Hong Kong Property Special

Deutsche Bank Markets Research

Asia Industry Date Hong Kong 15 December 2015 Property Hong Kong Property Property Industry Update Special

Tony Tsang Jason Ching, CFA Research Analyst Research Analyst Canton Road losing out to Ginza (+852) 2203 6256 (+852) 2203 6205 [email protected] [email protected] Chuo-dori

Downturn in HK retail likely to be more serious than market expects Top picks We have just hosted a property tour of Tokyo, visiting various property CK Property (1113.HK),HKD50.40 Buy projects. A key observation is that the bustling Chinese tourist retail scene and Sino Land Co (0083.HK),HKD11.34 Buy numerous tour buses that used to be present in HK (but are no longer) are now New World Dev (0017.HK),HKD7.54 Buy evident in Tokyo. In our view, in addition to more and better tourist attractions MTR Corp (0066.HK),HKD36.35 Buy (plus better service and attitude toward tourists) in Tokyo vs. HK, the lower JPY Hang Lung Properties Buy FX rate (and inability of HKD to adjust given the linked exchange rate) is a key (0101.HK),HKD17.38 reason for this shift in the pattern of mainland tourism. As prices of consumer Source: Deutsche Bank goods and prime retail rents in Tokyo are significantly lower than in HK, retail rents in HK should fall significantly in the absence of HKD adjustments. Companies Featured CK Property (1113.HK),HKD50.40 Buy We see a multi-phase and multi-year downturn in HK retail sales and rents Sino Land Co (0083.HK),HKD11.34 Buy Looking at over 1,700 retail items in 39 categories of interest to mainland New World Dev (0017.HK),HKD7.54 Buy tourists (such as shoes, watches, rice cookers, toilet seats, hairdryers, MTR Corp (0066.HK),HKD36.35 Buy cameras, handbags and leather goods, fruit, cigarettes, F&Bs, beauty products, Hang Lung Properties Buy fashion, pharmaceuticals, milk powder), we found that 1) over 45% of the (0101.HK),HKD17.38 items in Tokyo are not available in HK; and 2) retail prices in Tokyo are on Hongkong Land Holdings Ltd Hold average 34% lower than in HK (international brands are 15% cheaper and (HKLD.SI),USD6.91 other items 36%). This suggests that Tokyo offers mainland tourists a superior Hysan Development (0014.HK),HKD32.00 Sell range of goods at more attractive prices, reflecting the structural Great Eagle Hldgs (0041.HK),HKD24.60 Sell disadvantages of HK. In the next four years, we expect a multi-leg de-rating of Link REIT (0823.HK),HKD46.00 Hold

HK retail, hit by factors such as 1) a continued fall in mainland tourist arrivals SHK Properties Ltd (0016.HK),HKD93.50 Buy

(which has already happened); 2) weakening domestic consumption (which Wharf (0004.HK),HKD42.10 Hold has just started); 3) likely further RMB depreciation (given cheaper currencies Source: Deutsche Bank such as JPY, KRW and Euro); and 4) a likely further reduction in luxury goods tax in China (to encourage domestic consumption). Hong Kong also losing out on tourist spots to attract mainland tourists According to the latest studies by the China Institute of City Competitiveness, HK no longer has a place in the top 30 special tourist cities in mainland China, suggesting that HK can no longer compete with most other mainland cities, not to mention overseas tourist destinations. On our analysis, there are only 14 key tourist attractions in HK (and this number has risen by only one in the past 10 years), compared to over 200 attractions in the Greater Tokyo area, over 200 in the Kyoto-Osaka-Kobe area and over 100 in Seoul (and these numbers have continued to rise). In our view, the lack of key tourist attractions in HK suggests that mainland tourists are now less likely to make multiple visits to HK. To regain competitiveness in tourism, HK needs to build more tourist attractions (which is hard given high construction labour costs) and/or reduce retail prices (as HKD FX rates cannot adjust), which means lower retail rents. HK retail rents likely to fall by up to 58% in the full downturn ahead As shopping is the primary reason for mainland tourists to visit HK, we believe a worst-case scenario would be all mainland tourists diverting to Japan/Korea/ Europe as shopping destinations due to unfavourable currency movements. In this scenario, retail sales would likely fall back to reflect consumption by locals, implying that retail sales could potentially halve from current levels. Looking at previous cycles, once the downturn phase is confirmed, the downward cycle can last for at least 36 months. With the downturn confirmed (HK retail sales have declined for eight consecutive months since March 2015), we expect retail rents to fall by up to 58% in the next three to four years. ______Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 124/04/2015.

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Table Of Contents

Tokyo: A new shopping paradise for mainland tourists ...... 3 We remain negative on retail landlords and hotels in HK; Stay defensive for HK property ...... 3 Retail prices in Tokyo are about 40% cheaper than in HK ...... 3 HK becoming out of favour for mainland tourists ...... 6 Hong Kong no longer an attractive tourist destination for mainland tourists ..... 6 Retail rents likely to fall by up to 58% in the full downturn ahead ...... 19 Retail sales could potentially halved if Mainland tourists are no longer coming to Hong Kong ...... 19 For 2016, we expect retail rents fall by at least 20% ...... 25 Details of 2015 DB Tokyo vs. HK retail prices comparison study ...... 30 We have looked at over 1,700 retail items in 39 categories in Tokyo ...... 30 HK residential property market update ...... 79 Transacted prices of major housing estates ...... 83 HK commercial property market update ...... 87 HK macro update ...... 90 HK policy summary ...... 93 Taking a look at valuations ...... 100

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Tokyo: a new shopping paradise for mainland tourists

We remain negative on retail landlords and hotels in HK; stay defensive on HK property

We have just hosted a property tour of Tokyo, visiting various property projects. A key observation is that the bustling Chinese tourist retail scene and numerous tour buses that used to be present in Canton Road in HK (but are no longer) are now evident in Tokyo, especially in the Chuo-dori in Ginza. In our view, in addition to more and better tourist attractions (as well as better service and attitude toward tourists) in Tokyo vs. HK, the lower JPY FX rate (and inability of the HKD to adjust given the linked exchange rate) is a key reason for this shift in the pattern of mainland touristm. As the prices of consumer goods and prime retail rents in Tokyo are significantly lower than in HK, retail rents in HK should fall significantly in the absence of any currency adjustments in the HKD.

Our top picks are CK Prop (for its relatively low land cost), Sino Land (for its high net cash position and high dividend yield supported by recurrent income), and MTRC and Hang Lung Prop (for their defensive portfolios), as we believe their current share prices already factor in a residential price decline of 30%. We also like NWD for its attractive valuation and improving management track record. We remain concerned about the outlook for HK retail and hotel markets, and retain Sell on Hysan and Great Eagle. Our TPs are based on NAV discounts. Key risks: unexpected economic and political volatility.

Retail prices in Tokyo are about 40% cheaper than in HK

On our property tour, we looked at over 1,700 retail items in 39 categories in Tokyo in which mainland tourists are interested. These include toys, TV games and games consoles, watches, shoes, electrical and electronic appliances (such as rice cookers, air purifiers, hairdryers, shavers, TVs, refrigerators, kettles, toothbrushes), cameras and lenses, sweets and chocolate, handbags and leather accessories, cigarettes, fast food, fruit, ramen, luxury restaurants, sake and wines, kitchenware, toiletries, beauty products and beauty appliances, body care products, fitness products, computers and accessories, fashion and clothing, household products, pharmaceuticals and general medicines, milk powders, etc.

In our analysis, comparing the availability and retail prices of these consumer goods in Tokyo and Hong Kong, we found that:

1) Over 45% of these items are not available in HK;

2) The retail prices of international brands in Tokyo are on average 15% lower than in HK; and

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3) The retail prices of the other items are 36% lower in Tokyo than in HK.

This highlights that Tokyo offers a superior range of products at prices that are significantly more attractive to mainland tourists than prices in HK – and that these advantages should continue.

In our view, the advantages of Tokyo over HK represent just one of the main examples reflecting the structural disadvantages of HK retail (such as high property prices, rents and operating costs) compared with other tourist destinations. Over the next four to five years, we expect a multi-leg de-rating of HK retail, driven by:

1) a decline in mainland tourist arrivals (which has already happened);

2) weakening domestic consumption (which has just started);

3) likely further depreciation of the RMB (given cheaper currencies such as JPY, KRW and Euro); and

4) a likely further reduction in luxury goods tax in China (to encourage domestic consumption).

Figure 1: Results of 2015 DB Tokyo vs. Hong Kong retail price comparison study Summary Tokyo Prices vs. HK Prices Overall Average -34% Number of "NA in HK" 782 Total Sample Size 1,728 % "NA in HK" 45% Overall Average (Ex. International brands (Imported) and Autos) -36%

Average International Brands (Imported) -15% Max International Brands (Imported) -47% Min International Brands (Imported) 13%

Average International Autos -56% Average Other Retail Items -36% By Category Tokyo Prices vs HK Prices Air Purifiers -48% Baby Care -51% Bathroom Appliances NA in HK Beauty Appliances -48% Beverages -21% Biking -34% Body Care/ Beauty -31% Cameras/ Lenses -26% Kitchenware -40% Chocolatier -37% Cigarettes -48% Digital Pianos -39% Electric Water Heaters -40% Source: Deutsche Bank The DB property team has visited shops in shopping areas including Ginza, Nihonbashi, Shinjuku, Aoyama, Omotesando, Shibuya, Ebisu, Ropongi, Shiodome, Marunouchi, Akihabara, Yokohama.

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Figure 1: Results of 2015 DB Tokyo vs. Hong Kong retail price comparison study (cont’d) Summary Tokyo Prices vs. HK Prices Electronic Appliances -53% Eye Care -42% Fashion -48% Fast Food -1% Fruit -59% Games Consoles -34% Mint/Gum -44% Hair Dryers -33% Fine Dining -44% Household Products -28% Luggage -30% Milk Powder -44% Miscellaneous -34% Pharmaceuticals -41% PC Products -30% Ramen -37% Refrigerators -25% Rice Cookers -57% Sake -42% Shavers -34% Toys -42% TVs -33% Watches -49% Wristbands -22% International Brands (Imported) -15% International Imported Autos -56% Source: Deutsche Bank The DB property team has visited shops in shopping areas including Ginza, Nihonbashi, Shinjuku, Aoyama, Omotesando, Shibuya, Ebisu, Ropongi, Shiodome, Marunouchi, Akihabara, Yokohama.

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HK becoming out of favour for mainland tourists

Hong Kong no longer an attractive tourist destination for mainland tourists

According to the latest studies by the China Institute of City Competitiveness, in the top 30 special tourist cities (ranked based on uniqueness of tourist resources, specialty and availability of tourist products and services, uniqueness of tourist culture, breadth and depth of tourist history, and satisfaction levels and comments of tourists during their previous travels) in mainland China, HK no longer has a space, suggesting that HK as a tourist destination (for mainland tourists) can longer compete with most other mainland China, not to mention overseas tourist destinations.

Figure 2: Top 30 Chinese cities with best tourism characteristics Rank Name of City (Chinese) Name of City (English) 1 拉薩 Lhasa 2 澳門 Macau 3 青島 Qingdao 4 昆明 Kunming 5 洛陽 Luoyang 6 大連 Dalian 7 哈爾濱 Harbin 8 煙臺 Yantai 9 清遠 Qingyuan 10 撫順 Fushun 11 承德 Chengde 12 林芝 Linzhi 13 肇慶 Zhaoqing 14 呼倫貝爾 Hulunbuir 15 聊城 Liaocheng 16 遵義 Zunyi 17 桂林 Guilin 18 黃山 Huangshan 19 安順 Anshun 20 延安 Yan'an 21 烏魯木齊 Urumqi 22 紹興 Shaoxing 23 揚州 Yangzhou 24 棗莊 Zaozhuang 25 銀川 Yinchuan 26 瀘州 Luzhou 27 吉林 Jilin 28 九江 Jiujiang 29 大同 Datong 30 湘潭 Xiangtan Source: China Institute of City Competitiveness, Deutsche Bank

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On our analysis, there are only 14 key tourist attractions in HK (and this number has risen only by 1 in the past 10- years), compared to over 200 tourist attractions in Greater Tokyo area, over 200 in Kyoto-Osaka-Kobe area, and over 100 in Seoul (and such numbers have continued to rise each year). In our view, the lack of key tourists attractions in HK suggested that multiple visits by mainland tourists

Figure 3: Key tourist attractions in Hong Kong, Now vs. 2005 Current 2005 The Peak (Improvement Scheme completed in The Peak 2008) Hong Kong Disneyland Resort (Expansion Hong Kong Disneyland Resort completed in 2013) Ocean Park Hong Kong (Master Redevelopment Ocean Park Hong Kong Plan completed in 2012) Wong Tai Sin Temple Wong Tai Sin Temple Ladies' Market and Temple Street Ladies' Market and Temple Street Big Buddha and Ngong Ping 360 Big Buddha Repulse Bay Repulse Bay Tin Hau Temple at Shau Kei Wan Tin Hau Temple at Shau Kei Wan Shing Wong Temple Shing Wong Temple Stanley Market and Stanley Main Street Stanley Market and Stanley Main Street Che Kung Temple at Sha Tin Che Kung Temple at Sha Tin Wishing Trees and Tin Hau Temple at Lam Tsuen Wishing Trees and Tin Hau Temple at Lam Tsuen Cheung Chau Cheung Chau The Hong Kong Observation Wheel Source: Deutsche Bank

Figure 4: Key tourists attractions in Tokyo: Now vs. 2005 Districts Current 2005 Akihabara 2k540 Aki -Oka Artisan 2k540 Aki -Oka Artisan Akihabara Akiba Cultures Zone Akiba Cultures Zone Akihabara Akihabara UDX Restaurant Row Akihabara UDX Restaurant Row Akihabara Jinbocho Theater Jinbocho Theater Akihabara Kanda Myojin Shrine Kanda Myojin Shrine Akihabara mAAch ecute KANDA MANSEIBASHI mAAch ecute KANDA MANSEIBASHI Akihabara Mandarake Mandarake Akihabara Radio Kaikan Akihabara Radio Kaikan Akihabara Akihabara Yodobashi Akiba Yodobashi Akiba Aoyama Farmer's Market Farmer's Market Aoyama Taro Okamoto Memorial Museum Taro Okamoto Memorial Museum Asakusa Asakusa Culture Tourist Information Center Asakusa Culture Tourist Information Center Asakusa Asakusa Engei Hall Asakusa Engei Hall Asakusa Asakusa Hanayashiki Asakusa Hanayashiki Asakusa Bandai Headquarter Bandai Headquarter Asakusa Denbouin-dori Street Denbouin-dori Street Asakusa Kaminari Gate (Furai Shrine Gate) Kaminari Gate (Furai Shrine Gate) Asakusa Kappabashi Dougu Street Kappabashi Dougu Street Asakusa Mukojima-Hyakkaen Garden Mukojima-Hyakkaen Garden Asakusa Nakamise Avenue Nakamise Avenue Asakusa Sensoji Temple Sensoji Temple Daikanyama Hillside Terrace Hillside Terrace

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Daikanyama Important Cultural Property: Former Residence of the Asakura Important Cultural Property: Former Residence of the Asakura Family Family Daikanyama Kamawanu Kamawanu Ebitsu Joel Robuchon Restaurant Joel Robuchon Restaurant Ebitsu Museum of Yebisu Beer Museum of Yebisu Beer Ebitsu Yebisu Garden Place Yebisu Garden Place Ginza Dover Street Market Ginza Dover Street Market Ginza Ginza Ginza Dori Ginza Dori Ginza Ginza Kyubey Restaurant Ginza Kyubey Restaurant Ginza Ginza Wako Ginza Wako Ginza Hankyu Men's Tokyo Hankyu Men's Tokyo Ginza Hibiya Park Hibiya Park Ginza Ito Ya Ito Ya Ginza Kabuki Za Kabuki Za Ginza Muji Flagship Store Muji Flagship Store Ginza Sony Building Sony Building Ginza Tokyo takarazuka theater Tokyo takarazuka theater Hakone Fujiya Hotel Fujiya Hotel Hakone Gora Cable Car Gora Cable Car Hakone Gora Park Gora Park Hakone Hakone Botanical Garden of Wetlands Hakone Botanical Garden of Wetlands Hakone Hakone Glass Forest Hakone Glass Forest Hakone Hakone Kowakien Yunessun Hakone Kowakien Yunessun Hakone Hakone Open-Air Museum Hakone Open-Air Museum Hakone Hakone Shrine Hakone Shrine Hakone Hakone Toy Museum Hakone Toy Museum Hakone Hakone Yumoto Onsen Hakone Yumoto Onsen Hakone Hakone Check Point Exhibition Hakone Check Point Exhibition Hakone Hakone Old Tokaido Highway Museum Hakone Old Tokaido Highway Museum Hakone Hatajuku Yoriki Kaikan Hatajuku Yoriki Kaikan Hakone Museum of Saint-Exupery and The Little Prince in Hakone Museum of Saint-Exupery and The Little Prince in Hakone Hakone Narukawa Art Forum Narukawa Art Forum Hakone Odawara Castle Donjon Odawara Castle Donjon Hakone Onshi-Hakone-Koen Park Onshi-Hakone-Koen Park Hakone Owakudani Owakudani Hakone Pola Museum of Art Pola Museum of Art Harajuku Design Festa Gallery Harajuku Design Festa Gallery Harajuku Harajuku KIDDY LAND Harajuku Store KIDDY LAND Harajuku Store Harajuku Laforet Harajuku Laforet Harajuku Harajuku Meiji Jingu Shrine Meiji Jingu Shrine Harajuku Nezu Museum Nezu Museum Harajuku Spiral Spiral Harajuku Takeshita Street Takeshita Street Harajuku Taro Okamoto Memorial Museum Taro Okamoto Memorial Museum Ikebukuro Animate Ikebukuro Flagship Store Animate Ikebukuro Flagship Store Ikebukuro Jiyu Gakuen Myonichikan Jiyu Gakuen Myonichikan Ikebukuro Otome Road Otome Road Ikebukuro Seibu Ikebukuro Flagship Store Seibu Ikebukuro Flagship Store Ikebukuro Sunshine 60 Observatory (Under renovation) Sunshine 60 Observatory (Under renovation) Ikebukuro Sunshine City Sunshine City Ikebukuro Tobu Department Store Tobu Department Store Ikebukuro Tokyo Metropolitan Theatre Tokyo Metropolitan Theatre Ikebukuro Tokyu Hands Ikebukuro Tokyu Hands Ikebukuro

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Ikebukuro Zoshigaya Kishimojindo Temple Zoshigaya Kishimojindo Temple Jiyugaoka La vita La vita Jiyugaoka Sweet Forest Sweet Forest Karuizawa Church Street Church Street Karuizawa Hoshino Resort Area Hoshino Resort Area Karuizawa Karuizawa Forest of Muse Karuizawa Forest of Muse Karuizawa Karuizawa Ginza Karuizawa Ginza Karuizawa Karuizawa New Art Museum Karuizawa New Art Museum Karuizawa Karuizawa Photo Studio · Karuizawa Photo Studio · Karuizawa Karuizawa Prince Shopping Plaza Karuizawa Prince Shopping Plaza Karuizawa Karuizawa Shaw Memorial Church Karuizawa Shaw Memorial Church Karuizawa Karuizawa Taliesen Karuizawa Taliesen Karuizawa Kumoba Pond Kumoba Pond Karuizawa Kyu-Karuizawa Kyu-Karuizawa Karuizawa Naka-Karuizawa Naka-Karuizawa Karuizawa Old Mikasa Hotel Old Mikasa Hotel Karuizawa Onioshidashi Park Onioshidashi Park Karuizawa Sengataki Falls Sengataki Falls Karuizawa Sezon Museum of Modern Art Sezon Museum of Modern Art Karuizawa Shiraito Waterfall Shiraito Waterfall Karuizawa St. Paul's Catholic Church St. Paul's Catholic Church Karuizawa Usui Pass Deck Usui Pass Deck Kichijoji Ghibli Museum Ghibli Museum Kichijoji Inokashira Park Inokashira Park Marunouchi Hibiya Park Hibiya Park Marunouchi Imperial Theater Imperial Theater Marunouchi Marunouchi Naka-Dori Street Marunouchi Naka-Dori Street Marunouchi Marunouchi Oazo Marunouchi Oazo Marunouchi Mitsubishi Ichigokan Museum, Tokyo Mitsubishi Ichigokan Museum, Tokyo Marunouchi Outer Garden of the Imperial Palace Outer Garden of the Imperial Palace Marunouchi Tokyo Station Gallery (Renovated) Tokyo Station Gallery (Renovated) Marunouchi Tokyo Station Marunouchi Station Building Tokyo Station Marunouchi Station Building Nakameguro Meguro Kawa Meguro Kawa Nakano Nakano Broadway Nakano Broadway Nihombashi Amazake Alley Amazake Alley Nihombashi Bank of Japan Currency Museum Bank of Japan Currency Museum Nihombashi Bank of Japan Headquarters Bank of Japan Headquarters Nihombashi Meijiza Theater Meijiza Theater Nihombashi Mitsui Headquarters Mitsui Headquarters Nihombashi Mitsui Memorial Museum Mitsui Memorial Museum Nihombashi Nihombashi Nihombashi Nihombashi Nihonbashi Takashimaya Nihonbashi Takashimaya Nihombashi Suitengu Shrine Suitengu Shrine Odaiba/ Shiodome Aqua City Odaiba Aqua City Odaiba Odaiba/ Shiodome Caretta Shiodome Caretta Shiodome Odaiba/ Shiodome DECKS TOKYO BEACH DECKS TOKYO BEACH Odaiba/ Shiodome Fuji Television Fuji Television Odaiba/ Shiodome Madame Tussauds Tokyo Madame Tussauds Tokyo Odaiba/ Shiodome Mega Web Toyota City Showcase Mega Web Toyota City Showcase Odaiba/ Shiodome National Museum of Emerging Science and Innovation National Museum of Emerging Science and Innovation Odaiba/ Shiodome Odaiba Seaside Park Odaiba Seaside Park Odaiba/ Shiodome Ooedo-Onsen-Monogatari Ooedo-Onsen-Monogatari Odaiba/ Shiodome Palette Town Palette Town

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Odaiba/ Shiodome Venus Fort Venus Fort Roppongi Mohri Garden Mohri Garden Roppongi Mori Art Museum Mori Art Museum Roppongi Roppongi Hills Roppongi Hills Roppongi Suntory Hall Suntory Hall Roppongi Suntory Museum of Art Suntory Museum of Art Roppongi TV Asahi Corporation TV Asahi Corporation Shibuya 0101 Shibuya 0101 Shibuya Shibuya 108 Men's Shibuya 108 Men's Shibuya Shibuya Bunkamura Bunkamura Shibuya Kanze Noh Theater Kanze Noh Theater Shibuya Ota Memorial Museum of Art Ota Memorial Museum of Art Shibuya Shibuya 109 Shibuya 109 Shibuya Shibuya Hikarie - ShinQs Shibuya Hikarie - ShinQs Shibuya Shibuya parco 1 Shibuya parco 1 Shibuya Toguri Museum of Art Toguri Museum of Art Shibuya Tokyo Wonder Site Shibuya Tokyo Wonder Site Shibuya Shibuya Tokyu Hands Shibuya Tokyu Hands Shibuya Shibuya Yoyogi Park Yoyogi Park Shinjuku 0101 Shinjuku 0101 Shinjuku Shinjuku Hanazono Shrine Hanazono Shrine Shinjuku Lumine The Yoshimoto Lumine The Yoshimoto Shinjuku MODE GAKUEN Cocoon Tower MODE GAKUEN Cocoon Tower Shinjuku New National Theatre, Tokyo New National Theatre, Tokyo Shinjuku Shinjuku Gyoen National Garden Shinjuku Gyoen National Garden Shinjuku Shinjuku Hanazono Golden Town Shinjuku Hanazono Golden Town Shinjuku Shinjuku Sanchome Shinjuku Sanchome Shinjuku Shinjuku West Exit Omoide Alley Shinjuku West Exit Omoide Alley Shinjuku Studio Alta Studio Alta Shinjuku Takashimaya Times Square Takashimaya Times Square Shinjuku Tokyo Metropolitan Government Tokyo Metropolitan Government Shinjuku Tokyo Opera City Tokyo Opera City Tsukiji Tsukiji Fish Market Tsukiji Fish Market Ueno Kyu Iwasaki-tei Gardens Kyu Iwasaki-tei Gardens Ueno National Museum of Nature and Science, Tokyo National Museum of Nature and Science, Tokyo Ueno National Museum of Western Art National Museum of Western Art Ueno Taito-kuShitamachi Museum Taito-kuShitamachi Museum Ueno The Ueno Royal Museum The Ueno Royal Museum Ueno Tokyo Bunka Kaikan Tokyo Bunka Kaikan Ueno Tokyo Metropolitan Art Museum Tokyo Metropolitan Art Museum Ueno Tokyo National Museum Tokyo National Museum Ueno Ueno Ameyoko Shotengai Ueno Ameyoko Shotengai Ueno Ueno Park Ueno Park Ueno Ueno Toshogu Shrine Ueno Toshogu Shrine Ueno Ueno Zoological Gardens Ueno Zoological Gardens Yokohama Chinatown Chinatown Yokohama Cosmo World Cosmo World Yokohama Kirin Beer Village Kirin Beer Village Yokohama Landmark Tower Landmark Tower Yokohama Manyo Club Manyo Club Yokohama Minato Mirai 21 Minato Mirai 21 Yokohama Mitsubishi Minatomirai Industrial Museum Mitsubishi Minatomirai Industrial Museum Yokohama Nippon Maru Nippon Maru

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Yokohama Osanbashi Pier Osanbashi Pier Yokohama Pacifico Convention Center Pacifico Convention Center Yokohama Queen's Square Queen's Square Yokohama Ramen Museum Ramen Museum Yokohama Red Brick Warehouse Red Brick Warehouse Yokohama Sankeien Garden Sankeien Garden Yokohama World Porters World Porters Yokohama Yamashita Park Yamashita Park Yokohama Yamate and Motomachi Yamate and Motomachi Yokohama Yokohama Hakkeijima Sea Paradise Yokohama Hakkeijima Sea Paradise Yokohama Yokohama Museum of Art Yokohama Museum of Art Yokohama Zoorasia Zoorasia Akasaka Akasaka Sacas Asakusa Sumida Aquarium Asakusa Tokyo Skytree Asakusa Tokyo Solamachi Asakusa Tenku Planeterium Asakusa Sky Duck (Activity) Asakusa Reflectscape Daikanyama T-Site Ginza Yurakucho 0101 ITOCiA Harajuku Omotesando Hills Harajuku Tokyu Plaza Harajuku GYRE Harajuku Plus/Minus Zero Showroom Ikebukuro Namja Town Ikebukuro Sunshine Aquarium (Renovated) Ikebukuro J-World Tokyo Jiyugaoka Trainchi Kichijoji Kirarina Marunouchi KITTE Marunouchi First Avenue Tokyo Station Marunouchi Shin-Marunouchi Building Odaiba/ Shiodome DiverCity Tokyo Plaza Odaiba/ Shiodome LEGOLAND Discovery Center Tokyo Odaiba/ Shiodome Lalaport Toyosu Odaiba/ Shiodome NTV Giant Clock by Hayao Miyasaki Roppongi 21_21 Design Sight Roppongi The National Art Center, Tokyo Roppongi Tokyo Midtown Shibuya NHK Studio Park Ueno Ueno 3153 Building Yokohama Minato Mirai Yokohama Cup Noodles Museum Yokohama Orbi Yokohama Yokohama Baby Star Land (Yokohama Hakurankan) Yokohama Anpanman Children's Museum Yokohama Hara Model Railway Museum Source: Deutsche Bank

In our view, with mainland tourists maturing and looking for new experiences, the attractiveness of HK will continue to decline. To regain tourist competitiveness, HK needs to build more tourist attractions (which is difficult

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given high construction labour cost) and/or have lower retail prices (as HKD FX rates cannot adjust) which means lower retail rents.

Figure 5: Key tourists attractions in Kyoto-Osaka-Kobe: Now vs. 2005 City Current 2005 Osaka Abeno Hoop Mall Abeno Hoop Mall Osaka Abeno Natural Days Mall Abeno Natural Days Mall Osaka Asia Pacific Trade Center Asia Pacific Trade Center Osaka Bicycle Museum Bicycle Museum Osaka Big Step Big Step Osaka Bunraku Theater Bunraku Theater Osaka Children's Museum Big Bang Children's Museum Big Bang Osaka Crysta Underground Shopping Mall Crysta Underground Shopping Mall Osaka Daimaru Department Store Daimaru Department Store Osaka Diamor Underground Shopping Mall Diamor Underground Shopping Mall Osaka Don Quijote Store Don Quijote Store Osaka Dotonbori Konamon-Museum Dotonbori Konamon-Museum Osaka E-ma E-ma Osaka Glico Running Man at Shinsaibashi Glico Running Man at Shinsaibashi Osaka Hankyu Departmanet Store Osaka Hankyu Departmanet Store Osaka Osaka Harukoma Sushi Harukoma Sushi Osaka Hep Five Hep Five Osaka Hokkyukusei Omlette Rice Hokkyukusei Omlette Rice Osaka Houzenji Temple Houzenji Temple Osaka Jan-Jan Yokocho Street Jan-Jan Yokocho Street Osaka Kamigata Ukiyoe Museum Kamigata Ukiyoe Museum Osaka Kani Douraku Kani Douraku Osaka Ken Hamazaki Red Museum Ken Hamazaki Red Museum Osaka Kids Plaza Osaka Kids Plaza Osaka Osaka Kishiwada CanCan Bayside Mall Kishiwada CanCan Bayside Mall Osaka Kita (Umeda) Kita (Umeda) Osaka Kuromon Ichiba Market Kuromon Ichiba Market Osaka Lalaport Koshien Lalaport Koshien Osaka Minami (Namba) Minami (Namba) Osaka Minoo Park Minoo Park Osaka Mitsui Outlet Park Tsurumi Mitsui Outlet Park Tsurumi Osaka Momofuku Ando Instant Ramen Museum Momofuku Ando Instant Ramen Museum Osaka Museum of History Museum of History Osaka Nakasaki Machi Nakasaki Machi Osaka Namba Parks Namba Parks Osaka Namba Yasaka Shrine Namba Yasaka Shrine Osaka NU Chayamachi NU Chayamachi Osaka Old Sakai Lighthouse Old Sakai Lighthouse Osaka Organic Building Osaka Organic Building Osaka Osaka Osaka Aquarium (new exhibition space added) Osaka Aquarium Osaka Osaka Castle Osaka Castle Osaka Osaka Museum of Housing and Living Osaka Museum of Housing and Living Osaka Osaka Perfectural Nakanoshima Library Osaka Perfectural Nakanoshima Library Osaka Rinku Premium Outlet Rinku Premium Outlet Osaka Sakai City Hall Observatory Lobby Sakai City Hall Observatory Lobby Osaka Sakai City Tea House Sakai City Tea House Osaka Sakura Building Sakura Building Osaka Santa Maria Cruise Santa Maria Cruise

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Osaka Science Museum Science Museum Osaka Seacle Factory Outlet Seacle Factory Outlet Osaka Sennichimae Doguyasuji Shopping Street Sennichimae Doguyasuji Shopping Street Osaka Shinsaibashi OPA Shinsaibashi OPA Osaka Shinsekai Shinsekai Osaka Shitennoji Temple Shitennoji Temple Osaka Spa World Spa World Osaka Sumiyoshi Taisha Sumiyoshi Taisha Osaka Tachibana Street Tachibana Street Osaka Takarazuka Revue Theater Takarazuka Revue Theater Osaka Takoyaki Douraku Wanaka Takoyaki Douraku Wanaka Osaka Tempozan Ferris Wheel Tempozan Ferris Wheel Osaka Tenjin Matsuri Tenjin Matsuri Osaka Tenmangu Shrine Tenmangu Shrine Osaka Tennoji Zoo Tennoji Zoo Osaka Tezuka Osamu Manga Museum Tezuka Osamu Manga Museum Osaka The National Museum of Art, Osaka The National Museum of Art, Osaka Osaka Tsuboraya Main Store Tsuboraya Main Store Osaka Tsutenkaku Tsutenkaku Osaka Umeda Sky Building Umeda Sky Building Osaka Universal Studios Universal Studios Osaka Whity Underground Shopping Mall Whity Underground Shopping Mall Osaka Abeno Harukas Osaka Breeze Breeze Osaka Grand Front Osaka Osaka Hep Navio/ Hangkyu Men's Kan (renovated) Osaka Lucua 1100 Osaka Nakaza Kuidaore Building Osaka Namba City (Renovated) Osaka Namba HIPS Osaka National Art Museum (Formerly housed in Expo Museum of Fine Arts) Osaka Osaka Station City Osaka Super Kids Land Osaka Q's Mall Osaka Uniqlo Flagship Store at Shinsaibashi Osaka Urban Terrace Chayamachi Kyoto Arashiyama Park Arashiyama Park Kyoto Chion-in Temple Chion-in Temple Kyoto Cocon Karasuma Cocon Karasuma Kyoto Daigoji Temple Daigoji Temple Kyoto Daigokuden Main Store Daigokuden Main Store Kyoto Daikakuji Temple Daikakuji Temple Kyoto Daitokuji Temple Daitokuji Temple Kyoto Dekoboko An Workshop Dekoboko An Workshop Kyoto Eikando Temple Eikando Temple Kyoto Enkoji Temple Enkoji Temple Kyoto Enyama Park Enyama Park Kyoto Fushimi Inari Shrine Fushimi Inari Shrine Kyoto Fushimi Sake District Fushimi Sake District Kyoto Ginkakuji Ginkakuji Kyoto Gion Kyouen Gion Kyouen Kyoto Gion-koishi Tearoom Gion-koishi Tearoom

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Property Hong Kong Property Special

Kyoto Hachisaka Shrine Hachisaka Shrine Kyoto Hakumanben's Handmade Market Hakumanben's Handmade Market Kyoto Hanami-koji Street Hanami-koji Street Kyoto Heian Shrine Heian Shrine Kyoto Hieizan Hieizan Kyoto Higashiyama Higashiyama Kyoto Hirano Jinja Shrine Hirano Jinja Shrine Kyoto Hisago Sushi Main Store Hisago Sushi Main Store Kyoto Hongwanji Temple Hongwanji Temple Kyoto Honke Yatsuhashi Nishio Honke Yatsuhashi Nishio Kyoto Hozugawa Cruise Hozugawa Cruise Kyoto Ichizawa Shinzaburo Hanpu Ichizawa Shinzaburo Hanpu Kyoto Kamo Wake Ikazuchi Jinja Kamo Wake Ikazuchi Jinja Kyoto Katsura Villa Katsura Villa Kyoto Keage Incline Keage Incline Kyoto Kibune Kibune Kyoto Kinkakuji Kinkakuji Kyoto Kitano Tenmangu Kitano Tenmangu Kyoto Kiyomizudera Kiyomizudera Kyoto Kodaiji Temple Kodaiji Temple Kyoto KOHO Nishiki traditional textile studio KOHO Nishiki traditional textile studio Kyoto Kokedera Kokedera Kyoto Kurama Kurama Kyoto Kyo-gokoro Kyo-gokoro Kyoto Kyoto Handcraft Center Kyoto Handcraft Center Kyoto Kyoto Imperial Palace Kyoto Imperial Palace Kyoto Kyoto National Museum Kyoto National Museum Kyoto Kyoto Ramen Koji Kyoto Ramen Koji Kyoto Kyoto Station Kyoto Station Kyoto Kyoto Tower Kyoto Tower Kyoto Kyo-Yuzen Workshop Marumasu-Nishimuraya Kyo-Yuzen Workshop Marumasu-Nishimuraya Kyoto Manshuin Temple Manshuin Temple Kyoto Osaka City Central Public Hall Osaka City Central Public Hall Kyoto Shibakawa Building Shibakawa Building Kyoto Maruyama Park Maruyama Park Kyoto Myoshinji Temple Myoshinji Temple Kyoto Nanzenji Temple Nanzenji Temple Kyoto Nijo Castle Nijo Castle Kyoto Nijo Jinya (Renovated) Nijo Jinya Kyoto Ninnaji Temple Ninnaji Temple Kyoto Nishigite Shrine Nishigite Shrine Kyoto Nishiki Food Market Nishiki Food Market Kyoto Nonomiya Shrine Nonomiya Shrine Kyoto Ohara Ohara Kyoto Osaka Aquarium KAIYUKAN Osaka Aquarium KAIYUKAN Kyoto Osaka Castle Park Osaka Castle Park Kyoto Osaka Mint Bureau Osaka Mint Bureau Kyoto Philosopher's Path Philosopher's Path Kyoto Pontocho Pontocho Kyoto Ryoanji Temple Ryoanji Temple Kyoto Sagano Railway Sagano Railway Kyoto Sanjusangendo Sanjusangendo Kyoto Sanzenin Temple Sanzenin Temple

