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

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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,

We expect abundant new supply over the rest of 218 to push up the vacancy rate slightly to 3.3%, with rents also declining slightly as most of the new supply is focused in the emerging submarkets.

Forecast at a glance Demand We expect rising consumer confidence to drive retail sales and further support retail leasing demand, especially from sectors such as F&B, fashion and lifestyle Supply We

However, we expect average annual supply in the following four years to be only 262, sq metres (2.8 million sq ft).

1 Colliers Quarterly 1Q 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 by solid fundamentals and continuous upgrades of existing projects. As no new supply entered the market, the vacancy rate stayed stable at 3.1% while rents edged up by.2% QOQ. We expect abundant new supply over the rest of 218 to push up the vacancy rate slightly to 3.3%, with rents also declining slightly as most of the new supply is focused in the emerging submarkets. We recommend operators to introduce special brands to make their projects unique to attract more customers. Forecast at a glance Demand We expect rising consumer confidence to drive retail sales and further support retail leasing demand, especially from sectors such as F&B, fashion and lifestyle Supply We expect 525, sq metres (5.6 million sq ft) new supply to enter the market by end-218, adding 9.4% to the stock by end- Q1. However, we expect average annual supply in the following four years to be only 262, sq metres (2.8 million sq ft). Vacancy rate We expect the active leasing demand to absorb the abundant future supply rapidly. The vacancy rate should increase slightly during 218 and 219 and increase a little more to 3.5% by end-222 as more than 3, sq m of new supply is due to be launched in the suburban districts in 221 and 222. 升级持续, 市场活跃曹化行副董事华北 218 年第一季度, 坚实的经济基础和现有项目的持续升级使得北京优质零售物业市场保持活跃因没有新增供给进入市场, 空置率保持在 3.1% 的水平, 租金环比小幅提高.2% 218 年余下月份将有大量新增供给进入市场, 预计将使得整体空置率在 218 年末小幅提高至 3.3% 同时因多数新项目将位于新兴子市场, 预计整体平均租金将小幅下调我们建议购物中心运营商能够引进特别的品牌, 以使自己的项目能够更为独特, 从而吸引更多消费者预测一览表需求消费者信心的增强将支持社会消费品零售总额, 并进一步支持零售租赁需求, 特别是来自于餐饮服饰和休闲业态供应预计 218 年末以前将有 52.5 万平方米 (56 万平方英尺 ) 总供应量进入市场, 占 218 年第一季度末总存量的 9.4% 未来四年的年均新增供应量约为 26.2 万平方米 (28 万平方英尺 ) 空置率活跃的租赁需求有望迅速吸纳未来充足的新增供应预计 218 年至 219 年空置率仍保持大体稳定的状态, 但是在 222 年末将小幅提升至 3.5%, 因为 221 年和 222 年将有超过 3 万平方米的新增供给位于郊区

2 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 that existing projects with good performance will continue to enhance their rents. Strong consumer confidence likely to support the retail market Although the growth rate of Beijing s retail sales of consumer goods decelerated to 4.7% YOY in Q1 218 from 5.2% YOY for 217 as a whole, the consumers confidence index increased by 5.8 percentage points QOQ to Notably, this is the highest level recorded since 21, which we expect to give strong support to demand in the retail market in the upcoming quarters. No new properties opened in Q1 As WF Center postponed its official opening date to Q2 218, no new properties were opened in Q1 218, leaving total stock at 5.6 million sq metres (6.4 million sq feet), of which over 6% is situated in the emerging areas. Among the core submarkets, CBD and Wangfujing are the largest, representing approximately 1% and 6% respectively of total stock. 租金尽管因更多的新增供给将位于新兴区域, 预计未来五年整体平均租金将小幅下调, 但我们认为现有业绩良好的项目仍有望持续提高租金消费者信心强劲将支持零售市场发展尽管北京社会消费品零售总额增速由 217 年全年的 5.2% 放缓至 218 年第一季度的 4.7%, 消费者信心指数环比提高了 5.8 个点, 达到 118.5, 是自 21 年以来的最高值, 这有望在未来几个季度里强劲地支持零售市场的需求本季度无新项目入市由于王府中环项目推迟其正式开业日期至 218 年第二季度, 本季度没有新增项目进入市场总存量保持在 56 万平方米 (64 万平方英尺 ), 其中超过 6% 的面积位于新兴区域在核心子市场中,CBD 和王府井是最大的两个子市场, 其占比分别约占总存量的 1% 和 6% A dynamic market with continuous upgrades Despite the lack of significant large leasing deals in the market and the fact that the overall vacancy rate stayed stable at 3.1%, landlords continued to make active tenants adjustment and updates to their existing properties to gain advantage among the intensely competitive markets. As one of strongest customer attractions, the proportion of F&B in shopping malls has increased rapidly in recent years. However, the F&B sector also generates lower rents than fashion stores. As a result, certain shopping malls are adjusting their leasing strategies to gradually enhance the proportion of higher-rent sectors such as fashion when their performance improves after several years good operation. 升级持续, 市场活跃尽管本季度没有录得重要的大面积租赁交易, 整体市场空置率也保持在 3.1% 的水平, 但业主持续积极调整并升级现有项目的租户, 以在激烈的竞争中获得优势作为吸客能力最强的业态之一, 近年来餐饮业在购物中心中所占比例快速提升不过与服饰等业态项目, 餐饮业的租金水平较低因此, 部分项目在经过数年良好运营并改进经营状况后会调整租赁策略, 以逐渐提高较高租金业态 ( 如服饰等 ) 的比例 2 Colliers Quarterly 5 May 218 Beijing Retail Colliers International

