chart 2: Rents of the Qingdao Prime Retail Market 图2：青岛优质商铺市场物业租金 chart 1: New Supply and Net Absorption of the Qingdao Prime Retail Market 图1： 青岛优质商铺市场新增供应和净吸纳量 Source: Research, Colliers International, Beijing数据来源：北京高力国际调研部Source: Research, Colliers International, Beijing数据来源：北京高力国际调研部 RENTS租金 Benefiting from the local economic growth and higher growth of residents’ disposable income and retail sales, rents for Qingdao’s retail property market grew slightly after two years of decline. The average rent of Qingdao’s prime retail properties increased to RMB522 psm per month, up 0.97% h-o-h. Despite fluctuations in the occupancy rate at a few recently completed prime retail properties during 2012 and 1H13, landlords at most established projects held a firm stance towards rentals. The rental difference between catchments remained significant. The Hong kong Middle Road area, where several high-quality projects are located, continued to have the highest rents at RMB702 psm per month by end-1H13, followed by the Taidong catchment, whose average rent was RMB482.8 psm per month. 受惠于本地经济增长以及增速更快的居民可支配收入和社会消费品零售总 额，青岛的商铺物业市场租金在连续两年的下降后略有增长。青岛优质商 铺物业平均租金半年环比上升0.97%，至522元每月每平方米。尽管在 2012年和2013年上半年，几个最近完工的优质商铺物业的品牌入驻率有 所波动，大多已完工物业的业主对租金持坚定立场。商圈间的租金差异依 然明显。在数个高品质项目落成的香港中路区域，截至2013年上半年 末，最高租金达702元每月每平方米，随后是台东商圈，平均租金为 482.8元每月每平方米。 The F&B sector was also active during 1H13, with Wei Dong Rock city completing transactions for 100 sqm with the brand R.B.T.; 300 sqm with the brand GY 1206; 500 sqm with Zhouquan Zhoudao; and 1,000 sqm to hot-pot chain Donglaishun. At Wanda Plaza, Benge indian cuisine leased 300 sqm and Japanese chain Tairyo leased 600 sqm. 2013年上半年，餐饮业态也表现活跃，在伟东乐客城，仙踪林新租100平 方米；GY1206新租300平方米；粥全粥道新租500平方米；火锅连锁店东 来顺新租1000平方米。在万达CBD广场，Benge印度菜承租300平方米， 日本连锁店Tairyo承租600平方米。 INVESTMENTS投资 No en bloc sales were transacted during 1H13. individual investors, who have a strong preference for strata-title sales, were widely confident in Qingdao’s retail property investment market. Across the overall market, capital value of prime retail properties in Qingdao continued to increase. The sales price for strata-title projects ranged from RMB20,000 psm to RMB85,000 psm. After several high quality retail projects completed during 2012 and 1H13, as an emerging retail area, the Licun catchment had a rapid development in terms of retail ambiance and trade and brand mixes. 2013年上半年无整售交易。对散售交易有强烈兴趣的个人投资者普遍对 青岛商铺物业投资市场充满信心。纵观整个市场，青岛优质商铺物业资 本值持续上涨。散售项目的售价介于20,000到85,000元每平方米之间。 随着2012年至2013年上半年期间若干个高质量商铺项目的完工，作为 新兴零售区域的李村商圈在零售氛围以及业态和品牌组合方面发展迅 速。 sqm | 平方米 12% 10% 8% 6% 4% 2% 0%0 50,000 100,000 200,000 150,000 250,000 300,000 350,000 New Supply | 新增供应Net Absorption| 净吸纳量Vacancy Rate | 空置率 1H102H101H112H111H122H121H13 RMB psm per month | 人民币每月每平方米 15% 10% 5% 0% -5% -10% -15% 600 500 400 300 200 100 700Rental | 租金Growth Rate | 增长率 (Y-o-Y) 1H102H101H112H111H122H121H13 The Marina city; and Double Love leasing 80 sqm at Wanda Plaza. RESEARCH & FORECAST REPORT|1H 2013 |RETAIL |QINGDAO P. 2| COLLIERS INTERNATIONAL OUTLOOK展望 Four projects with a total retail GFA of 145,000 sqm are scheduled to enter the market during 2H13. These include Qingdao centre, The Agora, capland centre, and Rainbow Department Store. The first three of these projects are located in Hong kong Middle Road catchment; while Rainbow Department Store is located in the cBD area. 四个商铺面积总计145,000的项目计划于2013年 下半年入市，包括青岛中心、The Agora、凯悦 中心和天虹百货。其中，前三个项目位于香港 中路商圈，而天虹百货位于CBD区域。 Stable demand and the high quality of the new projects are forecast to support a small increase in the average rent of Qingdao’s prime retail property market. However, the new supply is forecast to lead to a medium- term rise in the average vacancy rate. There will be not much opportunity for en bloc sale investment during 2H13 as most of the existing and future shopping centres and department stores are wholly-owned and the landlords have limited intention to sell them in the short term. As a result, strata- title transactions will remain the primary form of investment in the city’s retail property market. 稳定的需求和高质量的新项目预计将支撑青岛 优质商铺物业市场平均租金小幅上涨。然而， 新增供应预计将导致平均空置率在中期内上 升。由于大部分现有及未来的购物中心和百货 商场均属自持型资产，且业主短期内出售其物 业的意愿有限，2013年下半年整售的机会将较 为稀少。因此，青岛商铺物业市场的主要投资 形式仍将是散售交易。 According to government statistics, Qingdao’s 2013 GDP is forecast to grow by 10.5% y-o-y. Retail sales are forecast to increase 15% y-o-y during the year. in essence, the strong economic performance should continue to support growth in demand for Qingdao’s retail properties. 根据政府统计数据，青岛2013年GDP预计同比 增长10.5%。年内社会消费品零售额预计同比增 长15%。从本质而言，强劲的经济表现应将继 续支持青岛商铺物业的需求增长。 www.colliers Accelerating success. 482 ofces in 62 countries on 6 continents USA140 canada42 Latin America20 Asia Pacifc195 EMEA85 $2 billion in annual revenue 104 million sqm under management Over 13,500 professionals worldwide CHINA: Beijing Suite 502, Tower W3, Oriental Plaza, No.1, East chang An Avenue, Dongcheng District, Beijing, 100738, P. R. china George Yeung Managing Director North china TEL+86 10 85181633 FAX+86 10 85181638 george.yeung@colliers carlby Xie Director Research, china TEL+86 21 61413590 FAX+86 21 61413699 carlby.xie@colliers This report and other research materials may be found on our website at www.colliers.Questions related to information herein should be directed to the Research Department at the number indicated above.This document has been prepared by colliers international for advertising and general information only.colliers international makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability.Any interested party should undertake their own inquiries as to the accuracy of the information.colliers international excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from.colliers international is a worldwide affiliation of independently owned and operated companies. RESEARCH & FORECAST REPORT|1H 2013 |RETAIL |QINGDAO