Rent New supply in non-core areas should pull down the average rent by.7% QOQ by end-217. We expect a.4% annual rental decline between 218 and 221 for

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Colliers Quarterly Q3 217 31 October 217 BEIJING RETAIL 北京商铺 New projects and upgrades stimulate demand Emily Cao Associate Director North China Beijing s retail sales maintained steady growth in Q3

Looking forward, we expect demand to be further driven by new supply during Q4, in both prime and emerging submarkets, especially F&B, sportswear and lifestyle sectors.

Forecast at a glance Demand F&B, fashion, sportswear, lifestyle and children s related sectors continue to support active demand 新项目及升级改造推动需求曹化行副董事华北 217 年第三季度, 北京社会消费品零售总额维持稳定增长, 显示出消费市场基本面稳健

Five prime retail projects with a combined GFA of approximately 45, sq m are scheduled to open in Q4 217 and the total stock will grow by 8% YOY.

1 Colliers Quarterly Q October 217 BEIJING RETAIL 北京商铺 New projects and upgrades stimulate demand Emily Cao Associate Director North China Beijing s retail sales maintained steady growth in Q3 217, reflecting a firm consumer market. Demand stayed active, stimulated by new supply and upgrades of mature properties. The vacancy rate decreased while rental growth continued. Looking forward, we expect demand to be further driven by new supply during Q4, in both prime and emerging submarkets, especially F&B, sportswear and lifestyle sectors. New supply should decline from the high level of 217 over the next few years, so we expect only modest overall pressure on rent. Forecast at a glance Demand F&B, fashion, sportswear, lifestyle and children s related sectors continue to support active demand 新项目及升级改造推动需求曹化行副董事华北 217 年第三季度, 北京社会消费品零售总额维持稳定增长, 显示出消费市场基本面稳健在新增供给和成熟物业升级的刺激下, 需求保持活跃本季度空置率有所下降, 租金持续增长展望未来, 我们预计第四季度新增供应将进一步推动核心区域与新兴区域的需求, 尤其是来自餐饮运动服装与生活业态的需求未来数年新增供应与 217 年的峰值相比将有所减少, 因此我们预测租金将仅面临温和的整体压力预测一览表需求餐饮时尚服饰运动服装生活休闲和儿童相关业态持续支持活跃需求 Supply Five prime retail projects with a combined GFA of approximately 45, sq m are scheduled to open in Q4 217 and the total stock will grow by 8% YOY. Average annual new supply over the next four years should shrink to 29, sq m, of which more than 9% will be in emerging submarkets Vacancy rate The vacancy rate should edge up by about 1 percentage point QOQ to 4.3% by end- 217, and should stay below 6% out to 221 供应建筑面积合计约 45 万平方米的五座优质购物中心项目有望于 217 年第四季度入市, 届时总存量将同比增加 8% 未来四年, 年均新增供应量将减少至约 29 万平方米, 其中超过 9% 将位于新兴子市场空置率截至 217 年底, 空置率或将小幅环比上涨 1 个百分点至 4.3%, 并将维持在低于 6% 的水平直至 221 年

