2007.4 1. 2. 1. 1.2 3. 2007 10 1 1. + 1. 14.65 2. 2. 5.17 3. 8. 2. 3. 2006 4 : : : 4. 26 4. 2006 5 5. 843% 5. 6. 2 7. 1. 2007 8. 13 2. A 9. 62 3. 10. 4. 1. 6. 50 2. 7. 14 3. 8. 4. 10 4.5 5. 7.62 6. 17.53 5. SOHO 1. 7. 09
Shanghai 2007.4 Market Research [ ] [ ] 3 3 1118 021 52385000 021 52987700 Page 1 of 28
[ ] 2007 10 1 2007 3 16 2007 10 1 1118 021 52385000 021 52987700 Page 2 of 28
+ [ ] 2006 + + 2006 1118 021 52385000 021 52987700 Page 3 of 28
1118 021 52385000 021 52987700 Page 4 of 28
[ ] [ ] 6 2006 3 1 0.72 2006 3 15% 2006 2003 0.78 1.21 2005 2006 1118 021 52385000 021 52987700 Page 5 of 28
26 [ ] 322 1000 22% 1577.47 33% 322 273 85% 49 15% 2005 19% 44% 2005 16 26 47.1% 53.1% [ ] 843% 3 28 2006 9 6.76 2005 843 2006 7 8 [ ] 2 GrosvenorGroup 2 106 108 110 2005 3 600606 1.64 13805.79 12 2006 1200 1118 021 52385000 021 52987700 Page 6 of 28
[ ] 2005 10 2006 11 2003 200% [ ] 13 3 9 12.9 3 9 8 2005 11 75% 2000 1118 021 52385000 021 52987700 Page 7 of 28
62 [ ] 3 6 0493.HK 8 62 2001 30 PRIMEREIT 352 2005 50 [ ] 2007 2005 2006 430 800 400 2006 230 2004 2006 1.0 1.5 4000 5 200 1118 021 52385000 021 52987700 Page 8 of 28
[ ] 8% 12 8% [ ] 1600 1.3-2.2 / 1.1-1.5 / / 1.35 / 13-14 / 8-10 / 11 / 7.5 / 388 6.8 / 0.9 / 388 0.9 / 1118 021 52385000 021 52987700 Page 9 of 28
[ ] 90% CBD 50000 1700 2.80 4500 2.5 /, 35 ; 200 / ; VAV ; 500 1118 021 52385000 021 52987700 Page 10 of 28
6000 1780 7120 NIKE 12000 Mary Kay 9400 H & M 5000 GMS 4171 4100 Coles Myer 3600 6400 Natexis Bank 1000 4200 Lloyd's 1100 5000 2850 5000 4000 4400 6600 2679 20000 3900 3400 3600 6000 13000 10000 1118 021 52385000 021 52987700 Page 11 of 28
1190 840 600 IT 910 1370 IT, 9.30%, 15%, 6.50%, 11.20%, 15%, 43% IT 10 4.5 [ ] 0497.HK 2 7 Lehman Brothers 4.5 56859 1 5 6-9 30% 12% 1118 021 52385000 021 52987700 Page 12 of 28
7.62 [ ] 2007 2 8 7.62 1.157 / 10% 300 28 6896.31 658844.34 12 2005 5 8 2055 5 7 [ ] 17.53 3 9 (3383.HK) 9.89 14 1/1 17.53 8 25.3 2.21 / 13192 114358 137.8 6 1118 021 52385000 021 52987700 Page 13 of 28
09 [ ] 2006 2009 1717 15.4 1.3 59 3 [ ] 3 22 4 108 26788 5.3 20 22 15.3 6.6 A B A 7 150 B 4 85 5 4 1 1 1118 021 52385000 021 52987700 Page 14 of 28
1.2 [ ] CHINAREI 560 1/3 1.2 1.2 8 [ ] 3 15 7-8 5226.79 7-8 ( 8 ) 3167.75 ( ) 1.65 2004 3 2.6408 1-6 1.4 1-6 1-6 4 3000 5 2 5% 1118 021 52385000 021 52987700 Page 15 of 28
