2007.1 1. 22% 1. 2. 2. 3. 11 3. 4. 5. 2007 1. 3. 22 1. 4. 4.18 2. 3., 1. REIT 4. 4 2. REIT 5. 1.8 3. REITs 5. 1. 50% 2. 39.1 6. / 7. 20 3. 4. 2. 28 4. 5. $1.5 1. : :
Shanghai 2007.1 Market Research 2006 11 28 12 2006 1118 A 27F 200042 021 52385000 021 52987700 Page 1 of 24
2006 12 16 5% 1118 A 27F 200042 021 52385000 021 52987700 Page 2 of 24
2007 12 29 12 25 1118 A 27F 200042 021 52385000 021 52987700 Page 3 of 24
12 7 2006 240 11 2.1% 1 11 1204.75 5.6% 2.1 11 1118 A 27F 200042 021 52385000 021 52987700 Page 4 of 24
4 7 10 8 9 15.8 10 27 7.32 140 10 10 3.03 4 10 11 1.66 11 1 5.65 11.6 11 3000 11 8 RREEF 50% 11 16 15 11 28 1.2 110 11 29 8.7 32571.78 1118 A 27F 200042 021 52385000 021 52987700 Page 5 of 24
1.8 13564 / 1.8 2 ING 1 3 7000 (Rainbow) 4 1.9 4 5.1 5 7 11 1.2 110 1118 A 27F 200042 021 52385000 021 52987700 Page 6 of 24
50% 50% 10 1.06 / / 04 0.719 / / 47.43% 5% 2.45% 55% 2005 12 2006 2005 12 2006 / 1.3 1.2 1.1 1 0.9 0.8 0.7 05/12 06/01 06/02 06/03 06/04 06/05 06/06 06/07 06/08 06/09 06/10 06/11 1118 A 27F 200042 021 52385000 021 52987700 Page 7 of 24
39.1 / 2006 2.4% 39.1 1.9% 21 1.6% 0.8% 24.9 24.5 4 9.8 0.3 5.9% 2007 6 19.8 2006 8.5% 10.5% 2006 24.5 2005 45 115310 42.4% 50% 8000 5200 2390 2007 3%-4% 2008 8% 2007 1%-2% 2008 1118 A 27F 200042 021 52385000 021 52987700 Page 8 of 24
90% 6 / / 4 / / 90% 0.8 / / 0.6 / 2-2.2 / 4.2-4.5 / 2.2 / 6 / 4-6 / 5 / 2.5-2.8 / 2.2 / 2.5-3.5 / 2.2-2.8 / 6 / 6-7.5 / 5-6 / 1118 A 27F 200042 021 52385000 021 52987700 Page 9 of 24
$1.5 MGPA 2005 2.5 20 4.6 / 233 32200 11174 2005 1 MGPA 9800 95 1118 A 27F 200042 021 52385000 021 52987700 Page 10 of 24
22% 22.4 10 / 2006 11.3 2008 1 ~2 9 31 2010 3 3-5 4 12.6 7 : 1118 A 27F 200042 021 52385000 021 52987700 Page 11 of 24
11 11 11 11 10 11 69 68 42024 148.68% 65 70 20553-19.41% 22 22 9089 2.85% 27 27 7960-7.81% 23 19 /m 2 / /m 2 1118 A 27F 200042 021 52385000 021 52987700 Page 12 of 24
12 14 20 185 2 2 WSW-C4-2 36500 56180 12250 1 26/16 11100 71 31/2 38500 548 26 1360 C5-3 44000 32360 2600 C2 154100 1118 A 27F 200042 021 52385000 021 52987700 Page 13 of 24
E9-1 52600 7 1/1 1/3 49 D2-5 6 7 21000 9378 108 1/1 14600 8 1343 5 2415 120-L 8500 185 B12 D9 61630 13780 28 12 10 28 4 171 12 3 4 1500 10 4.0 3A 38 39 ( 3.0 4.0) 1118 A 27F 200042 021 52385000 021 52987700 Page 14 of 24
A3-2 3500 10 5000 10 950 908 500 8 600 9 1700 450 400 5500 3600 B 3000 A C 3000 B D 3200 4 54/1 2800 48 16/1 150 3A 2000 14 56/11 200 15 17/32 100 1 3/7 400 22 22/7 400 3600 1500 38 39 5500 400 340 320 400 350 1118 A 27F 200042 021 52385000 021 52987700 Page 15 of 24
22 12 26 10 X3-2 22 A3-A6 177262 4.1 / 72 80% 40 5,000 / 22 60 14.4 4.18 17 12 27 4.18 57118.4 1.8 4066 / 3.25 79328 126924.8 2560 / 1118 A 27F 200042 021 52385000 021 52987700 Page 16 of 24
REIT REITs 12 8 REIT 10.5 2.45~2.60 27.17 REITs 8% 9% REITs REITs REITs REITs REITs REITs 171 REIT 12 8, CRCT, REIT 1.933, 1.13 1 5 59.292% 1.8,,12 19 1.76 2.18, 2.5 REIT, 5.4%-6.5% REITs REITs 1118 A 27F 200042 021 52385000 021 52987700 Page 17 of 24
REITs REITs REITs REITs 33 Capital Retail 1.13 12 8 China Trust 5.56-10 REITs 8 8 6 11 1 54 06 2006 8 11 1118 A 27F 200042 021 52385000 021 52987700 Page 18 of 24
2006 8 11 % 8 6 12.75 21250 2.08 5.24 9 5 4.40 8800 2.13 5.10 10 3 3.40 11333 3.80 5.78 11 1 0.70 7000 3.00 7.00 11 12 5 2.66 30 11 22 6 11 6 4 7 11 20 1.5 12 12 6 3.42 5.13 12 1 8 2.4 11 6 6,000 15.9 12 12 7 42 1118 A 27F 200042 021 52385000 021 52987700 Page 19 of 24
IPO 100% S*ST 600576 600215 600215 600067 ST 600053 000931 *ST 600807 *ST 600766 600257 600208 600791 600246 2006 8 28 2006 8 25 2006 8 8 2006 8 4 2006 8 3 2006 8 2 2006 8 2 2006 8 1 2006 7 31 2006 7 25 2006 6 23 2006 6 12 1118 A 27F 200042 021 52385000 021 52987700 Page 20 of 24
20 12 20 20 3 2.5023% 30 3 1300.5 5 4 3700 2 3 2007 1. 2. 24 1118 A 27F 200042 021 52385000 021 52987700 Page 21 of 24
03 04 10 98 90 7 4 ~5 8~10 3 GDP 8%~10% 1998 2008 100~230 1 < 200: 1 > 300: 1 1118 A 27F 200042 021 52385000 021 52987700 Page 22 of 24
100m 2 150 4,500 / 7,500 / 350: 1 3 6 4 6 2006 15.55 12 7 2006 2005 16 20,758 2006 1200 GDP 2006 10 200 90 3,000 12 5 2006 240 2006 84 916 389 1,305 1,222 84 1118 A 27F 200042 021 52385000 021 52987700 Page 23 of 24
150 240 12 3%~5% 2008~2010 07 50 08 60 09 117 09 10%~15% 08 2,400~2,500 09 2010 2006 1~3 97 10 98 18 1. 2. 1118 A 27F 200042 021 52385000 021 52987700 Page 24 of 24