Page 14 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

Kyoto Sento Palace Sento Palace Kyoto Sfera Building Sfera Building Kyoto Shijo Kawaramachi Shijo Kawaramachi Kyoto Shinnyodo Temple Shinnyodo Temple Kyoto Shinpuhkan Shinpuhkan Kyoto Shirakawa Shirakawa Kyoto Shogunzuka Mound Shogunzuka Mound Kyoto Shokokuji Temple Shokokuji Temple Kyoto Shorenin Temple Shorenin Temple Kyoto Shoyeido Shoyeido Kyoto Shugakuin Villa Shugakuin Villa Kyoto Sohonke Yudofu Okutan Kiyomizu Sohonke Yudofu Okutan Kiyomizu Kyoto Takao Takao Kyoto Tenryuji Temple Tenryuji Temple Kyoto Tetsugaku-no-michi Road Tetsugaku-no-michi Road Kyoto Toei Eigamura Toei Eigamura Kyoto Tofukuji Temple Tofukuji Temple Kyoto Togetsu-kyo Bridge Togetsu-kyo Bridge Kyoto Toji Antique Market Toji Antique Market Kyoto Toji Temple Toji Temple Kyoto Yasaka Shrine Yasaka Shrine Kyoto Universal City Walk Universal City Walk Kyoto Yoshiminedera Yoshiminedera Kyoto Tempozan Marketplace Tempozan Marketplace Kyoto 0101 Kyoto Kyoto BAL Kyoto Kyoto KOTO+ Kyoto Kyoto International Manga Museum Kyoto AEON MALL Kyoto Katsuragawa Kyoto Kyoto Manga Museum Kyoto Kyoto Aquarium Kyoto Abeno Harukas Kobe Akashi Kaikyo Bridge Akashi Kaikyo Bridge Kobe Arima Gyoen Arima Gyoen Kobe Arima Onsen Taiko-no-yu (renovated) Arima Onsen Taiko-no-yu Kobe Arima Toy Museum Arima Toy Museum Kobe BAL 14 BAL 14 Kobe Beef Steak Kawamura Beef Steak Kawamura Kobe Boutique of old foreigner settlement old foreigner settlement Boutique of old foreigner settlement old foreigner settlement Kobe Daimaru Kobe Daimaru Kobe Kobe E.H Bank E.H Bank Kobe Earthquake Museum Earthquake Museum Kobe Edomachi 100Ban (Takasago Building) Edomachi 100Ban (Takasago Building) Kobe Geniu Gallery Geniu Gallery Kobe Harbor Walk Harbor Walk Kobe Hyogo Museum of Art Hyogo Museum of Art Kobe Kaori No Ie Orandakan Kaori No Ie Orandakan Kobe Kazamidori-no-yakata Museum Kazamidori-no-yakata Museum Kobe Kitano Kitano Kobe Kobe Chinatown Kobe Chinatown Kobe Kobe City Museum Kobe City Museum Kobe Kobe Harborland Kobe Harborland Kobe Kobe Kitano Museum Kobe Kitano Museum

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15 December 2015

Property Hong Kong Property Special

Kobe Kobe Port Tower (Renovated) Kobe Port Tower Kobe Kobe Renga Kobe Renga Kobe Mediterrasse Mediterrasse Kobe Meriken Park Meriken Park Kobe Motoko Town Motoko Town Kobe Motomachi Shopping Street Motomachi Shopping Street Kobe Mount Rokko Mount Rokko Kobe Nene Bridge Nene Bridge Kobe Onsenji Temple Onsenji Temple Kobe Plaza Kobe Plaza Kobe Kobe Port of Kobe Earthquake Memorial Park Port of Kobe Earthquake Memorial Park Kobe Rhine House Rhine House Kobe Sake Breweries Sake Breweries Kobe Sannomiya Center Shopping Street Sannomiya Center Shopping Street Kobe Shin-Kobe Ropeway Shin-Kobe Ropeway Kobe Sorakuen Garden Sorakuen Garden Kobe Steak Misono Steak Misono Kobe Tor Road Tor Road Kobe Yukemuri Plaza Yukemuri Plaza Kobe Anpanman Children's Museum and Mall Kobe Umie MOSAIC Kobe Umie Mall Kobe M.INT Kobe Source: Deutsche Bank

Figure 6: Key tourists attractions in Seoul Current 2005 Apgujeong Rodeo Street Apgujeong Rodeo Street Arko Art Theater Arko Art Theater Banpodaegyo (Bridge) Moonlight Rainbow Fountain Banpodaegyo (Bridge) Moonlight Rainbow Fountain Beautiful Tea Museum Beautiful Tea Museum Buam-dong Buam-dong Bugak Skyway Octagonal Pavilion (renovated) Bugak Skyway Octagonal Pavilion Bukchon Hanok Village Bukchon Hanok Village Bulgwangcheon Haedamneundari Bridge Bulgwangcheon Haedamneundari Bridge Cerestar Cerestar Changdeokgung Palace Changdeokgung Palace Changgyeonggung Palace Changgyeonggung Palace Cheonggyecheon Stream Cheonggyecheon Stream Cheongwadae Cheongwadae Chungbu Market Chungbu Market Culture Station Seoul 284 (Origins of Seoul Station) Culture Station Seoul 284 (Origins of Seoul Station) Daegaksa Temple Daegaksa Temple Daehangno Daehangno Deoksugung Palace Deoksugung Palace Designer Club Designer Club Dongdaemun Market Dongdaemun Market Dongdaemun Underground Shopping Mall Dongdaemun Underground Shopping Mall Donglim Knot Museum Donglim Knot Museum

Page 16 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

Dongsoong Art Center Dongsoong Art Center doota doota Ewha Womans University Area Ewha Womans University Area Gahoe Museum Gahoe Museum Garak Market Garak Market Gwangjang Market Gwangjang Market Gyeongbokgung Palace Gyeongbokgung Palace Gyeonghuigung Palace Gyeonghuigung Palace Hangang Park Hangang Park hello apM hello apM Heunginjimun Gate Heunginjimun Gate Hongdae Free Market Hongdae Free Market Hongik University Area Hongik University Area Hue Ahn Hue Ahn Hyundai Department Store Hyundai Department Store Itaewon Itaewon Jeongdong Theater Jeongdong Theater Jilsiru Tteok Cafe Jilsiru Tteok Cafe Jogyesa Temple Jogyesa Temple Jongmyo Shrine Jongmyo Shrine Korea House Korea House Korea World Trade Center Korea World Trade Center KTX Seoul Station KTX Seoul Station Kyung-In Museum of Fine Art Kyung-In Museum of Fine Art Leeum Museum Leeum Museum Lock Museum Lock Museum Lotte World Lotte World Marronnier Park Marronnier Park Migliore Migliore Myeong-dong Myeong-dong N Seoul Tower N Seoul Tower Naksan Park Naksan Park Namdaemun Market Namdaemun Market Namsangol Hanok Village Namsangol Hanok Village National Gugak Center National Gugak Center National Museum of Korea National Museum of Korea Noryangjin Fisheries Wholesale Market Noryangjin Fisheries Wholesale Market O' sulloc O' sulloc Samcheongdong-gil Samcheongdong-gil Sanchon Sanchon Seodaemun Independence Park Seodaemun Independence Park Seonyudo Park Seonyudo Park Seonyugyo Bridge Seonyugyo Bridge Seorae Village Seorae Village Seoul Arts Center Seoul Arts Center Seoul Museum of History Seoul Museum of History Seoul Olympic Museum Seoul Olympic Museum Seoul Plaza Seoul Plaza Sinsa-dong Garosu-gil Road Sinsa-dong Garosu-gil Road Ssamziegil Ssamziegil Tapgol Park Tapgol Park Team 204 Team 204 The Museum of Korean Embroidery The Museum of Korean Embroidery

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15 December 2015

Property Hong Kong Property Special

The National Museum of Korea The National Museum of Korea The Tteok (Rice Cake) Museum The Tteok (Rice Cake) Museum The War Memorial of Korea The War Memorial of Korea Tosokchon Tosokchon Unhyeongung Palace Unhyeongung Palace World Cup Park World Cup Park World Jewellery Museum (Renovated) World Jewellery Museum Yeouido and Yeouide Riverside Park Yeouido and Yeouide Riverside Park Gwanghwamun Square Samsung d’light 63 Square Dongdaemun Design Plaza Seoul Metropolitan Library Trick Eye Museum M Plaza Lotte Fitin Good Morning City Dongdaemun History & Culture Park maxtyle Ihwa Mural Village The Painters: Hero Alive Museum Yes apm U-Plex Ice Museum Love Museum Sangsangmadang Leeum, Samsung Museum of Art 10 Corso Como Coex Mall Line Friends Store and Café Source: Deutsche Bank

Page 18 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

Retail rents likely to fall by up to 58% in the full downturn ahead

Retail sales could potentially halved if Mainland tourists are no longer coming to Hong Kong

Total retail sales in Hong Kong saw a strong CAGR of 10% from 2003 to 2014, from HK$173bn in 2003 to HK$493bn in 2014. The robust retail sales performance has primarily driven by the surge in Mainland tourist over the period, where total visitor arrivals from China grew correspondently from 8.47mn in 2003 to 47.2mn in 2014. By analyzing the retail sales further, contribution to Hong Kong’s total retail sales by IVS has seen a robust CAGR of 34.8% in the past 12 years, from less than HK$10bn in 2003 to about HK$250bn in 2014. Retail sales contribution by IVS grew from just 5% in 2003 to 53% in 2013 before slightly retreating to 50% in 2014. By stripping out the contribution by IVS, total retail sales CAGR by Hong Kong locals would have been only 4.3% during the period.

Figure 7: Total retail sales in Hong Kong (HK$mn)

600,000

500,000

400,000

300,000

200,000

100,000

2003 2005 2006 2008 2009 2010 2011 2012 2013 2014 2004 2007

Contribution by IVS Contribution by HK locals

Source: Census & Statistics Dept; Deutsche Bank

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15 December 2015

Property Hong Kong Property Special

Figure 8: Est. contribution to retail sales by IVS (HK$mn) Figure 9: Est. % contribution to retail sales by IVS

300,000

250,000

200,000

150,000

100,000

50,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Source: Census & Statistics Dept; Deutsche Bank Source: Census & Statistics Dept; Deutsche Bank

As highlighted in the earlier section of this report, with only 14 key tourist attractions in HK as compared to over 200 tourist attractions in Greater Tokyo area, over 200 in Kyoto-Osaka-Kobe area, and over 100 in Seoul (and such numbers have continued to rise each year), apparently Mainland tourists are mostly coming to Hong Kong for shopping rather than for tourist attractions. This bias towards shopping by Mainland tourists was evidenced from the surge in retail sales in Hong Kong from 2003-2014.

However, the US dollar has strengthened markedly since mid-14 and effectively the HKD due to the currency peg, and on the back of this unfavorable currency movement Hong Kong has lost its competitiveness as a shopping destination. Specifically, as we highlighted earlier, branded goods are on average 15% cheaper and other consumption items are on average 36% cheaper in Tokyo than Hong Kong.

Figure 10: USD Index

105 100 95 90 85 80 75 70 65

07 07 08 08 09 09 10 10 11 11 12 12 13 13 14 14 15 15

07 08 09 10 11 12 13 14 15

------

Jul Jul Jul Jul Jul Jul Jul Jul Jul

Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct

Jan Jan Jan Jan Jan Jan Jan Jan Jan Source: Bloomberg Finance LP: Deutsche Bank

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15 December 2015 Property Hong Kong Property Special

Figure 11: JPY versus HKD Figure 12: KRW versus HKD

10.5 0.0080 10 9.5 0.0075 9 8.5 0.0070 8 7.5 7 0.0065 6.5

6 0.0060

10 10 11 12 13 13 14 15 15 10 10 12 12 13 13 14 14 15 15 11 12 14 11 11

10 11 12 13 14 15 10 11 12 13 14 15

10 11 12 13 14 15 10 11 12 13 15 14

------

Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul

Apr Oct Apr Apr Apr Oct Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Oct Oct Apr Apr Oct

Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan JPYHKD KRWHKD

Source: Bloomberg Finance LP: Deutsche Bank Source: Bloomberg Finance LP: Deutsche Bank

Figure 13: SGP versus HKD Figure 14: AUD versus HKD

6.6 9.0 8.5 6.4 8.0 6.2 7.5 6 7.0 6.5 5.8 6.0 5.6 5.5

5.4 5.0

10 10 11 12 12 13 13 14 14 15 15 11

10 11 12 13 14 15

10 10 11 11 12 13 13 14 14 15 15 12

10 12 13 14 11 15

10 11 12 13 14 15

------

Jul Jul Jul Jul Jul Jul

Apr Oct Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr

Jan Jan Jan Jan Jan Jan

Apr Oct Apr Oct Oct Apr Oct Apr Oct Apr Oct Apr

Jan Jan Jan Jan Jan Jan SGDHKD AUDHKD

Source: Bloomberg Finance LP: Deutsche Bank Source: Bloomberg Finance LP: Deutsche Bank

We believe the worst case scenario being all Mainland IVS tourists to Hong Kong divert their shopping destination to neighboring cities like Tokyo and Seoul, leaving only business travelers to Hong Kong where they have less price elasticity. Under this scenario, retail sales in Hong Kong are likely to fall back to reflect consumption by Hong Kong locals, implying that retail sales could potentially halve from current levels.

By assuming occupancy cost stays at the current level of 23% (as historical high), retail rents in Hong Kong could potentially fall by 50% from current levels if the corresponding retail sales are to fall by 50%, i.e. by own considering contribution from Hong Kong locals. Furthermore, if we assume occupancy costs revert back to the historical average of 19%, then the potential decline in retail rents could be as high as 58% from current levels.

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15 December 2015

Property Hong Kong Property Special

Figure 15: Occupancy cost trend

24% 23% 22% 21% 20% Historical average: 19.3% 19% 18% 17% 16%

15%

1997 2001 2005 2009 2013 1994 1995 1996 1998 1999 2000 2002 2003 2004 2006 2007 2008 2010 2011 2012 2014 9M15 Source: Census & Statistics Dept; Rating & Valuation Dept; Deutsche Bank

Figure 16: Sensitivity of retail sales decline to retail rents Expected rental decline from current levels Decline in retail sales Occupancy cost at 23% Occupancy cost at 19% -30% 30% 41% -40% 40% 49% -50% 50% 58% -60% 60% 66% Source: Deutsche Bank estimates

Indeed, by referring to the respective retail rental index compiled by Savills and JLL, while prime high-street shop rents have already markedly fallen by 22% and 18% in the first three quarters in 2015, we expect further scope of decline ahead should retail sales to reflect merely consumption by Hong Kong locals without assuming potential decline in GDP/domestic income.

Figure 17: Savills retail rental indices Figure 18: JLL retail rental index

Savills Retail Indices JLL Retail Rental Index 400 350

350 300

300 250

250 200 200 150 150 100 100

3Q12 1Q13 1Q01 3Q01 1Q02 3Q02 1Q03 3Q03 1Q04 3Q04 1Q05 3Q05 1Q06 3Q06 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q13 1Q14 3Q14 1Q15 3Q15

1Q11

1Q95 1Q12 1Q92 1Q93 1Q94 1Q96 1Q97 1Q98 1Q99 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q13 1Q14 1Q15 High Street Shops Prime Area Retail Centers Prime Street Shop Rent Shopping Centre Rent Source: Savills, Deutsche Bank Source: JLL, Deutsche Bank

Page 22 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

Retail rental gap between Hong Kong and other cities to narrow ahead According to CBRE, Hong Kong has the highest high-street prime rents in the Asia Pacific region despite already registering a 36% YoY decline (versus flat or increasing rents in other cities in the region). Specially, high-street prime rents in Hong Kong stood at US$2,786/sf/annum as of 2Q15, some 153% higher than Tokyo at US$1,103/sf/annum (where retail rents surged by 23% YoY). In another words, retail rent in Tokyo is a mere 40% of Hong Kong.

Figure 19: Summary of high-street Prime Retail Rents in Asia Pacific

3000 40% 30% 2500 20% 2000 10% 1500 0% -10% 1000 -20% 500 -30% 0 -40%

Highstreet Prime Retail Rents (US$/sf/annum) YoY%

Source: CBRE; Deutsche Bank

On one hand, we expect further deterioration in rental affordability for Hong Kong retailers on the back softening retail sales, which will ultimately lead to falling retail rents. On the other hand, with both visitor arrivals and retail sales in Japan registering marked increases since mid-14 on favorable currency movement, rental affordability for Japan retailers should see strong improvement correspondingly and we believe retail rents will further increase to reflect this robust growth. Hence, the current sizeable rental gap between Hong Kong and Tokyo should narrow materially ahead, which means retail rents in Hong Kong could potentially fall by a similar magnitude as highlighted in the previous section.

Figure 20: Visitor arrival in Japan (‘000) Figure 21: Retail sales in Japan (JPY bn)

2,000 200% 14,000 15% 1,800 13,500 150% 10% 1,600 13,000 1,400 100% 12,500 5% 1,200 50% 12,000 1,000 11,500 0% 800 0% 11,000 600 -5% -50% 400 10,500

200 -100% 10,000 -10%

07 14 05 06 08 09 10 11 12 13 15

11 06 07 08 09 10 12 13 14 15

------

Oct Apr Oct Oct Apr Oct Apr Apr Oct Apr Oct Apr Oct Oct Apr Oct Apr Oct Apr Apr Oct

Visitor Arrivals to Japan ('000) YoY% Japan Retail Sales (JPY bn) YoY%

Source: Ministry of International Trade and Industry, Deutsche Bank Source: Japan National Tourism Organization, Deutsche Bank

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Property Hong Kong Property Special

Meanwhile, by referencing the previous retail property cycles in Hong Kong, once the downturn phase is confirmed, the downward cycle is likely to last for at least 36 months. With the downturn phase now confirmed (i.e. retail sales in Hong Kong have declined for eight consecutive months since Mar-15, where total retail sales value fell by 2.7% YoY to HK$393bn), we expect retail rents in Hong Kong to fall by up to 58% in the next 36-48 months. Moreover, while the YoY decline looks rather mild at first glance; absolute retail sales by value have indeed fallen back to the lowest level since late 2012.

Figure 22: Retail property market cycle in Hong Kong (retail rent index)

200 180 160 140 120 100 80 60 40 20

81 86 91 96 01 06 11

78 82 83 87 88 92 93 97 98 02 03 07 08 12 13

80 85 90 95 00 05 10 15

------

Jun Jun Jun Jun Jun Jun Jun

Mar Mar Mar Mar Mar Mar Mar Mar

Dec Sep Dec Sep Dec Sep Dec Sep Dec Dec Sep Dec Sep Dec Sep Source: Rating and Valuation Dept; Deutsche Bank

Page 24 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

For 2016, we expect retail rents fall by at least 20%

Retail sales in Hong Kong first slipped into negative growth in February 2014, and the declining trend has accelerated since then. While the 3% YoY decline in 10M15 total retail sales appears to be rather mild, sales have declined for eight consecutive months, with the pace of decline accelerating since July. Moreover, absolute retail sales in Sept-15 have dipped to the lowest since Sept-12. In our view, absolute retail sales are more relevant to retailers’ rental affordability.

Figure 23: Hong Kong retail sales trend (HK$mn)

55,000 40% 50,000 30% 45,000 40,000 20% 35,000 10% 30,000 25,000 0% 20,000 -10% 15,000 10,000 -20%

Retail Sales Value (HK$ mn) YoY% (RHS)

Source: Census & Statistics Dept; Deutsche Bank

Figure 24: HK Retail Sales Trend: Jewellery, Watches, Figure 25: HK Retail Sales Trend: Medicines, Cosmetics Clocks & Valuable Gift (HK$mn) (HK$mn) 15,000 120% 5,000 40% 100% 35% 13,000 4,500 80% 30% 4,000 11,000 60% 25% 3,500 20% 9,000 40% 3,000 15% 7,000 20% 2,500 10% 0% 5,000 5% -20% 2,000 0% 3,000 -40% 1,500 -5%

1,000 -60% 1,000 -10%

01 05 07 08 12 14

01 03 05 08 10 12 14 15

04 11

02 06 09 13 13

02 09

03 06 10

------

- -

- - - - -

- -

- - -

Jul Jul

Oct Apr Oct Apr Oct

Jan Jan Jun Jan Jan Jun

Mar Mar

Aug Dec Sep Nov Aug Dec Aug Dec Aug

May May Retail Sales: Jewellery, Watches, Clocks & Valuable Gift (HK$ mn) YoY% (RHS) Retail Sales: Medicines, Cosmetics (HK$ mn) YoY% (RHS)

Source: Census & Statistics Dept; Deutsche Bank Source: Census & Statistics Dept; Deutsche Bank

Historically, there is a strong correlation between occupancy cost and retail sales growth, as well as occupancy cost and retail rental growth. On the backdrop that the occupancy cost is already at 23% (i.e. already exceeded the maximum level that retailers can generally afford; historical average at 19%) and retail sales are unlikely to see a sharp rebound ahead (implying that the occupancy cost is unlikely to decline without a decline in rentals), we expect overall retail rents to decline by up to 20% in 2016, with larger declines expected in tourist destinations.

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15 December 2015

Property Hong Kong Property Special

Figure 26: Occupancy cost trend

24% 23% 22% 21% 20% Historical average: 19.3% 19% 18% 17% 16%

15%

1997 2001 2005 2009 2013 1994 1995 1996 1998 1999 2000 2002 2003 2004 2006 2007 2008 2010 2011 2012 2014 9M15

Source: Census & Statistics Dept; Rating & Valuation Dept; Deutsche Bank

Figure 27: Occupancy cost vs. retail sales growth Figure 28: Occupancy cost vs. retail rental growth

24% 30.0% 24% 15.0% 23% 25.0% 23% 10.0% 22% 20.0% 22% 15.0% 21% 21% 5.0% 10.0% 20% 20% 5.0% 0.0% 19% 19% 0.0% 18% 18% -5.0% -5.0% 17% -10.0% 17% -10.0% 16% -15.0% 16%

15% -20.0% 15% -15.0%

2002 2003 2004 1994 1995 1996 1997 1998 1999 2000 2001 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

2010 2011 2012 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2013 2014

9M15 9M15

Occupancy cost Retail sales YoY% (RHS) Occupancy cost Retail Rent YoY% (RHS)

Source: Census & Statistics Dept; Rating & Valuation Dept; Deutsche Bank Source: Census & Statistics Dept; Rating & Valuation Dept; Deutsche Bank

Visitor arrival -3% YoY in Oct-15; continuing the softening trend since Mar-15 According to the Hong Kong Tourism Board, while total visitor arrivals slightly declined by just 0.8% YoY to 49.5mn in 10M15, visitor arrivals in Oct-15 alone (at 5.1m) indeed represented a 3% YoY decline and has generally continued the softening trend since Mar-15. The decline was primarily pegged on a corresponding decline in Chinese visitors (-4% YoY in Oct-15). Meanwhile, in 10M15, tourists staying overnight dipped by 4% YoY to 22.1mn, which in turn effected hotel occupancy.

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15 December 2015 Property Hong Kong Property Special

Figure 29: Total visitor arrivals to Hong Kong Figure 30: China visitor arrivals to Hong Kong

7,000 50% 5,000 60% 50% 6,000 40% 4,000 40% 30% 5,000 30% 20% 3,000 4,000 20% 10% 2,000 10% 3,000 0% 0% 2,000 1,000 -10% -10%

1,000 -20% 0 -20%

Total Visitor Arrival ('000) YoY% (RHS) Chinese Visitor Arrival ('000) YoY% (RHS)

Source: Hong Kong Tourism Board; Deutsche Bank Source: Hong Kong Tourism Board; Deutsche Bank

Figure 31:Mainland tourists to Hong Kong Figure 32: Mainland tourists to HK by channel

50 47 100% 45 41 90% 39 33% 40 37% 35% 34% 34% 39% 16 80% 45% 43% 41% 35 51% 35 70% 56% 13 65% 28 15 30 12 60% 25 23 92% 10 50% 20 17 18 15 8 40% 14 15 12 13 31 65% 66% 67% 66% 7 7 27 30% 59% 63% 61% 7 23 24 55% 57% 10 8 7 49% 7 18 20% 44% 8 14 35% 5 8 9 10 11 4 6 7 10% - 1 8% 0%

IVS Non-IVS IVS Non-IVS Source: HK Tourism Board, Deutsche Bank Source: HK Tourism Board, Deutsche Bank

Figure 33: Total tourists staying overnight in Hong Kong Figure 34: China tourists staying overnight in Hong Kong

3,000 60% 2,500 70% 50% 60% 2,500 40% 2,000 50% 40% 2,000 30% 1,500 30% 20% 1,500 20% 10% 1,000 10% 1,000 0% 0% -10% 500 -10% 500 -20% -20%

0 -30% 0 -30%

07 08 09 10 11 12 13 14 15

11 07 08 09 10 12 13 14 15

09 14 07 08 10 11 12 13 15

07 14 08 09 10 11 12 13 15

------

Jul Jul Jul Jul Jul Jul Jul Jul Jul

Jan Jan Jan Jan Jan Jan Jan Jan Jan

Jan Jan Jan Jan Jan Jan Jan Jan Jan Total visitors staying overnight in HK ('000) YoY% (RHS) Chinese visitors staying overnight in HK ('000) YoY% (RHS)

Source: Hong Kong Tourism Board; Deutsche Bank Source: Hong Kong Tourism Board; Deutsche Bank

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Property Hong Kong Property Special

Figure 35: Average occupancy trend – High Tariff-A Figure 36: Average occupancy trend – High Tariff-B hotels hotels 88% 92% 86% 86% 91% 91% 91% 86% 85% 85% 90% 89% 84% 82% 88% 82% 81% 88% 87%

80% 86% 78%

76% 84%

74% 82% 72% 81% 72%

70% 80% 2009 2010 2011 2012 2013 2014 2015YTD 2009 2010 2011 2012 2013 2014 2015YTD Hotel Room Occupancy Rate: High Tariff A Hotel Room Occupancy Rate: High Tariff B

Source: Hong Kong Tourism Board; Deutsche Bank Source: Hong Kong Tourism Board; Deutsche Bank

Total retail sales in Hong Kong saw a strong CAGR of 10% from 2003 to 2014, driven by the surge in mainland tourists. Since the Independent Visit Scheme (IVS) was introduced in 2003, contribution to Hong Kong’s total retail sales by IVS has seen a robust CAGR of 34.8%. Specifically, retail sales contribution by IVS grew from just 5% in 2003 to 53% in 2013 before slightly retreating to 50% in 2014. By stripping out the contribution by IVS, total retail sales CAGR by Hong Kong locals would have been only 4.3% during the period. Figure 37: Total retail sales in Hong Kong (HK$mn)

600,000

500,000

400,000

300,000

200,000

100,000

2003 2005 2006 2008 2009 2010 2011 2012 2013 2014 2004 2007

Contribution by IVS Contribution by HK locals

Source: Census & Statistics Dept; Deutsche Bank

Page 28 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

Figure 38: Est. contribution to retail sales by IVS Figure 39: Est. % contribution to retail sales by IVS (HK$mn)

300,000

250,000

200,000

150,000

100,000

50,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Source: Census & Statistics Dept; Deutsche Bank Source: Census & Statistics Dept; Deutsche Bank

Deutsche Bank AG/Hong Kong Page 29

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Property Hong Kong Property Special

Details of 2015 DB Tokyo vs. HK retail prices comparison study

We have looked at over 1,700 retail items in 39 categories in Tokyo

Figure 40: 2015 DB Tokyo vs. HK retail prices comparison study Brand Product Type Item Price (HK$) in Price (JPY) in FX Rate Effective Tokyo Prices vs HK Tokyo Tokyo Price HK Prices (HK$- equivalent) Hitachi Air Purifier Air Purifier Humidifier EPA9000 NA in HK 79,670 0.0641 4,492 NA in HK Panasonic Air Purifier Air Purifier F-VC70XK-W 3,880 36,500 0.0641 2,058 -47% Panasonic Air Purifier Air Purifier Humidifier F-VXL90 7,880 71,060 0.0641 4,006 -49% Sharp Air Purifier SHARP Plasmacluster 25000 IG-FC15-B NA in HK 84,020 0.0641 4,737 NA in HK Cow Mutenka Baby Care Cow Mutenka Shampoo (refill) NA in HK 475 0.0641 28 NA in HK Cow Mutenka Baby Care Cow Mutenka Soap NA in HK 698 0.0641 41 NA in HK Cow Mutenka Baby Care Cow Mutenka Soap (refill) NA in HK 321 0.0641 19 NA in HK Daiichisankyo-HC Baby Care Minon Baby Shampoo NA in HK 900 0.0641 53 NA in HK GTCA Baby Care Baby D NA in HK 1,800 0.0641 107 NA in HK Happy Baby Baby Care Happy Kid DHA pills NA in HK 2,500 0.0641 148 NA in HK Hisamitsu Baby Care Hello Kitty Kid's Eye medicine NA in HK 475 0.0641 28 NA in HK Hisamitsu Baby Care Hello Kitty Papa Jelly NA in HK 498 0.0641 30 NA in HK Hiyagoto Baby Care Hiyagoto Hello Kitty cold medicine for NA in HK 798 0.0641 47 NA in HK kids - blue Hiyagoto Baby Care Hiyagoto Hello Kitty cold medicine for NA in HK 798 0.0641 47 NA in HK kids M Ikedamohando Baby Care Kid's Eye medicine NA in HK 475 0.0641 28 NA in HK Ikedamohando Baby Care Muhi Soft NA in HK 798 0.0641 47 NA in HK Ikedamohando Baby Care MuhiBaby NA in HK 698 0.0641 41 NA in HK Ikedamohando Baby Care MuhiBaby NA in HK 798 0.0641 47 NA in HK Ikedamohando Baby Care Muhinokodomo Anpan Man cold NA in HK 934 0.0641 55 NA in HK medicine for kids - Peach Ikedamohando Baby Care Muhinokodomo Anpan Man cold NA in HK 934 0.0641 55 NA in HK medicine for kids - strawberry Ikedamohando Baby Care Muhinokodomo Anpan Man cough NA in HK 934 0.0641 55 NA in HK medicine for kids - strawberry Ikedamohando Baby Care Muhinokodomo Anpan Man medical NA in HK 934 0.0641 55 NA in HK powder for kids - cold Ikedamohando Baby Care Muhinokodomo Anpan Man medical NA in HK 934 0.0641 55 NA in HK powder for kids - throat Ikedamohando Baby Care Muhinokodomo Anpan Man nazal NA in HK 934 0.0641 55 NA in HK medicine for kids - strawberry Kracie Baby Care Kohkeito for kids NA in HK 698 0.0641 41 NA in HK Pigeon Baby Care Baby Shampoo 88 880 0.0641 52 -41%

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Pigeon Baby Care Baby Shampoo (refill) NA in HK 698 0.0641 41 NA in HK Pigeon Baby Care Baby Soap 95 980 0.0641 58 -39% Pigeon Baby Care Baby Soap (refill) NA in HK 798 0.0641 47 NA in HK Pigeon Baby Care Minon Baby Shampoo NA in HK 900 0.0641 53 NA in HK Pigeon Baby Care Minon Baby Shampoo (refill) NA in HK 700 0.0641 42 NA in HK Rohto Baby Care Kid's Eye medicine NA in HK 570 0.0641 34 NA in HK Sato Baby Care Ko-to I ATER NA in HK 1,280 0.0641 76 NA in HK Sato Baby Care Polibaby - large NA in HK 839 0.0641 50 NA in HK Sato Baby Care Polibaby - small NA in HK 665 0.0641 39 NA in HK Taisho Baby Care Paburon cold medicine for kids - pills NA in HK 680 0.0641 40 NA in HK Taisho Baby Care Paburon cough medicine for kids - NA in HK 680 0.0641 40 NA in HK powder

Taisho Baby Care Paburon cough medicine for kids - syrup NA in HK 680 0.0641 40 NA in HK Wakodo Baby Care Baby Shampoo 139 900 0.0641 53 -62% Wakodo Baby Care Baby Soap 139 900 0.0641 53 -62% Inax Bathroom Inax Washlet CW-RT1/BN8 NA in HK 25,040 0.0641 1,412 NA in HK Appliances Inax Bathroom Inax Washlet CW-RT2/BB7 NA in HK 30,240 0.0641 1,705 NA in HK Appliances Panasonic Bathroom Panasonic Washlet DL-RJ20-CP NA in HK 33,190 0.0641 1,871 NA in HK Appliances Panasonic Bathroom Panasonic Washlet DL-RJ40-CP NA in HK 49,460 0.0641 2,788 NA in HK Appliances Panasonic Bathroom Panasonic Washlet DL-WH40-CP NA in HK 40,200 0.0641 2,266 NA in HK Appliances Panasonic Bathroom Panasonic Washlet DL-WH50-CP NA in HK 53,740 0.0641 3,030 NA in HK Appliances Panasonic Bathroom Panasonic Washlet DL-WH60-CP NA in HK 64,260 0.0641 3,623 NA in HK Appliances Toshiba Bathroom Toshiba Washlet SCS-S300 NA in HK 25,050 0.0641 1,412 NA in HK Appliances Toshiba Bathroom Toshiba Washlet SCS-S310 NA in HK 30,020 0.0641 1,692 NA in HK Appliances Toshiba Bathroom Toshiba Washlet SCS-T175 NA in HK 20,300 0.0641 1,144 NA in HK Appliances Toto Bathroom Toto Washlet DL-EJX10-CP NA in HK 24,620 0.0641 1,388 NA in HK Appliances Toto Bathroom Toto Washlet DL-WH50-CP NA in HK 53,740 0.0641 3,030 NA in HK Appliances Toto Bathroom Toto Washlet TCF8CF55 NA in HK 81,300 0.0641 4,583 NA in HK Appliances

Toto Bathroom Toto Washlet TCF8CF65 NA in HK 91,520 0.0641 5,160 NA in HK Appliances Toto Bathroom Toto Washlet TCF8CK65 NA in HK 27,070 0.0641 1,526 NA in HK Appliances Toto Bathroom Toto Washlet TCF8CM55 NA in HK 46,160 0.0641 2,602 NA in HK Appliances Toto Bathroom Toto Washlet TCF8CM75 NA in HK 65,660 0.0641 3,702 NA in HK Appliances Toto Bathroom Toto Washlet TCF8CM85 NA in HK 72,400 0.0641 4,082 NA in HK Appliances Toto Bathroom Toto Washlet TCF8CN65 NA in HK 55,940 0.0641 3,154 NA in HK Appliances Toto Bathroom Toto Washlet TCFBCK56 NA in HK 25,400 0.0641 1,432 NA in HK Appliances

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Property Hong Kong Property Special