2 Rent New supply in non-core areas should pull down the average rent by.7% QOQ by end-217. We expect a.4% annual rental decline between 218 and 221 for the same reason 租金截至 217 年底, 非核心区域新增供应或将致使平均租金环比下降.7% 有鉴于此, 我们预计 218 至 221 年间租金年均降幅为.4% Retail sales grew steadily Beijing's retail sales of consumer goods increased by 5.4% YOY over the first three quarters of 217, 1.1 percentage points faster than in 216, according to the Beijing Statistics Bureau. Urban residents' consumption expenditure grew by 6.3% YOY in Q3, increasing by 2.3 percentage points from Q 社会消费品零售总额稳步增长据北京市统计局,217 年前三季度北京社会消费品零售总额同比增长 5.4%, 增速较 216 年提高 1.1 个百分点第三季度城镇居民消费支出同比增长 6.3%, 增速较 216 年第三季度增长 2.3 个百分点 One new property officially opened 一个新项目正式开业 The only new project, China World Mall new zone in the CBD, held its grand opening in Q3 after four months trial opening. On the other hand, Sunlight City Plaza in the Shilipu area retreated from the retail market as the majority of the property will be converted into office space. As a result, the total stock of Beijing s prime retail property market decreased by.7% QOQ to about 5.3 million sq m (57. million sq ft). 217 年第三季度, 唯一新增项目为 CBD 区域的国贸商城新区, 该项目在试营业四个月之后正式开业另一方面, 十里堡的阳光新城市广场由于大部分面积将被改为写字楼而退出商铺市场有鉴于此, 北京优质商铺物业市场总存量环比下降.7% 至约 53 万平方米 (5,7 万平方英尺 ) Active demand driven by new supply and active upgrades Demand for prime retail space remained active in the Beijing market during Q3, as the vacancy rate dropped 1.1 percentage points QOQ to 3.4% and net absorption reached 25, sq m (269, sq ft). In prime areas, new supply clearly stimulated demand, because the only new project, China World Mall new zone, achieved precommitment rates of over 8% upon opening. In addition, active upgrades of mature properties contributed to the absorption of prime retail space, as witnessed by the launch of Young Street at Joy City Xidan, a 3, sq m street style area with stores from F&B, fashion, lifestyle and other sectors, targeting trendy young consumers. Therefore, the vacancy rate in prime areas decreased.4 percentage points QOQ to 4.6%. At the same time, the withdrawal from the market of Sunlight City Plaza lowered the vacancy rate in emerging areas by 1.7 percentage points QOQ to 2.7%, considering the high vacancy of the project before its withdrawal. 新增供应与积极升级推动活跃需求 217 年第三季度, 北京优质商铺物业需求保持活跃, 空置率环比下降 1.1 个百分点至 3.4%, 净吸纳量达 2.5 万平方米 (26.9 万平方英尺 ) 在核心区域内, 鉴于唯一新增项目国贸商城新区预租率达 8% 以上, 新增供应显著刺激需求此外, 成熟物业的频繁升级有助提高优质商铺面积的吸纳量, 西单大悦城 Young Street, 一个约 3, 平方米针对时尚年轻消费者, 涵盖餐饮时尚生活及其他业态的街区揭幕即系佐证因此, 核心区域空置率环比下降.4 个百分点至 4.6% 与此同时, 鉴于阳光新城市广场退市前的高空置率, 其退市致使新兴区域空置率环比下降 1.7 个百分点至 2.7% 2 Colliers Quarterly 31 October 217 Beijing Retail Colliers International