3 Beijing Mid- to High-End Shopping Centre New Supply, Net Absorption & Vacancy Rate (sq metres) 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, 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18-3% -3, 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18-3% New Supply Net Absorption Vacancy Rate Source: Colliers International F&B and fashion sectors continued to be most active The F&B and fashion sectors were the major generators of demand for retail space in Beijing during Q1 218, accounting for about 63% of recorded new leases and openings based on leased area. In the F&B sector, catering chain brands continued to occupy more market share and strengthen their businesses by opening new stores. Meetfresh, a dessert chain store, opened two new stores in U-Town and CapitaMall Crystal. Edomae Sushi opened two stores in Fortune Mall and U-Town. Notably, Gastro-lounge the Nest entered the Beijing market with a new lease in China World Mall III B after its first store in Shanghai. In the fashion sector, we noticed that sportswear and designer brands were quite heated. Adidas made a commitment in China World Mall II and LIVAT Xihongmen Shopping Centre. Moreover, AnyShopStyle, the collection of Chinese independent designers, expanded two new stores in China World Mall III and Joy City-Chaoyang. The lifestyle and accessory sectors also witnessed some rapid expansion. In the lifestyle sector, RE, a new retail format with a combination of café, fashion and lifestyle shop, opened its second store in Kerry Mall, strengthening its business in the CBD after the first store was officially opened in July 217 in Jianwai SOHO. Moreover, Kulechaowan opened two new stores in The Gate and ECMall. For the accessory sectors, Riotlily, the mid-to-high end sub-brand under Ajidou, opened four new stores in China World Mall, SOLANA International Lifestyle Shopping Center, LIVAT Xihongmen Shopping Centre and Hopson One. 新增供应净吸纳量空置率餐饮和时尚服饰仍是最活跃的业态餐饮和时尚服饰是 218 年第一季度北京零售面积需求最主要的来源, 这两个业态合计约占我们所记录的新租和新开业面积中的 63% 餐饮业态中, 连锁餐饮企业持续扩大市场份额, 并通过新开店来加强他们的业务水平甜品连锁店鲜芋仙在悠唐购物中心和凯德晶品购物中心新开两家店江户前寿司在财富购物中心和悠唐购物中心新开两家店美食酒廊 The Nest 继上海首店后在国贸购物中心三期 B 承租, 开业其在北京的首店我们注意到在服饰业态中, 运动服饰和设计师品牌最为活跃阿迪达斯在国贸购物中心二期和荟聚购物中心承租此外中国独立设计师集合店 AnyShopStyle 持续扩张, 在国贸商城二期和朝阳大悦城承租两家新店生活休闲和配饰业态扩张也十分迅猛在生活休闲业态中, 而意作为一种新型的零售业态, 将咖啡厅服饰和生活休闲类店铺结合在一起, 在嘉里购物中心开业其在 CBD 的第二家店, 其第一家店在 217 年 7 月在建外 SOHO 开业此外酷乐潮玩分别在新中关和欧美汇开业两家新店在配饰领域, 阿吉豆旗下定位中高端的品牌 Riotlily 在国贸商城蓝色港湾国际商区荟聚和合生汇开业四家新店 3 Colliers Quarterly 5 May 218 Beijing Retail Colliers International