Hitachi Beauty Hada CRiE Plus Hot&Cool - CM- 2,090 22,430 0.0641 1,265 -39% Appliance N38000BF MTG Beauty Platinum Electronic Roller ReFa CARAT 2,180 25,410 0.0641 1,433 -34% Appliance Panasonic Beauty Panasonic Este - Beauty Roller: EH-SP32 1,480 10,870 0.0641 613 -59% Appliance Panasonic Beauty Panasonic Este - Beauty Training ES- 3,290 26,780 0.0641 1,510 -54% Appliance WB60 Panasonic Beauty Panasonic Este - Cleansing Brush NA in HK 7,500 0.0641 423 NA in HK Appliance Panasonic Beauty Panasonic Este - Compact Steamer: EH- NA in HK 21,380 0.0641 1,205 NA in HK Appliance SA35 Panasonic Beauty Panasonic Este - Eye Steam: EH-SW31 1,600 12,780 0.0641 720 -55% Appliance Panasonic Beauty Panasonic Este - Eye Steam: EH-SW54 1,690 21,380 0.0641 1,205 -29% Appliance Panasonic Beauty Panasonic Este - Face cleansing brush - 1,080 9,900 0.0641 558 -48% Appliance EH SC50 Panasonic Beauty Panasonic Este - Face cleansing brush - 2,290 13,500 0.0641 761 -67% Appliance EH ST51 Panasonic Beauty Panasonic Este - Face cleansing brush - 1,260 8,510 0.0641 480 -62% Appliance EH ST31 Panasonic Beauty Panasonic Este - Head Este 1,290 10,450 0.0641 589 -54% Appliance Panasonic Beauty Panasonic Este - Head Este EH-HE96 990 9,570 0.0641 540 -46% Appliance Panasonic Beauty Panasonic Este - Hot/Cold 2-way NA in HK 28,630 0.0641 1,614 NA in HK Appliance Steamer: EH-SA64 Panasonic Beauty Panasonic Este - Night Steamer: EH- NA in HK 25,700 0.0641 1,449 NA in HK Appliance SA46 Panasonic Beauty Panasonic Este - Sonic shaver - 1,280 8,940 0.0641 504 -61% Appliance EH2433P Panasonic Beauty Panasonic Este - Steamer: EH-SA95 2,980 17,810 0.0641 1,004 -66% Appliance Panasonic Beauty Panasonic Este - Steamer: EH-SA96 3,766 45,140 0.0641 2,545 -32% Appliance Panasonic Beauty Panasonic Este - Steamer: EH-SW54 NA in HK 21,380 0.0641 1,205 NA in HK Appliance Ya-Man Beauty Ya-Man Este: H/C Beaute Steamer I NA in HK 39,960 0.0641 2,253 NA in HK Appliance Ya-Man Beauty Ya-Man Este: H/C Beaute Face V NA in HK 27,000 0.0641 1,522 NA in HK Appliance Ya-Man Beauty Ya-Man Este: Steamer II NA in HK 49,680 0.0641 2,801 NA in HK Appliance

Ya-Man Beauty YAMAN HRF-1-HK 2,180 29,620 0.0641 1,670 -23% Appliance Ya-Man Beauty Yaman RF PLUS (HRF10T) LED Facial 3,980 39,960 0.0641 2,253 -43% Appliance Lifting & Moisturizing Starbucks Beverage Caffe Americano - Grande 33 380 0.0641 24 -26% Starbucks Beverage Caffe Americano - Tall 30 340 0.0641 22 -27% Starbucks Beverage Caffe Americano - Venti 36 420 0.0641 27 -25% Starbucks Beverage Caffe Latte - Grande 37 410 0.0641 26 -29% Starbucks Beverage Caffe Latte - Tall 34 370 0.0641 24 -30% Starbucks Beverage Caffe Latte - Venti 40 450 0.0641 29 -28% Starbucks Beverage Caffe Mocha - Grande 40 470 0.0641 30 -25% Starbucks Beverage Caffe Mocha - Tall 37 430 0.0641 28 -26% Starbucks Beverage Caffe Mocha - Venti 43 510 0.0641 33 -24%

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Starbucks Beverage Cappuccino - Grande 37 410 0.0641 26 -29% Starbucks Beverage Cappuccino - Tall 34 370 0.0641 24 -30% Starbucks Beverage Cappuccino - Venti 40 450 0.0641 29 -28% Starbucks Beverage Caramel Frappuccino - Grande 40 510 0.0641 33 -18% Starbucks Beverage Caramel Frappuccino - Tall 37 470 0.0641 30 -19% Starbucks Beverage Caramel Frappuccino - Venti 43 550 0.0641 35 -18% Starbucks Beverage Caramel Macchiato - Grande 40 460 0.0641 29 -26% Starbucks Beverage Caramel Macchiato - Tall 37 420 0.0641 27 -27% Starbucks Beverage Caramel Macchiato - Venti 43 500 0.0641 32 -25% Starbucks Beverage Chai Tea Latte - Grande 37 450 0.0641 29 -22% Starbucks Beverage Chai Tea Latte - Tall 34 410 0.0641 26 -23% Starbucks Beverage Chai Tea Latte - Venti 40 490 0.0641 31 -21% Starbucks Beverage Chocolate Chip Cream Frappuccino - 58 530 0.0641 34 -41% Grande Starbucks Beverage Chocolate Chip Cream Frappuccino - Tall 35 490 0.0641 31 -10% Starbucks Beverage Chocolate Chip Cream Frappuccino - 41 570 0.0641 37 -11% Venti Starbucks Beverage Coffee Frappuccino - Grande 40 460 0.0641 29 -26% Starbucks Beverage Coffee Frappuccino - Tall 37 420 0.0641 27 -27% Starbucks Beverage Coffee Frappuccino - Venti 43 500 0.0641 32 -25% Starbucks Beverage English Breakfast Tea Latte - Grande 37 450 0.0641 29 -22% Starbucks Beverage English Breakfast Tea Latte - Tall 34 410 0.0641 26 -23% Starbucks Beverage English Breakfast Tea Latte - Venti 40 490 0.0641 31 -21% Starbucks Beverage Espresso - double shot 21 320 0.0641 21 -2% Starbucks Beverage Espresso - single shot 18 280 0.0641 18 0% Starbucks Beverage Green Tea Cream Frappuccino - Grande 41 510 0.0641 33 -20% Starbucks Beverage Green Tea Cream Frappuccino - Tall 38 470 0.0641 30 -21% Starbucks Beverage Green Tea Cream Frappuccino - Venti 44 550 0.0641 35 -20% Starbucks Beverage Java Chip Frappuccino - Grande 43 530 0.0641 34 -21% Starbucks Beverage Java Chip Frappuccino - Tall 40 490 0.0641 31 -21% Starbucks Beverage Java Chip Frappuccino - Venti 46 570 0.0641 37 -21% Starbucks Beverage Macha Tea Latte - Grande 37 460 0.0641 29 -20% Starbucks Beverage Macha Tea Latte - Tall 34 420 0.0641 27 -21% Starbucks Beverage Macha Tea Latte - Venti 40 500 0.0641 32 -20% Starbucks Beverage Mango Passion Fruit Frappuccino - 40 490 0.0641 31 -21% Grande

Starbucks Beverage Mango Passion Fruit Frappuccino - Tall 37 450 0.0641 29 -22% Starbucks Beverage Mango Passion Fruit Frappuccino - Venti 43 530 0.0641 34 -21% Starbucks Beverage Signature Hot Chocolate - Grande 37 440 0.0641 28 -24% Starbucks Beverage Signature Hot Chocolate - Tall 34 400 0.0641 26 -25% Starbucks Beverage Signature Hot Chocolate - Venti 40 480 0.0641 31 -23% Starbucks Beverage Tea - Grande 24 370 0.0641 24 -1% Starbucks Beverage Tea - Tall 23 330 0.0641 21 -8% Starbucks Beverage Tea - Venti 28 410 0.0641 26 -6% Starbucks Beverage Vanilla Cream Frappuccino - Grande 40 510 0.0641 33 -18% Starbucks Beverage Vanilla Cream Frappuccino - Tall 37 470 0.0641 30 -19% Starbucks Beverage Vanilla Cream Frappuccino - Venti 43 550 0.0641 35 -18% Cateye Biking Cateye Padrone Smart+ 2,000 23,760 0.0641 1,340 -33% Cateye Biking Cateye Stealth evo+ 1,600 18,410 0.0641 1,038 -35%

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Property Hong Kong Property Special

VDO Biking VDO M5 NA in HK 15,390 0.0641 868 NA in HK VDO Biking VDO M6 NA in HK 22,570 0.0641 1,272 NA in HK Aistyle Body Care/ Horse Oil Cleansing Cream NA in HK 398 0.0641 24 NA in HK Beauty Aistyle Body Care/ Horse Oil Hair Cream NA in HK 554 0.0641 33 NA in HK Beauty Aistyle Body Care/ Horse Oil Hair Treatment NA in HK 698 0.0641 41 NA in HK Beauty Aistyle Body Care/ Horse Oil Skin Cream NA in HK 598 0.0641 35 NA in HK Beauty Bifesta Body Care/ Eye Make up Remover NA in HK 554 0.0641 33 NA in HK Beauty Bristol Myers Body Care/ DET Clear Fruit Acid Face Wash Powder NA in HK 665 0.0641 39 NA in HK Beauty

Celdie Body Care/ Facial Cleansing Cream - Blue NA in HK 265 0.0641 16 NA in HK Beauty Celdie Body Care/ Facial Cleansing Cream - Green NA in HK 265 0.0641 16 NA in HK Beauty Cleanica Body Care/ Cleanica Kid Tooth Paste with Disney - NA in HK 198 0.0641 12 NA in HK Beauty Pink Cleanica Body Care/ Cleanica Kid Tooth Paste with Disney - NA in HK 198 0.0641 12 NA in HK Beauty Purple Cleanica Body Care/ Cleanica Mouth-rinse -Advantage NA in HK 437 0.0641 26 NA in HK Beauty Curel Body Care/ Curel Moisturizing Cream 180 2,253 0.0641 134 -26% Beauty Daiichisankyo-HC Body Care/ Minon Amino Moist Washing Liquid NA in HK 2,000 0.0641 119 NA in HK Beauty Daiichisankyo-HC Body Care/ Minon Amino Moist Washing Powder NA in HK 1,500 0.0641 89 NA in HK Beauty DHC Body Care/ Lipcream 75 700 0.0641 42 -45% Beauty Disney Body Care/ Mickey Tooth Brush 14 128 0.0641 8 -45% Beauty Disney Body Care/ Oil in body milk - Floral NA in HK 698 0.0641 41 NA in HK Beauty Disney Body Care/ Oil in body milk - Fruity NA in HK 698 0.0641 41 NA in HK Beauty Dove Body Care/ Dove Advanced Hair Series Conditioner 60 598 0.0641 35 -41% Beauty Dove Body Care/ Dove Advanced Hair Series Conditioner NA in HK 378 0.0641 22 NA in HK Beauty (Refill) Dove Body Care/ Dove Advanced Hair Series Treatment NA in HK 647 0.0641 38 NA in HK Beauty (In-day) Dove Body Care/ Dove Airy Moisturer Conditioner 60 647 0.0641 38 -36% Beauty Dove Body Care/ Dove Airy Moisturer Conditioner (Refill) NA in HK 378 0.0641 22 NA in HK Beauty Dove Body Care/ Dove Airy Moisturer Mask 43 598 0.0641 35 -17% Beauty Dove Body Care/ Dove Airy Moisturer Shampoo 60 647 0.0641 38 -36% Beauty Dove Body Care/ Dove Airy Moisturer Shampoo (Refill) NA in HK 378 0.0641 22 NA in HK Beauty Dove Body Care/ Dove Airy Moisturer Treatment (In-day) NA in HK 598 0.0641 35 NA in HK Beauty Dove Body Care/ Dove Face Cleansing Cream - blue NA in HK 368 0.0641 22 NA in HK Beauty

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Dove Body Care/ Dove Face Cleansing Cream - emerald NA in HK 368 0.0641 22 NA in HK Beauty Dove Body Care/ Dove Face Cleansing Cream - green NA in HK 368 0.0641 22 NA in HK Beauty Dove Body Care/ Dove Face Cleansing Cream - red NA in HK 368 0.0641 22 NA in HK Beauty Dove Body Care/ Dove Face Cleansing Foam NA in HK 558 0.0641 33 NA in HK Beauty Dove Body Care/ Dove Face Cleansing Foam - red NA in HK 558 0.0641 33 NA in HK Beauty Dove Body Care/ Dove Face Cleansing Foam - red (refill) NA in HK 468 0.0641 28 NA in HK Beauty Dove Body Care/ Dove Face Cleansing Foam (refill) NA in HK 468 0.0641 28 NA in HK Beauty Dr. Scholl Body Care/ Velvet smooth Electronic Foot File 300 3,686 0.0641 219 -27% Beauty Earth-chem Body Care/ Earth-chem Kid's Mouth Rinse - Blue NA in HK 398 0.0641 24 NA in HK Beauty Earth-chem Body Care/ Earth-chem Kid's Mouth Rinse - Red NA in HK 398 0.0641 24 NA in HK Beauty Earth-chem Body Care/ Earth-chem Kid's Toothpaste & NA in HK 698 0.0641 41 NA in HK Beauty Toothbrush Set - Blue Earth-chem Body Care/ Earth-chem Kid's Toothpaste & NA in HK 698 0.0641 41 NA in HK Beauty Toothbrush Set - Red Fancl Body Care/ Amino Conditioner 175 1,543 0.0641 92 -48% Beauty Fancl Body Care/ Amino Shampoo 175 1,543 0.0641 92 -48% Beauty Fancl Body Care/ Calarie Limit 158 1,563 0.0641 93 -41% Beauty Gatsby Body Care/ Gatsby Body Paper - Ice Type 26 398 0.0641 24 -8% Beauty Gatsby Body Care/ Gatsby Body Paper - Ice Type 26 398 0.0641 24 -8% Beauty Gatsby Body Care/ Gatsby Body Paper - Ice Type 26 398 0.0641 24 -8% Beauty Gatsby Body Care/ Gatsby Body Paper - Power 26 398 0.0641 24 -8% Beauty Gatsby Body Care/ Gatsby Cream Face Cleasing - Acne 25 298 0.0641 18 -29% Beauty Care Foam Gatsby Body Care/ Gatsby Cream Face Cleasing - Nano 25 298 0.0641 18 -29% Beauty Milliion Scrub Gatsby Body Care/ Gatsby Cream Face Cleasing - Perfect 25 298 0.0641 18 -29% Beauty Scrub

Gatsby Body Care/ Gatsby Cream Face Cleasing - White 25 298 0.0641 18 -29% Beauty Clear Foam Gatsby Body Care/ Gatsby Cream Face Cleasing -Moisture 25 298 0.0641 18 -29% Beauty Foram Gatsby Body Care/ Gatsby Face Cleasing Foam 50 498 0.0641 30 -41% Beauty Gatsby Body Care/ Gatsby Face Cleasing Papar - Clear Type 42 398 0.0641 24 -44% Beauty Gatsby Body Care/ Gatsby Face Cleasing Papar - Ice Type 42 398 0.0641 24 -44% Beauty Gatsby Body Care/ Gatsby Face Cleasing Papar - Moist Type 42 398 0.0641 24 -44% Beauty Gatsby Body Care/ Gatsby Face Cleasing Papar - Super 42 398 0.0641 24 -44% Beauty Refresh

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Property Hong Kong Property Special

Gatsby Body Care/ Gatsby Face Cleasing Papar (42 sheets) 42 398 0.0641 24 -44% Beauty Gatsby Body Care/ Gatsby Foam Face Cleasing - Rich Whip 50 498 0.0641 30 -41% Beauty Moisture Gatsby Body Care/ Gatsby Foam Face Cleasing - Rich Whip 50 498 0.0641 30 -41% Beauty Oil-Clear Gatsby Body Care/ Gatsby Foam Face Cleasing - Rich Whip 50 498 0.0641 30 -41% Beauty Smooth Gatsby Body Care/ Gatsby Ice-type Deodorant Spray - Gold NA in HK 475 0.0641 28 NA in HK Beauty Ocean Gatsby Body Care/ Gatsby Ice-type Deodorant Spray - Ice NA in HK 475 0.0641 28 NA in HK Beauty Citrus Gatsby Body Care/ Gatsby Ice-type Deodorant Spray - Ice NA in HK 475 0.0641 28 NA in HK Beauty Fruity Gatsby Body Care/ Gatsby Medicated Skincare Aqua Cream NA in HK 570 0.0641 34 NA in HK Beauty Gatsby Body Care/ Gatsby Medicated Skincare Aqua Water NA in HK 570 0.0641 34 NA in HK Beauty Gatsby Body Care/ Gatsby Medicated Skincare Water NA in HK 570 0.0641 34 NA in HK Beauty Gatsby Body Care/ Gatsby Medicated Skincare White Clear NA in HK 665 0.0641 39 NA in HK Beauty Water Gatsby Body Care/ Gatsby Powder Deodorant Spray - Aqua NA in HK 475 0.0641 28 NA in HK Beauty Soap Gatsby Body Care/ Gatsby Powder Deodorant Spray - Clear NA in HK 475 0.0641 28 NA in HK Beauty Citrus Gatsby Body Care/ Gatsby Powder Deodorant Spray - Clear NA in HK 475 0.0641 28 NA in HK Beauty Ocean Gatsby Body Care/ Gatsby Powder Deodorant Spray - Fruity NA in HK 475 0.0641 28 NA in HK Beauty Gatsby Body Care/ Gatsby Powder Deodorant Spray - NA in HK 475 0.0641 28 NA in HK Beauty Original Gatsby Body Care/ Gatsby Styling Wax - Moving Rubber Air 59 475 0.0641 28 -52% Beauty Rise Gatsby Body Care/ Gatsby Styling Wax - Moving Rubber 59 475 0.0641 28 -52% Beauty Cool Wet Gatsby Body Care/ Gatsby Styling Wax - Moving Rubber 59 475 0.0641 28 -52% Beauty Grunge Mat Gatsby Body Care/ Gatsby Styling Wax - Moving Rubber 59 475 0.0641 28 -52% Beauty Kiis Shuffle Gatsby Body Care/ Gatsby Styling Wax - Moving Rubber 59 475 0.0641 28 -52% Beauty Spiky Edge Gatsby Body Care/ Gatsby Styling Wax - Moving Rubber 59 475 0.0641 28 -52% Beauty Wild Shake

Gatsby Body Care/ Mandom Long-keep Gel - Super Hard 39 284 0.0641 17 -57% Beauty Gatsby Body Care/ Mandom Long-keep Gel - Wet & Hard 39 284 0.0641 17 -57% Beauty Hikari Body Care/ Hourse Oil 100% - bottle 160 1,180 0.0641 70 -56% Beauty Hokkaido Nikko Body Care/ Hokkaido Nikko Horse Oil - Premium NA in HK 2,480 0.0641 147 NA in HK Beauty Gold Itoh Body Care/ Aloe Moisturizing Cream NA in HK 1,280 0.0641 76 NA in HK Beauty Johnson's Body Care/ 24 Hour Moisture Hand Cream - Orange 19 380 0.0641 23 19% Beauty Johnson's Body Care/ 24 Hour Moisture Hand Cream - Pink 19 380 0.0641 23 19% Beauty

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Johnson's Body Care/ 24 Hour Moisture Hand Cream - Purple 19 380 0.0641 23 19% Beauty Johnson's Body Care/ Johnson's Baby Cream - tube 17 380 0.0641 23 33% Beauty Johnson's Body Care/ Johnson's Baby Lotion - pink 22 665 0.0641 39 80% Beauty Johnson's Body Care/ Johnson's Baby Lotion - white 22 665 0.0641 39 80% Beauty Johnson's Body Care/ Johnson's Baby Oil - blue 43 934 0.0641 55 29% Beauty Johnson's Body Care/ Johnson's Baby Oil - pink 43 934 0.0641 55 29% Beauty Johnson's Body Care/ Johnson's Body Care - Rich Spa Extra NA in HK 570 0.0641 34 NA in HK Beauty Care Johnson's Body Care/ Johnson's Body Care - Rich Spa NA in HK 570 0.0641 34 NA in HK Beauty Premium Beauty Body Lotion Johnson's Body Care/ Johnson's Body Care - Rich Spa NA in HK 570 0.0641 34 NA in HK Beauty Premium Beauty Body Lotion - Rosy Johnson's Body Care/ Johnson's Body Care - Rich Spa NA in HK 369 0.0641 22 NA in HK Beauty Premium Beauty Shampoo Gel Johnson's Body Care/ Johnson's Body Care - Rich Spa NA in HK 369 0.0641 22 NA in HK Beauty Premium Beauty Shower Gel Junbayu Body Care/ Junbayu 100% (Horse Oil) NA in HK 1,080 0.0641 64 NA in HK Beauty Kao Body Care/ Atrix Beauty Charge Hand Cream - NA in HK 570 0.0641 34 NA in HK Beauty Honey Milk Kao Body Care/ Atrix Beauty Charge Hand Cream - NA in HK 570 0.0641 34 NA in HK Beauty Peach Kao Body Care/ Atrix Beauty Charge Hand Cream - NA in HK 570 0.0641 34 NA in HK Beauty Rose&Berry Kao Body Care/ Atrix Beauty Charge Night Repair NA in HK 698 0.0641 41 NA in HK Beauty Kao Body Care/ Atrix Extra Protection Hand Cream NA in HK 698 0.0641 41 NA in HK Beauty Kao Body Care/ Atrix Hand Cream NA in HK 462 0.0641 27 NA in HK Beauty Kao Body Care/ Biore Facial Cleansing - Acene Care 35 369 0.0641 22 -37% Beauty Kao Body Care/ Biore Facial Cleansing - Deep Clear 35 369 0.0641 22 -37% Beauty Kao Body Care/ Biore Facial Cleansing - Moisture 35 369 0.0641 22 -37% Beauty Kao Body Care/ Biore Facial Cleansing - Rich Moisture 35 369 0.0641 22 -37% Beauty

Kao Body Care/ Biore Facial Cleansing - with Scrup 35 369 0.0641 22 -37% Beauty Kao Body Care/ Biore Facial Cleansing Gel NA in HK 665 0.0641 39 NA in HK Beauty Kao Body Care/ Biore Facial Cleansing Gel - bottle NA in HK 760 0.0641 45 NA in HK Beauty Kao Body Care/ Biore Facial Cleansing Whip - blue 40 570 0.0641 34 -15% Beauty Kao Body Care/ Biore Facial Cleansing Whip - blue (refill) 40 570 0.0641 34 -15% Beauty Kao Body Care/ Biore Facial Cleansing Whip - green 40 570 0.0641 34 -15% Beauty Kao Body Care/ Biore Facial Cleansing Whip - green 40 570 0.0641 34 -15% Beauty (refill)

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Property Hong Kong Property Special

Kao Body Care/ Biore Facial Cleansing Whip - pink 40 570 0.0641 34 -15% Beauty Kao Body Care/ Biore Facial Cleansing Whip - pink (refill) 40 570 0.0641 34 -15% Beauty Kao Body Care/ Biore Facial Cleansing Whip - yellow 40 570 0.0641 34 -15% Beauty Kao Body Care/ Biore Facial Cleansing Whip - yellow 40 570 0.0641 34 -15% Beauty (refill) Kao Body Care/ Biore Make-up Cleansing Cream NA in HK 475 0.0641 28 NA in HK Beauty Kao Body Care/ Biore Make-up Cleansing Foam NA in HK 665 0.0641 39 NA in HK Beauty Kao Body Care/ Biore Make-up Cleansing Foam (refill) NA in HK 475 0.0641 28 NA in HK Beauty Kao Body Care/ Biore Make-up Cleansing Oil 70 950 0.0641 56 -19% Beauty Kao Body Care/ Biore Make-up Cleansing Oil (refill) NA in HK 800 0.0641 47 NA in HK Beauty Kao Body Care/ Biore-U Moisturizing Milk - Pink NA in HK 570 0.0641 34 NA in HK Beauty Kao Body Care/ Biore-U Moisturizing Milk - Yellow NA in HK 570 0.0641 34 NA in HK Beauty Kao Body Care/ Clearclean Kid's Tooth Brush NA in HK 158 0.0641 9 NA in HK Beauty Kao Body Care/ Clearclean Mouth-rinse NA in HK 450 0.0641 27 NA in HK Beauty Kao Body Care/ Kao Clearclean Toothpaste - Grape 25 198 0.0641 12 -53% Beauty Kao Body Care/ Kao Clearclean Toothpaste - Melon 25 198 0.0641 12 -53% Beauty Kao Body Care/ Kao Clearclean Toothpaste - Strawberry 25 198 0.0641 12 -53% Beauty Kao Body Care/ Men's Biore Facial Cleansing - Acne & 35 380 0.0641 23 -35% Beauty Oil Block Kao Body Care/ Men's Biore Facial Cleansing - Deep 35 380 0.0641 23 -35% Beauty Clean Kao Body Care/ Men's Biore Facial Cleansing - Deep 35 380 0.0641 23 -35% Beauty Moist Kao Body Care/ Men's Biore Facial Cleansing - Double 35 380 0.0641 23 -35% Beauty Scrub Kao Body Care/ Men's Biore Facial Cleansing - Micro 35 380 0.0641 23 -35% Beauty Scrub Kao Body Care/ Men's Biore Facial Cleansing Whip 35 298 0.0641 18 -49% Beauty

Kao Body Care/ Men's Biore Facial Cleansing Whip - 35 298 0.0641 18 -49% Beauty Acne & Oil Block Kao Body Care/ Men's Biore Facial Cleansing Whip - NA in HK 341 0.0641 20 NA in HK Beauty Acne & Oil Block (refill) Kao Body Care/ Men's Biore Facial Cleansing Whip - Oil 35 298 0.0641 18 -49% Beauty Clear Kao Body Care/ Men's Biore Facial Cleansing Whip - Oil NA in HK 341 0.0641 20 NA in HK Beauty Clear (refill) Kao Body Care/ Men's Biore Facial Cleansing Whip NA in HK 341 0.0641 20 NA in HK Beauty (refill) Kao Body Care/ Men's Biore Facial Lotion - Blue NA in HK 398 0.0641 24 NA in HK Beauty Kao Body Care/ Men's Biore Facial Lotion - Purple NA in HK 398 0.0641 24 NA in HK Beauty

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15 December 2015 Property Hong Kong Property Special

Kao Body Care/ Men's Biore Facial Lotion - Yellow NA in HK 398 0.0641 24 NA in HK Beauty Kiss Me Body Care/ Medicated handcream - bottle 35 462 0.0641 27 -22% Beauty Kiss Me Body Care/ Medicated handcream - tube 35 462 0.0641 27 -22% Beauty Kose Body Care/ Aroma Resort Body Milk - Peach 50 398 0.0641 24 -53% Beauty Kose Body Care/ Aroma Resort Body Milk - Rose 50 398 0.0641 24 -53% Beauty Kose Body Care/ Medicated Q10 Night Hand Cream 45 398 0.0641 24 -47% Beauty Kose Body Care/ Medicated Q10 Whitening Hand Cream 45 398 0.0641 24 -47% Beauty Kose Body Care/ Moisturizing Hand & Finder Cream NA in HK 298 0.0641 18 NA in HK Beauty (Night) Kose Body Care/ Sekkisei BB Cream NA in HK 2,204 0.0641 131 NA in HK Beauty Kose Body Care/ Softymo Hyaluronic Acid Cleasing 59 570 0.0641 34 -43% Beauty Foam - Blue Kose Body Care/ Softymo Hyaluronic Acid Cleasing 59 570 0.0641 34 -43% Beauty Foam - Pink Kose Body Care/ Softymo Mild Cleansing Liquid NA in HK 647 0.0641 38 NA in HK Beauty Kose Body Care/ Softymo Mild Cleansing Liquid (refill) NA in HK 498 0.0641 30 NA in HK Beauty Kose Body Care/ Softymo Speedy Cleansing Liquid 48 380 0.0641 23 -53% Beauty Kose Body Care/ Softymo Speedy Cleansing Liquid (refill) NA in HK 360 0.0641 21 NA in HK Beauty Kose Body Care/ Softymo Speedy Cleansing Oil 48 380 0.0641 23 -53% Beauty Kose Body Care/ Softymo Speedy Cleansing Oil (refill) NA in HK 360 0.0641 21 NA in HK Beauty Kose Body Care/ Softymo Speedy Cleansing Whitening NA in HK 360 0.0641 21 NA in HK Beauty Oil (refill) Kose Body Care/ Softymo Whip Cleansing 45 570 0.0641 34 -25% Beauty Kose Body Care/ Softymo Whitening Cleansing 32 332 0.0641 20 -38% Beauty Kose Body Care/ Softymo Whitening Cleansing - Double 32 332 0.0641 20 -38% Beauty Hyaluronic Acid Kose Body Care/ Softymo Whitening Cleansing - Make-up 32 332 0.0641 20 -38% Beauty Cleansing

Kose Body Care/ Softymo Whitening Cleansing - Pore- 32 332 0.0641 20 -38% Beauty clearing Kose Body Care/ Softymo Whitening Cleansing - with 32 332 0.0641 20 -38% Beauty Collagen Kracie Body Care/ Moisturizing Seaweeds Shampoo -Blue NA in HK 278 0.0641 16 NA in HK Beauty (Refill) Kracie Body Care/ Moisturizing Seaweeds Shampoo -Green NA in HK 278 0.0641 16 NA in HK Beauty (Refill) Kracie Body Care/ Facial Cleansing Powder NA in HK 647 0.0641 38 NA in HK Beauty Kumamon Body Care/ Kumamon Tooth Brush 12 98 0.0641 6 -51% Beauty Lion Body Care/ Anpan Man Tooth Brush NA in HK 128 0.0641 8 NA in HK Beauty

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Lion Body Care/ Anpan Man Tooth Brush & Tooth Paste NA in HK 398 0.0641 24 NA in HK Beauty Set Lion Body Care/ Lion Kid Tooth Paste with Anpan Man - NA in HK 170 0.0641 10 NA in HK Beauty Green Lion Body Care/ Lion Kid Tooth Paste with Anpan Man - NA in HK 170 0.0641 10 NA in HK Beauty Pink Lion Body Care/ Soft in 1 Conditioner (Refill) NA in HK 380 0.0641 23 NA in HK Beauty Lion Body Care/ Soft in 1 Shampoo (Refill) NA in HK 380 0.0641 23 NA in HK Beauty Lion Body Care/ Systema EX Dental Rinse - Blue NA in HK 698 0.0641 41 NA in HK Beauty Lion Body Care/ Systema EX Dental Rinse - Green NA in HK 698 0.0641 41 NA in HK Beauty Lion Body Care/ Systema EX Dental Rinse - Light Blue NA in HK 698 0.0641 41 NA in HK Beauty Listerine Body Care/ Listerine Mouth-rinse - Artic Mint 34 475 0.0641 28 -17% Beauty Listerine Body Care/ Listerine Mouth-rinse - Cool Mint 34 475 0.0641 28 -17% Beauty Listerine Body Care/ Listerine Mouth-rinse - Fresh Citrus 34 475 0.0641 28 -17% Beauty Listerine Body Care/ Listerine Mouth-rinse - Original 34 475 0.0641 28 -17% Beauty Listerine Body Care/ Listerine Mouth-rinse - Soft Mint 34 475 0.0641 28 -17% Beauty Listerine Body Care/ Listerine Mouth-rinse - Tartar control 34 475 0.0641 28 -17% Beauty Listerine Body Care/ Listerine Mouth-rinse - Total care 34 475 0.0641 28 -17% Beauty L'occitane Body Care/ Aromachologie Radiance and Color Care 290 3,800 0.0641 244 -16% Beauty Shampoo - 500ml L'occitane Body Care/ Bre Shea Butter (Beurre De Karite) - 10 90 1,200 0.0641 77 -15% Beauty ml L'occitane Body Care/ Bre Shea Butter (Beurre De Karite) - 150 340 4,600 0.0641 295 -13% Beauty ml L'occitane Body Care/ Repairing Conditioner - 250ml 180 2,300 0.0641 147 -18% Beauty L'occitane Body Care/ Repairing Conditioner - 500ml 295 4,000 0.0641 256 -13% Beauty L'occitane Body Care/ Repairing Shampoo - 300ml 180 2,300 0.0641 147 -18% Beauty L'occitane Body Care/ Repairing Shampoo - 500ml 250 3,400 0.0641 218 -13% Beauty

L'occitane Body Care/ Shea butter Body Lotion (Lait Ultra 250 3,600 0.0641 231 -8% Beauty Riche) - 250 ml L'occitane Body Care/ Shea Butter Extra Gentle Lotion for 230 3,000 0.0641 192 -16% Beauty Hands & Body - Milk (Lotion Hydrant) - 300 ml Loshi Moist Body Care/ Horse Oil Skin Cream 26 398 0.0641 24 -9% Beauty Loshi Moist Body Care/ Horse Oil Skin Cream Premium NA in HK 698 0.0641 41 NA in HK Beauty Loshi Moist Body Care/ Horse Oil Skin Milk 52 598 0.0641 35 -32% Beauty Lux Body Care/ Lux Conditioner 50 598 0.0641 35 -29% Beauty Lux Body Care/ Lux Shampoo 50 598 0.0641 35 -29% Beauty

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Mentholatum Body Care/ Deep Moist Lipstick - Citrus 41 341 0.0641 20 -51% Beauty Mentholatum Body Care/ Deep Moist Lipstick - Menthol 41 341 0.0641 20 -51% Beauty Mentholatum Body Care/ Deep Moist Lipstick - Natural 41 341 0.0641 20 -51% Beauty Mentholatum Body Care/ Hang & Nail Veil - Concentrated 25 284 0.0641 17 -32% Beauty Mentholatum Body Care/ Hang & Nail Veil - Moisturizing 25 284 0.0641 17 -32% Beauty Mentholatum Body Care/ Medical Vitamin Cream 64 498 0.0641 30 -54% Beauty Mentholatum Body Care/ Meidcated Lip Cream NA in HK 815 0.0641 48 NA in HK Beauty Mentholatum Body Care/ Mentholatum Premium Rich Repair 70 798 0.0641 47 -32% Beauty Hand Cream Mentholatum Body Care/ Mentholatum Premium Rich Repair Nail 80 670 0.0641 40 -50% Beauty Cream Moistaid Body Care/ Horse Oil Cleansing Cream NA in HK 398 0.0641 24 NA in HK Beauty Momo-no-hana Body Care/ Momo-no-hana Hand Cream NA in HK 647 0.0641 38 NA in HK Beauty Momotanijyutenka Body Care/ Horse Oil x 2 NA in HK 1,500 0.0641 89 NA in HK n Beauty Nakano Body Care/ Nakano Styling Wax - Bishitto Hold NA in HK 1,029 0.0641 61 NA in HK Beauty Nakano Body Care/ Nakano Styling Wax - Fuwatto Airy NA in HK 1,029 0.0641 61 NA in HK Beauty Nakano Body Care/ Nakano Styling Wax - Glittery NA in HK 1,029 0.0641 61 NA in HK Beauty Nakano Body Care/ Nakano Styling Wax - Keep Firmly NA in HK 1,029 0.0641 61 NA in HK Beauty Nakano Body Care/ Nakano Styling Wax - Kiritto Active NA in HK 1,029 0.0641 61 NA in HK Beauty Nakano Body Care/ Nakano Styling Wax - Light and Natural NA in HK 1,029 0.0641 61 NA in HK Beauty Nakano Body Care/ Nakano Styling Wax - Matte NA in HK 1,029 0.0641 61 NA in HK Beauty Nakano Body Care/ Nakano Styling Wax - Tough&Hard NA in HK 1,029 0.0641 61 NA in HK Beauty Nakano Body Care/ Nakano Styling Wax - Tsun Tsun Super NA in HK 1,029 0.0641 61 NA in HK Beauty Hard Native Body Care/ Hand cream - Brown NA in HK 234 0.0641 14 NA in HK Beauty