3 Beijing Mid- to High-End Shopping Centre New Supply, Net Absorption & Vacancy Rate (sq m) 北京中高端购物中心新增供应量净吸纳量和空置率 ( 平方米 ) 9, 9% 9, 9% 6, 6% 6, 6% 3, 3% 3, 3% -3, 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 % -3% -3, 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 % -3% New Supply Net Absorption Vacancy Rate 数据来源 : 高力国际新增供应净吸纳量空置率 F&B and fashion sectors were major generators of demand During Q3 217, the F&B and fashion sectors were the major generators of demand for prime retail space in Beijing, accounting for the majority of recorded new leases and openings. In the F&B sector, Twosome Coffee expanded at EC Mall while Taste of Dadong agreed to a new lease at Galleria. In the fashion sector, affordable luxury, sportswear and designer brands have been the most active category. PORTS opened a new store at Seasons Place. Adidas opened two new outlets in both U Town and The Place. In other retail sectors, the sports centre OXYGYM expanded at EC Mall and GiO Pearl & Jewellery expanded at Park View Green. 餐饮及生活休闲业态最为活跃 217 年第三季度, 餐饮及时尚服饰业态为北京优质商铺面积的主要需求驱动力, 大部分新租及新店来自这两个业态即系佐证餐饮业态方面, 途尚咖啡于欧美汇扩租, 小大董于凤凰汇承租新店时尚业态方面, 轻奢品牌运动休闲及设计师品牌最为活跃宝姿新店于金融街购物中心开业 Adidas 于悠唐及世贸天阶承租新店其他业态方面, 奥美氧舱运动中心于欧美汇扩租,GiO Pearl & Jewellery 于芳草地扩租 Rental growth continues Benefiting from active demand and low vacancy, the average ground floor fixed rent in Beijing s mid to highend shopping centres continued to grow, increasing by 1.4% QOQ to RMB823.1 (USD124.) psm per month. Average rent in prime areas increased by.7% QOQ to RMB1,188.5 (USD179.1) psm, mainly due to the higher rental level of new supply. Although rents in emerging areas stayed largely stable at RMB573.7 (USD86.4) psm, certain mature properties with upgrading brand mix achieved fast-growing sales and rental levels. 租金持续上涨活跃的需求和较低的空置率使得北京中高端购物中心首层平均固定租金持续上涨, 环比上升 1.4% 至人民币元 (124. 美元 ) 每月每平方米新增供应较高的租金水平使得核心区域优质物业的平均租金环比增长.7% 至人民币 1,188.5 元 (179.1 美元 ) 每月每平方米尽管新兴区域租金大体稳定在人民币元 (86.4 美元 ) 每月每平方米, 然而部分不断升级品牌组合的成熟物业仍能实现销售额与租金水平的快速增长 3 Colliers Quarterly 31 October 217 Beijing Retail Colliers International

4 Beijing Mid- to High-End Shopping Centre Average Ground Floor Fixed Rent by Submarket (RMB psm per month) 2, 北京中高端购物中心首层平均固定租金 ( 人民币每月每平方米 ) 2, 1,5 1,5 1, 1, 5 5 Wangfujing Xidan Financial Street Lufthansa CBD Emerging Area 王府井西单金融街燕莎 CBD 新兴区域 Ground Floor Rent Overall Average Rent 首层租金总体平均租金数据来源 : 高力国际 One notable en bloc transaction disclosed CapitaLand Retail China Trust (CRCT) sold the entire stake in the CapitaMall Anzhen in Chaoyang district to Beijing Hualian Anzhen Business Development Company for RMB1.13 billion (USD17 million). The major reason for the transaction was the limited upside potential in the future for CRCT, considering that the 42,4 sqm (456,4 sq ft) property is majority-leased by Hualian Anzhen Department Store and Hualian Supermarket. CRCT purchased this property from Hualian Group in 26 for total consideration of RMB69 million (USD14 million). 本季度录得一宗知名项目的整售交易凯德商用中国信托 ( 凯德信托 ) 将位于朝阳区的凯德 Mall 安贞项目的所有股份出售予北京华联安贞商业发展公司, 售价为人民币 11.3 亿元 (1.7 亿美元 ) 4.24 万平方米的物业主要被安贞华联百货和华联超市承租, 凯德 Mall 安贞项目未来的发展潜力对凯德信托来说很有限, 是促成此次交易的主要原因凯德信托 26 年以人民币 6.9 亿元 (1.4 亿美元 ) 从华联集团购得该项目 Supply in emerging areas to expand further Five prime retail projects with a total GFA of around 45, sq m (4.8 million sq ft) are scheduled to enter the Beijing market in Q4 217, including Hopson One and Hongkong Land s WF Central. New properties are reportedly likely to achieve high pre-lease rates, with F&B, fashion, sportswear, lifestyle and children s retail sectors as major demand drivers. Firm outlook for demand; only modest pressure on rents According to forecasts from Oxford Economics, Beijing should achieve an average annual real GDP growth rate 新兴区域存量将进一步扩大建筑面积总计约 45 万平方米的五座优质购物中心项目有望于 217 年第四季度入市, 包括合生汇和由香港置地公司开发的王府中环据了解, 新增物业或将取得较高的预租率, 餐饮时尚服饰运动服装和儿童零售业态是主要的需求驱动力需求稳健 ; 租金仅面临温和压力根据牛津经济研究院预测,217 年到 221 年期间, 北京 4 Colliers Quarterly 31 October 217 Beijing Retail Colliers International

of 6.6% over 217-221, which is only 1 percentage point slower than the growth rate in 216. The average annual growth rates in household disposable income and consumer spending are forecast to reach 7.

