Shanghai 2005.12 Market Research ( ) 10 20 7 23.8% 778 23.8% 5 1 7 32% 48% 50% 90% 218.7% 50% 2000 ( ) 11 1 5 11 12 Page 1 of 20
5% 20% 20% 4% 9% 50% 20% REITs 212 10 3 5 8 17.47 9 1 212 212 35 9 1 9 REITs/ Page 2 of 20
11 4 Page 3 of 20
2005 410 440 30% 215 2006 7% Page 4 of 20
/ 2004 8 2.5,1.4 20500 100% 92% 2004 2004 2005.1 500 68182 14400 9800 95 32253 24000 1800 3000 4000 Platinum 1.6 2 / / 2005.4 1.076 318 41,660 20656 2005.6 138 8.46 21150 2005.8 5000 16000 0.75 / / 128 5000 2005.11 29025 13780 / 18640 Page 5 of 20
` 32.5 17 30000 30 18600 / 10 20 2004 3 18000 / 2.5 / 3.1 / 0.6~0.7 / / 2.5 / 3 / 20 + + + = 2005 25% 2005 25% Page 6 of 20
2006 1.2 / / 2007 1.5 / / 2008 20% 8 5 8 5 12.42 1 1 14.3845 2.5 / 12.4 200 12.42 6.55 1 42258 1 6.5 500 6.5537 Page 7 of 20
2 6 8.5 0.3 / 0.6 / ~0.65 / (Macquarie Bank Group) MIREF 4 1 6 7600 6 7600 4 6 2006 8.4%~9.6% 6.0%~6.8% 30 9 REIT 12 REIT 7% Page 8 of 20
REIT 12 (REIT) 7% 20 REIT Page 9 of 20
CBD CBD / /M2 / /M2 24 5-5.5 28 4.9 62953351 25 4.4-4.8 6228888 22 6-8.8 63729188 30 5.9 63603637 28.98 5.4-5.8 64860539 41.5 8.3-9.15 62791515 30.4 6.4-6.8 62471291 25.6 5 62727836 10.4-12.8 30.4 7.6-8 64036596 31.6 6.6-7.5 64176236 30.4 9.6-11.2 31 8-12 21 4 64716143 38.4 8-9.6 50477700 30 4.96 68325555 28 5.6-6.4 68759999 Page 10 of 20
REITs Equity International REITs ( REITs ) Page 11 of 20
Reits 10 Reit Reit 2005 10 19 Page 12 of 20
2002 147,000,000 2004 1710 2980 Reits Reits Reits Reits Reits Reits Page 13 of 20
2004 4 8 3 3 2 18 190 Page 14 of 20
Reits Reits Reits Reits Reits Reits Reits Reits Page 15 of 20
, Reits Reits Reits (gar) Reits Reits Reits Reits Reits Reit 33% 33% 13% Page 16 of 20
Reits Reits Reits Reits 60% 200 Reits Reits 4 8 2005 Page 17 of 20
Reits Reits Reits Reits 14 Reits Reits Page 18 of 20
10 ---- 2030 65 15 Richard Hokenson The Shape of China 2030 65 15 Hokenson 1949 1990 5.5% 65 65 2020 2050 2002 147,000,000 2004 1710 2980 15 15 Page 19 of 20
Reits Reits 2004 1.1 50% Reits 2.34 210 17 Reits 8 4.9% 5% Reits, 5000 Reits 5% Reits 5000 4% Reits Reits Reits Reits Page 20 of 20