Native Body Care/ Hand cream - Green NA in HK 234 0.0641 14 NA in HK Beauty Native Body Care/ Hand cream - Light Green NA in HK 234 0.0641 14 NA in HK Beauty Native Body Care/ Hand cream - Orange NA in HK 234 0.0641 14 NA in HK Beauty Native Body Care/ Hand cream - Pink NA in HK 234 0.0641 14 NA in HK Beauty Nivea Body Care/ Nive In-shower body lotion - firming 39 498 0.0641 30 -24% Beauty Nivea Body Care/ Nive In-shower body lotion - whitening 39 498 0.0641 30 -24% Beauty Nivea Body Care/ Nive In-shower body treatment NA in HK 510 0.0641 30 NA in HK Beauty

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Nivea Body Care/ Nivea Crème (large) 30 462 0.0641 27 -8% Beauty Nivea Body Care/ Nivea Crème (small) 12 284 0.0641 17 42% Beauty Nivea Body Care/ Nivea Extra Repair Body Milk NA in HK 534 0.0641 32 NA in HK Beauty Nivea Body Care/ Nivea hand cream 20 198 0.0641 12 -41% Beauty Nivea Body Care/ Nivea hand cream - Soft 20 198 0.0641 12 -41% Beauty Nivea Body Care/ Nivea Moisturizing Lip Stick - Green 30 462 0.0641 27 -8% Beauty Nivea Body Care/ Nivea Moisturizing Lip Stick - Yellow 30 462 0.0641 27 -8% Beauty Nivea Body Care/ Nivea Premium Milk Advance Q10 NA in HK 739 0.0641 44 NA in HK Beauty Nivea Body Care/ Nivea skin milk - Extra White 39 498 0.0641 30 -24% Beauty Nivea Body Care/ Nivea skin milk - Intensive Moisture 29 478 0.0641 28 -2% Beauty Nivea Body Care/ Nivea skin milk - Silky Smooth 29 478 0.0641 28 -2% Beauty Pantene Body Care/ Pantene Conditioner - large 60 739 0.0641 44 -27% Beauty Pantene Body Care/ Pantene Conditioner - small NA in HK 380 0.0641 23 NA in HK Beauty Pantene Body Care/ Pantene Extra Damage Care Hair Mask 45 462 0.0641 27 -39% Beauty Pantene Body Care/ Pantene Extra Damage Care Treatment NA in HK 665 0.0641 39 NA in HK Beauty Pantene Body Care/ Pantene Extra Damage Care Treatment 50 554 0.0641 33 -34% Beauty (in-day) Pantene Body Care/ Pantene Extra Damage Care Treatment NA in HK 665 0.0641 39 NA in HK Beauty EX Pantene Body Care/ Pantene Extra Shine Hair Mask NA in HK 798 0.0641 47 NA in HK Beauty Pantene Body Care/ Pantene Shampoo - large 60 739 0.0641 44 -27% Beauty Pantene Body Care/ Pantene Shampoo - small NA in HK 380 0.0641 23 NA in HK Beauty Pelikan Body Care/ For Back Soap NA in HK 500 0.0641 30 NA in HK Beauty Pelikan Body Care/ Horse Oil Facial Paper NA in HK 165 0.0641 10 NA in HK Beauty

Pokemon Body Care/ Pikachu Tooth Brush 14 128 0.0641 8 -45% Beauty Rohto Body Care/ Chulip Lip Balm - Blue NA in HK 548 0.0641 33 NA in HK Beauty Rohto Body Care/ Chulip Lip Balm - Green NA in HK 548 0.0641 33 NA in HK Beauty Rohto Body Care/ Chulip Lip Balm - Orange NA in HK 548 0.0641 33 NA in HK Beauty Rohto Body Care/ Chulip Lip Balm - Pink NA in HK 548 0.0641 33 NA in HK Beauty Rohto Body Care/ Chulip Lip Balm - Purple NA in HK 548 0.0641 33 NA in HK Beauty Rohto Body Care/ Chulip Lip Balm - Red NA in HK 548 0.0641 33 NA in HK Beauty

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Rohto Body Care/ Hadalabo Premium Hyaluronic Lotion NA in HK 900 0.0641 53 NA in HK Beauty Rohto Body Care/ Hadalabo Premium Hyaluronic Lotion NA in HK 800 0.0641 47 NA in HK Beauty (refill) Rohton Body Care/ HadaLabo Super Hyaluronic Cream 148 1,218 0.0641 72 -51% Beauty Rohton Body Care/ HadaLabo Super Hyaluronic Essense 189 1,218 0.0641 72 -62% Beauty Rohton Body Care/ HadaLabo Super Hyaluronic Lotion 98 760 0.0641 45 -54% Beauty Rohton Body Care/ HadaLabo Super Hyaluronic Lotion NA in HK 760 0.0641 45 NA in HK Beauty (refill) Rohton Body Care/ HadaLabo Super Hyaluronic Mask 79 760 0.0641 45 -43% Beauty Rohton Body Care/ HadaLabo Super Hyaluronic Mist 98 712 0.0641 42 -57% Beauty Rohton Body Care/ HadaLabo Whitening Cream 125 838 0.0641 50 -60% Beauty Rohton Body Care/ HadaLabo Whitening Cream (Night) 179 1,218 0.0641 72 -60% Beauty Rohton Body Care/ HadaLabo Whitening Drop NA in HK 1,380 0.0641 82 NA in HK Beauty Rohton Body Care/ HadaLabo Whitening Essense 179 1,600 0.0641 95 -47% Beauty Rohton Body Care/ HadaLabo Whitening Lotion 98 838 0.0641 50 -49% Beauty Rohton Body Care/ HadaLabo Whitening Lotion (refill) NA in HK 760 0.0641 45 NA in HK Beauty Rohton Body Care/ HadaLabo Whitening Mask 79 760 0.0641 45 -43% Beauty Rohton Body Care/ HadaLabo Whitening Water 98 838 0.0641 50 -49% Beauty Rohton Body Care/ HadaLabo Whitening Water (refill) NA in HK 760 0.0641 45 NA in HK Beauty Rohton Body Care/ Oxy Facial Cleansing Foam - Creamy NA in HK 278 0.0641 16 NA in HK Beauty Wash Rohton Body Care/ Oxy Facial Cleansing Foam - Deep Wash NA in HK 278 0.0641 16 NA in HK Beauty Rohton Body Care/ Oxy Facial Cleansing Foam - Extra Ice NA in HK 278 0.0641 16 NA in HK Beauty Gel Wash Rohton Body Care/ Oxy Facial Cleansing Foam - Perfect NA in HK 278 0.0641 16 NA in HK Beauty Wash Rohton Body Care/ Oxy Whitening - Facial Cleansing Cream NA in HK 670 0.0641 40 NA in HK Beauty

Rohton Body Care/ Oxy Whitening - Facial Cleansing NA in HK 1,220 0.0641 72 NA in HK Beauty Essense Rohton Body Care/ Oxy Whitening - Facial Cleansing Foam NA in HK 475 0.0641 28 NA in HK Beauty Rohton Body Care/ Oxy Whitening - Facial Cleansing Lotion NA in HK 851 0.0641 51 NA in HK Beauty Rosette Body Care/ Rosette Facial Cleansing - Green 48 348 0.0641 21 -57% Beauty Rosette Body Care/ Rosette Facial Cleansing - Horse Oi; NA in HK 348 0.0641 21 NA in HK Beauty Rosette Body Care/ Rosette Facial Cleansing - Make-up NA in HK 598 0.0641 35 NA in HK Beauty Remover Rosette Body Care/ Rosette Facial Cleansing - Pink 48 348 0.0641 21 -57% Beauty

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Rosette Body Care/ Rosette Facial Cleansing - Rice NA in HK 348 0.0641 21 NA in HK Beauty Rosette Body Care/ Rosette Facial Cleansing - Yellow 48 348 0.0641 21 -57% Beauty Rosette Body Care/ Rosette Gomashu NA in HK 258 0.0641 15 NA in HK Beauty Rosette Body Care/ Rosette Hello Kitty Facial Cleansing - 42 475 0.0641 28 -33% Beauty Black Rosette Body Care/ Rosette Hello Kitty Facial Cleansing - 42 475 0.0641 28 -33% Beauty Blue Rosette Body Care/ Rosette Hello Kitty Facial Cleansing - 42 475 0.0641 28 -33% Beauty Original Rosette Body Care/ Rosette Hello Kitty Facial Cleansing - 42 475 0.0641 28 -33% Beauty Pink Rosette Body Care/ Rosette Hello Kitty Facial Cleansing - 42 475 0.0641 28 -33% Beauty Purple Rosette Body Care/ Tsurutsuru Gel 30 348 0.0641 21 -31% Beauty Rosshi moist-aid Body Care/ Moisture Skin Cream with Horse Oil - 130 1,180 0.0641 70 -46% Beauty bottle Sanrio Body Care/ Hello Kitty Tooth Brush 14 98 0.0641 6 -58% Beauty Shiseido Body Care/ Medicated 10% Urea Body & Hand 45 554 0.0641 33 -27% Beauty Cream Shiseido Body Care/ Medicated handcream (more deep) - 20 235 0.0641 14 -30% Beauty tube Shiseido Body Care/ Medicated handcream (more deep) - 45 462 0.0641 27 -39% Beauty bottle Shiseido Body Care/ Medicated handcream (super glittery) - 20 221 0.0641 13 -34% Beauty tube Shiseido Body Care/ Perfect Gel Cleansing 57 718 0.0641 43 -25% Beauty Shiseido Body Care/ Perfect Liquid Cleansing 79 718 0.0641 43 -46% Beauty Shiseido Body Care/ Perfect Milk Cleansing 42 570 0.0641 34 -19% Beauty Shiseido Body Care/ Perfect Oil Cleansing 50 665 0.0641 39 -21% Beauty Shiseido Body Care/ Perfect Watery Oil Cleansing 108 934 0.0641 55 -49% Beauty Shiseido Body Care/ Perfect Whip Cleansing 67 498 0.0641 30 -56% Beauty Shiseido Body Care/ Water Hair Pack Shampoo - Refill NA in HK 437 0.0641 26 NA in HK Beauty

Sonbayu Body Care/ Hourse Oil (Sonbayu) 180 2,000 0.0641 119 -34% Beauty Sunstar Body Care/ Sunstar Kid's Tooth Paste - Grape NA in HK 198 0.0641 12 NA in HK Beauty Sunstar Body Care/ Sunstar Kid's Tooth Paste - Mint NA in HK 198 0.0641 12 NA in HK Beauty Sunstar Body Care/ Sunstar Kid's Tooth Paste - Strawberry NA in HK 198 0.0641 12 NA in HK Beauty Udena Body Care/ Aloe Facial Cleansing NA in HK 380 0.0641 23 NA in HK Beauty Udena Body Care/ Charcoal Facial Cleansing NA in HK 380 0.0641 23 NA in HK Beauty Udena Body Care/ Horse Oil Cream NA in HK 1,280 0.0641 76 NA in HK Beauty

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Udena Body Care/ Horse Oil Cream + Urea NA in HK 980 0.0641 58 NA in HK Beauty Udena Body Care/ Srub Facial Cleansing NA in HK 380 0.0641 23 NA in HK Beauty Urecoto Body Care/ Urecoto 10% Urea Cream NA in HK 880 0.0641 52 NA in HK Beauty Vaseline Body Care/ Vaseline Cream - large 28 379 0.0641 22 -19% Beauty Yuskin A Body Care/ Lip Balm NA in HK 908 0.0641 54 NA in HK Beauty FujiFilm Camera/ Lens FujiFilm X30 3,730 50,330 0.0641 2,837 -24% Fujifilm Camera/ Lens Fujifilm Instax Mini 70 1,180 18,230 0.0641 1,028 -13% Olympus Camera/ Lens Olympus OMDEM10 Mark II 5,080 82,250 0.0641 4,637 -9% Olympus Camera/ Lens Olympus OMDEM10 Mark II 14-42mm 5,880 98,200 0.0641 5,536 -6% EZ Lens Kit Olympus Camera/ Lens Olympus OMDEM10 Mark II EZ Double NA in HK 115,060 0.0641 6,487 NA in HK zoom Kit Panasonic Camera/ Lens Lumix CM1 - DMC-CM1 7,990 129,600 0.0641 7,306 -9% Panasonic Lumix Camera/ Lens Panasonic Lumix DMCGF7W 6,490 66,740 0.0641 3,763 -42% Panasonic Lumix Camera/ Lens Panasonic Lumix DMCGM5K GM5 7,990 69,980 0.0641 3,945 -51% Special set (12-32mm F3.5-5.6 + 25mm F1.7) Panasonic Lumix Camera/ Lens Panasonic Lumix DMCGX8 10,390 130,370 0.0641 7,350 -29% Panasonic Lumix Camera/ Lens Panasonic Lumix DMCGX8H 14,200 178,180 0.0641 10,045 -29% Panasonic Lumix Camera/ Lens Panasonic Lumix DMCLX100 6,990 73,440 0.0641 4,140 -41% Panasonic Lumix Camera/ Lens Panasonic Lumix HES045 7,200 61,700 0.0641 3,478 -52% Panasonic Lumix Camera/ Lens Panasonic Lumix HF008 8mm 6,390 66,420 0.0641 3,745 -41% Panasonic Lumix Camera/ Lens Panasonic Lumix HFS045200 3,400 33,620 0.0641 1,895 -44% Panasonic Lumix Camera/ Lens Panasonic Lumix HFS14140 5,490 67,440 0.0641 3,802 -31% Panasonic Lumix Camera/ Lens Panasonic Lumix HH020A 3,490 33,250 0.0641 1,875 -46% Panasonic Lumix Camera/ Lens Panasonic Lumix HNS043 14,490 152,480 0.0641 8,596 -41% Panasonic Lumix Camera/ Lens Panasonic Lumix HX015K 5,290 50,220 0.0641 2,831 -46% Panasonic Lumix Camera/ Lens Panasonic Lumix HX025 5,190 53,400 0.0641 3,010 -42% Panasonic Lumix Camera/ Lens Panasonic Lumix Lumix G Vario 100- 4,800 53,630 0.0641 3,023 -37% 300mm F4.0-5.6 Mega O.I.S. Ricoh Camera/ Lens Ricoh GR 6,290 80,820 0.0641 4,556 -28% Sony Camera/ Lens Sony Cyber-shot RX1R II 26,490 463,190 0.0641 26,113 -1% Sony Camera/ Lens Sony ILCE7M2BQ 11,000 205,070 0.0641 11,561 5% Sony Camera/ Lens Sony ILCE7M2K BQ 12,800 237,470 0.0641 13,388 5% Sony Camera/ Lens Sony Mount Adaptor (without mirror) 1,900 17,660 0.0641 996 -48% Sony Camera/ Lens Sony SAL1635Z2 15,990 255,160 0.0641 14,385 -10% Sony Camera/ Lens Sony SAL2470Z2 15,990 251,740 0.0641 14,192 -11% Sony Camera/ Lens Sony SAL70200G2 20,990 295,120 0.0641 16,638 -21% Sony Camera/ Lens Sony SAL70400G2 16,990 249,660 0.0641 14,075 -17% Sony Camera/ Lens Sony SEL2470Z 9,390 123,130 0.0641 6,942 -26% Sony Camera/ Lens Sony SEL35F14Z 12,690 215,870 0.0641 12,170 -4% Sony Camera/ Lens Sony SEL90M28G 8,390 145,670 0.0641 8,212 -2% Le Creuset Kitchen-ware Heart-Shaped Casserole 3,088 31,320 0.0641 1,859 -40% Le Creuset Kitchen-ware Round French Oven 22cm 3,488 35,640 0.0641 2,115 -39% Godiva Chocolatier Chocolate Carré Collection All Assorted - 205 1,900 0.0641 122 -41% 16 pieces

Godiva Chocolatier Chocolate Luxury Gift Box - 30 pieces 850 7,400 0.0641 474 -44%

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Godiva Chocolatier Chocolate Luxury Gift Box - 59 pieces 1,560 13,000 0.0641 833 -47% Godiva Chocolatier Christmas Assortment - 20 pieces 370 2,900 0.0641 186 -50% Godiva Chocolatier Cookies & Chocolate Assortment - 21 NA in HK 3,000 0.0641 192 NA in HK pieces Godiva Chocolatier Cookies & Chocolate Assortment - 29 NA in HK 5,000 0.0641 320 NA in HK pieces Godiva Chocolatier Godiva Soft Icecream 45 440 0.0641 28 -37% Godiva Chocolatier Gold Collection - 8 pieces 215 2,000 0.0641 128 -40% Godiva Chocolatier Holiday Chocolate Gift Box - 18 pieces 515 5,900 0.0641 378 -27% Godiva Chocolatier Signature Chocolate Truffes Collection - 490 5,700 0.0641 365 -25% 16 pieces Godiva Chocolatier Signature Chocolate Truffes Collection - 215 2,300 0.0641 147 -31% 6 pieces

Godiva Chocolatier Signature Hot Chocolate 45 510 0.0641 33 -27% Godiva Chocolatier Wrapped Chocolate Keepsake - 18 315 3,000 0.0641 192 -39% pieces Hope Cigarette Hope NA in HK 230 0.0641 15 NA in HK Marlboro Cigarette Marlboro 55 460 0.0641 29 -46% Marlboro Cigarette Marlboro Gold Original 55 460 0.0641 29 -46% Marlboro Cigarette Marlboro Methol 55 460 0.0641 29 -46% Mevius Cigarette Mevius Extra Light 55 430 0.0641 28 -50% Mevius Cigarette Mevius Light 55 430 0.0641 28 -50% Mevius Cigarette Mevius One 55 430 0.0641 28 -50% Mevius Cigarette Mevius Super Light 55 430 0.0641 28 -50% Pianissimo Cigarette Pianissimo Aria Menthol 58 450 0.0641 29 -50% Winston Cigarette Winston XS 10 50 420 0.0641 27 -46% Winston Cigarette Winston XS 3 100's 50 420 0.0641 27 -46% Winston Cigarette Winston XS 8 50 420 0.0641 27 -46% Winston Cigarette Winston XS Caster 100S 50 420 0.0641 27 -46% Winston Cigarette Winston XS Caster 5 50 420 0.0641 27 -46% Yamaha Digital Piano Yamaha Digital Piano CLP-545 18,200 203,480 0.0641 11,471 -37% Yamaha Digital Piano Yamaha Digital Piano CLP-575 23,300 265,040 0.0641 14,942 -36% Yamaha Digital Piano Yamaha Digital Piano CVP-709 64,900 645,420 0.0641 36,386 -44% Tiger Electric Water Tiger Electric Water Heater PG-A220K 1,298 13,820 0.0641 779 -40% Heater Zojirushi Electric Water Zojirushi Electric Water Heater CV- NA in HK 23,650 0.0641 1,333 NA in HK Heater WA22-WZ Zojirushi Electric Water Zojirushi Electric Water Heater CV- NA in HK 19,580 0.0641 1,104 NA in HK Heater WK22-TZ Zojirushi Electric Water Zojirushi Electric Water Heater PIB- NA in HK 14,900 0.0641 840 NA in HK Heater A220-T Dyson Electronic Dyson DC61 Motorhead Cyclone 3,200 26,500 0.0641 1,494 -53% Appliance Vacuum Cleaner Aibon Eye Care Aibon Trolley Eye Drop NA in HK 475 0.0641 28 NA in HK Charmant Eye Care Charmant Eye Drop NA in HK 360 0.0641 21 NA in HK Hisamitsu Eye Care Ganryo 12 Eye Drop NA in HK 934 0.0641 55 NA in HK Hisamitsu Eye Care Ganryo Eye Drop NA in HK 475 0.0641 28 NA in HK Iris Eye Care Anti-bacteria Iris (one-off packs) NA in HK 570 0.0641 34 NA in HK Iris Eye Care Iris 40 Eye Drop NA in HK 570 0.0641 34 NA in HK Iris Eye Care Iris 50 Cool Eye Drop NA in HK 475 0.0641 28 NA in HK Iris Eye Care Iris 50 Eye Drop NA in HK 475 0.0641 28 NA in HK Iris Eye Care Iris Eye Drop NA in HK 475 0.0641 28 NA in HK

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Iris Eye Care Iris Eye-tect Eye Drop NA in HK 934 0.0641 55 NA in HK Iris Eye Care Iris Neo Cool Eye Drop NA in HK 570 0.0641 34 NA in HK Kaigen Eye Care Kaigen Eye Blue Anti-bacteria Eye Drop NA in HK 553 0.0641 33 NA in HK Alpha Eye Drop Kaigen Eye Care Kaigen Eye Blue Pure Eye Drop NA in HK 475 0.0641 28 NA in HK Kaigen Eye Care Kaigen Eye Blue S40 Eye Drop NA in HK 380 0.0641 23 NA in HK Kaigen Eye Care Kaigen Eye Pure Eye Drop NA in HK 475 0.0641 28 NA in HK Kegg Eye Care New High Art E Eye Drop NA in HK 180 0.0641 11 NA in HK Lion Eye Care Smile 40 Ex Cool Eye Drop NA in HK 570 0.0641 34 NA in HK Lion Eye Care Smile 40 Ex Eye Drop NA in HK 198 0.0641 12 NA in HK Lion Eye Care Smile 40 Ex Gold Eye Drop NA in HK 570 0.0641 34 NA in HK Lion Eye Care Smile 40 Ex Mild Eye Drop NA in HK 284 0.0641 17 NA in HK Lion Eye Care Smile 40 Mediclear Eye Drop NA in HK 1,200 0.0641 71 NA in HK Lion Eye Care Smile 40 Premium Eye Drop NA in HK 1,400 0.0641 83 NA in HK Lion Eye Care Smile A Eye Drop NA in HK 570 0.0641 34 NA in HK Lion Eye Care Smile Pit Eye Drop NA in HK 380 0.0641 23 NA in HK My Tear Eye Care My Tear Beautiful Eyes Eye Drop NA in HK 839 0.0641 50 NA in HK My Tear Eye Care My Tear Clean Cool Eye Drop NA in HK 473 0.0641 28 NA in HK My Tear Eye Care My Tear Fresh 40 Eye Drop NA in HK 283 0.0641 17 NA in HK My Tear Eye Care My Tear Vitamin B2B6E Eye Drop NA in HK 218 0.0641 13 NA in HK My Tear Eye Care New My Tear A NA in HK 475 0.0641 28 NA in HK Pahmu FX Eye Care Pahmu Fx Anti-bacteria Eye Drop NA in HK 570 0.0641 34 NA in HK Pahmu FX Eye Care Pahmu Fx Cool Eye Drop NA in HK 348 0.0641 21 NA in HK Rohto Eye Care New V Rohto EX Eye Drop NA in HK 570 0.0641 34 NA in HK Rohto Eye Care New V Rohto Eye Drop 54 570 0.0641 34 -37% Rohto Eye Care New V Rohto Eye Drop (Large) NA in HK 665 0.0641 39 NA in HK Rohto Eye Care Rohto Active Eye Drop NA in HK 1,300 0.0641 77 NA in HK Rohto Eye Care Rohto Bita 40 Eye Drop NA in HK 265 0.0641 16 NA in HK Rohto Eye Care Rohto Cool 40 Eye Drop NA in HK 265 0.0641 16 NA in HK Rohto Eye Care Rohto Dryaid EX Eye Moisturizer 90 1,200 0.0641 71 -21% Rohto Eye Care Rohto Eye Moisturizer 85 570 0.0641 34 -60% Rohto Eye Care Rohto Namida Moisturizer 60 665 0.0641 39 -34% Rohto Eye Care Rohto Nano Eye drop - Bue NA in HK 760 0.0641 45 NA in HK Rohto Eye Care Rohto Nano Eye drop - Pink NA in HK 760 0.0641 45 NA in HK Rohto Eye Care Rohto Z Pro Eye Drop NA in HK 665 0.0641 39 NA in HK Rohto Eye Care Rohto Z! Eye Drop NA in HK 298 0.0641 18 NA in HK Rohto Eye Care Shin Roku Sui Eye Moisturizer NA in HK 510 0.0641 30 NA in HK Rohton Eye Care Anti-bacteria Eye Drop EX NA in HK 760 0.0641 45 NA in HK Rohton Eye Care Anti-bacteria Eye Drop i NA in HK 760 0.0641 45 NA in HK Rohton Eye Care Eye Stretch Eye Drop NA in HK 665 0.0641 39 NA in HK Rohton Eye Care Rohton Clear Eye Drop NA in HK 934 0.0641 55 NA in HK Rohton Eye Care Rohton Digi Eye Drop NA in HK 646 0.0641 38 NA in HK Rohton Eye Care Rohton Gold 40 Eye Drop NA in HK 570 0.0641 34 NA in HK Rohton Eye Care Rohton Lycee Eye Drop NA in HK 551 0.0641 33 NA in HK Rohton Eye Care V Rohton Cool Eye Drop NA in HK 380 0.0641 23 NA in HK Saga Eye Care Eye Rich Alpha 11 Eye Drop NA in HK 1,500 0.0641 89 NA in HK Saga Eye Care Eye Rich Alpha Eye Drop NA in HK 475 0.0641 28 NA in HK Saga Eye Care Eye Rich Alpha Fx 8 Eye Drop NA in HK 684 0.0641 41 NA in HK

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Property Hong Kong Property Special

Saga Eye Care Eye Rich Alpha V 40 Eye Drop NA in HK 570 0.0641 34 NA in HK Santen Eye Care New Sante Eye Drop NA in HK 600 0.0641 36 NA in HK Santen Eye Care Sante 40 Cool Eye Drop NA in HK 284 0.0641 17 NA in HK Santen Eye Care Sante 40 Eye Drop NA in HK 665 0.0641 39 NA in HK Santen Eye Care Sante 40 Gold Eye Drop NA in HK 665 0.0641 39 NA in HK Santen Eye Care Sante 40 Plus Eye Drop NA in HK 284 0.0641 17 NA in HK Santen Eye Care Sante AG Guard Eye Drop NA in HK 934 0.0641 55 NA in HK Santen Eye Care Sante AL Eye Drop NA in HK 839 0.0641 50 NA in HK Santen Eye Care Sante Beautieye Eye Drop NA in HK 1,500 0.0641 89 NA in HK Santen Eye Care Sante Bio Eye Drop NA in HK 665 0.0641 39 NA in HK Santen Eye Care Sante Dou Plus E Alpha Eye Drop NA in HK 380 0.0641 23 NA in HK Santen Eye Care Sante Dry Care Eye Drop NA in HK 665 0.0641 39 NA in HK Santen Eye Care Sante Kaiteki 40 Eye Drop NA in HK 198 0.0641 12 NA in HK Santen Eye Care Sante Medical 10 Eye Drop NA in HK 1,200 0.0641 71 NA in HK Santen Eye Care Sante Medical G Eye Drop NA in HK 1,200 0.0641 71 NA in HK Santen Eye Care Sante New Anti-bacteria Eye Drop NA in HK 570 0.0641 34 NA in HK Santen Eye Care Sante PC Eye Drop NA in HK 665 0.0641 39 NA in HK Santen Eye Care Sante Pure Eye Drop NA in HK 475 0.0641 28 NA in HK Sato Eye Care Noarl N Alpha Eye Drop 63 665 0.0641 39 -37% Sato Eye Care Noarl One N Eye Drops (one-off packs) 88 570 0.0641 34 -62% Sato Eye Care Noarl One N SG Eye Drops (one-off NA in HK 646 0.0641 38 NA in HK packs) Smart Eye Eye Care Smart Eye Petit Eye Drop NA in HK 367 0.0641 22 NA in HK Tanabe Eye Care Aspara Eye Drop Moist CL NA in HK 380 0.0641 23 NA in HK Tear-re Eye Care Anti-bacteria Eye Drop NA in HK 475 0.0641 28 NA in HK Visine Eye Care Visine Deep Cool Eye Drop NA in HK 475 0.0641 28 NA in HK Visine Eye Care Visine Eye Drop NA in HK 475 0.0641 28 NA in HK Visine Eye Care Visine Plus II Eye Drop NA in HK 570 0.0641 34 NA in HK Visine Eye Care Visine UV Eye Drop NA in HK 758 0.0641 45 NA in HK Visine Eye Care Visine Wake Up Cure Eye Drop NA in HK 572 0.0641 34 NA in HK Uniqlo Fashion Uniqlo Down Jacket 899 9,990 0.0641 593 -34% Uniqlo Fashion Uniqlo Heattech Stretch Slim Fit Flat 299 3,990 0.0641 237 -21% Front Pants Uniqlo Fashion Uniqlo Stretch Wool Blended Down 999 11,900 0.0641 706 -29% Jacket Uniqlo Fashion Uniqlo Sweat Pants 249 2,490 0.0641 148 -41% Uniqlo Fashion Uniqlo Ultra Light Down Jacket 599 2,990 0.0641 177 -70% Uniqlo Fashion Uniqlo Women Disney Project Fleece 129 1,290 0.0641 77 -41% Full Zip Hooded Jacket Uniqlo Fashion Uniqlo Women Disney Project Pile Lined 299 2,990 0.0641 177 -41% Sweat Dress Uniqlo Fashion Uniqlo Women Fluffy Yarn Fleece Full- 199 2,490 0.0641 148 -26% Zip Jacket Uniqlo Fashion Uniqlo Women Fluffy Yarn Fleece Long 399 1,290 0.0641 77 -81% Sleeve Coat Uniqlo Fashion Uniqlo Women Heattech Lace Scoop 199 890 0.0641 53 -73% Neck Long Sleeve T-Shirt Uniqlo Fashion Uniqlo Women Heattech Turtle Neck T- 129 990 0.0641 59 -54% Shirt (Long Sleeve) Uniqlo Fashion Uniqlo Women Lame Sweat Pullover 199 990 0.0641 59 -70% Long Sleeve

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15 December 2015 Property Hong Kong Property Special

Uniqlo Fashion Uniqlo Women Peanuts Fleece Full Zip 399 1,990 0.0641 118 -70% Hooded Jacket Uniqlo Fashion Uniqlo Women Pile Lined Fleece Long 399 1,990 0.0641 118 -70% Sleeve Coat Uniqlo Fashion Uniqlo Women Pile Lined Quilted Parka 299 2,490 0.0641 148 -51% (Printed) Uniqlo Fashion Uniqlo Women Powder Soft Down Short 799 7,900 0.0641 469 -41% Coat Uniqlo Fashion Uniqlo Women Printed Fleece Full-Zip 199 1,290 0.0641 77 -62% Jacket Uniqlo Fashion Uniqlo Women Seamless Down Parka 999 12,900 0.0641 766 -23% Uniqlo Fashion Uniqlo Women Stretch Wool Blended 1,299 11,900 0.0641 706 -46% Down Coat Uniqlo Fashion Uniqlo Women Supima Cotton Modal 129 990 0.0641 59 -54% Turtle Neck Long Sleeve T

Uniqlo Fashion Uniqlo Women Ultra Light Down 299 2,990 0.0641 177 -41% Compact Vest Uniqlo Fashion Uniqlo Women Ultra Light Down Jacket 599 6,990 0.0641 415 -31% Uniqlo Fashion Uniqlo Women Ultra Light Down Parka 599 2,990 0.0641 177 -70% Uniqlo Fashion Uniqlo Women Ultra Light Down 699 9,990 0.0641 593 -15% Volumecollar Printed Coat Uniqlo Fashion Uniqlo Women Ultra Warm Down Coat 1,299 14,900 0.0641 884 -32% Uniqlo Fashion Uniqlo Women Ultra Warm Down 1,299 9,990 0.0641 593 -54% Military Coat Matsuya Fastfood Barbued Beef Set Meal NA in HK 590 0.0641 38 NA in HK Matsuya Fastfood Barbued Marinated Beef Set Meal NA in HK 630 0.0641 40 NA in HK Matsuya Fastfood BBQ Beef & Kimchi Bowl - Large NA in HK 590 0.0641 38 NA in HK Matsuya Fastfood BBQ Beef & Kimchi Bowl - Small NA in HK 490 0.0641 31 NA in HK Matsuya Fastfood Bibim Bowl - Large NA in HK 550 0.0641 35 NA in HK Matsuya Fastfood Bibim Bowl - Small NA in HK 450 0.0641 29 NA in HK Matsuya Fastfood Broan Sauce Hamburg Set Meal NA in HK 630 0.0641 40 NA in HK Matsuya Fastfood Extra Green Onions and Sliced Pork NA in HK 550 0.0641 35 NA in HK Bowl - Large Matsuya Fastfood Extra Green Onions and Sliced Pork NA in HK 450 0.0641 29 NA in HK Bowl - Small Matsuya Fastfood Grilled Fish Set Meal (Breakfast) NA in HK 450 0.0641 29 NA in HK Matsuya Fastfood Grilled Ginder Pork Set Meal NA in HK 590 0.0641 38 NA in HK Matsuya Fastfood Grilled Pork Set Meal NA in HK 550 0.0641 35 NA in HK Matsuya Fastfood Original Curry with Beef and Rice - Large NA in HK 560 0.0641 36 NA in HK Matsuya Fastfood Original Curry with Beef and Rice - Small 40 500 0.0641 32 -20% Matsuya Fastfood Original Curry with Hamburger and Rice NA in HK 690 0.0641 44 NA in HK - Large Matsuya Fastfood Original Curry with Hamburger and Rice NA in HK 590 0.0641 38 NA in HK - Small Matsuya Fastfood Original Curry with Rice - Large NA in HK 430 0.0641 28 NA in HK Matsuya Fastfood Original Curry with Rice - Small NA in HK 330 0.0641 21 NA in HK Matsuya Fastfood Premium Gyumeshi with grated radish NA in HK 620 0.0641 40 NA in HK and ponzu sauce, with soup - Large Matsuya Fastfood Premium Gyumeshi with grated radish NA in HK 480 0.0641 31 NA in HK and ponzu sauce, with soup - Small Matsuya Fastfood Premium Gyumeshi with kimchi, with NA in HK 620 0.0641 40 NA in HK soup - Large Matsuya Fastfood Premium Gyumeshi with kimchi, with NA in HK 480 0.0641 31 NA in HK soup - Small

