金表现平稳, 环比略上浮 1.3% 我们预测 218 年租金会稳中有升, 同比或有 2% 到 3% 的增幅, 而到 219 年受前海大量新增供应的压力或有调整性下浮, 浮动区域约为 4 个百分点随后于 22 年会有所回升 5 Colliers Quarterly 27 Apr 218 Shenzhen Office Colliers International

adjustment of 4% in 219 due to heavy new supply in Qianhai. Rent should pick up in 22. For more information: Joey Yuan MRICS Deputy Managing Director Shenzhen +86 755 8825 8637 Joey.Yuan@colliers.

6 adjustment of 4% in 219 due to heavy new supply in Qianhai. Rent should pick up in 22. For more information: Joey Yuan MRICS Deputy Managing Director Shenzhen Andrew Haskins Executive Director Research Asia Daniel Shih Senior Director Research Hong Kong & South China Copy right 218 Colliers International. The inf ormation contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. 6 Colliers Quarterly 27 Apr 218 Shenzhen Office Colliers International

new supply in core areas to exceed 6. million sq m (65. million sq ft), half of which is scheduled to be in Qianhai. Vacancy rate The vacancy rate sto

new supply in core areas to exceed 6. million sq m (65. million sq ft), half of which is scheduled to be in Qianhai. Vacancy rate The vacancy rate sto Colliers Quarterly Q2 218 9 July 218 SHENZHEN OFFICE 深圳写字楼 Rent rises further due to firm office leasing market Kirsten Geng Assistant Manager South China 写字楼租金市场租金增长强劲耿毓坤副经理华南 After achieving real