4 Rent continued to increase Stimulated by the strong demand from both solid fundamentals and active sectors, the average ground floor fixed rent in Beijing s mid to high-end shopping centres increased by.2% QOQ to RMB (USD 13.) psm per month during Q 租金持续上涨在稳健的经济基础和活跃的业态类型所带来的强劲需求的推动下, 北京中高端购物中心首层平均固定租金环比提高.2%, 于 218 年第一季度达到人民币元每月每平方米 (13. 美元 ) 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 Xidan Wangfujing Financial Street Lufthansa CBD Emerging Area 西单王府井金融街燕莎 CBD 新兴区域 Ground Floor Rent Overall Average Rent 首层租金总体平均租金 Source: Colliers International One notable en bloc transaction was disclosed At a price of RMB8,365 million (USD1.33 billion), SCPG Holdings teamed up with China Vanke Co., Ltd. and Triwater Asset Management Holdings Limited, reaching agreement with CapitaLand Mall Asia Limited to jointly acquire 1% of the equity and debt of the operating entities of 2 shopping malls across China. Most of the properties are in Tier 2 and Tier 3 cities. However, one property is in Beijing, the CapitaMall Cuiwei. 1 The purchase will expand SCPG s retail portfolio to 12 malls, as Vanke, China s third-largest developer by sales in 217, ramps up its commercial real estate footprint. CapitaLand said the deal would allow it to sharpen its focus on core metropolitan areas on the mainland, including Beijing and Shanghai. 本季度录得一宗知名项目的整售交易印力集团与万科集团和 Triwater 资产管理公司共同与凯德商业亚洲投资公司达成协议收购中国境内 2 个购物中心 1% 的股权及负债, 总价格为人民币亿元 (13.3 亿美元 ) 交易的多数资产位于中国的二三线城市, 但其中一个项目是位于北京的凯德翠微购物中心该收购将扩大印力集团持有的商业资产达到 12 个购物中心同时作为中国第三大开发商 ( 根据 217 年销售额排名 ), 万科也通过该交易扩大其商业地产领域的版图凯德集团宣称通过此次交易可以使其能够将其业务集中于中国大陆地区核心的大都市区域, 包括北京和上海等 1. 1 Source: CapitaLand announcement: SCPG news release (CN): 4 Colliers Quarterly 5 May 218 Beijing Retail Colliers International

Abundant supply in emerging areas will boost vacancy slightly We expect six new projects with a total GFA of 525, sq metres (5.6 million sq feet) to enter the market in the remainder of 218.

5 Abundant supply in emerging areas will boost vacancy slightly We expect six new projects with a total GFA of 525, sq metres (5.6 million sq feet) to enter the market in the remainder of 218. We expect the vacancy rate to rise from 3.1% now to 3.3% by end-218. We predict average annual supply over the following four years ( ) of 262, sq metres (2.8 million sq feet), which is only equal to 46% of the average annual supply over the previous five years. Supported by the active leasing demand, we expect the vacancy rate to be largely stable in the next four years, only to increase slightly to 3.5% by end- 222 considering that three large retail projects are due to be opened in Tongzhou district. Considering the rent in the emerging area is lower than the overall rent and the proportion of stock in the emerging areas is greater than in the prime submarkets, we estimate that the rent in 218 will decrease to RMB813. (USD129.3) psm per month, down.6% compared with 1Q 218. Further, we expect rents in the following four years to decrease by.5% to RMB88.6 (USD128.6) psm per month by the end of 222. Major New Leases and Openings MAJOR NEW LEASES AND OPENINGS Q1 218 PROPERTY BRAND TRADE Kerry Mall RE Lifestyle LIVAT Riotlily Accessories SOLANA International China World Mall III B DP bridal The Nest Fashion F&B The Place CITIC Bookstore Lifestyle Source: Colliers Internationals 新兴区域的大量新增供应将小幅抬高空置率将有六个项目有望在 218 年余下月份进入市场, 总供给量为 525, 平方米 (56 万平方米英尺 ) 整体空置率将在 218 年末提高至 3.3% 预计 219 年至 222 年的年均供给量为 262, 平方米 (28 万平方英尺 ), 该数据约等于之前五年年均供给量的 46% 活跃的租赁需求有望支持未来四年的空置率大体稳定, 只有在 222 年预计小幅提升至约 3.3%, 主要原因是由于三个位于通州区的大型项目将进入市场考虑到新兴区域的租金通常低于整体平均水平, 而未来位于新兴区域的存量将高于核心区域, 预计 218 年末租金将小幅下调至人民币 813. 元 (129.3 美元 ) 每平方米每月, 与 218 年第一季度租金相比下调.6% 而未来四年租金仍将持续小幅下调.5%, 至 222 年末达到人民币 88.6 元 (128.6 美元 ) 每月每平方米主要新租及新开业 218 年第一季度主要新租及新开业项目品牌业态嘉里商场而意生活休闲荟聚艾特里里配饰蓝色港湾 DP bridal 时尚国贸三期 B 巢餐饮世贸天阶中信书店生活休闲 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 218 Quarterly 5 May 218 Beijing Retail Colliers International

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

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 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 217,