Matsuya Fastfood Premium Gyumeshi with soup - Large 52 520 0.0641 33 -35%

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Matsuya Fastfood Premium Gyumeshi with soup - Small 39 380 0.0641 24 -37% Matsuya Fastfood Premium Gyumeshi with spicy sauce, NA in HK 620 0.0641 40 NA in HK green onions and an egg, with soup - Large Matsuya Fastfood Premium Gyumeshi with spicy sauce, 42 480 0.0641 31 -26% green onions and an egg, with soup - Small Matsuya Fastfood Sausage and Egg Set Meal (Breakfast) NA in HK 400 0.0641 26 NA in HK Matsuya Fastfood Standard Morning Set Meal (Breakfast) NA in HK 360 0.0641 23 NA in HK McDonald's Fastfood Bacon Burger NA in HK 340 0.0641 22 NA in HK McDonald's Fastfood BigMac 18 370 0.0641 24 36% McDonald's Fastfood Caffe Latte 22 130 0.0641 8 -62% McDonald's Fastfood Cappuccino 22 200 0.0641 13 -42% McDonald's Fastfood Cheeseburger 12 130 0.0641 8 -33% McDonald's Fastfood Chicken McNuggets (6pcs) 16 200 0.0641 13 -21% McDonald's Fastfood Chicken Vegetable Burger NA in HK 340 0.0641 22 NA in HK McDonald's Fastfood Corn 12 220 0.0641 14 18% McDonald's Fastfood Double Cheeseburger 16 340 0.0641 22 34% McDonald's Fastfood Filet-O-Fish 10 310 0.0641 20 99% McDonald's Fastfood Fries (Large) 13 320 0.0641 21 54% McDonald's Fastfood Fries (Mid) 11 270 0.0641 17 60% McDonald's Fastfood Hamburger 10 100 0.0641 6 -38% McDonald's Fastfood McSpicy Chicken Filet 20 340 0.0641 22 12% McDonald's Fastfood Mochaccino 24 260 0.0641 17 -31% McDonald's Fastfood Pawn Burger NA in HK 370 0.0641 24 NA in HK McDonald's Fastfood Premium Roasted Coffee 15 100 0.0641 6 -58% McDonald's Fastfood Quarter Pounder Cheeseburger NA in HK 400 0.0641 26 NA in HK McDonald's Fastfood Soft drinks (Large) 12 250 0.0641 16 31% McDonald's Fastfood Soft drinks (Mid) 11 220 0.0641 14 32% McDonald's Fastfood Sunday (Strawberry/ Chocolate) 7 100 0.0641 6 -1% McDonald's Fastfood Teriyaki McBurger NA in HK 310 0.0641 20 NA in HK Fruit Fruits Fuyugaki (from Gifu) 27 93 0.0641 6 -78% Fruit Fruits Grapes (from Aomori) 27 287 0.0641 18 -31% Fruit Fruits Hayami Mikan (from Kumamoto) 8 57 0.0641 4 -51% Fruit Fruits Lafrance pera (from Yamagata) 30 113 0.0641 7 -76% Microsoft Game Console Xbox One 2,980 34,970 0.0641 1,971 -34% Microsoft Game Console Xbox One + Kinect 4,380 44,970 0.0641 2,535 -42% Sony Game Console Play Station 4 - 1TB HDD 3,180 39,970 0.0641 2,253 -29% Sony Game Console Play Station 4 - 1TB HDD - Call of Duty 3,680 45,970 0.0641 2,592 -30% Version Lotte Mint/Gum Xylitol Gum - blue 68 570 0.0641 32 -53% Lotte Mint/Gum Xylitol Gum - green 68 570 0.0641 32 -53% Lotte Mint/Gum Xylitol Gum - pink 68 570 0.0641 32 -53% Xylitol Mint/Gum Bottle gum 40 570 0.0641 32 -20% Create Ion Hair Dryer Hair Dryer NA in HK 6,440 0.0641 363 NA in HK Create Ion Hair Dryer Hair Dryer NA in HK 6,610 0.0641 373 NA in HK Hitachi Hair Dryer Hair Dryer NA in HK 3,440 0.0641 194 NA in HK Hitachi Hair Dryer HD-N7730 (P) NA in HK 8,610 0.0641 485 NA in HK Hitachi Hair Dryer HD-N7730 (T) NA in HK 8,610 0.0641 485 NA in HK Koizumi Hair Dryer Hair Dryer NA in HK 4,290 0.0641 242 NA in HK

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Koizumi Hair Dryer Hair Dryer NA in HK 4,290 0.0641 242 NA in HK Koizumi Hair Dryer Hair Dryer - KHD-9700M NA in HK 4,290 0.0641 242 NA in HK Koizumi Hair Dryer Hair Dryer - KHD-W702 NA in HK 7,760 0.0641 437 NA in HK Lumielina Hair Dryer Hairbeautizer Hair Dryer HBE2-G 2,100 24,300 0.0641 1,370 -35% Mods Hair Hair Dryer Hair Dryer NA in HK 2,710 0.0641 153 NA in HK Panasonic Hair Dryer Hair Dryer 158 1,370 0.0641 77 -51% Panasonic Hair Dryer Hair Dryer 258 2,460 0.0641 139 -46% Panasonic Hair Dryer Hair Dryer 398 3,570 0.0641 201 -49% Panasonic Hair Dryer Hair Dryer - EH-NA27 - pink 798 13,920 0.0641 785 -2% Panasonic Hair Dryer Hair Dryer - EH-NA27 - white 798 13,920 0.0641 785 -2% Panasonic Hair Dryer Hair Dryer - EH-NA57-A nanoa 998 17,060 0.0641 962 -4% Panasonic Hair Dryer Hair Dryer - EH-NA57-PN 998 17,060 0.0641 962 -4% Panasonic Hair Dryer Hair Dryer EH-CNA97 2,290 22,460 0.0641 1,266 -45% Panasonic Hair Dryer Hair Dryer EH-CNA97-G 2,290 22,460 0.0641 1,266 -45% Panasonic Hair Dryer Hair Dryer EH-CNA97-VP 2,290 22,460 0.0641 1,266 -45% Panasonic Hair Dryer Hair Dryer EH-CNA97-W nanoa 2,290 22,460 0.0641 1,266 -45% Panasonic Hair Dryer Hair Dryer EHNE42 268 2,620 0.0641 148 -45% Panasonic Hair Dryer Hair Dryer EHNE46 258 2,460 0.0641 139 -46% Tescom Hair Dryer Hair Dryer NA in HK 3,820 0.0641 215 NA in HK Inakaya Fine Dining Abalone 1,518 9,180 0.0641 588 -61% Inakaya Fine Dining Clam 352 2,160 0.0641 138 -61% Inakaya Fine Dining Deep Fried Bean Curd 94 810 0.0641 52 -44% Inakaya Fine Dining Ginkgo 99 918 0.0641 59 -41% Inakaya Fine Dining Hokkaido Rock Fish 1,815 10,800 0.0641 692 -62% Inakaya Fine Dining King Pawn 330 4,536 0.0641 291 -12% Inakaya Fine Dining Lady Finger 94 918 0.0641 59 -37% Inakaya Fine Dining Masu-zake (Sake) NA in HK 1,134 0.0641 73 NA in HK Inakaya Fine Dining Rice Ball 22 216 0.0641 14 -37% Inakaya Fine Dining Sweet Green Peper 83 702 0.0641 45 -45% Inakaya Fine Dining Sweet Potato 132 1,134 0.0641 73 -45% Inakaya Fine Dining Wagyu Skewer 396 5,170 0.0641 331 -16% L'Atelier de Joel Fine Dining Set Menu (2 Appetizers, Main, Dessert 834 6,800 0.0641 436 -48% Robuchon and Coffee/Tea) L'Atelier de Joel Fine Dining Set Menu (Appetizer, Main, Dessert and 548 4,200 0.0641 269 -51% Robuchon Coffee/Tea) RyuGin Fine Dining Set Dinner 4,400 27,000 0.0641 1,730 -61% Adoguddo Household Cream Cleanser NA in HK 94 0.0641 6 NA in HK Products Adoguddo Household Kitchen Bleach 10 105 0.0641 6 -38% Products Charhy Household Magioa NA in HK 298 0.0641 18 NA in HK Products Este Household Hand Wipes NA in HK 475 0.0641 28 NA in HK Products Este Household Toilet Deodorant Frangrance - Lavender 30 380 0.0641 23 -25% Products Este Household Toilet Deodorant Spray - Apple Mint NA in HK 230 0.0641 14 NA in HK Products Este Household Toilet Deodorant Spray - Lavender NA in HK 230 0.0641 14 NA in HK Products

Joy Household Joy Dish Cleanser - Bottle (200ml) 20 189 0.0641 11 -44% Products

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Joy Household Joy Dish Cleanser - Refill (Blue) NA in HK 189 0.0641 11 NA in HK Products Joy Household Joy Dish Cleanser - Refill (Green) NA in HK 189 0.0641 11 NA in HK Products Kikuron Household Heart Home Kitchen Sponge - Hard NA in HK 94 0.0641 6 NA in HK Products (3pcs) Kimko Household Refrigerator deodorant NA in HK 198 0.0641 12 NA in HK Products Kobayashi Household Smelless Space NA in HK 341 0.0641 20 NA in HK Products Kobayashi Household Smelless Space (Refill) NA in HK 189 0.0641 11 NA in HK Products LEC Household Super Colo-kun Kitchen Paper NA in HK 237 0.0641 14 NA in HK Products Umakiller Household Alcohol Anti-bacteria Spray 28 380 0.0641 23 -19% Products Umakiller Household Alcohol Anti-bacteria Spray (Refill) 24 341 0.0641 20 -15% Products Legend Walker Luggage Legend Walker 5400 - 64cm x 24cm 1,800 19,800 0.0641 1,116 -38% Outdoor Luggage Outdoor - 68cm x 49 cm x 31 cm 1,399 19,220 0.0641 1,084 -23% Beanstalk Milk Powder Beanstalk Sugoyaka Milk Powder 0-9 290 2,199 0.0641 130 -55% months Beanstalk Milk Powder Beanstalk Tsuyoiko Milk Powder 9-36 210 1,599 0.0641 95 -55% months Glico Milk Powder Glico Icreo Milk Powder 0-9 months 230 2,499 0.0641 148 -36% Glico Milk Powder Glico Icreo Milk Powder 9-36 months 190 1,999 0.0641 119 -38% Hagukumi Milk Powder Hagukumi Milk Powder 0-9 months 220 2,319 0.0641 138 -37% Meiji Milk Powder Meiji Hohoemi Milk Powder 0-12 230 2,169 0.0641 129 -44% months Meiji Milk Powder Meiji Step Milk Powder 12-36 months 190 1,699 0.0641 101 -47% Morinaga Milk Powder Morinaga Chirumiru Milk Powder 9-36 170 1,899 0.0641 113 -34% Wakodo Milk Powder Wakodo Gungun Milk Powder 9-36 150 1,399 0.0641 83 -45% months Wakodo Milk Powder Wakodo Haihai Milk Powder 0-9 months 210 1,699 0.0641 101 -52% Acuo Mint/Gum Acuo Gum 3pcs NA in HK 279 0.0641 17 NA in HK Mintia Mint/Gum Mintia Mints NA in HK 68 0.0641 4 NA in HK Mintia Mint/Gum Mintia Mints - Calpis NA in HK 68 0.0641 4 NA in HK Mintia Mint/Gum Mintia Mints - Grape NA in HK 68 0.0641 4 NA in HK Xylitol Mint/Gum Xylitol Gum 3pcs NA in HK 279 0.0641 17 NA in HK Elis Miscellaneous Elis Napkins - 20.5cm NA in HK 341 0.0641 20 NA in HK Elis Miscellaneous Elis Napkins - 24cm NA in HK 341 0.0641 20 NA in HK Elis Miscellaneous Elis Napkins - 27cm NA in HK 341 0.0641 20 NA in HK Funilatex Miscellaneous The Best Condom 12pcs NA in HK 980 0.0641 58 NA in HK Funilatex Miscellaneous The Best Lotion - Black NA in HK 760 0.0641 45 NA in HK Funilatex Miscellaneous The Best Lotion - Pink NA in HK 760 0.0641 45 NA in HK Invi Miscellaneous Invi 0.03 NA in HK 739 0.0641 44 NA in HK Invi Miscellaneous Invi 0.03 Hot & Cool NA in HK 739 0.0641 44 NA in HK Invi Miscellaneous Invi 0.03 Stamina NA in HK 739 0.0641 44 NA in HK Jeks Miscellaneous Glamorous Butterfly - Dot NA in HK 680 0.0641 40 NA in HK Jeks Miscellaneous Glamorous Butterfly - Hot 0.03 NA in HK 680 0.0641 40 NA in HK Jeks Miscellaneous Jeks 0.02 12pcs NA in HK 1,000 0.0641 59 NA in HK Jeks Miscellaneous Jeks 0.02 3pcs NA in HK 380 0.0641 23 NA in HK Jeks Miscellaneous Jeks 0.02 6pcs NA in HK 760 0.0641 45 NA in HK

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Jeks Miscellaneous Jeks 0.02 L size 6pcs NA in HK 760 0.0641 45 NA in HK Jeks Miscellaneous Jeks SOD Lotion - Emotion Type NA in HK 839 0.0641 50 NA in HK Jeks Miscellaneous Jeks SOD Lotion - Long Version NA in HK 839 0.0641 50 NA in HK Jeks Miscellaneous Jeks SOD Lotion - Original Standard NA in HK 934 0.0641 55 NA in HK Jeks Miscellaneous Jeks SOD Lotion - Permium Super Real NA in HK 934 0.0641 55 NA in HK 0.03 Kao Miscellaneous Kao Bleach 7 170 0.0641 10 55% Kao Miscellaneous Pyuora Mouth Rinse - Blue NA in HK 475 0.0641 28 NA in HK Kao Miscellaneous Pyuora Mouth Rinse - Green NA in HK 475 0.0641 28 NA in HK Kao Miscellaneous Pyuora Mouth Rinse - Yellow NA in HK 475 0.0641 28 NA in HK Kobayashi Miscellaneous Salasaty Napkins - Pink NA in HK 570 0.0641 34 NA in HK Kobayashi Miscellaneous Salasaty Napkins - Pink (Small) NA in HK 265 0.0641 16 NA in HK Kobayashi Miscellaneous Salasaty Napkins - Yellow NA in HK 570 0.0641 34 NA in HK Kobayashi Miscellaneous Salasaty Napkins - Yellow (Small) NA in HK 265 0.0641 16 NA in HK Lactacyd Miscellaneous Lactacyd Cleansing Milk 73 880 0.0641 52 -28% Laurier Miscellaneous Laurier F Napkins - Blue 26 398 0.0641 24 -9% Laurier Miscellaneous Laurier F Napkins - Green 26 398 0.0641 24 -9% Laurier Miscellaneous Laurier F Napkins - Night 300 26 398 0.0641 24 -9% Laurier Miscellaneous Laurier F Napkins - Night 340 26 398 0.0641 24 -9% Laurier Miscellaneous Laurier F Napkins - Night 400 26 398 0.0641 24 -9% Laurier Miscellaneous Laurier F Napkins - Super Slim 26 398 0.0641 24 -9% Laurier Miscellaneous Laurier Napkins - Super fit (Night) 30 475 0.0641 28 -6% Laurier Miscellaneous Laurier Napkins Slim Guard - Green 20 298 0.0641 18 -11% Laurier Miscellaneous Laurier Napkins Slim Guard - Night 20 298 0.0641 18 -11% Laurier Miscellaneous Laurier Napkins Slim Guard - Pink 20 298 0.0641 18 -11% Luna Miscellaneous Luna zero zero x NA in HK 284 0.0641 17 NA in HK Okamoto Miscellaneous 0.02 EX 3pcs NA in HK 398 0.0641 24 NA in HK Okamoto Miscellaneous 0.02 EX Grand's Fit 12pcs NA in HK 934 0.0641 55 NA in HK Okamoto Miscellaneous 0.02 EX L size 6pcs NA in HK 629 0.0641 37 NA in HK Okamoto Miscellaneous Okamoto 0.01 Lubricating Jelly NA in HK 1,000 0.0641 59 NA in HK Okamoto Miscellaneous Okamoto Pepe NA in HK 760 0.0641 45 NA in HK Okamoto Miscellaneous Okamoto Real fit 139 934 0.0641 55 -60% Okamoto Miscellaneous Okamoto Zero zero three 139 934 0.0641 55 -60% Okamoto Miscellaneous Super Big Boy 12pcs NA in HK 1,219 0.0641 72 NA in HK Sagami-Gomu Miscellaneous Sagami Original 002 6pcs NA in HK 760 0.0641 45 NA in HK Sagami-Gomu Miscellaneous Sagami Original 002 L size 12pcs NA in HK 1,410 0.0641 84 NA in HK Saralie Miscellaneous Saralie Napkins 34 198 0.0641 12 -65% Saralie Miscellaneous Saralie Napkins - collaboration with My 59 198 0.0641 12 -80% Melody (Black) Saralie Miscellaneous Saralie Napkins - collaboration with My 59 198 0.0641 12 -80% Melody (White) Sofi Miscellaneous Sofi Soft Tambons - Blue 58 647 0.0641 38 -34% Sofi Miscellaneous Sofi Soft Tambons - Blue (Small) 27 284 0.0641 17 -38% Sofi Miscellaneous Sofi Soft Tambons - Green 58 647 0.0641 38 -34% Sofi Miscellaneous Sofi Soft Tambons - Green (Small) 27 284 0.0641 17 -38% Sofi Miscellaneous Sofi Soft Tambons - Super Plus 58 647 0.0641 38 -34% Tenga Miscellaneous Tenga Egg Crater 70 498 0.0641 30 -58% Tenga Miscellaneous Tenga Egg Mysty 70 498 0.0641 30 -58% Tenga Miscellaneous Tenga Egg Thunder 70 498 0.0641 30 -58%

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Tenga Miscellaneous Tenga Soft Tube Cup 173 698 0.0641 41 -76% Tenga Miscellaneous Tenga Super Fit Cup 168 698 0.0641 41 -75% Uni-charm Miscellaneous Center-in Napkins - Fragrance 29 313 0.0641 19 -36% Uni-charm Miscellaneous Charm-Nap Napkin - Deodorating NA in HK 284 0.0641 17 NA in HK Uni-charm Miscellaneous Charm-Nap Napkin - Mid NA in HK 284 0.0641 17 NA in HK Uni-charm Miscellaneous Charm-Nap Napkin - Moisturizing NA in HK 284 0.0641 17 NA in HK Uni-charm Miscellaneous Charm-Nap Napkin - Slim NA in HK 380 0.0641 23 NA in HK Aneton Pharmaceutical Cough syrup Z - 100ml NA in HK 760 0.0641 49 NA in HK Asadaame Pharmaceutical AZ Spray NA in HK 718 0.0641 46 NA in HK Asadaame Pharmaceutical Slim Nol NA in HK 2,839 0.0641 182 NA in HK Asahi Pharmaceutical Gurukosamin for Joints and Bones NA in HK 2,839 0.0641 182 NA in HK Band-Aid Pharmaceutical Advanced Healing Blister All One Size NA in HK 646 0.0641 41 NA in HK 6's Band-Aid Pharmaceutical Advanced Healing Blister Fingers and NA in HK 646 0.0641 41 NA in HK Toes All one Size 8's Band-Aid Pharmaceutical Advanced Healing Shoulder All One Size NA in HK 646 0.0641 41 NA in HK 6's Band-Aid Pharmaceutical Band-Aid Bandage (large) NA in HK 1,220 0.0641 78 NA in HK Band-Aid Pharmaceutical Band-Aid Bandage (small) 16 380 0.0641 23 42% Band-Aid Pharmaceutical Band-Aid Bandage clear strip (small) NA in HK 313 0.0641 20 NA in HK Band-Aid Pharmaceutical Band-Aid Bandage Water-proof NA in HK 313 0.0641 20 NA in HK Band-Aid Pharmaceutical BAND-AID® Brand ACTIV-FLEX® Regular NA in HK 1,228 0.0641 79 NA in HK 10's Bristol Myers Pharmaceutical Kenarogu A Paste NA in HK 839 0.0641 54 NA in HK Cofujisu Pharmaceutical Cough Spray NA in HK 739 0.0641 44 NA in HK Contac Pharmaceutical Contac Cough ST - 12 pills NA in HK 1,505 0.0641 89 NA in HK Contac Pharmaceutical Cough syrup - 100ml NA in HK 934 0.0641 55 NA in HK Daihabbu Pharmaceutical Warming band NA in HK 598 0.0641 35 NA in HK Daiichisankyo-HC Pharmaceutical Cough day/night - 10 pills NA in HK 1,220 0.0641 72 NA in HK Daiichisankyo-HC Pharmaceutical Cough day/night - 20 pills NA in HK 1,800 0.0641 107 NA in HK Daiichisankyo-HC Pharmaceutical Gastrointestinal Drug - 320 pills / 60 NA in HK 1,180 0.0641 70 NA in HK packs Daiichisankyo-HC Pharmaceutical Gastrointestinal Drug - 52 packs NA in HK 1,696 0.0641 101 NA in HK Daiichisankyo-HC Pharmaceutical Gastrointestinal Drug - 90 pills NA in HK 1,213 0.0641 72 NA in HK Daiichisankyo-HC Pharmaceutical Gastrointestinal Drug Green NA in HK 1,124 0.0641 67 NA in HK Daiichisankyo-HC Pharmaceutical Joint pills - 210 pills NA in HK 4,362 0.0641 259 NA in HK Daiichisankyo-HC Pharmaceutical New Lulu A - 110 pills NA in HK 924 0.0641 55 NA in HK Daiichisankyo-HC Pharmaceutical New Lulu A - 180 pills NA in HK 1,410 0.0641 84 NA in HK Daiichisankyo-HC Pharmaceutical New Lulu A Gold - 100 pills NA in HK 1,505 0.0641 89 NA in HK Daiichisankyo-HC Pharmaceutical New sen-rock pills - 30 pills NA in HK 839 0.0641 50 NA in HK Daiichisankyo-HC Pharmaceutical New sen-rock pills - 60 pills NA in HK 1,410 0.0641 84 NA in HK Daiichisankyo-HC Pharmaceutical New sen-rock power - large NA in HK 1,315 0.0641 78 NA in HK Daiichisankyo-HC Pharmaceutical New sen-rock power - small NA in HK 743 0.0641 44 NA in HK Daiichisankyo-HC Pharmaceutical Panrakumin Plus - 120 pills NA in HK 934 0.0641 55 NA in HK Daiichisankyo-HC Pharmaceutical Panrakumin Plus - 300 pills NA in HK 1,886 0.0641 112 NA in HK Daiichisankyo-HC Pharmaceutical Shin Kuro Gan NA in HK 665 0.0641 39 NA in HK Daiichisankyo-HC Pharmaceutical Sorethorat T pills - 18 pills NA in HK 820 0.0641 49 NA in HK Daiichisankyo-HC Pharmaceutical Sorethorat T pills - 36 pills NA in HK 1,315 0.0641 78 NA in HK Daiichisankyo-HC Pharmaceutical Transino White C NA in HK 2,362 0.0641 140 NA in HK Daiichisankyo-HC Pharmaceutical Vitamin ECB2 NA in HK 760 0.0641 45 NA in HK

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Daiichisankyo-HC Pharmaceutical Viton-Hi ECB2 NA in HK 3,410 0.0641 202 NA in HK Daiichisankyo-HC Pharmaceutical Waist pain relief band - 6pcs 100 934 0.0641 55 -45% Daisho Pharmaceutical Warming band NA in HK 618 0.0641 37 NA in HK Elmodear Pharmaceutical HP Gel NA in HK 839 0.0641 50 NA in HK Epsai Pharmaceutical Arinamin A50 NA in HK 424 0.0641 25 NA in HK Epsai Pharmaceutical Chocola BB - 60 pills NA in HK 839 0.0641 50 NA in HK Epsai Pharmaceutical Chocola BB plus - 250 pills NA in HK 2,250 0.0641 134 NA in HK Epsai Pharmaceutical VB B26 - 250 pills NA in HK 1,886 0.0641 112 NA in HK Ezai Pharmaceutical Travelmin NA in HK 665 0.0641 39 NA in HK Ezai Pharmaceutical Travelmin family NA in HK 570 0.0641 34 NA in HK Ezai Pharmaceutical Travelmin junior NA in HK 475 0.0641 28 NA in HK Ezai Pharmaceutical Travelmin R NA in HK 760 0.0641 45 NA in HK Ezai Pharmaceutical Travelmin senior NA in HK 475 0.0641 28 NA in HK Fusutoru Pharmaceutical Cough syrup - 100ml NA in HK 934 0.0641 55 NA in HK Garureban Pharmaceutical Liver pills 600 mg - 300 pills NA in HK 3,066 0.0641 182 NA in HK Harikkusu Pharmaceutical Hogurira - Roll-on Type NA in HK 920 0.0641 55 NA in HK Health Aid Pharmaceutical xxx S NA in HK 2,980 0.0641 177 NA in HK Hisamitsu Pharmaceutical Cholestone - large NA in HK 4,743 0.0641 281 NA in HK Hisamitsu Pharmaceutical Cholestone - small NA in HK 2,800 0.0641 166 NA in HK Hisamitsu Pharmaceutical Sholder pain relief - 20 packs NA in HK 475 0.0641 28 NA in HK Hisamitsu Pharmaceutical Sholder pain relief - 40 packs NA in HK 839 0.0641 50 NA in HK Hisamitsu Pharmaceutical Sholder pain relief - 85 ml 53 570 0.0641 34 -36% Hisamitsu Pharmaceutical Sholder pain relief 5% NA in HK 940 0.0641 56 NA in HK Hisamitsu Pharmaceutical Sholder pain relief 5% - 14 packs NA in HK 1,410 0.0641 84 NA in HK Hisamitsu Pharmaceutical Sholder pain relief EX - 20 packs 145 839 0.0641 50 -66% Hisamitsu Pharmaceutical Sholder pain relief EX - 40 packs 100 1,315 0.0641 78 -22% Hyakuso Pharmaceutical Hyakusogan (large) NA in HK 1,886 0.0641 112 NA in HK Hyakuso Pharmaceutical Hyakusogan (small) NA in HK 760 0.0641 45 NA in HK Itami Pharmaceutical Minedorin NA in HK 1,886 0.0641 112 NA in HK ITOH Pharmaceutical Fish liver oil - Raw NA in HK 2,648 0.0641 157 NA in HK ITOH Pharmaceutical Fish oil - 180 pills NA in HK 2,632 0.0641 156 NA in HK Japan Rabbit Pharmaceutical EVE A EX - 40 pills NA in HK 980 0.0641 58 NA in HK Japan Rabbit Pharmaceutical EVE Painkiller - 60 pills NA in HK 570 0.0641 34 NA in HK Japan Rabbit Pharmaceutical EVE Quick Painkiller - 40 pills NA in HK 934 0.0641 55 NA in HK Japan Rabbit Pharmaceutical Hythiol-B NA in HK 1,791 0.0641 106 NA in HK Japan Rabbit Pharmaceutical Hythiol-C Crème NA in HK 2,839 0.0641 168 NA in HK Japan Rabbit Pharmaceutical Hythiol-C Plus NA in HK 1,696 0.0641 101 NA in HK Japan Rabbit Pharmaceutical Pure C White NA in HK 1,580 0.0641 94 NA in HK Juvelux Pharmaceutical Yuberakkusu 300 NA in HK 7,600 0.0641 451 NA in HK Juvelux Pharmaceutical Yuberakkusu Alpha NA in HK 1,028 0.0641 61 NA in HK Kaigen Pharmaceutical Cold pills - 12 packs NA in HK 1,029 0.0641 61 NA in HK Kaigen Pharmaceutical Kakkonto - 12 packs NA in HK 934 0.0641 55 NA in HK Kaigen Pharmaceutical Kakkonto - 60 pills NA in HK 934 0.0641 55 NA in HK Kaigen Pharmaceutical Kakkonto - full ingredient NA in HK 1,600 0.0641 95 NA in HK Kaigen Pharmaceutical New kaigen W NA in HK 839 0.0641 50 NA in HK Keisei Pharmaceutical Fish liver oil - 240 pills NA in HK 2,553 0.0641 152 NA in HK Kenko Pharmaceutical Japan Enzyme NA in HK 7,980 0.0641 474 NA in HK Kenko Pharmaceutical Nihon Enzyme NA in HK 7,980 0.0641 474 NA in HK

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Kobayashi Pharmaceutical Ammeltz lotion 40 424 0.0641 25 -37% Kobayashi Pharmaceutical Ammeltz Sholder pain relief NA in HK 649 0.0641 39 NA in HK Kobayashi Pharmaceutical Ammeltz Sholder Rubbing Paste 36 380 0.0641 23 -37% Kobayashi Pharmaceutical Ammeltz Yokoyoko - 80ml 53 424 0.0641 25 -53% Kobayashi Pharmaceutical Dadumokku NA in HK 1,834 0.0641 109 NA in HK Kobayashi Pharmaceutical Dolchetol - 120 pills NA in HK 3,791 0.0641 225 NA in HK Kobayashi Pharmaceutical Gas-pitan NA in HK 1,220 0.0641 72 NA in HK Kobayashi Pharmaceutical Harenurse painkiller NA in HK 934 0.0641 55 NA in HK Kobayashi Pharmaceutical KOOLFEVER Cooling Gel Pad (12 sheets) 46 332 0.0641 20 -57% Kobayashi Pharmaceutical KOOLFEVER for Adult 46 332 0.0641 20 -57% Kobayashi Pharmaceutical KOOLFEVER for Body 46 332 0.0641 20 -57% Kobayashi Pharmaceutical KOOLFEVER for Kids 29 380 0.0641 23 -22% Kobayashi Pharmaceutical Kurenjiru -30 pills NA in HK 1,029 0.0641 61 NA in HK Kobayashi Pharmaceutical Kurenjiru -60 pills NA in HK 2,077 0.0641 123 NA in HK Kobayashi Pharmaceutical Kurenjiru Gastrointestinal Drug NA in HK 2,077 0.0641 123 NA in HK Kobayashi Pharmaceutical Naribitan NA in HK 1,886 0.0641 112 NA in HK Kobayashi Pharmaceutical Scar-reducing treatment gel NA in HK 934 0.0641 55 NA in HK Kobayashi Pharmaceutical Sholder pain relief pot 110 665 0.0641 39 -64% Kobayashi Pharmaceutical Throat spray 45 570 0.0641 34 -25% Kobayashi Pharmaceutical Mother of Heart - large NA in HK 3,686 0.0641 219 NA in HK Kobayashi Pharmaceutical Mother of Heart - mid NA in HK 1,980 0.0641 118 NA in HK Kobayashi Pharmaceutical Mother of Heart - small NA in HK 1,415 0.0641 84 NA in HK Kobayashi Pharmaceutical Mother of Heart Blue - 160 pills NA in HK 2,632 0.0641 156 NA in HK Kobayashi Pharmaceutical Nepia Throat Spray - Blue 44.9 570 0.0641 34 -25% Kobayashi Pharmaceutical Nepia Throat Spray - Orange NA in HK 665 0.0641 39 NA in HK Kobayashi Pharmaceutical Throat Spray NA in HK 398 0.0641 24 NA in HK Kokando Pharmaceutical Natural Vitamin E NA in HK 3,791 0.0641 225 NA in HK Koshodo Pharmaceutical New Charact U II NA in HK 1,600 0.0641 95 NA in HK Koshodo Pharmaceutical Pitatravel NA in HK 598 0.0641 35 NA in HK Kowa Pharmaceutical Gastrointestinal Drug new Kyabe 2 NA in HK 760 0.0641 45 NA in HK Kowa - 18 packs Kowa Pharmaceutical Gastrointestinal Drug new Kyabe 2 NA in HK 1,220 0.0641 72 NA in HK Kowa - 30 packs Kowa Pharmaceutical Gastrointestinal Drug Tanabe - 60 pills NA in HK 1,220 0.0641 72 NA in HK Kowa Pharmaceutical Kyabejin - alpha 100 pills NA in HK 980 0.0641 58 NA in HK Kowa Pharmaceutical Kyabejin - alpha 19 pills NA in HK 598 0.0641 35 NA in HK Kowa Pharmaceutical Kyabejin - alpha 200 pills NA in HK 1,580 0.0641 94 NA in HK Kowa Pharmaceutical Kyabejin - alpha 300 pills NA in HK 1,694 0.0641 101 NA in HK Kowa Pharmaceutical Kyabejin Kowa - 20 packs NA in HK 934 0.0641 55 NA in HK Kowa Pharmaceutical Kyabejin Kowa - 32 packs NA in HK 1,220 0.0641 72 NA in HK Kowa Pharmaceutical New Una Kowa Cool NA in HK 437 0.0641 26 NA in HK Kowa Pharmaceutical Vantelin EX - 30g NA in HK 1,380 0.0641 82 NA in HK Kowa Pharmaceutical Vantelin EX - 35g NA in HK 1,180 0.0641 70 NA in HK Kowa Pharmaceutical Vantelin EX - 35g NA in HK 1,980 0.0641 118 NA in HK Kowa Pharmaceutical Vantelin EX - 35g NA in HK 1,180 0.0641 70 NA in HK Kowa Pharmaceutical Vantelin EX - 35g NA in HK 1,180 0.0641 70 NA in HK Kowa Pharmaceutical Vantelin EX - 40g NA in HK 1,980 0.0641 118 NA in HK Kowa Pharmaceutical Vantelin EX - 5g x2 NA in HK 550 0.0641 33 NA in HK

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15 December 2015 Property Hong Kong Property Special

Kowa Pharmaceutical Vantelin EX - spray NA in HK 1,780 0.0641 106 NA in HK Kowa Pharmaceutical Vantelin LT NA in HK 934 0.0641 55 NA in HK Kracie Pharmaceutical Gastrointestinal Drug - 100 pills NA in HK 1,220 0.0641 72 NA in HK Kracie Pharmaceutical Gastrointestinal Drug - 60 pills NA in HK 839 0.0641 50 NA in HK Kracie Pharmaceutical Gingyosan - 8 packs 60 934 0.0641 55 -8% Kracie Pharmaceutical Gofuto - 10 packs NA in HK 934 0.0641 55 NA in HK Kracie Pharmaceutical Hachimijiougan 1973 3,791 0.0641 225 -89% Kracie Pharmaceutical Kakkonto - 10 packs 60 760 0.0641 45 -25% Kracie Pharmaceutical Kakkonto pills S - 12 packs NA in HK 570 0.0641 34 NA in HK Kracie Pharmaceutical Kakkonto pills S - 30 packs 180 934 0.0641 55 -69% Kracie Pharmaceutical Kansouto - 12 packs NA in HK 934 0.0641 55 NA in HK Kracie Pharmaceutical Makohto - 10 packs NA in HK 934 0.0641 55 NA in HK Kracie Pharmaceutical Saikokeishito - 8 packs NA in HK 934 0.0641 55 NA in HK Kracie Pharmaceutical Syuseiryuto - 10 packs NA in HK 934 0.0641 55 NA in HK Kyokutou Pharmaceutical Seirogan - 260 pieces NA in HK 665 0.0641 39 NA in HK Kyokutou Pharmaceutical Seirogan - 550 pieces NA in HK 665 0.0641 39 NA in HK Kyoritsu Pharmaceutical Hariwan fb pain relief NA in HK 934 0.0641 55 NA in HK Kyoxin Pharmaceutical Kyoxin Pills - 100 pills 720 6,840 0.0641 406 -44% Lion Pharmaceutical Pair A - 120 pills NA in HK 2,172 0.0641 129 NA in HK Lion Pharmaceutical Pair A - 60 pills NA in HK 1,220 0.0641 72 NA in HK Lion Pharmaceutical Pair ekisu - 112 pills NA in HK 1,886 0.0641 112 NA in HK Lion Pharmaceutical Pair ekisu - 240 pills NA in HK 3,791 0.0641 225 NA in HK Lion Pharmaceutical Sucrate Gastrointestinal Drug - large NA in HK 1,696 0.0641 101 NA in HK Lion Pharmaceutical Sucrate Gastrointestinal Drug - small NA in HK 934 0.0641 55 NA in HK Lion Pharmaceutical Sucrate Gastrointestinal Drug S - large NA in HK 1,886 0.0641 112 NA in HK Lion Pharmaceutical Sucrate Gastrointestinal Drug S - small NA in HK 934 0.0641 55 NA in HK Lion Pharmaceutical Supplement for blood NA in HK 2,260 0.0641 134 NA in HK Maiti Pharmaceutical Kakkonto - 12 packs 72 760 0.0641 45 -37% Maiti Pharmaceutical Kakkonto - 24 packs 144 1,220 0.0641 72 -50% Maiti Pharmaceutical Kakkonto - 45 packs 270 1,886 0.0641 112 -59% Makuto Pharmaceutical Makuto OZ NA in HK 934 0.0641 55 NA in HK Medicare Pharmaceutical Throat Spray NA in HK 665 0.0641 39 NA in HK Megumi Pharmaceutical Medicine for travel sickness NA in HK 570 0.0641 34 NA in HK Meiji Pharmaceutical Amino Collagen NA in HK 2,648 0.0641 157 NA in HK Meiji Pharmaceutical Amino Collagen powder Premium - Gold NA in HK 2,980 0.0641 177 NA in HK Meiji Pharmaceutical Enzyme, lactic acid bacteria (LAB) - 120 NA in HK 1,980 0.0641 118 NA in HK pills Meiji Pharmaceutical Hifusaru Liquid NA in HK 475 0.0641 28 NA in HK Mentholatum Pharmaceutical AD Ointment - bottle 94 980 0.0641 58 -38% Mentholatum Pharmaceutical Mediquick R - Cream NA in HK 1,220 0.0641 72 NA in HK Mentholatum Pharmaceutical Mediquick R - Gel NA in HK 1,220 0.0641 72 NA in HK Mentholatum Pharmaceutical Mentholatum Ointment - large 65 598 0.0641 35 -45% Mentholatum Pharmaceutical Mentholatum Ointment - mid 65 458 0.0641 27 -58% Mentholatum Pharmaceutical Mentholatum Ointment - small 18 284 0.0641 17 -6% Menturm Pharmaceutical Menturm Ointment - large NA in HK 380 0.0641 23 NA in HK Menturm Pharmaceutical Menturm Ointment - small NA in HK 189 0.0641 11 NA in HK Mimaki-family Pharmaceutical Diclotect NA in HK 1,790 0.0641 106 NA in HK Mimaki-family Pharmaceutical Diclotect PRO NA in HK 1,790 0.0641 106 NA in HK

