2005.10 : : 1. 6. 15 2. 7. 3. 8. 4. 9. 40 10. 1. 1. 2. 3. 4. 700 5.
Shanghai 2005.10 Market Research [ ] 35% 35% 212 2005 1-8 70 6 [ ] 70 [ ] 10 5 [ ] 11 488 12F 200042 02152987700 02152987212 Page 1 of 14
[ ] 2004 2610 20.3% 10% 20% 5.2% 2005 [ ] [ ] 15% 2004 23.2% 2003 8.3%2004 1 11 222 150 70 [ ] 2 488 12F 200042 02152987700 02152987212
[ ] 1-8 24 60 72.32 60 4.53% 3 4 6 6 REITs 63% 38 1-8 3 3 4 6 9 38 1-8 1-8 60 4.53% 72.32 24 1-8 63% a 37% a 22 38 3 488 12F 200042 02152987700 02152987212
[ ] 1 [ ] 2005 11 151 7.9 214 2004 28% 35% 6 45% [ ] REITs 6%/ [ ] 4.163 20% 2006 6 10 12 [ ] = + + 4 488 12F 200042 02152987700 02152987212
700 [ ] 10 10 10 2006 2007 [ ] 10 [ ] 9-36% 50% 9 6 10% [ ] 15 [ ] :8 16-30 5 488 12F 200042 02152987700 02152987212
() 20000-35000 30000 30000 30000 60000 25000 38000 30000 27000 6000 3900 9000 16000 30000 [ ] [ ] 20% 6 488 12F 200042 02152987700 02152987212
50% 69% 30% [ ] 2004 3 30 [ ] 4.3 6 Data Quickwww.dqnews.com Walnut Creek Project Management Institute-PMI, www.pmigroup.com 6 Nexis 6 312 6 [ ] 7 488 12F 200042 02152987700 02152987212
40 [ ] 2005 1 8 8 4 9 9 [ ] REITs [ ] 4 10 3-6 4 16 2863 25 12 7 219 70 4800 / 716 7 3 8 488 12F 200042 02152987700 02152987212
: 2002 2002 11.8% shopping mall 2-3 9 488 12F 200042 02152987700 02152987212
1 A US$ US$ 43 70 1.63 10-20 31 5.89 0.19 10 10 30 3 30-50 84 111.5 1.33 30% 70% 0 100% 20% 80% 2005 2005 6 30 10 488 12F 200042 02152987700 02152987212
XXCo. Cayman Investment Iimited Co. HK 50%-100% 100% 1 2 HK 3 2 1 2 3 4 5 / / / 6 11 488 12F 200042 02152987700 02152987212
3 1 2005 74 65.5 0.88 4.45% 5.12% 5.31% 22 18.01 1-3 1.5-2 2 1 2 3 4 4.45%-5.12% 6.5%-8% 3-5 - 9000 18 8.2%6 12 10% / / 12% 18 4 1 12 488 12F 200042 02152987700 02152987212
XXCo. Co. Co. / 2 XX Co. 100% Co. 100% Co. 100% 5 REITs 13 488 12F 200042 02152987700 02152987212
6%-8% 1 2 3 4 Co. Co. // // REITS 14 488 12F 200042 02152987700 02152987212