14.65 [ ] 2007 2 9 14.65 14.65 13962 / 200 35210.3 2.98 [ ] 5.17 2 9 5.17 4840 / 2.6704 10.68 1 17 1 28 1 200 2 15 1118 021 52385000 021 52987700 Page 16 of 28
[ ] 2006 4 2006 4 ( ) A3 2 12.0595 1.0 35000 10 1.3269 4.0 49370 10 0.4488 2.45 15750 908 0.6188 2.5 8 1.3289 0.88 1.24 10.8661 1.18 9 12000 1.7659 2.5 4370 1.3712 4.0 ( )15100 22.6363 1.0 2.0 ( ) 54330 13.266 1.6 B 15.7512 0.4-2.71 35820 41100 17.2260 1.4 A C 29100 B D 18.6734 1.4 31500 1118 021 52385000 021 52987700 Page 17 of 28
10.1048 1.2 54/1 42900 48 16/1 0.3626 1.6 1400 2.5720 2.5 18900 3A 14 56/11 1.2960 1.6 15 17/32 1.4226 1.5 2430 1300 1 3/7 4.1835 1.0 3950 22 22/7 2.9892 1.2 3750 15.9516 1.0 38335 7.1923 1.0 20205 38 39 2.6153 3.0 4.0 55727 1.2861 2.5 3930 1.0385 2.5 3800 0.9720 2.5 3988 0.9309 3.0 3950 0.8313 3.0 3500 1118 021 52385000 021 52987700 Page 18 of 28
[ ] 2006 5 2006 5 1.9703 2.0 8820 1.6937 2.5 3300 6-13.0965 1 6-2 31500 6.1030 2.5 0.9782 1.0 8.2437 1.5 11900 1540 5.1965 1.67 4680 100 1.877 4.0 16/1 SHANGHOLD LIMITED INVESTMENT 143200 13 1/4 0.9515 2.5 1210 55 10/1 10/2 10/3 5.1800 1.5-2.3 26700 0.45-19.0033 9264 0.6 3.5210 2.98 146500 2.6704 4 51700 1118 021 52385000 021 52987700 Page 19 of 28
[ ] 13 13 65 258 3.7 20 258 2.4 10.5 1118 021 52385000 021 52987700 Page 20 of 28
2007 [ ] 2007 3 18 0.27 2.52% 2.79% 0.27 6.12% 6.39% % % 0.72 0.72-1.80 1.98 2.25 2.43 2.52 2.79 3.06 3.33 3.69 3.96 4.14 4.41-5.58 5.67 6.12 6.39 6.30 6.57 6.48 6.75 6.84 7.11 1118 021 52385000 021 52987700 Page 21 of 28
A [ ] 2006 10 SST 000561 A 3 5 4 10 A A A+H 6.32 0.2 A 1 1.246 1 5 0.2 H 1 1 H [ ] A (000961.SZ) 2004 A IPO (600325.SH) 2006 (600048.SH) (601588.SH) A IPO 1118 021 52385000 021 52987700 Page 22 of 28
[ ] 2 15 SST SST 46.58% [ ] SOHO SOHO 3 7 SOHO 35 47 SOHO SOHO SOHO SOHO 30 SOHO 1118 021 52385000 021 52987700 Page 23 of 28
50 [ ] 3 8 2006 :2007 3.5 A 50-70 2006 105.80 281.65 70.90 62 42 2005 32 45 219.45 [ ] 14 2007 1 5.7 2 14 2 3 1.93 2.23 5.22 6.22 3 1 < > < > 50 100 200 50 1118 021 52385000 021 52987700 Page 24 of 28
[ ] REITs REITs 7 5 1. 2.? 28 1118 021 52385000 021 52987700 Page 25 of 28
2006 2 15 2007 1 1,,,,,,, 2003 2004 2005 1 1118 021 52385000 021 52987700 Page 26 of 28
6 90% 1118 021 52385000 021 52987700 Page 27 of 28
, 3 4 1. 2. 1118 021 52385000 021 52987700 Page 28 of 28