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Mimaki-family Pharmaceutical Diclotect PRO Paste - 50g NA in HK 1,505 0.0641 89 NA in HK Miyarisan Pharmaceutical Miyarisan pills NA in HK 1,981 0.0641 118 NA in HK Nichiban Pharmaceutical Roihi-Tsuboko - 156 pcs NA in HK 1,780 0.0641 106 NA in HK Nippon Kemisuto Pharmaceutical Kondoroichin EX - 470 pills NA in HK 5,696 0.0641 338 NA in HK Nippon Zonki Pharmaceutical Supplement for blood S - 240 pills NA in HK 3,600 0.0641 214 NA in HK Noguchi Pharmaceutical Bluebuerry & Rutine NA in HK 2,980 0.0641 177 NA in HK Noguchi Pharmaceutical Concentrated Autumn Ukon NA in HK 1,580 0.0641 94 NA in HK Noguchi Pharmaceutical Condoroishin & Gurukosamin NA in HK 1,980 0.0641 118 NA in HK Noguchi Pharmaceutical Fish Liver Oil NA in HK 1,980 0.0641 118 NA in HK Noguchi Pharmaceutical Ichou Leaf & DHA E - 60 pills NA in HK 2,580 0.0641 153 NA in HK Noguchi Pharmaceutical Mens Meka NA in HK 2,580 0.0641 153 NA in HK Noguchi Pharmaceutical MSM Gurukosamin NA in HK 2,980 0.0641 177 NA in HK Noguchi Pharmaceutical Notto Enzyme - 60 pills NA in HK 2,980 0.0641 177 NA in HK Noguchi Pharmaceutical Puroporisu NA in HK 2,580 0.0641 153 NA in HK Ohki Pharmaceutical AAA calcium drink - 720ml NA in HK 1,886 0.0641 112 NA in HK Ohki Pharmaceutical Rakusukitto ID 1% - 100 ml NA in HK 760 0.0641 45 NA in HK Ohki Pharmaceutical Rakusukitto ID 1% - 50 ml NA in HK 475 0.0641 28 NA in HK Ohki Pharmaceutical Rakusukitto ID 1% - paste 50g 45 475 0.0641 28 -37% Ohki Pharmaceutical Sholder pain relief - 100ml 53 398 0.0641 24 -55% Ohta Pharmaceutical Gastrointestinal Drug II - large NA in HK 1,600 0.0641 95 NA in HK Ohta Pharmaceutical Gastrointestinal Drug II - small NA in HK 760 0.0641 45 NA in HK Ohta's Isan Pharmaceutical Ohta's Isan - can NA in HK 980 0.0641 58 NA in HK Ohta's Isan Pharmaceutical Ohta's Isan (14 packs) 80 475 0.0641 28 -65% Ohta's Isan Pharmaceutical Ohta's Isan (32 packs) 80 839 0.0641 50 -37% Ohta's Isan Pharmaceutical Ohta's Isan (48 packs) NA in HK 980 0.0641 58 NA in HK Ohta's Isan Pharmaceutical Ohta's Isan tablets - 120 pills 79 934 0.0641 55 -29% Ohta's Isan Pharmaceutical Ohta's Isan tablets - 300 pills 79 1,886 0.0641 112 43% Ohta's Isan Pharmaceutical Ohta's Isan tablets - 45 pills 79 570 0.0641 34 -57% Orihiro Pharmaceutical Orihiro Night Diet Enzyme NA in HK 2,780 0.0641 165 NA in HK Oronine Pharmaceutical Oronine H Ointment - 100g 80 570 0.0641 34 -58% Oronine Pharmaceutical Oronine H Ointment - 250g NA in HK 1,410 0.0641 84 NA in HK Oronine Pharmaceutical Oronine H Ointment - 30g 40 380 0.0641 23 -43% Oronine Pharmaceutical Oronine H Ointment - 500g NA in HK 2,362 0.0641 140 NA in HK Oronine Pharmaceutical Oronine H Ointment - tube 20 218 0.0641 13 -35% Ortexer Pharmaceutical Mouth Paste NA in HK 789 0.0641 47 NA in HK Otsuka Pharmaceutical Intestinal Drug NA in HK 1,886 0.0641 112 NA in HK Otsuka Pharmaceutical Intestinal Drug - 18 pills NA in HK 760 0.0641 45 NA in HK Otsuka Pharmaceutical Intestinal Drug - 36 pills NA in HK 1,220 0.0641 72 NA in HK Otsuka Pharmaceutical Intestinal Drug - blue NA in HK 1,505 0.0641 89 NA in HK Otsuka Pharmaceutical Intestinal Drug - green NA in HK 1,505 0.0641 89 NA in HK Otsuka Pharmaceutical Intestinal Drug - red NA in HK 1,505 0.0641 89 NA in HK Otsuka Pharmaceutical Intestinal Drug BF NA in HK 570 0.0641 34 NA in HK Otsuka Pharmaceutical Intestinal Drug VL - 120 pills NA in HK 934 0.0641 55 NA in HK Otsuka Pharmaceutical Intestinal Drug VL - 240 pills NA in HK 1,791 0.0641 106 NA in HK Paburon Pharmaceutical Cough syrup - 120ml NA in HK 934 0.0641 55 NA in HK Pamu Pharmaceutical Cold TX pills - 27 pills NA in HK 1,886 0.0641 112 NA in HK Pamu Pharmaceutical Fever pills NA in HK 980 0.0641 58 NA in HK Pantekumin Pharmaceutical Constipation pills NA in HK 1,728 0.0641 103 NA in HK

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Pigeon Pharmaceutical Folic Acid - 100 pills NA in HK 760 0.0641 45 NA in HK Pigeon Pharmaceutical Folic Acid - 400 Ca Fe - 120 pills NA in HK 760 0.0641 45 NA in HK Pigeon Pharmaceutical Folic Acid, Fe - 30 pills NA in HK 880 0.0641 52 NA in HK Pigeon Pharmaceutical Folic Acid, Fe - 60 pills NA in HK 1,380 0.0641 82 NA in HK Pigeon Pharmaceutical Folic Acid, Fe, Ca - 60 pills NA in HK 1,220 0.0641 72 NA in HK Pigeon Pharmaceutical P Supplement - lactic acid bacteria NA in HK 880 0.0641 52 NA in HK Pmda Pharmaceutical New Pamu Gold Drink NA in HK 934 0.0641 55 NA in HK Pojon Pharmaceutical Integrated Cold Medicine - 46 packs NA in HK 880 0.0641 52 NA in HK Rohto Pharmaceutical Dash Aero NA in HK 934 0.0641 55 NA in HK Rohto Pharmaceutical Gastric Acid Reflux Drug NA in HK 880 0.0641 52 NA in HK Rohto Pharmaceutical Gastrointestinal Drug G NA in HK 1,220 0.0641 72 NA in HK Rohto Pharmaceutical Gastrointestinal Drug G - 20 packs NA in HK 522 0.0641 31 NA in HK Rohto Pharmaceutical Gastrointestinal Drug G - 40 packs NA in HK 1,029 0.0641 61 NA in HK Rohto Pharmaceutical Gastrointestinal Drug Panjiron 01+ NA in HK 934 0.0641 55 NA in HK Rohto Pharmaceutical Ice Rub Gel - bottle 74 934 0.0641 55 -25% Rohto Pharmaceutical Ice Rub Spray NA in HK 1,029 0.0641 61 NA in HK Rohto Pharmaceutical Medicine for travel sickness NA in HK 760 0.0641 45 NA in HK Rohto Pharmaceutical Panji-bio-rhythm NA in HK 1,410 0.0641 84 NA in HK Ryukakusan Pharmaceutical Ryukakusan (10 x 10 package) NA in HK 16,575 0.0641 984 NA in HK Ryukakusan Pharmaceutical Ryukakusan (large) NA in HK 1,680 0.0641 100 NA in HK Ryukakusan Pharmaceutical Ryukakusan (mid) NA in HK 1,124 0.0641 67 NA in HK Ryukakusan Pharmaceutical Ryukakusan (small) 99 665 0.0641 39 -60% Saikyu-forma Pharmaceutical Gastrointestinal Drug SP - 36 packs NA in HK 908 0.0641 54 NA in HK Saikyu-forma Pharmaceutical Gastrointestinal Drug SP - 50 packs NA in HK 1,130 0.0641 67 NA in HK Salonpas Pharmaceutical Salonpas lotion 52 570 0.0641 34 -35% Sato Pharmaceutical Cough syrup - 60ml NA in HK 839 0.0641 50 NA in HK Sato Pharmaceutical ECB 2 NA in HK 3,410 0.0641 202 NA in HK Sato Pharmaceutical Koh Tei Drink NA in HK 298 0.0641 18 NA in HK Sato Pharmaceutical Koh Tei Drink 30 ml NA in HK 646 0.0641 38 NA in HK Sato Pharmaceutical Kotei Liquor NA in HK 2,839 0.0641 168 NA in HK Sato Pharmaceutical Nazal Nose Spray - Green 45.9 573 0.0641 34 -26% Sato Pharmaceutical Nazal Nose Spray - Lavendar 88 475 0.0641 28 -68% Sato Pharmaceutical Nazal Nose Spray - Original 88 475 0.0641 28 -68% Sato Pharmaceutical Nazal Nose Spray AG - Green NA in HK 1,000 0.0641 59 NA in HK Sato Pharmaceutical Nazal Nose Spray AG - Purple NA in HK 1,000 0.0641 59 NA in HK Sato Pharmaceutical Saromechiru - orange NA in HK 665 0.0641 39 NA in HK Sato Pharmaceutical Saromechiru - red NA in HK 570 0.0641 34 NA in HK Sato Pharmaceutical Saromechiru ID 1 % - 80ml NA in HK 934 0.0641 55 NA in HK Sato Pharmaceutical Saromechiru ID 1 % cream - 40g NA in HK 839 0.0641 50 NA in HK Sato Pharmaceutical Shoun D NA in HK 284 0.0641 17 NA in HK Sato Pharmaceutical Vitamin C NA in HK 1,410 0.0641 84 NA in HK Sato Pharmaceutical Vitamin C 2000 NA in HK 1,410 0.0641 84 NA in HK Sato Pharmaceutical Vitamin C 2000 - 60 pills NA in HK 760 0.0641 45 NA in HK Sato Pharmaceutical Vitaminen - 270 pills NA in HK 3,791 0.0641 225 NA in HK Sato Pharmaceutical Yunkel E Natol NA in HK 5,505 0.0641 327 NA in HK Sato Pharmaceutical Yunker B12 - 150 pills NA in HK 3,795 0.0641 225 NA in HK Sato Pharmaceutical Yunker B12 - 225 pills NA in HK 6,600 0.0641 392 NA in HK Sekipon Pharmaceutical Cough Medicine NA in HK 548 0.0641 33 NA in HK

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Shigaken Pharmaceutical Kakkonto pills - 21 packs NA in HK 553 0.0641 33 NA in HK Shionogi Pharmaceutical Berikkusu Neo - 240 pills NA in HK 3,680 0.0641 218 NA in HK Shiseido Pharmaceutical Mother Seven NA in HK 1,600 0.0641 95 NA in HK Sirogen Pharmaceutical Throat Spray NA in HK 570 0.0641 34 NA in HK SS Pharmaceutical Gastol - 10 packs NA in HK 760 0.0641 45 NA in HK SS Pharmaceutical Gastol - 20 packs NA in HK 7,220 0.0641 428 NA in HK SS Pharmaceutical Gastol - 30 pills NA in HK 839 0.0641 50 NA in HK SS Pharmaceutical Gastol - 60 pills NA in HK 1,220 0.0641 72 NA in HK SS Pharmaceutical Koresute Guard NA in HK 3,791 0.0641 225 NA in HK SS Pharmaceutical Neburufain 300 pills NA in HK 5,696 0.0641 338 NA in HK SS Pharmaceutical S-Fight Gold Dx - 270 pills NA in HK 3,480 0.0641 207 NA in HK Suntory Pharmaceutical Sesame E NA in HK 3,790 0.0641 225 NA in HK Taiko Pharmaceutical Seirogan - 100 pieces 38 665 0.0641 39 4% Taiko Pharmaceutical Seirogan - 200 pieces NA in HK 665 0.0641 39 NA in HK Taiko Pharmaceutical Seirogan - 400 pieces 98 665 0.0641 39 -60% Taisho Pharmaceutical Amino acid pills NA in HK 1,410 0.0641 84 NA in HK Taisho Pharmaceutical Cold pills NA in HK 1,115 0.0641 66 NA in HK Taisho Pharmaceutical Cold S pills - 24 packs NA in HK 1,505 0.0641 89 NA in HK Taisho Pharmaceutical Cold W pills NA in HK 1,880 0.0641 112 NA in HK Taisho Pharmaceutical Gastrointestinal Drug NA in HK 1,460 0.0641 87 NA in HK Taisho Pharmaceutical Gastrointestinal Drug - 220 pills NA in HK 1,505 0.0641 89 NA in HK Taisho Pharmaceutical Gastrointestinal Drug - 32 pills NA in HK 1,315 0.0641 78 NA in HK Taisho Pharmaceutical Gastrointestinal Drug - 48 packs NA in HK 1,505 0.0641 89 NA in HK Taisho Pharmaceutical Gastrointestinal Drug - 60 pills NA in HK 665 0.0641 39 NA in HK Taisho Pharmaceutical Gastrointestinal Drug K - 50 packs NA in HK 1,410 0.0641 84 NA in HK Taisho Pharmaceutical Paburon ACE - 10 packs NA in HK 1,315 0.0641 78 NA in HK Taisho Pharmaceutical Paburon ACE AX - 12 packs NA in HK 1,505 0.0641 89 NA in HK Taisho Pharmaceutical Paburon Gold A - 210 pills NA in HK 1,410 0.0641 84 NA in HK Taisho Pharmaceutical Paburon Gold A - 44 packs NA in HK 1,093 0.0641 65 NA in HK Taisho Pharmaceutical Paburon S Cough NA in HK 934 0.0641 55 NA in HK Taisho Pharmaceutical Senpar Drink NA in HK 475 0.0641 28 NA in HK Taisho Pharmaceutical Senpar Travel NA in HK 570 0.0641 34 NA in HK Taisho Pharmaceutical Sholder pain relief (yellow) - 100ml 53 570 0.0641 34 -36% Taisho Pharmaceutical Sholder pain relief A (white) - 100ml 53 570 0.0641 34 -36% Taisho Pharmaceutical Stopan NA in HK 908 0.0641 54 NA in HK Taisho Pharmaceutical Taisho A Spray NA in HK 760 0.0641 45 NA in HK Taisho Pharmaceutical Taisho Mouth Honey NA in HK 815 0.0641 48 NA in HK Takeda Pharmaceutical Ca d3 - Blue NA in HK 1,159 0.0641 69 NA in HK Takeda Pharmaceutical Ca d3 - Green NA in HK 2,362 0.0641 140 NA in HK Takeda Pharmaceutical Rubina NA in HK 2,839 0.0641 168 NA in HK Takeda Pharmaceutical Takeda Vitamin E NA in HK 4,743 0.0641 281 NA in HK Takeda Pharmaceutical Vitamin EX Gold - 90 pills NA in HK 4,743 0.0641 281 NA in HK Takeda Pharmaceutical Vitamin EX Plus - 270 pills NA in HK 5,030 0.0641 298 NA in HK Takei Pharmaceutical Pass time ZX cream NA in HK 1,185 0.0641 70 NA in HK Takei Pharmaceutical Pass time ZX lotion NA in HK 1,505 0.0641 89 NA in HK Tenshodo Pharmaceutical Vitamin EX NEO NA in HK 3,980 0.0641 236 NA in HK Tsumura Pharmaceutical Chujoto NA in HK 2,839 0.0641 168 NA in HK Tsumura Pharmaceutical Chujoto Ramuru NA in HK 2,840 0.0641 169 NA in HK

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Tsumura Pharmaceutical Kakkonto - 3 bottles NA in HK 760 0.0641 45 NA in HK Tsumura Pharmaceutical Tsumura Ramuru Q - large NA in HK 2,267 0.0641 135 NA in HK Tsumura Pharmaceutical Tsumura Ramuru Q - small NA in HK 1,505 0.0641 89 NA in HK Wada Calcium Pharmaceutical 3A Calcium NA in HK 2,362 0.0641 140 NA in HK Wada Calcium Pharmaceutical Wada Calcium Pills - 1800 pills NA in HK 4,362 0.0641 259 NA in HK Wada Calcium Pharmaceutical Wada Calcium Pills - small NA in HK 1,505 0.0641 89 NA in HK Wakamoto Pharmaceutical Diarrhea pills NA in HK 739 0.0641 44 NA in HK Wakamoto Pharmaceutical Gastrointestinal Drug NA in HK 839 0.0641 50 NA in HK Wakamoto Pharmaceutical Gastrointestinal Drug NA in HK 1,886 0.0641 112 NA in HK Watamoto Pharmaceutical Strong Wakamoto NA in HK 934 0.0641 55 NA in HK Watamoto Pharmaceutical Watamoto NA in HK 839 0.0641 50 NA in HK Wellness Japan Pharmaceutical Condoroishin & Gurukosamin Z-SX NA in HK 2,760 0.0641 164 NA in HK Yakult Pharmaceutical Supplement 540 pills NA in HK 2,562 0.0641 152 NA in HK Yakusido Pharmaceutical Enzyme 160 Gold NA in HK 19,400 0.0641 1,151 NA in HK Yomeishu Pharmaceutical Yomeishu 185 1,280 0.0641 76 -59% Yomogi Pharmaceutical Foot relaxing sheet -Lavander NA in HK 1,780 0.0641 106 NA in HK Yomogi Pharmaceutical Foot relaxing sheet -Mint NA in HK 1,780 0.0641 106 NA in HK Yomogi Pharmaceutical Foot relaxing sheet -Rose NA in HK 1,780 0.0641 106 NA in HK Yuki-no- Pharmaceutical Hemoscatto pills NA in HK 1,600 0.0641 95 NA in HK motohonten Yuskin A Pharmaceutical Yuskin A - bottle 65 598 0.0641 35 -45% Yuskin A Pharmaceutical Yuskin A - tube NA in HK 298 0.0641 18 NA in HK Zenkoku Pharmaceutical Zenkoku Isan (Gastrointestinal Drug) NA in HK 815 0.0641 48 NA in HK Zenyaku Kogyo Pharmaceutical Integrated Cold Medicine NA in HK 1,124 0.0641 67 NA in HK Zenyaku Kogyo Pharmaceutical Integrated Cold Medicine C NA in HK 1,410 0.0641 84 NA in HK Zenyaku Kogyo Pharmaceutical Jikinin C - 22 packs NA in HK 1,410 0.0641 84 NA in HK Zenyaku Kogyo Pharmaceutical Jikinin pills - 22 packs NA in HK 1,124 0.0641 67 NA in HK Zenyaku Kogyo Pharmaceutical Katase A Ca NA in HK 3,315 0.0641 197 NA in HK Zenyaku Kogyo Pharmaceutical Katase D3 Ca NA in HK 3,315 0.0641 197 NA in HK Zenyaku Kogyo Pharmaceutical Katase pills NA in HK 3,124 0.0641 185 NA in HK Zeria Pharmaceutical Gastrointestinal Drug Stomaze - 16 pills NA in HK 743 0.0641 44 NA in HK Zeria Pharmaceutical Gastrointestinal Drug white - 32 pills NA in HK 1,410 0.0641 84 NA in HK Zeria Pharmaceutical Kondoroichin ZS pills - 210 pills NA in HK 7,505 0.0641 445 NA in HK Zeria Pharmaceutical Liver pills - 300 pills NA in HK 2,839 0.0641 168 NA in HK Zeria Pharmaceutical Ogyu paste Z 74 475 0.0641 28 -62% Jinnou Pharmaceutical Seichoufukeisen - 300 pills NA in HK 9,051 0.0641 537 NA in HK Jinnou Pharmaceutical Shichidafukeisen - 300 pills NA in HK 8,105 0.0641 481 NA in HK Canon PC Products Printer PIXUSMG7730 (HK: 1,888 23,290 0.0641 1,313 -30% PIXMAMG7770) Ichiran Ramen Draft Beer 59 580 0.0641 37 -37% Ichiran Ramen Half boiled salted egg 14 120 0.0641 8 -45% Ichiran Ramen Ichiran's Original Blended Tea 39 250 0.0641 16 -59% Ichiran Ramen Kae-Dama 19 190 0.0641 12 -36% Ichiran Ramen Macha Annin Tofu 49 390 0.0641 25 -49% Ichiran Ramen Ramen 89 790 0.0641 51 -43% Ichiran Ramen Rice 22 250 0.0641 16 -27% Ichiran Ramen Toppings (Dried seaweed, Ichiran's 12 80 0.0641 5 -57% Original Vinegar)

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Ichiran Ramen Toppings (Kikurage mushrooms, extra 12 120 0.0641 8 -36% green onion, extra garlic) Ippudo Ramen Akamaru Shinaji 72 850 0.0641 54 -24% Ippudo Ramen IPPUDO Karaka 76 880 0.0641 56 -26% Ippudo Ramen Kae-Dama 15 130 0.0641 8 -44% Ippudo Ramen Shiromaru Motoaji 68 790 0.0641 51 -26% Ippudo Ramen Special Akamaru Shinaji 88 1,080 0.0641 69 -21% Ippudo Ramen Special Shiromaru Motoaji 88 1,020 0.0641 65 -26% Ippudo Ramen Toppings (Flash-boiled Vegetables) 15 200 0.0641 13 -15% Ippudo Ramen Toppings (Poached Egg, Flavoured Soft 13 100 0.0641 6 -51% Boiled Egg) Ippudo Ramen Toppings (Roasted Seaweed, Spring 8 80 0.0641 5 -36% Onion)

Hitachi Refrigerator French-door 565L Refrigerator R- NA in HK 331,150 0.0641 18,669 NA in HK X5700E-X Hitachi Refrigerator French-door 565L Refrigerator R- NA in HK 297,420 0.0641 16,767 NA in HK X5700E-XN Hitachi Refrigerator French-door 620L Refrigerator R-G6200F 22,980 311,620 0.0641 17,568 -24% Hitachi Refrigerator French-door 730L Refrigerator NA in HK 352,960 0.0641 19,899 NA in HK Panasonic Refrigerator French-door 510L Refrigerator 21,980 283,240 0.0641 15,968 -27% Panasonic Refrigerator French-door 555L Refrigerator NA in HK 303,710 0.0641 17,122 NA in HK Sharp Refrigerator French-door 501L Refrigerator NA in HK 278,640 0.0641 15,709 NA in HK Toshiba Refrigerator 6-door 508L Refrigerator GRJ510FC NA in HK 261,460 0.0641 14,740 NA in HK Toshiba Refrigerator French-door 555L Refrigerator GR- NA in HK 298,880 0.0641 16,850 NA in HK J560FV Toshiba Refrigerator French-door 605L Refrigerator NA in HK 327,420 0.0641 18,459 NA in HK Mitsubishi Rice Cooker Mitsubishi Rice Cooker NJ-AW106-W NA in HK 99,140 0.0641 5,589 NA in HK Panasonic Rice Cooker Panasonic Rice Cooker SR-SPA105-K 9,000 63,680 0.0641 3,590 -60% Panasonic Rice Cooker Panasonic Rice Cooker SR-SPX105-W 9,000 68,840 0.0641 3,881 -57% Panasonic Rice Cooker Panasonic Rice Cooker SR-SPX185-K 10,000 75,020 0.0641 4,229 -58% Panasonic Rice Cooker Panasonic Rice Cooker SR-SPX185-W 10,000 81,940 0.0641 4,619 -54% Tiger Rice Cooker Tiger Rice Cooker JPX-A101-KF NA in HK 138,240 0.0641 7,793 NA in HK Zojirushi Rice Cooker Zojirushi Rice Cooker NP-WD10-TZ NA in HK 86,180 0.0641 4,859 NA in HK Zojirushi Rice Cooker Zojirushi Rice Cooker NP-WU10-BZ NA in HK 116,640 0.0641 6,576 NA in HK Aigo-no-sakura Sake Aigo-no-sakura - 2016 bottle NA in HK 2,700 0.0641 173 NA in HK Aigo-no-sakura Sake Aigo-no-sakura - bottle for the year of NA in HK 2,700 0.0641 173 NA in HK Monkey Aitago-no-matsu Sake Aitago-no-matsu - 2016 bottle NA in HK 2,700 0.0641 173 NA in HK Aitago-no-matsu Sake Aitago-no-matsu - bottle for year NA in HK 2,700 0.0641 173 NA in HK monkey Gigyou Sake Yorokobi Junmai Daiginjo NA in HK 6,480 0.0641 415 NA in HK Hakurakusei Sake Hakurakusei Junmai Daiginjo 640 5,400 0.0641 346 -46% Hakurakusei Sake Zankyo Super 8 3,900 21,600 0.0641 1,384 -65% Iso-Jiman Sake Iso-Jiman Junmai Daiginjo 1,980 5,400 0.0641 346 -83% Iso-Jiman Sake Iso-Jiman Junmai Daiginjo - Nakazumi NA in HK 2,327 0.0641 149 NA in HK Iso-Jiman Sake Iso-Jiman Junmai Daiginjo (Tada Nobuo) NA in HK 3,905 0.0641 250 NA in HK Juyondai Sake Juyondai Bessen Junmai-ginjo 1,980 20,800 0.0641 1,333 -33% Juyondai Sake Juyondai Cho-tokusen Junmai Daiginjo 3,980 46,800 0.0641 2,999 -25% Juyondai Sake Juyondai Hizonshu Junmai Daiginjo 3,300 33,800 0.0641 2,166 -34% Juyondai Sake Juyondai Nana Shide Niju Nuki Junmai 5,380 59,800 0.0641 3,833 -29% Daiginjo

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Kameizumi Sake Kihin NA in HK 3,510 0.0641 225 NA in HK Kamokinshu Sake Kamokinshu Junmai Daiginjo 35 NA in HK 5,400 0.0641 346 NA in HK KuroRyu Sake Blue Bottle 4,000 42,000 0.0641 2,692 -33% KuroRyu Sake Red Bottle 4,000 42,000 0.0641 2,692 -33% Ranjyatai Sake Reisen Daiginjo NA in HK 4,179 0.0641 268 NA in HK Sawaya Sake Shizuku Junmai Daiginjo NA in HK 5,400 0.0641 346 NA in HK Toyo-Bijin Sake Toyo-Bijin Junmai Daiginjo 480 4,320 0.0641 277 -42% Urakasumi Sake Urakasumi NA in HK 3,240 0.0641 208 NA in HK Yamakagejyunets Sake Shousetsu NA in HK 5,400 0.0641 346 NA in HK u Hitachi Shaver Shaver RM-FL10W NA in HK 14,990 0.0641 845 NA in HK Hitachi Shaver Shaver RM-FL20W NA in HK 19,050 0.0641 1,074 NA in HK Hitachi Shaver Shaver RM-FL53 NA in HK 6,870 0.0641 387 NA in HK Hitachi Shaver Shaver RM-LTX7000DY 1,680 25,250 0.0641 1,424 -15% Panasonic Shaver Shaver 798 13,700 0.0641 772 -3% Panasonic Shaver Shaver ES-LT6A-H 1,780 16,400 0.0641 925 -48% Panasonic Shaver Shaver ES-LT7A-s NA in HK 19,660 0.0641 1,108 NA in HK Panasonic Shaver Shaver ES-LT8A-S NA in HK 22,600 0.0641 1,274 NA in HK Philips Shaver Shaver AT887/16 648 6,990 0.0641 394 -39% Philips Shaver Shaver S5075/06 898 7,970 0.0641 449 -50% Philips Shaver Shaver S5210/12 998 9,970 0.0641 562 -44% Philips Shaver Shaver S5270/12 1,198 11,270 0.0641 635 -47% Philips Shaver Shaver S5390/12 1,298 13,360 0.0641 753 -42% Philips Shaver Shaver S5390/26 1,298 16,070 0.0641 906 -30% Philips Shaver Shaver S7310/12 1,498 19,970 0.0641 1,126 -25% Philips Shaver Shaver S9511/26 3,288 39,690 0.0641 2,238 -32% AUTOart Toys 1/18 McLAREN 12C GT3 - Red 1,800 26,420 0.0641 1,489 -17% AUTOart Toys 1/18 McLAREN 12C GT3 - Green 1,500 18,710 0.0641 1,055 -30% AUTOart Toys 1/18 McLAREN 12C GT3 - Orange 1,600 22,610 0.0641 1,275 -20% AUTOart Toys 1/18 McLAREN 12C GT3 - White 1,500 16,160 0.0641 911 -39% AUTOart Toys AUTOart 1/18 Signature Lamborghini 1,600 18,710 0.0641 1,055 -34% Aventador LP700-4 AutoScale Toys AutoScale model car 368 4,990 0.0641 281 -24% Bandai Toys Metal Build Strike Freedom Gundam 2,100 27,000 0.0641 1,522 -28% Bburago Toys 1/18 Ferrari 580 6,800 0.0641 383 -34% Bburago Toys 1/24 Ferrari 169 3,190 0.0641 180 6% Bburago Toys 1/32 Ferrari 130 2,737 0.0641 154 19% Bburago Toys 1/48 Ferrari 110 1,270 0.0641 72 -35% Bburago Toys Enzo Farrari 240 2,730 0.0641 154 -36% Choro Q Toys Mini car 45 540 0.0641 30 -32% Choro Q Toys Mini car 45 495 0.0641 28 -38% Choro Q Toys Mini car 45 495 0.0641 28 -38% Choro Q Toys Mini car 45 540 0.0641 30 -32% Choro Q Toys Mini car 45 488 0.0641 28 -39% Choro Q Toys Mini car 90 946 0.0641 53 -41% Choro Q Toys Mini car 90 969 0.0641 55 -39% Choro Q Toys Mini car 90 969 0.0641 55 -39% Doyusha Toys 1/24 Mining Truck Premium 2.4GHz w/ NA in HK 17,100 0.0641 964 NA in HK Battery & Charger

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Doyusha Toys Doyusha 1/20 Tokyo Fire Department NA in HK 8,460 0.0641 477 NA in HK ladder Fire Truck Doyusha Toys Doyusha 2.4Ghz Ultra Thunder (Mode1) NA in HK 16,820 0.0641 948 NA in HK Doyusha Toys Trumpeter 1/35 Scale R/C Ready-to-Run NA in HK 11,800 0.0641 665 NA in HK U.S M1A1 Abrams Main Battle Tank InfraRed Battle Ready Dynamite Action Toys Dynamite Action! No.13 Six God 1,800 17,910 0.0641 1,010 -44% Combination Godmars Dynamite Action Toys Dynamite Action! No.15 Gaiking The 2,000 21,420 0.0641 1,208 -40% Great Metallic Color EBBRO Toys EBBRO Oldies - NISSAN SKYLINE GT-R 800 10,550 0.0641 595 -26% (R34) Vspec II Fine Molds Toys Fine Molds 1/35 Type 4 Chi-To Prototype NA in HK 5,870 0.0641 331 NA in HK Futaba Toys Futaba 3PL 2.4G 1,428 16,860 0.0641 951 -33% G Force Toys G Force TS 50A Type-C Combo Set 620 8,470 0.0641 478 -23% G-Drive Toys 1/16 RC G-drive Eco Jeep Wrangler NA in HK 4,960 0.0641 280 NA in HK Happinet Toys 1/10 RC Lamborghini Veneno NA in HK 6,360 0.0641 359 NA in HK Hi-Story Toys 1/43 Silver model car NA in HK 8,550 0.0641 482 NA in HK Hi-story Toys Hi-story 550 7,470 0.0641 421 -23% Hi-story Toys Hi-story 550 7,470 0.0641 421 -23% Ignition Toys 1/18 Nissan Skyline 2000 GTR (KPGC10) NA in HK 15,180 0.0641 856 NA in HK Red Ignition Toys Ignition - Red 1,200 14,150 0.0641 798 -34% Jozen Toys Jozen Dart Max 1/20 R/C US tank M1A1 850 6,920 0.0641 390 -54% Abrams Kyosho Toys 1/43 Lamborghini Veneno - 5571w 750 7,400 0.0641 417 -44% Kyosho Toys 1/64 Model car - red 150 1,940 0.0641 109 -27% Kyosho Toys 1/64 Model car - white 150 1,940 0.0641 109 -27% Kyosho Toys Kysho Mini2 @ Sports 2 1,300 17,770 0.0641 1,002 -23% Kyosho Toys Kysho Mini2 @ Sports 2 - Red 1,300 17,730 0.0641 1,000 -23% Kyosho Toys Kysho Mini2 @ Sports 2 - White 1,300 15,400 0.0641 868 -33% Kyosho Toys Kysho Mini-Z Racer Sports 1,300 15,930 0.0641 898 -31% Kyosho Toys Kysho Mini-Z Racer Sports - Red 1,300 15,320 0.0641 864 -34% Kyosho Toys Kysho Mini-Z Racer Sports - White 1,300 15,400 0.0641 868 -33% Kyosho Toys Kysho Mini-Z Sports Overland 1,600 17,730 0.0641 1,000 -38% Lego Toys LEGO Technic Mercedes-Benz Arocs 2,199 23,980 0.0641 1,352 -39% 3245 42043 Lego Toys Speed Champions 8-14 75913 F14 T & 999 9,080 0.0641 512 -49% Scruderia Ferrari Truck

Line friends Toys Baked Castella NA in HK 756 0.0641 45 NA in HK Line friends Toys Christmas doll set (Brown & Cony) 300 3,996 0.0641 237 -21% Line friends Toys Crape Coin Bag NA in HK 1,080 0.0641 64 NA in HK Line friends Toys Crape Pouch NA in HK 1,296 0.0641 77 NA in HK Line friends Toys Crape Tissue Case NA in HK 660 0.0641 39 NA in HK Line friends Toys Cushion 189 3,500 0.0641 208 10% Line friends Toys Cushion (Small) 165 3,200 0.0641 190 15% Line friends Toys Doll (110cm) 1,980 18,000 0.0641 1,068 -46% Line friends Toys Doll (35cm) 300 3,500 0.0641 208 -31% Line friends Toys Earphone 190 3,000 0.0641 178 -6% Line friends Toys iPhone 6plus phone case (clear) NA in HK 2,300 0.0641 136 NA in HK Line friends Toys iPhone 6plus phone case (mega) 235 3,300 0.0641 196 -17% Line friends Toys iPhone 6plus phone case (silicon) 200 2,800 0.0641 166 -17%