5 of 6.6% over , which is only 1 percentage point slower than the growth rate in 216. The average annual growth rates in household disposable income and consumer spending are forecast to reach 7.% and 7.9% respectively during the same period. Both growth rates are faster than the growth rate recorded in 216. The robust economic indicators are likely to support the steady growth of Beijing retail market. Over the next five years, the new properties in the supply pipeline are concentrated in suburban districts such as Fengtai and Daxing. Given their non-core locations, we expect these properties will be launched as mass-market community malls targeting large residential communities in the vicinity. Fast fashion and domestic fashion brands should be the key tenants combined with large spaces for F&B, entertainment, children-related sectors, and lifestyle tenants. We expect the rental levels of these malls to be lower than the market average upon opening. Therefore, we forecast a.4% annual rental decline for Beijing as a whole between 218 and 221, while the vacancy rate is set to remain at a low level of around 6% as demand should stay active. Major New Leases and Openings MAJOR NEW LEASES AND OPENINGS Q3 217 PROPERTY BRAND TRADE EC Mall Twosome Coffee F&B Galleria Taste of Dadong F&B Seasons Place PORTS Fashion EC Mall OXYGYM Health&Beauty 市实际年均国内生产总值增长率将达到 6.6%, 增速较 216 年仅放缓 1 个百分点同期, 预计家庭可支配收入和消费者支出的年均增长率将分别达到 7.% 和 7.9%, 增速较 216 年的录入增长率均有所提高坚实的经济指标或将支撑北京市商铺市场的稳定增长未来五年, 新项目将集中在郊区, 如丰台区和大兴区考虑到其位于非核心区域的地理位置, 我们预期这些项目将定位在大众市场的社区购物中心, 以附近大型社区的居民为目标人群快时尚和国内的时尚品牌应为主要租户, 其他租户包括餐饮娱乐儿童相关和生活休闲业态等将占据较大面积预计这些商场开业之后的租金水平将低于市场平均水平因此, 我们预计 218 年到 221 年间, 北京市租金年均降幅为.4%, 然而由于需求保持活跃, 空置率将维持在 6% 左右的较低水平主要新租及新开业 217 年第三季度主要新租及新开业项目品牌业态欧美汇途尚咖啡餐饮凤凰汇小大董餐饮金融街购物中心宝姿服饰欧美汇奥美氧舱运动中心健康 & 美容数据来源 : 高力国际 For more information: Jie Li Managing Director North China Jie.Li@colliers.com Andrew Haskins Executive Director Research Asia Andrew.Haskins@colliers.com Emily Cao Associate Director North China Emily.Cao@colliers.com 免责声明 : 本文件由高力国际准备, 仅作广告和参考之用高力国际未对其中的信息, 包括但不限于其内容准确性和可靠性作出任何明示或默示的保证陈述或承诺任何有意者应自行求证信息的准确性高力国际明确排除适用所有由本文件得出的推测或默示的条款条件和保证, 对由此引发的损失和损害亦不承担任何责任此出版物的版权由高力国际和 / 或其许可 5 方所有 Colliers 217 Quarterly 31 October 217 Beijing Retail Colliers International

Rent We expect average rent to decline slightly over the next five years since there will be more new supply in the emerging areas. However, we expect

Rent We expect average rent to decline slightly over the next five years since there will be more new supply in the emerging areas. However, we expect Colliers Quarterly 1Q 218 5 May 218 BEIJING RETAIL 北京商铺 A dynamic market with continuous upgrades Emily Cao Associate Director North China In Q1 218, the Beijing prime retail market stayed dynamic, supported