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Line friends Toys Line Friends x L'occitane Shea Butter NA in HK 4,000 0.0641 237 NA in HK Set Line friends Toys Line Friends x Moleskine Large 248 3,240 0.0641 192 -22% Notebook Line friends Toys Line Friends x Moleskine Pocket 188 2,268 0.0641 135 -28% Notebook Line friends Toys Line Friends x Moleskine Red Large 388 5,508 0.0641 327 -16% Notebook and Pen Set Line friends Toys Line Friends x Moleskine White Pocket 328 4,536 0.0641 269 -18% Notebook and Pen Set Line friends Toys Plush Cell Phone Holder 99 1,300 0.0641 77 -22% Line friends Toys Polo shirt NA in HK 6,912 0.0641 410 NA in HK Line friends Toys Standing Doll (35cm) 280 3,200 0.0641 190 -32% Mark43 Toys 1/43 Honda Integra Type R - Black 608 8,080 0.0641 456 -25% Mark43 Toys 1/43 Honda Integra Type R - Grey 608 8,020 0.0641 452 -26% Mark43 Toys 1/43 Honda Integra Type R - Red 608 8,398 0.0641 473 -22% Mark43 Toys GTR - Black 550 7,330 0.0641 413 -25% Mark43 Toys GTR - White 550 6,660 0.0641 375 -32% Mark43 Toys NSX-R - Yellow 608 8,020 0.0641 452 -26% Monchichi Toys Monchichi doll 1,200 10,230 0.0641 577 -52% Soul of Chogokin Toys Goldymarg Gao Gaigar Action Figure 1,669 18,000 0.0641 1,015 -39% GX-69 Soul of Chogokin Toys Tamashii Chogokin My Melody(Red) 470 5,832 0.0641 329 -30% Sylvanian Families Toys Sylvanian Families: City House with 900 5,630 0.0641 317 -65% Light Sylvanian Families Toys Sylvanian Families: Deluxe House On 1,080 8,330 0.0641 470 -57% The Hill

Sylvanian Families Toys Sylvanian Families: Seaside Cruiser 930 7,940 0.0641 448 -52% House Boat Sylvanian Families Toys Sylvanian Families: Starter Furniture Set 250 2,520 0.0641 142 -43% Takara Tomy Toys Disney Tomica - Donald Duck 2012 60 581 0.0641 33 -45% Takara Tomy Toys Dream Tomica - 142 70 528 0.0641 30 -57% Takara Tomy Toys Dream Tomica - 143 70 530 0.0641 30 -57% Takara Tomy Toys Dream Tomica - 146 70 540 0.0641 30 -57% Takara Tomy Toys Dream Tomica - 154 70 474 0.0641 27 -62% Takara Tomy Toys Dream Tomica - 157 70 453 0.0641 26 -64% Takara Tomy Toys Dream Tomica - Godzilla 70 430 0.0641 24 -65% Takara Tomy Toys Dream Tomica - Hyper Green Ranger 70 474 0.0641 27 -62% Takara Tomy Toys Dream Tomica - Mothra 70 380 0.0641 21 -69% Takara Tomy Toys Dream Tomica - Peanuts Girls Bus 70 466 0.0641 26 -62% Takara Tomy Toys Dream Tomica - Snoopy Sister Belle 70 490 0.0641 28 -61% Takara Tomy Toys Linear liner L0 Special Set 2,800 33,060 0.0641 1,864 -33% Takara Tomy Toys TAKARA TOMY drift package nano - 01 450 4,770 0.0641 269 -40% Nissan 1805X (Blue) Takara Tomy Toys TAKARA TOMY drift package nano - 03 450 4,770 0.0641 269 -40% Nissan S13 (Black) Takara Tomy Toys TAKARA TOMY drift package nano - 05 520 5,630 0.0641 317 -39% Toyota Takara Tomy Toys TAKARA TOMY drift package nano - 520 5,550 0.0641 313 -40% Mazda RX-7 Takara Tomy Toys Tomica - Disney Motor - Donald Duck 60 565 0.0641 32 -47% Takara Tomy Toys Tomica - Disney Motor - Inside Out I 60 690 0.0641 39 -35% Takara Tomy Toys Tomica - Disney Motor - Inside Out II 60 572 0.0641 32 -46%

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Takara Tomy Toys Tomica - Disney Motor - Mickey I 60 597 0.0641 34 -44% Takara Tomy Toys Tomica - Disney Motor - Mickey II 60 565 0.0641 32 -47% Takara Tomy Toys Tomica - Disney Motor - Mickey III 60 597 0.0641 34 -44% Takara Tomy Toys Tomica - Disney Motor - Mickey III 60 597 0.0641 34 -44% Takara Tomy Toys Tomica - Disney Motor - Mnnie 60 597 0.0641 34 -44% Takara Tomy Toys Tomica - Disney Motor - Toy Story 60 600 0.0641 34 -44% (Alien) Takara Tomy Toys Tomica - Disney Motor - Toy Story I 60 597 0.0641 34 -44% Takara Tomy Toys Tomica - Disney Motor - Toy Story II 60 660 0.0641 37 -38% Takara Tomy Toys Tomica - HR01 70 390 0.0641 22 -69% Takara Tomy Toys Tomica - HR02 70 390 0.0641 22 -69% Takara Tomy Toys Tomica 1 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 100 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 101 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 102 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 103 40 310 0.0641 17 -56% Takara Tomy Toys Tomica 104 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 105 40 330 0.0641 19 -53% Takara Tomy Toys Tomica 106 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 107 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 108 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 109 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 11 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 110 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 111 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 112 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 113 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 114 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 115 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 116 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 117 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 118 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 12 40 325 0.0641 18 -54% Takara Tomy Toys Tomica 120 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 123 - Shinkansen Series E6 75 770 0.0641 43 -42% Takara Tomy Toys Tomica 124 - Shinkansen Series N700 - 75 701 0.0641 40 -47% 3000 Takara Tomy Toys Tomica 125 - EF10-501 Hokutosei 75 601 0.0641 34 -55% Takara Tomy Toys Tomica 125 - Series L0 Long 75 701 0.0641 40 -47% Superconducting Train Takara Tomy Toys Tomica 127- Hitachi Sumitomo 75 701 0.0641 40 -47% Construction Crane Takara Tomy Toys Tomica 128- Drag Car 75 520 0.0641 29 -61% Takara Tomy Toys Tomica 13 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 130 - Sun Flower Sapporo 75 679 0.0641 38 -49% Takara Tomy Toys Tomica 132 - Shinkansen Series E5 75 675 0.0641 38 -49% Hayabusa Takara Tomy Toys Tomica 139 - Shinkansen Series E3 75 701 0.0641 40 -47% Takara Tomy Toys Tomica 14 40 283 0.0641 16 -60% Takara Tomy Toys Tomica 140- Mitsubishi Nichiyu Eletruck 75 666 0.0641 38 -50%

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Takara Tomy Toys Tomica 2 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 21 40 325 0.0641 18 -54% Takara Tomy Toys Tomica 22 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 23 40 319 0.0641 18 -55% Takara Tomy Toys Tomica 24 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 25 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 3 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 31 40 330 0.0641 19 -53% Takara Tomy Toys Tomica 32 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 33 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 34 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 35 40 285 0.0641 16 -60% Takara Tomy Toys Tomica 4 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 93 40 341 0.0641 19 -52% Takara Tomy Toys Tomica 94 40 283 0.0641 16 -60% Takara Tomy Toys Tomica 95 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 96 40 333 0.0641 19 -53% Takara Tomy Toys Tomica 97 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 98 40 340 0.0641 19 -52% Takara Tomy Toys Tomica 99 40 340 0.0641 19 -52% Takara Tomy Toys Tomica World - Super Auto Building 380 5,170 0.0641 291 -23% Tamiya Toys Dash-012 Super Emperor 70 678 0.0641 38 -45% Tamiya Toys Mini 4WD Kumamon 88 1,230 0.0641 69 -21% Tamiya Toys Mini 4WD Panda 88 1,230 0.0641 69 -21% Tamiya Toys Mini 4WD Panda -DIY set 95 856 0.0641 48 -49% Tamiya Toys Mini 4WD Shirokumakko 88 1,230 0.0641 69 -21% Tamiya Toys Mini 4WD Shirokumakko -DIY set 95 850 0.0641 48 -50% Tamiya Toys Neoscorcher TT-2B Chassis 2.4G XB 1,298 17,380 0.0641 980 -25% Expert Built Pro Tamiya Toys Petronas Tom's RCF 2.4G XB Expert 1,610 21,950 0.0641 1,237 -23% Built Pro Tamiya Toys Rising Trigger 70 800 0.0641 45 -36% Tamiya Toys Subaru BRX XB Expert Built Pro 1,348 16,190 0.0641 913 -32% Tamiya Toys Thunder Shot MK II 70 686 0.0641 39 -45% Tamiya Toys Top-Forces 70 761 0.0641 43 -39% Tomix Toys 2162 JR Electric Locomotive Type EF510 728 4,860 0.0641 274 -62% Tomix Toys 2216 JR Diesel Locomotive Type Type 728 4,860 0.0641 274 -62% DD51 Tomix Toys 2225 JR Diesel Locomotive Type Type 728 5,400 0.0641 304 -58% DF200 Tomix Toys 2290 JR Diesel Locomotive Type Type 728 4,950 0.0641 279 -62% DD51 Tomix Toys 9116 JR Electric Locomotive Type 728 5,260 0.0641 297 -59% ED7950 Tomix Toys 9127 JR Electric Locomotive Type EF81 728 4,740 0.0641 267 -63% Tomix Toys 9135 JNR Electric Locomotive Type 728 5,620 0.0641 317 -56% ED75 Tomix Toys 9157 JR Electric Locomotive Type EF81 728 5,260 0.0641 297 -59% Tomytec Toys Railway Collection J.R. Series 107-100 399 2,060 0.0641 116 -71% (Late Type) Ryomo Line (2-Car Set)

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Tomytec Toys Railway Collection Keihan Type 600 399 2,170 0.0641 122 -69% Forth Edition (Tetsudou Musume Wrapping) (2-Car Set) Tomytec Toys Tomytec 1/150 JR Kiha 125 "Romancing 399 3,030 0.0641 171 -57% Saga" VSTank Toys VSTANK 1/24 RC TANK AIRSOFT (10 1,349 5,158 0.0641 291 -78% MCU) JGSDF TYPE 10 GREEN CAMOUFLAGE WIT'S Toys 1/43 Red model car 600 6,210 0.0641 350 -42% WIT'S Toys WIT'S 1/43 LEGACY TOURING WAGON 650 8,990 0.0641 507 -22% - Black WIT'S Toys WIT'S 1/43 LEGACY TOURING WAGON 650 8,990 0.0641 507 -22% - Purple WIT'S Toys WIT'S 1/43 LEGACY TOURING WAGON 650 8,950 0.0641 505 -22% - Red

WIT'S Toys WIT'S 1/43 LEGACY TOURING WAGON 650 8,990 0.0641 507 -22% - White WIT'S Toys WIT'S 1/43 Subaru WRX STI A-Line - 650 8,920 0.0641 503 -23% Silver WIT'S Toys WIT'S 1/43 Subaru WRX STI A-Line - 650 8,920 0.0641 503 -23% White LG TV Curved 2K OLED TV 55" - 55EC9300 27,980 375,840 0.0641 21,188 -24% LG TV Curved 4K OLED TV 55" Art Slim - 45,980 645,840 0.0641 36,410 -21% 55EG9600 LG TV Curved 4K OLED TV 65" Art Slim - 59,980 1,078,590 0.0641 60,807 1% 65EC9700 Panasonic TV 4K TV 55" TH-55CX800N 20,000 218,680 0.0641 12,328 -38% Panasonic TV 4K TV 60" TH-60CX800N 26,800 295,680 0.0641 16,669 -38% Panasonic TV 4K TV 65" TH-65CX800N 56,800 498,000 0.0641 28,075 -51% Sharp TV 8K TV 80" LC-80XU30 120,000 1,064,190 0.0641 59,995 -50% Sony TV 4K TV 49" KJ-49X8500C 14,980 224,330 0.0641 12,647 -16% Sony TV 4K TV 55" KJ-55X9000C 36,980 321,600 0.0641 18,131 -51% Sony TV 4K TV 65" KJ-65X9000C 49,980 534,380 0.0641 30,126 -40% Toshiba TV 4K TV 65" 65L9300U NA in HK 657,240 0.0641 37,053 NA in HK Casio Watches Casio Baby-G 1,030 8,400 0.0641 474 -54% Casio Watches Casio Baby-G 1,210 9,100 0.0641 513 -58% Casio Watches Casio Baby-G 1,280 10,500 0.0641 592 -54% Casio Watches Casio Baby-G 1,280 10,500 0.0641 592 -54% Casio Watches Casio Baby-G 1,280 10,500 0.0641 592 -54% Casio Watches Casio Baby-G 1,280 10,500 0.0641 592 -54% Casio Watches Casio Baby-G 1,540 12,600 0.0641 710 -54% Casio Watches Casio Baby-G 1,800 16,800 0.0641 947 -47% Casio Watches Casio Baby-G 2,500 21,700 0.0641 1,223 -51% Casio Watches Casio G-Shock 800 7,700 0.0641 434 -46% Casio Watches Casio G-Shock 1,190 8,750 0.0641 493 -59% Casio Watches Casio G-Shock 1,250 14,000 0.0641 789 -37% Casio Watches Casio G-Shock 1,280 10,500 0.0641 592 -54% Casio Watches Casio G-Shock 1,400 11,200 0.0641 631 -55% Casio Watches Casio G-Shock 1,400 11,500 0.0641 648 -54% Casio Watches Casio G-Shock 1,450 13,600 0.0641 767 -47% Casio Watches Casio G-Shock 1,450 11,900 0.0641 671 -54% Casio Watches Casio G-Shock 1,450 11,700 0.0641 660 -55% Casio Watches Casio G-Shock 1,450 13,600 0.0641 767 -47%

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Casio Watches Casio G-Shock 1,450 13,600 0.0641 767 -47% Casio Watches Casio G-Shock 1,450 12,250 0.0641 691 -52% Casio Watches Casio G-Shock 1,500 14,000 0.0641 789 -47% Casio Watches Casio G-Shock 1,500 14,000 0.0641 789 -47% Casio Watches Casio G-Shock 1,500 15,000 0.0641 846 -44% Casio Watches Casio G-Shock 1,500 16,800 0.0641 947 -37% Seiko Watches Seiko - 5 1,300 12,500 0.0641 705 -46% Seiko Watches Seiko - Diver's 3,480 39,600 0.0641 2,233 -36% Seiko Watches Seiko - SKZ300JC NA in HK 27,600 0.0641 1,556 NA in HK Seiko Watches Seiko - Sports 2,960 21,900 0.0641 1,235 -58% Seiko Watches Seiko Chronograph 1,300 12,500 0.0641 705 -46% Seiko Watches Seiko Chronograph 1,300 12,500 0.0641 705 -46% Seiko Watches Seiko Chronograph 1,300 12,500 0.0641 705 -46% Seiko Watches Seiko Chronograph 1,300 12,500 0.0641 705 -46% Seiko Watches Seiko Chronograph 1,840 12,900 0.0641 727 -60% Seiko Watches Seiko Chronograph 4,920 49,500 0.0641 2,791 -43% Seiko Watches Seiko Chronograph NA in HK 64,500 0.0641 3,636 NA in HK Seiko Watches Seiko-5 1,150 9,500 0.0641 536 -53% Seiko Watches Seiko-5 1,150 9,500 0.0641 536 -53% Seiko Watches Seiko-5 - Automatic Stainless Steel 1,150 9,500 0.0641 536 -53% Watch Seiko Watches Seiko-5 - Black 1,150 12,500 0.0641 705 -39% Seiko Watches Seiko-5 - SYMK25J 1,298 13,500 0.0641 761 -41% Seiko Watches Seiko-5 - SYMK27 1,298 13,500 0.0641 761 -41% Seiko Watches Seiko-5 - White 1,150 12,500 0.0641 705 -39% Fitbit Wristband Fitbit Charge HR 1,098 16,870 0.0641 951 -13% Fitbit Wristband Fitbit Flex 898 11,200 0.0641 631 -30% Cartier International Ballon Bleu de Cartier - W2BB0002 63,000 900,000 0.0641 53,409 -15% Brand (Imported) Cartier International Ballon Bleu de Cartier - W69007Z3 56,000 748,000 0.0641 44,389 -21% Brand (Imported) Cartier International Ballon Bleu de Cartier - W69012Z4 49,000 698,000 0.0641 41,422 -15% Brand (Imported) Cartier International Ballon Bleu de Cartier - W6920042 51,000 756,000 0.0641 44,864 -12% Brand (Imported)

Cartier International Ballon Bleu de Cartier - W6920046 47,700 640,000 0.0641 37,980 -20% Brand (Imported) Cartier International Ballon Bleu de Cartier - W6920100 44,800 650,000 0.0641 38,573 -14% Brand (Imported) Cartier International Calibre de Cartier - W7100015 58,500 725,000 0.0641 43,024 -26% Brand (Imported) Cartier International Calibre de Cartier - W7100016 58,500 778,000 0.0641 46,169 -21% Brand (Imported) Cartier International Calibre de Cartier - W7100036 92,500 1,200,000 0.0641 71,212 -23% Brand (Imported)

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Cartier International Calibre de Cartier - W7100037 54,000 715,000 0.0641 42,431 -21% Brand (Imported) Cartier International Calibre de Cartier - W7100045 81,500 1,070,000 0.0641 63,498 -22% Brand (Imported) Cartier International Calibre de Cartier - W7100046 76,500 1,000,000 0.0641 59,344 -22% Brand (Imported) Cartier International Calibre de Cartier - W7100056 59,500 790,000 0.0641 46,881 -21% Brand (Imported) Cartier International Calibre de Cartier - W7100060 76,500 1,000,000 0.0641 59,344 -22% Brand (Imported) Cartier International Calibre de Cartier - W7100061 81,500 1,070,000 0.0641 63,498 -22% Brand (Imported) Cartier International Calibre de Cartier Diver - WSCA0006 67,500 1,140,000 0.0641 67,652 0% Brand (Imported) Cartier International Miss Pasha - W3140007 NA in HK 368,000 0.0641 21,838 NA in HK Brand (Imported) Cartier International Miss Pasha - W3140008 NA in HK 355,000 0.0641 21,067 NA in HK Brand (Imported) Cartier International Roadster Automatic Chronograph - NA in HK 865,000 0.0641 51,332 NA in HK Brand W62019X6 (Imported) Cartier International Roadster Automatic Chronograph - NA in HK 645,000 0.0641 38,277 NA in HK Brand W6206019 (Imported) Cartier International Roadster Automatic Chronograph - NA in HK 620,000 0.0641 36,793 NA in HK Brand W6206020 (Imported) Cartier International Ronde solo de Cartier - W6700255 20,800 268,000 0.0641 15,904 -24% Brand (Imported) Cartier International Ronde Solo de Cartier - W6701005 21,300 285,000 0.0641 16,913 -21% Brand (Imported) Cartier International Santos Demoiselle - W25066Z6 NA in HK 680,000 0.0641 40,354 NA in HK Brand (Imported) Cartier International Santos Demoiselle Steel & Gold - 42,837 680,000 0.0641 40,354 -6% Brand W25066Z6 (Imported)

Cartier International Tank Anglaise - W5310022 36,400 505,000 0.0641 29,968 -18% Brand (Imported) Cartier International Tank Française - W51027Q4 50,500 715,000 0.0641 42,431 -16% Brand (Imported) Cartier International Tank Solo - W5200003 19,100 258,000 0.0641 15,311 -20% Brand (Imported) Cartier International Tank Solo - W5200013 19,900 268,000 0.0641 15,904 -20% Brand (Imported) Cartier International Tank Solo - W5200014 20,800 275,000 0.0641 16,319 -22% Brand (Imported)

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Cartier International Tank Solo - W5200028 27,600 383,000 0.0641 22,729 -18% Brand (Imported) Dr. Martins International 1460 Smooth - Black 1,259 24,000 0.0641 1,424 13% Brand (Imported) Dr. Martins International 1460 Smooth - Cherry Red 1,259 24,000 0.0641 1,424 13% Brand (Imported) Hermes International Berkin 85,000 999,000 0.0641 64,027 -25% Brand (Imported) Hermes International Kelly 85,000 864,000 0.0641 55,375 -35% Brand (Imported) La Coste International Gazon Sport TCL - Navy 850 12,500 0.0641 742 -13% Brand (Imported) La Coste International Gazon Sport TCL - White 850 12,500 0.0641 742 -13% Brand (Imported) La Coste International GIRON TCL - Navy 900 13,500 0.0641 801 -11% Brand (Imported) La Coste International GIRON TCL - White 900 13,500 0.0641 801 -11% Brand (Imported) Leica International Leica APO-Summicron-M 75mm f/2 27,700 464,400 0.0641 26,181 -5% Brand ASPH - 11637 (Imported) Leica International Leica M7 - 10503 36,700 615,590 0.0641 34,705 -5% Brand (Imported) Leica International Leica M-A (Typ 127) - 10370 35,400 626,400 0.0641 35,314 0% Brand (Imported) Leica International Leica MP - 10301 36,700 626,400 0.0641 35,314 -4% Brand (Imported) Leica International Leica Noctilux-M 1:0.95/50mm ASPH - 83,500 1,447,200 0.0641 81,588 -2% Brand 11602 (Imported) Leica International Leica Noctilux-M 1:0.95/50mm ASPH - 85,600 1,382,400 0.0641 77,935 -9% Brand 11667 (Imported) Leica International Leica Summarit-M 1:2,4 / 50mm - 11680 13,500 237,600 0.0641 13,395 -1% Brand (Imported)

Leica International Leica Summarit-M 1:2,4 / 50mm - 11681 14,600 248,400 0.0641 14,004 -4% Brand (Imported) Leica International Leica Summicron-M 1:2 28mm ASPH - 31,400 518,400 0.0641 29,225 -7% Brand 11804 (Imported) Leica International Leica Summicron-M 1:2 50mm - 11826 17,400 280,800 0.0641 15,830 -9% Brand (Imported) Leica International Leica Summilux-M 1:1.4/21mm ASPH - 57,600 928,800 0.0641 52,362 -9% Brand 11647 (Imported) Leica International Leica Summilux-M 1:1.4/24mm ASPH - 56,700 918,000 0.0641 51,753 -9% Brand 11601 (Imported)

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Leica International Leica Summilux-M 1:1.4/35mm ASPH - 38,800 626,400 0.0641 35,314 -9% Brand 11663 (Imported) Leica International Leica Summilux-M 1:1.4/35mm ASPH - 40,600 691,200 0.0641 38,967 -4% Brand 11675 (Imported) Leica International Leica Summilux-M 1:1.4/50mm ASPH - 30,000 486,000 0.0641 27,399 -9% Brand 11891 (Imported) Leica International Leica Summilux-M 1:1.4/50mm ASPH - 31,800 507,600 0.0641 28,617 -10% Brand 11892 (Imported) Leica International Leica Super-Elmarit-M 1:3.4/21mm 22,200 367,200 0.0641 20,701 -7% Brand ASPH - 11145 (Imported) Leica International Leica Super-Elmar-M 1:3.8/18mm ASPH 23,500 388,800 0.0641 21,919 -7% Brand - 11649 (Imported) Leica International Leica X (Typ 113) - 18440 18,000 289,430 0.0641 16,317 -9% Brand (Imported) Leica International Leica X Vario (Typ 107) - 18430 20,000 350,990 0.0641 19,788 -1% Brand (Imported) Leica International Leica X-E (Typ 102) - 18454 14,000 236,510 0.0641 13,334 -5% Brand (Imported) LeSportsac International LeSportsac x Snoopy Deluxe Everyday 820 15,500 0.0641 920 12% Brand Bag (Imported) LeSportsac International LeSportsac x Snoopy Luggage Large 1,210 21,000 0.0641 1,246 3% Brand Weekender Bag (Imported) Louis Vuitton International Alma PM - M40490 17,600 250,560 0.0641 14,869 -16% Brand (Imported) Louis Vuitton International Bagatelle - M50075 34,000 482,760 0.0641 28,649 -16% Brand (Imported) Louis Vuitton International Christopher PM 28,900 382,040 0.0641 22,672 -22% Brand (Imported) Louis Vuitton International City Steamer MM - M51036 27,700 429,840 0.0641 25,508 -8% Brand (Imported) Louis Vuitton International City Steamer PM - M51028 24,700 397,400 0.0641 23,583 -5% Brand (Imported)

Louis Vuitton International City Steamer PM - M51030 24,700 397,400 0.0641 23,583 -5% Brand (Imported) Louis Vuitton International City Steamer PM - Pink NA in HK 397,400 0.0641 23,583 NA in HK Brand (Imported) Louis Vuitton International Cravate Monogram Stripes 1,800 24,840 0.0641 1,474 -18% Brand (Imported) Louis Vuitton International Damier Classique Tie - M67990 1,800 24,840 0.0641 1,474 -18% Brand (Imported) Louis Vuitton International Frontrow Sneaker - Blue 5,550 87,480 0.0641 5,191 -6% Brand (Imported)

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Louis Vuitton International Frontrow Sneaker - Red 5,550 87,480 0.0641 5,191 -6% Brand (Imported) Louis Vuitton International Keepall Bandoulière 45 27,100 368,280 0.0641 21,855 -19% Brand (Imported) Louis Vuitton International Keepall Bandouliere 45 Mon Damier 17,800 252,720 0.0641 14,997 -16% Brand Graphite (Personalization Product) (Imported) Louis Vuitton International Marco Wallet 5,200 71,280 0.0641 4,230 -19% Brand (Imported) Louis Vuitton International Micro Damier Tie - M74820 1,800 24,840 0.0641 1,474 -18% Brand (Imported) Louis Vuitton International Monte Carlo Moccasin - Pink 5,550 87,480 0.0641 5,191 -6% Brand (Imported) Louis Vuitton International Monte Carlo Moccasin - Red 5,550 87,480 0.0641 5,191 -6% Brand (Imported) Louis Vuitton International Multiple Wallet 5,900 79,920 0.0641 4,743 -20% Brand (Imported) Louis Vuitton International Neo Porte Cartes Karakoram 2,650 35,640 0.0641 2,115 -20% Brand (Imported) Louis Vuitton International Party Monogram Tie - M67985 1,800 24,840 0.0641 1,474 -18% Brand (Imported) Louis Vuitton International Passport Cover - N60031 2,650 35,640 0.0641 2,115 -20% Brand (Imported) Louis Vuitton International Passport Cover - N63127 3,650 49,680 0.0641 2,948 -19% Brand (Imported) Louis Vuitton International Pégase Légère 55 - N41385 29,200 397,440 0.0641 23,585 -19% Brand (Imported) Louis Vuitton International Pégase Légère 55 - N41386 29,200 397,440 0.0641 23,585 -19% Brand (Imported) Louis Vuitton International Petit Damier Tie - M67969 1,800 24,840 0.0641 1,474 -18% Brand (Imported) Louis Vuitton International Petite Malle - M50013 43,000 604,800 0.0641 35,891 -17% Brand (Imported)

Louis Vuitton International Pocket Organiser 3,750 50,760 0.0641 3,012 -20% Brand (Imported) Louis Vuitton International Slender Wallet Karakoram 4,000 55,080 0.0641 3,269 -18% Brand (Imported) Louis Vuitton International Softcase iPhone 6 - M60874 3,450 47,520 0.0641 2,820 -18% Brand (Imported) Louis Vuitton International Tambour Bijou Secret Mother's Day 44,500 702,000 0.0641 41,659 -6% Brand 22mm (Imported) Louis Vuitton International Tambour Evolution GMT 59,000 820,800 0.0641 48,709 -17% Brand (Imported)

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Louis Vuitton International Tambour eVolution Spin Time GMT 289,000 4,374,000 0.0641 259,569 -10% Brand (Imported) Louis Vuitton International Tambour Evolution Spin Time GMT 167,000 2,300,400 0.0641 136,514 -18% Brand (Imported) Louis Vuitton International Tambour Lovely Cup 39.5mm 36,500 561,600 0.0641 33,327 -9% Brand (Imported) Louis Vuitton International Tambour Monogram Star 28MM 81,500 1,317,600 0.0641 78,191 -4% Brand (Imported) Louis Vuitton International Tambour Monogram Star 34MM 97,000 1,566,000 0.0641 92,932 -4% Brand (Imported) Louis Vuitton International Tambour Toile de Monogram 28MM 55,000 891,000 0.0641 52,875 -4% Brand (Imported) Louis Vuitton International Tambour Toile de Monogram 34MM 65,000 1,053,000 0.0641 62,489 -4% Brand (Imported) Louis Vuitton International Tote W PM 40,000 572,400 0.0641 33,968 -15% Brand (Imported) Louis Vuitton International Twist PM 31,500 494,640 0.0641 29,354 -7% Brand (Imported) Louis Vuitton International VVV Pocket Square - M70216 1,300 17,280 0.0641 1,025 -21% Brand (Imported) Louis Vuitton International VVV Pocket Square - M70217 1,300 17,280 0.0641 1,025 -21% Brand (Imported) Louis Vuitton International VVV Pocket Square - M70218 1,300 17,280 0.0641 1,025 -21% Brand (Imported) New Balance International MRL996 JD 950 13,800 0.0641 819 -14% Brand (Imported) New Balance International MRL996 MY 950 13,800 0.0641 819 -14% Brand (Imported) New Balance International MRL996 WP 950 13,800 0.0641 819 -14% Brand (Imported) New Balance International MRL996 WT 950 13,800 0.0641 819 -14% Brand (Imported)

Nike International Air Force Command 1,200 12,000 0.0641 712 -41% Brand (Imported) Nike International Air Force Command 1,200 12,000 0.0641 712 -41% Brand (Imported) Nike International Nike FLIGHT LITE 15 806392-001 1,200 12,000 0.0641 712 -41% Brand (Imported) Nike International Nike FLIGHT LITE 15 806392-600 1,200 12,000 0.0641 712 -41% Brand (Imported) Nike International Nike Paul Rodriguez 9 Elite Flash 929 9,500 0.0641 564 -39% Brand (Imported)

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Nike International Nike SB Paul Rodriguez 9 Elite 899 8,000 0.0641 475 -47% Brand (Imported) Nike International Nike SB Paul Rodriguez 9 Elite 899 8,000 0.0641 475 -47% Brand (Imported) Panerai International Radiomir 1940 3 Days Acciaio - 42mm 59,300 961,200 0.0641 57,041 -4% Brand (Imported) Rolex International Rolex Daytona - 116505 BK/PK 269,300 4,200,000 0.0641 224,319 -17% Brand (Imported) Rolex International Rolex Daytona - 116515 LN 214,600 3,180,000 0.0641 169,841 -21% Brand (Imported) Rolex International Rolex Daytona - 116520 87,500 1,510,000 0.0641 80,648 -8% Brand (Imported) Rolex International Rolex Daytona - 116523 124,100 1,830,000 0.0641 97,739 -21% Brand (Imported) Rolex International Rolex Daytona - 116523G 138,000 1,956,000 0.0641 104,468 -24% Brand (Imported) Rolex International Rolex Daytona - 1165505 269,300 4,200,000 0.0641 224,319 -17% Brand (Imported) Rolex International Rolex Explorer I - 214270 48,200 685,000 0.0641 36,585 -24% Brand (Imported) Rolex International Rolex Explorer II - 216570 60,500 910,000 0.0641 48,602 -20% Brand (Imported) Rolex International Rolex GMT-Master II - 116710 BLNR 65,300 1,027,000 0.0641 54,851 -16% Brand (Imported) Rolex International Rolex Submariner - 114060 58,000 750,000 0.0641 40,057 -31% Brand (Imported) Rolex International Rolex Submariner - 116610 LN 62,100 970,000 0.0641 51,807 -17% Brand (Imported) Rolex International Rolex Submariner - 116610 LV 66,100 1,180,000 0.0641 63,023 -5% Brand (Imported) Rolex International Rolex Submariner - 116613 LB 94,700 1,485,000 0.0641 79,313 -16% Brand (Imported)

Porsche International 911 Carrera (7-speed manual) NA in HK 11,780,000 0.0641 664,113 NA in HK Imported Auto Porsche International 911 Carrera (7-speed PDK) 1,798,000 12,550,000 0.0641 707,523 -61% Imported Auto Porsche International 911 Carrera 4 (7-speed manual) NA in HK 13,010,000 0.0641 733,456 NA in HK Imported Auto Porsche International 911 Carrera 4 (7-speed PDK) 1,967,000 13,780,000 0.0641 776,866 -61% Imported Auto Porsche International 911 Carrera 4 Cabriolet (7-speed PDK) 2,192,000 15,260,000 0.0641 860,303 -61% Imported Auto Porsche International 911 Carrera 4 GTS (7-speed PDK) 2,473,000 18,270,000 0.0641 1,029,996 -58% Imported Auto Porsche International 911 Carrera 4 GTS Cabriolet (7-speed 2,692,000 20,170,000 0.0641 1,137,111 -58% Imported Auto PDK)

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Property Hong Kong Property Special

Porsche International 911 Carrera 4S (7-speed manual) NA in HK 15,780,000 0.0641 889,619 NA in HK Imported Auto Porsche International 911 Carrera 4S (7-speed PDK) 2,237,000 16,550,000 0.0641 933,028 -58% Imported Auto Porsche International 911 Carrera 4S Cabriolet (7-speed PDK) 2,461,000 18,250,000 0.0641 1,028,868 -58% Imported Auto Porsche International 911 Carrera Cabriolet (7-speed PDK) 2,020,000 14,340,000 0.0641 808,437 -60% Imported Auto Porsche International 911 Carrera GTS (7-speed PDK) 2,303,000 17,020,000 0.0641 959,525 -58% Imported Auto Porsche International 911 Carrera GTS Cabriolet (7-speed PDK) 2,520,000 19,230,000 0.0641 1,084,117 -57% Imported Auto Porsche International 911 Carrera S (7-speed manual) NA in HK 14,560,000 0.0641 820,840 NA in HK Imported Auto Porsche International 911 Carrera S (7-speed PDK) 2,069,000 15,330,000 0.0641 864,249 -58% Imported Auto Porsche International 911 Carrera S Cabriolet (7-speed PDK) 2,291,000 17,300,000 0.0641 975,311 -57% Imported Auto Porsche International 911 GTS RS (7-speed PDK) 3,100,000 25,300,000 0.0641 1,426,321 -54% Imported Auto Porsche International 911 Targa 4 (7-speed PDK) 2,192,000 15,260,000 0.0641 860,303 -61% Imported Auto Porsche International 911 Targa 4 GTS (7-speed PDK) 2,692,000 20,170,000 0.0641 1,137,111 -58% Imported Auto Porsche International 911 Targa 4S (7-speed PDK) 2,461,000 18,250,000 0.0641 1,028,868 -58% Imported Auto Porsche International 911 Turbo (7-speed PDK) 3,114,000 21,280,000 0.0641 1,199,689 -61% Imported Auto Porsche International 911 Turbo Cabriolet (7-speed PDK) 3,308,000 23,600,000 0.0641 1,330,482 -60% Imported Auto Porsche International 911 Turbo S (7-speed PDK) 3,733,000 25,390,000 0.0641 1,431,395 -62% Imported Auto Porsche International 911 Turbo S Cabriolet (7-speed PDK) 3,989,000 28,130,000 0.0641 1,585,867 -60% Imported Auto Porsche International Boxster (6-speed manual) NA in HK 6,340,000 0.0641 357,426 NA in HK Imported Auto Porsche International Boxster (7-speed PDK) 876,000 6,870,000 0.0641 387,305 -56% Imported Auto Porsche International Boxster GTS (6-speed manual) NA in HK 9,020,000 0.0641 508,515 NA in HK Imported Auto Porsche International Boxster GTS (7-speed PDK) 1,147,000 9,660,000 0.0641 544,595 -53% Imported Auto Porsche International Boxster S (6-speed manual) NA in HK 7,900,000 0.0641 445,373 NA in HK Imported Auto

Porsche International Boxster S (7-speed PDK) 1,054,000 8,430,000 0.0641 475,253 -55% Imported Auto Porsche International Boxster Spyder 1,294,000 10,120,000 0.0641 570,529 -56% Imported Auto Porsche International Cayenne 1,033,000 8,590,909 0.0641 484,324 -53% Imported Auto Porsche International Cayenne GTS 1,692,000 13,892,727 0.0641 783,221 -54% Imported Auto Porsche International Cayenne S 1,388,000 11,400,000 0.0641 642,690 -54% Imported Auto Porsche International Cayenne S E-hybrid 1,420,000 11,670,000 0.0641 657,912 -54% Imported Auto Porsche International Cayenne Turbo 2,120,000 17,380,000 0.0641 979,821 -54% Imported Auto

Page 76 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

Porsche International Cayenne Turbo S 2,761,000 22,350,000 0.0641 1,260,011 -54% Imported Auto Porsche International Cayman (6-speed manual) NA in HK 6,290,000 0.0641 354,607 NA in HK Imported Auto Porsche International Cayman (7-speed PDK) 895,000 6,820,000 0.0641 384,487 -57% Imported Auto Porsche International Cayman GT4 (6-speed manual) 1,412,000 10,640,000 0.0641 599,844 -58% Imported Auto Porsche International Cayman GTS (6-speed manual) NA in HK 9,150,000 0.0641 515,844 NA in HK Imported Auto Porsche International Cayman GTS (7-speed PDK) 1,188,000 9,790,000 0.0641 551,924 -54% Imported Auto Porsche International Cayman S (6-speed manual) NA in HK 7,950,000 0.0641 448,192 NA in HK Imported Auto Porsche International Cayman S (7-speed PDK) 1,079,000 8,480,000 0.0641 478,071 -56% Imported Auto Porsche International Macan (7-speed PDK) 656,000 6,390,000 0.0641 360,245 -45% Imported Auto Porsche International Macan S (7-speed PDK) 789,000 7,440,000 0.0641 419,440 -47% Imported Auto Porsche International Macan Turbo (7-speed PDK) 1,305,000 10,280,000 0.0641 579,549 -56% Imported Auto Porsche International Panamera 1,378,000 10,380,000 0.0641 585,186 -58% Imported Auto Porsche International Panamera 4 1,458,000 11,380,000 0.0641 641,563 -56% Imported Auto Porsche International Panamera 4S 1,820,000 15,580,000 0.0641 878,343 -52% Imported Auto Porsche International Panamera 4S Executive NA in HK 18,320,000 0.0641 1,032,815 NA in HK Imported Auto Porsche International Panamera GTS 1,966,000 17,000,000 0.0641 958,398 -51% Imported Auto Porsche International Panamera S 1,737,000 14,990,000 0.0641 845,081 -51% Imported Auto Porsche International Panamera S E-Hybrid 1,738,000 14,980,000 0.0641 844,518 -51% Imported Auto Porsche International Panamera Turbo 2,589,000 22,340,000 0.0641 1,259,447 -51% Imported Auto Porsche International Panamera Turbo 3,213,000 27,360,000 0.0641 1,542,457 -52% Imported Auto Porsche International Panamera Turbo Executive NA in HK 24,840,000 0.0641 1,400,388 NA in HK Imported Auto Porsche International Panamera Turbo S Executive NA in HK 29,810,000 0.0641 1,680,579 NA in HK Imported Auto

Summary Overall Average -34% Number of "NA in HK" 782 Total Sample Size 1,728 % "NA in HK" 45% Overall Average (Ex. International brands (Imported) and Auto) -36%

Average International Brands (Imported) -15% Max International Brands (Imported) -47% Min International Brands (Imported) 13%

Deutsche Bank AG/Hong Kong Page 77

15 December 2015

Property Hong Kong Property Special

Average International Auto -56% Average Other Retail Items -36%

By Category Air Purifier -48% Baby Care -51% Bathroom Appliances NA in HK Beauty Appliance -48% Beverage -21% Biking -34% Body Care/ Beauty -31% Camera/ Lens -26% Kitchen-ware -40% Chocolatier -37% Cigarette -48% Digital Piano -39% Electric Water Heater -40% Electronic Appliance -53% Eye Care -42% Fashion -48% Fastfood -1% Fruits -59% Game Console -34% Mint/Gum -44% Hair Dryer -33% Fine Dining -44% Household -28% Products Luggage -30% Milk Powder -44% Miscellaneous -34% Pharmaceutical -41% PC Products -30% Ramen -37% Refrigerator -25% Rice Cooker -57% Sake -42% Shaver -34% Toys -42% TV -33% Watches -49% Wristband -22% International Brand (Imported) -15% International Imported Auto -56% Source: Deutsche Bank

Page 78 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

HK residential property market update

Figure 41: No. of transactions in primary market Figure 42: No. of transactions in secondary market

Unit HK$ M Unit HK$ M 8,000 20 16,000 8.0 7,000 18 14,000 7.0 16 6,000 12,000 6.0 14 5,000 12 10,000 5.0 4,000 10 8,000 4.0 3,000 8 6,000 3.0 6 2,000 4,000 2.0 4 1,000 2 2,000 1.0

- - - 0.0

12 99 00 01 02 03 04 05 06 07 08 09 10 11 13 14 15

05 99 00 01 02 03 04 06 07 08 09 10 11 12 13 14 15

------

Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan

Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Volume (# transactions) - LHS Average Volume (# transactions) - LHS Volume (# transactions) - LHS Average Volume (# transactions) - LHS Average Value Per Transaction (HK$mn) Average Value Per Transaction (HK$mn)

Source: Midland, Deutsche Bank Source: Midland, Deutsche Bank

Figure 43: Annual primary residential volume Units 35,000

30,000

25,000

20,000 10-year average: 13,057 units 15,000

10,000 5-year average: 12,708 units 5,000

Source: Midland, Deutsche Bank

Figure 44: Annual residential volume - breakdown Type 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 15YTD Private – Primary 21,997 16,379 20,563 26,489 27,378 25,874 15,071 12,158 16,218 8,863 14,715 12,917 10,854 12,961 9,986 16,822 15,526 HOS/PSPS/HS 14,614 8,979 12,647 1,300 0 0 0 0 1,066 822 0 809 0 0 1,041 3 20 Private + HOS/PSPS/HS 36,611 25,358 33,210 27,789 27,378 25,874 15,071 12,158 17,284 9,685 14,715 13,726 10,854 12,961 11,027 16,825 15,546 Private – Secondary 58,239 50,767 50,983 48,095 46,131 76,668 88,337 70,209 100,300 87,993 102,298 183,805 68,366 70,183 41,784 49,538 40,446 Total 94,850 76,125 84,193 75,884 73,509 102,542 103,408 82,367 117,584 97,678 117,013 197,531 79,220 83,144 52,811 66,363 55,992 Source: Midland, Deutsche Bank

Deutsche Bank AG/Hong Kong Page 79

15 December 2015

Property Hong Kong Property Special

Figure 45: CCL index

CCL Index 160

140

120

100

02 15

98 04 06 11

12 99

95 08

94 96 07 09

00 01 03 13 14

97 10

- -

- - - - -

- -

- - - -

- - - - -

- -

Jul Jul

Apr Oct Apr Oct

Jun Jan Jun

Feb Mar Feb Mar

Aug Sep Nov Dec Aug Sep

May May CCL(LHS) Average

Source: Centaline, Deutsche Bank

Figure 46: Weekly primary sales volume Figure 47: Weekly secondary volume (top 35 estates) Units Units 900 130 800 110 700

600 90 500 70 400

300 50 200 30 100

0 10 Jan-14 Apr-14 Aug-14 Nov-14 Mar-15 Jun-15 Oct-15 Jan-14 Apr-14 Aug-14 Nov-14 Mar-15 Jun-15 Oct-15

Source: Sing Tao, Deutsche Bank Source: Midland, Deutsche Bank

Figure 48: Number of confirmor’s transactions Figure 49: Confirmors’ transactions since SSD 1,200 9% 400 1.0% 8% 1,000 7% 0.8% 300 800 6% 0.6% 5% 600 200 4% 0.4% 400 3% 100 2% 0.2% 200 1%

0 0% 0 0.0%

10 11 12 13 14

11 12 13 14 15

13 11 12 14 15

------

- - - - -

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

- - - - -

------

Jun Jun Jun Jun Jun

Mar Mar Mar Mar Mar

Sep Dec Dec Sep Dec Sep Dec Sep Dec Sep

Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep

No of Confirmor's Transactions - LHS No of Confirmor's Transactions - LHS % of Confirmor's Transactions in Secondary Market - RHS % of Confirmor's Transactions in Secondary Market - RHS Source: Midland, Deutsche Bank Source: Midland, Deutsche Bank

Page 80 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

Figure 50: HK rating & valuation department residential Figure 51: HK rating & valuation department residential price indices – all residential price indices – class A residential

350 All Residential 400 Class A Residential

300 350 300 250 250 200 200 150 150

100 100

50 50

0 0

04 05 06 07 08 93 94 95 96 97 98 99 00 01 02 03 09 10 11 12 13 14 15

------

Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan

Jan 98 Jan 04 Jan 10 Jan Jan 94 Jan 95 Jan 96 Jan 97 Jan 99 Jan 00 Jan 01 Jan 02 Jan 03 Jan 05 Jan 06 Jan 07 Jan 08 Jan 09 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan Jan 93 Jan

Source: CEIC, Deutsche Bank Source: CEIC, Deutsche Bank

Figure 52: HK rating & valuation department residential Figure 53: HK rating & valuation department residential price indices – class B residential price indices – class C residential 350 Class B Residential 300 Class C Residential

300 250

250 200 200 150 150 100 100 50 50

0 0

Jan 98 Jan 01 Jan 04 Jan Jan 93 Jan 94 Jan 95 Jan 96 Jan 97 Jan 99 Jan 00 Jan 02 Jan 03 Jan 05 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan

Jan 93 Jan 01 Jan 06 Jan 14 Jan Jan 95 Jan 96 Jan 97 Jan 98 Jan 99 Jan 00 Jan 02 Jan 03 Jan 04 Jan 05 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 15 Jan Jan 94 Jan Source: CEIC, Deutsche Bank Source: CEIC, Deutsche Bank

Figure 54: HK rating & valuation department residential Figure 55: HK rating & valuation department residential price indices – class D residential price indices – class E residential

300 Class D Residential 350 Class E Residential

300 250 250 200 200 150 150

100 100

50 50

0 0

Jan 99 Jan 06 Jan 13 Jan Jan 93 Jan 94 Jan 95 Jan 96 Jan 97 Jan 98 Jan 00 Jan 01 Jan 02 Jan 03 Jan 04 Jan 05 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 14 Jan 15 Jan

Jan 95 Jan 02 Jan 09 Jan Jan 94 Jan 96 Jan 97 Jan 98 Jan 99 Jan 00 Jan 01 Jan 03 Jan 04 Jan 05 Jan 06 Jan 07 Jan 08 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan Jan 93 Jan

Source: CEIC, Deutsche Bank Source: CEIC, Deutsche Bank

Deutsche Bank AG/Hong Kong Page 81

15 December 2015

Property Hong Kong Property Special

Figure 56: Trend of home rents (HK$ psf) 28 26 24 22 20 18 16 14 12 10

04 11 00 01 02 03 05 06 07 08 09 10 12 13 14 15

------

Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan

Source: Midland, Deutsche Bank

Figure 57: Private property market yield (%pa) for Figure 58: Difference between mortgage yield and rental domestic premise yield % % 7 5 4

6 3 2 5 1 0 4 -1 -2 3 -3 -4 2 -5 Jan-99 Jan-01 Jan-03 Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 Jan-15 Jan-99 Jan-01 Jan-03 Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 Jan-15

Class A Class B Class C Class D Class E Class A Class B Class C Class D Class E

Source: Rating and Valuation Department, Deutsche Bank Source: Rating and Valuation Department, Deutsche Bank

Figure 59: Residential prices and real mortgage rates Figure 60: Residential prices and nominal mortgage rates 350 20% 350 14%

300 15% 300 12%

250 250 10% 10% 200 200 8% 5% 150 150 6% 0% 100 100 4%

50 -5% 50 2%

0 -10% 0 0%

95 06 93 94 96 97 98 99 00 01 02 03 04 05 07 08 09 10 11 12 13 14 15

02 93 94 95 96 97 98 99 00 01 03 04 05 06 07 08 09 10 11 12 13 14 15

------

Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan

Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Residential Property Prices Index (1999=100)(LHS) Real Mortgage Rate(RHS) Residential Property Prices Index (1999=100)(LHS) HK Mortgage Rate (Nominal)

Source: RV&D, Bloomberg Finance LP, Midland, Deutsche Bank Source: RV&D, Bloomberg Finance LP, Midland, Deutsche Bank

Page 82 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

Transacted prices of major housing estates

Figure 61: Taikoo Shing (HK$ psf) Figure 62: South Horizons (HK$ psf)

16,000 Taikoo Shing 14,000 South Horizons

14,000 12,000

12,000 10,000

10,000 8,000 8,000 6,000 6,000

4,000 4,000

2,000 2,000 Sep-95 Sep-97 Sep-99 Sep-01 Sep-03 Sep-05 Sep-07 Sep-09 Sep-11 Sep-13 Sep-15 Sep-95 Sep-97 Sep-99 Sep-01 Sep-03 Sep-05 Sep-07 Sep-09 Sep-11 Sep-13 Sep-15

Source: Midland, Deutsche Bank Source: Midland, Deutsche Bank

Figure 63: Whampoa Garden (HK$ psf) Figure 64: Mei Foo Sun Chuen (HK$ psf)

13,000 Whampoa Garden 9,000 Mei Foo Sun Chuen

11,000 7,000

9,000

7,000 5,000

5,000 3,000

3,000

1,000 1,000 Sep-95 Sep-97 Sep-99 Sep-01 Sep-03 Sep-05 Sep-07 Sep-09 Sep-11 Sep-13 Sep-15 Sep-95 Sep-97 Sep-99 Sep-01 Sep-03 Sep-05 Sep-07 Sep-09 Sep-11 Sep-13 Sep-15

Source: Midland, Deutsche Bank Source: Midland, Deutsche Bank

Figure 65: Sceneway Garden (HK$ psf) Figure 66: Telford Garden (HK$ psf)

11,000 Sceneway Garden 13,000 Telford Gardens

11,000 9,000

9,000 7,000 7,000 5,000 5,000

3,000 3,000

1,000 1,000 Sep-95 Sep-97 Sep-99 Sep-01 Sep-03 Sep-05 Sep-07 Sep-09 Sep-11 Sep-13 Sep-15 Sep-95 Sep-97 Sep-99 Sep-01 Sep-03 Sep-05 Sep-07 Sep-09 Sep-11 Sep-13 Sep-15

Source: Midland, Deutsche Bank Source: Midland, Deutsche Bank

Deutsche Bank AG/Hong Kong Page 83

15 December 2015

Property Hong Kong Property Special

Figure 67: Luk Yeung Sun Chuen (HK$ psf) Figure 68: Kingswood Villas (HK$ psf)

Luk Yeung Sun Chuen Kingswood Villas 13,000 8,000

11,000 6,000 9,000

7,000 4,000

5,000 2,000 3,000

1,000 0 Sep-95 Sep-97 Sep-99 Sep-01 Sep-03 Sep-05 Sep-07 Sep-09 Sep-11 Sep-13 Sep-15 Sep-95 Sep-97 Sep-99 Sep-01 Sep-03 Sep-05 Sep-07 Sep-09 Sep-11 Sep-13 Sep-15

Source: Midland, Deutsche Bank Source: Midland, Deutsche Bank

Figure 69: Metro City (HK$ psf) Figure 70: Sunshine City (HK$ psf)

11,000 Metro City 11,000 Sunshine City

9,000 9,000

7,000 7,000

5,000 5,000

3,000 3,000

1,000 1,000 Sep-97 Sep-99 Sep-01 Sep-03 Sep-05 Sep-07 Sep-09 Sep-11 Sep-13 Sep-15 Sep-95 Sep-97 Sep-99 Sep-01 Sep-03 Sep-05 Sep-07 Sep-09 Sep-11 Sep-13 Sep-15

Source: Midland, Deutsche Bank Source: Midland, Deutsche Bank

Figure 71: City one Shatin (HK$ psf) Figure 72: Discovery Park (HK$ psf)

11,000 City one shatin 12000 Discovery Park

9,000 10000

8000 7,000

6000 5,000 4000

3,000 2000

1,000 0 Sep-95 Sep-97 Sep-99 Sep-01 Sep-03 Sep-05 Sep-07 Sep-09 Sep-11 Sep-13 Sep-15 Sep-95 Sep-97 Sep-99 Sep-01 Sep-03 Sep-05 Sep-07 Sep-09 Sep-11 Sep-13 Sep-15

Source: Midland, Deutsche Bank Source: Midland, Deutsche Bank

Page 84 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

Figure 73: Future residential supply

90 ('000 units)

- 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15

Total Available Completed but unsold Under construction and unsold Units from disposed site where construction may start anytime Source: Deutsche Bank, R&VD

Figure 74: Primary unsold inventory data (in units)

Units 28,000

24,000

20,000

16,000

12,000

8,000

4,000 Sep-98 Sep-00 Sep-02 Sep-04 Sep-06 Sep-08 Sep-10 Sep-12 Sep-14 Source: Centaline, Deutsche Bank

Deutsche Bank AG/Hong Kong Page 85

15 December 2015

Property Hong Kong Property Special

Figure 75: Land sale in fiscal year 2015/16 (Apr-15 to Mar-16) Lot No. Location Use Site Area Site Area Launch (Ha) (sf) Schedule Rolled Over Sites (i) Residential TPTL 226 Chong San Road, Pak Shek Kok, Tai Po Residential R2 1.71 184,290 K. Wah: HK$3bn TPTL 227 Chong San Road, Pak Shek Kok, Tai Po Residential R2 2.87 308,927 1H TPTL 228 Fo Yin Road, Pak Shek Kok, Tai Po Residential R2 1.08 116,144 1H NKIL 6534 Junction of Fuk Wa Street / Camp Street / Fuk Wing Street, Residential R1 0.32 34,154 Tender Close: Cheung Sha Wan, Kowloon 29 Jan NKIL 6542 Yin Ping Road, Tai Wo Ping, Kowloon Residential R2 2.04 219,596 Shimao: HK$7.02bn TPTL 223 Lo Fai Road, Tai Po Residential R3 2.19 235,732 1H TPTL 229 Lo Fai Road, Tai Po Residential R3 1.03 110,869 1H RBL 1201 Wong Ma Kok Road, Stanley, Hong Kong Residential R3 2.53 272,329 2H RBL 1202 Wong Ma Kok Road, Stanley, Hong Kong Residential R3 0.42 45,209 2H TMTL 523 Castle Peak Road – Tai Lam, Tuen Mun Residential R2 0.70 75,348 2H (iii) Commercial/Business AIL 462 Yip Kan Street and Wong Chuk Hang Road, Wong Chuk Hang, Business 0.18 18,945 2H Hong Kong

New Sites (i) Residential Lot 1066 in DD 103 Au Tau, Yuen Long Residential R3 2.85 306,236 Tender Close: 22 Jan TMTL 542 Castle Peak Road – Castle Peak Bay, Area 48, Tuen Mun Residential R3 0.82 88,157 Poly-H: HK$1.73bn TYTL 190 Sai Shan Road, Tsing Yi Residential R1 0.62 66,737 Failed TPTL 230 Tai Po Road, Tai Po Kau, Tai Po Residential R3 2.70 290,628 2H TMTL 516 Tsing Ha Lane, Castle Peak Road – Castle Peak Bay, Area 20, Residential R2 0.61 65,660 2H Tuen Mun TMTL 497 So Kwun Wat Road, Area 56, Tuen Mun Residential R2 0.73 78,685 Tender Close: 18 Dec KIL 11257 Sheung Shing Street, Ho Man Tin, Kowloon Residential R1 0.91 97,952 2H TPTL 221 Shan Tong Road, Lai Chi Shan, Tai Po Residential R2 3.99 429,484 Tender Close: 5 Feb NKIL 6533 Lung Cheung Road, Beacon Hill, Kowloon Residential R3 2.18 234,655 2H STTL 611 Whitehead, Ma On Shan, Sha Tin Residential R3 0.46 49,773 2H STTL 609 To Shek Street, Sha Tin Residential R2 0.88 94,185 2H STTL 610 Tai Po Road – Sha Tin Heights, Sha Tin Residential R3 0.29 31,216 2H YTIL 44 Junction of Shung Shun Street and Yan Yue Wai, Yau Tong, Residential R2 1.06 114,346 2H Kowloon (ii) Commercial/Business YLTL 532 Junction of Wang Yip Street West and Hong Yip Street, Tung Tau Business 0.92 99,029 Tender Close: Industrial Area, Yuen Long 18 Dec KCTL 517 Tai Lin Pai Road, Kwai Chung Commercial 0.12 13,003 2H NKIL 6505 King Lam Street, Cheung Sha Wan, Kowloon Business 0.77 83,098 2H NKIL 6547 Kai Tak Area 4C Site 5, Kowloon Hotel 0.93 100,536 2H

Additional Sites (i) Residential TMTL 546 Castle Peak Road – So Kwun Wat, Area 48, Tuen Mun Residential R2 2.72 292,781 2H TMTL 547 Castle Peak Road – So Kwun Wat, Area 48, Tuen Mun Residential R2 2.18 234,655 2H (ii) Business STTL 617 On Yiu Street, Shek Mun, Sha Tin Business 0.17 18,299 SHKP: HK$675.5mn Source: The Lands Department, Deutsche Bank

Page 86 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

HK commercial property market update

Figure 76: Savills residential indices Figure 77: Savills Grade A office indices

Savills Residential Indices Savills Grade A Office Indices 500 350 450 300 400

350 250 300 200 250

200 150 150 100 100

50 50

1Q11

1Q92 1Q93 1Q94 1Q95 1Q96 1Q97 1Q98 1Q99 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q12 1Q13 1Q14 1Q15

1Q11

1Q05 1Q92 1Q93 1Q94 1Q95 1Q96 1Q97 1Q98 1Q99 1Q00 1Q01 1Q02 1Q03 1Q04 1Q06 1Q07 1Q08 1Q09 1Q10 1Q12 1Q13 1Q14 1Q15 Luxury Residential Rent Luxury Residential Price Mass Residential Price Grade 'A' Office Rent Grade 'A' Office Price

Source: Savills, Deutsche Bank Source: Savills, Deutsche Bank

Figure 78: Savills retail indices Figure 79: Grade A office property yield Savills Retail Indices 9.0 9.0 400 8.0 8.0 350 7.0 +1SD 7.0 300 6.0 6.0 250 Average 5.0 5.0 200

150 4.0 4.0 -1SD 100 3.0 3.0

50 2.0 2.0

1Q11

1Q95 1Q12 1Q92 1Q93 1Q94 1Q96 1Q97 1Q98 1Q99 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q13 1Q14 1Q15 Prime Street Shop Rent Shopping Centre Rent

Source: Savills, Deutsche Bank Source: CEIC, Rating & Valuation Department, Deutsche Bank

Figure 80: Retail property yield Figure 81: Grade A and B office yield 9.0 9.0 10 8.0 8.0 9

8 7.0 +1SD 7.0 7 6.0 6.0 Average 6

5.0 5.0 5

4.0 4.0 4 -1SD 3 3.0 3.0 2 2.0 2.0

Grade A yield Grade B yield

Source: CEIC, Rating & Valuation Department, Deutsche Bank Source: CEIC, Rating & Valuation Department, Deutsche Bank

Deutsche Bank AG/Hong Kong Page 87

15 December 2015

Property Hong Kong Property Special

Figure 82: Retail sales value and volume index Figure 83: Central office cap value index vs. rental index 350 1,400 300 1,200 250 1,000 200 800 150

100 600

50 400

- 200

87 97 81 83 85 89 91 93 95 99 01 03 05 07 09 11 13 15

------

Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan - HK: Retail Sales Value Index: All Retail Outlets (10/04-9/05=100) 1Q841Q861Q881Q901Q921Q941Q961Q981Q001Q021Q041Q061Q081Q101Q121Q14 HK: Retail Sales Vol Index: All Retail Outlets (10/04-9/05=100) Central office capital value index Central office rental index

Source: Census and Statistics Department, Deutsche Bank Source: JLL, Deutsche Bank

Figure 84: JLL office rental index Figure 85: JLL office capital value index JLL Office Rental Index JLL Office Capital Value Index 600 1,200

500 1,000

400 800

300 600

200 400

100 200

0 -

3Q90 3Q88 3Q89 3Q91 3Q92 3Q93 3Q94 3Q95 3Q96 3Q97 3Q98 3Q99 3Q00 3Q01 3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10 3Q11 3Q12 3Q13 3Q14 3Q15

3Q02 3Q11 3Q88 3Q89 3Q90 3Q91 3Q92 3Q93 3Q94 3Q95 3Q96 3Q97 3Q98 3Q99 3Q00 3Q01 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10 3Q12 3Q13 3Q14 3Q15 Overall Central Wanchai/Causeway Bay Tsim Sha Tsui HK East Overall Central Wanchai/Causeway Bay Tsim Sha Tsui HK East Source: JLL, Deutsche Bank Source: JLL, Deutsche Bank

Figure 86: JLL retail rental index Figure 87: JLL retail capital value index

JLL Retail Rental Index 650 JLL Retail Capital Value Index 350

550 300

250 450

200 350

150 250

100 150

50 50

3Q12 1Q13 1Q01 3Q01 1Q02 3Q02 1Q03 3Q03 1Q04 3Q04 1Q05 3Q05 1Q06 3Q06 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q13 1Q14 3Q14 1Q15 3Q15

1Q10 1Q11 1Q01 3Q01 1Q02 3Q02 1Q03 3Q03 1Q04 3Q04 1Q05 3Q05 1Q06 3Q06 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 3Q10 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15

High Street Shops Prime Area Retail Centers High Street Shops Prime Area Retail Centers Source: JLL, Deutsche Bank Source: JLL, Deutsche Bank

Page 88 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

Figure 88: Future Grade-A office supply by district Project Developer District HK Island KLN / NT Total

2016 NKIL 6314 J/O Kai Cheung Road and Wang Kwong Road, Goldin Financial Kowloon Bay 681,890 Kowloon bay KIL 11111 J/O Hung Luen Road and Kin Wan Street, Hung Hom Wheelock Hung Hom 474,240 STTL463 Junction of On Yiu Street and On Kwan Street, Shek Billion Development Shatin 344,319 Mun New supply in 2016 1,500,450

2017 14-30 King Wah Road Henderson North Point 275,809 New World Centre Redevelopment NWD Tsim Sha Tsui 260,000 Junction of Hang Yip Street, Wai Yip Street, Yan Yip Street and Mapletree Kwun Tong 528,241 Kwun Tong Road Junction of Wang Chiu Road and Lam Lee Road Swire Properties Kowloon Bay 555,000 NKIL 6311 J/O Sheung Yuet Road, Wang Tai Road and Wang HK Pacific Investments Kowloon Bay 266,499 Yuen Street 2 Ng Fong Street, San Po Kong Billion Development San Po Kong 314,214 Hong Kong Science Park, Phase 3 (Bldg 20E & 22E), Pak Shek HKSAR Tai Po 200,000 Kok New supply in 2017 2,399,763

2018 1 Hennessy Road, Wanchai Chinachem Wanchai 251,999 Sunning Plaza and Sunning Court Redevelopment Hysan Causeway Bay 300,000 Taikoo Place Phase 2A (ex-Somerset House) Swire Properties Quarry Bay 716,002 180 Wai Yip Street, Kwun Tong SHKP /Wong’s Kwun Tong 383,364 650 Cheung Sha Wan Road First Group Cheung Sha Wan 154,827 33 Tseuk Luk Street, San Po Kong SHKP San Po Kong 245,748 New supply in 2018 2,051,940

2019 704-730 King's Road & 201-227 Tsat Tsz Mui Road NWD Quarry Bay 389,989 Junction of Hung Yip Street, Wai Yip Street, Shun Yip Street Nan Fung / Link REIT Kwun Tong 883,888 123 Hoi Bun Road Wheelock Kwun Tong 476,972 8-10 Wong Chuk Hang Road Swire Properties Aberdeen / Wong 308,000 Chuk Hang New supply in 2019 2,058,849 Source: Savills, Deutsche Bank

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15 December 2015

Property Hong Kong Property Special

HK macro update

Figure 89: Hong Kong interbank rate – 3 month Figure 90: HK-US prime spread % HK-US Prime Spread 18 2.50 % 16 2.00 14 1.50 12 1.00 10 0.50 8 6 - 4 (0.50)

2 (1.00) 0 (1.50)

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Figure 91: Real prime rate Figure 92: HK unemployment rate (%) % Real Prime Rate 9% 18.0 16.0 8% 14.0 7% 12.0 6% 10.0 8.0 5% 6.0 4% 4.0 2.0 3% 0.0 2% -2.0 -4.0 1%

-6.0 0%

04 08 82 84 86 88 90 92 94 96 98 00 02 06 10 12 14

------

Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan

Source: Bloomberg Finance LP, Deutsche Bank Source: Census and Statistics Department, Deutsche Bank

Figure 93: Median monthly household income – Figure 94: Median monthly household income – including bonus (HK$) excluding bonus (HK$) 27,000 26,000

25,000 24,000 23,000 22,000 21,000 20,000 19,000 18,000 17,000

15,000 16,000

13,000 14,000

11,000

12,000

1Q95 1Q08 1Q93 1Q94 1Q96 1Q97 1Q98 1Q99 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15

1Q05 1Q94 1Q95 1Q96 1Q97 1Q98 1Q99 1Q00 1Q01 1Q02 1Q03 1Q04 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q93

Source: Census and Statistics Department, Deutsche Bank Source: Census and Statistics Department, Deutsche Bank

Page 90 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

Figure 95: HK Nominal Wage Index (Sep 1992=100) Figure 96: HK real GDP (YoY growth) 250 16% HK Real GDP (YoY Growth) 14% 15% 200 12% 10% 10% 150 8% 6% 5% 100 4% 2% 0% 50 0% -2% -5%

- -4%

05 83 85 87 89 91 93 95 97 99 01 03 07 09 11 13 15

------

- -10%

Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun

2Q98 2Q02 2Q06 2Q97 2Q99 2Q00 2Q01 2Q03 2Q04 2Q05 2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 HK Nominal Wage Index (Sep 1992=100) YoY Chg 2Q96

Source: CEIC, Deutsche Bank Source: Census and Statistics Department, Deutsche Bank

Figure 97: HK real GDP (seasonally adj. QoQ growth) Figure 98: Average price to income ratio of HK

Years 8% 18 Less Affordable 16 6% 14

4% 12

10 2% 8 0% 6 More Affordable

-2%

97 11 85 87 89 91 93 95 99 01 03 05 07 09 13 15

------

Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar

-4% Price-to-Income ratio 10-year average -1SD +1SD

1Q93 1Q95 1Q97 1Q99 1Q96 1Q98 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q94 Source: Census and Statistics Department, Deutsche Bank Source: RV&D, CEIC, Bloomberg Finance LP, Deutsche Bank

Figure 99: Average affordability ratio of HK Figure 100: Affordability – unadjusted % % 140 140 Less Affordable 120 120 100 100 80 80 Average (1985-Now) 60 60 40 40 Average (Ex 93-97) 20 20

More Affordable 0

89 85 87 91 93 95 97 99 01 03 05 07 09 11 13 15

------

0 -

Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar

85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15

------

Affordability ratio (unadjusted) Average -1SD +1SD

Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Source: RV&D, CEIC, Bloomberg Finance LP, Deutsche Bank Source: RV&D, Bloomberg Finance LP, Deutsche Bank

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Property Hong Kong Property Special

Figure 101: Affordability – 40-69.9sqm flat Figure 102: Affordability – all households All Household affordability (Monthly Instalment/Median Household Income) 140 % 100%

Less Less 90% 120 Less Affordable Affordable 80%

100 70% 60% 80 50%

60 40% Banks' Threshold (50% of Monthly Income) 30% 40 20%

10% 20 More Affordable 0%

99 13 85 87 89 91 93 95 97 01 03 05 07 09 11 15

------

Affordable

Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Affordability Ratio - P base Affordability Ratio - H base Source: RV&D, Deutsche Bank Source: RV&D, Deutsche Bank

Figure 103: Affordability – private households Figure 104: Property transaction vs. stock & HK GDP

Private Household affordability (Monthly Instalment/Median Household Income) 4.5 25% 120%

4.0 Less Less 20% Affordable 100% 3.5 3.0 80% 15% 2.5

60% 2.0 10% 1.5 40% 1.0 5%

20% 0.5 0.0 0%

1999 2012 1997 1998 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2013 2014

10M15 More

Affordable Property transaction vs stock (RHS) Private property stock / HK GDP (LHS) Affordability Ratio - P base Affordability Ratio - H base

Source: RV&D, Deutsche Bank Source: RV&D, Deutsche Bank

Figure 105: Number of domestic households by monthly household income and type of housing in 3Q 2015 Monthly household income Type of housing (HK$) Public rental Subsidized sale flats Private permanent Temporary housing Total housing housing ('000) ('000) ('000) ('000) ('000) < 4,000 18.8 19.2 75.2 1.4 114.6 4,000 - 5,999 74.6 11.0 28.2 0.7 114.5 6,000 - 7,999 60.4 9.6 33.4 # 103.8 8,000 - 9,999 50.7 9.3 36.8 # 97.3 10,000 - 14,999 145.7 35.8 93.0 2.8 277.3 15,000 - 19,999 119.7 40.6 104.1 1.0 265.5 20,000 - 24,999 96.2 40.4 103.5 1.1 241.3 25,000 - 29,999 70.3 39.7 85.8 0.6 196.4 30,000 - 39,999 80.1 69.7 179.3 1.4 330.5 40,000 and over 57.5 105.7 580 0.9 744 Total 774 380.9 1319.3 10.9 2485.2 Source: Census and Statistics Department, Deutsche Bank

Page 92 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

HK policy summary

Figure 106: HK Policy Summary Date Event Targeted issue

May-97 The Estate Agents Ordinance was passed to regulate the operation of estate agents. It makes provisions to establish a Estate agent statutory Estate Agents Authority responsible for licensing estate agents and regulating their activities, to enshrine the obligations or estate agents in law and to prescribe penalties for offences.

Jun-97 The Secondary Market Scheme was established for resale of HOS/PSPS/FFSS flats to sitting public housing tenants and Subsidized home those eligible for public rental housing, starting from the fourth year from the first assignment. Flat prices to be freely ownership negotiated between the parties, subject to the inheritance of the premium liability by the purchasers. Jul-97 Five-year Land Sales Programme announced. Since then, it has announced a similar programme each year on a rolling basis Private housing to enhance transparency and to provide a clearer picture of land supply for housing. The programme covers two parts - land disposal between July 1997 and end-March 1999 and the projected land supply for 1999/2000 to 2001/02. The first part includes 120 hectares and the second part includes 260 hectares for private sector housing development. Oct-97 Chief Executive announced the following housing policies: Private and Public (1) To increase the supply of flats by providing sufficient supply of serviced land. At least 85,000 flats will be built each year housing starting 1999-2000; (2) To encourage wider home ownership. The government aims to achieve a home ownership rate of 70 per cent by 2007; and (3) To cut the average waiting time for allocation of public rental housing to three years by 2005. Nov-97 The Estate Agents Authority was established. A two-year transitional period will be provided to enable the trade to meet the Estate agent full licensing requirements by 2000/01.

Dec-97 Announced the Tenants Purchase Scheme, which provides an opportunity for at least 250,000 households living in public Public housing rental housing to buy their flats at reasonable and affordable prices over a ten-year period up to 2007. Jan-98 Phase 1 of the Tenants Purchase Scheme was rolled out, with 20,100 (75 per cent) out of 27,000 eligible households Public housing purchasing their own flats. Feb-98 The government promulgated a White Paper on Long Term Housing Strategy in Hong Kong, and announced the following Private and Public initiatives: housing (1) To produce an average of 50,000 flats a year in the public sector, forming land and building the necessary infrastructure to meet the long-term demand for about 35,000 flats a year in the private sector; (2) To achieve a home ownership rate of 70 per cent by 2007; and (3) To reduce the average waiting time for public rental housing to three years by 2005. It also introduced a new Salaries Tax deduction of a maximum of $100,000 per year per property for home mortgage interest Stamp duty / tax payments.

Apr-98 The Home Starter Loan Scheme was launched by the HKHS to help families buy their own homes for the first time. Subsidized home ownership Jun-98 The Government introduced a package of measures to revive the economy and stabilize the property market, including the Private housing, suspension of all land sales for the remainder of the financial year and expansion of the quotas for the Home Purchase Loan Subsidized home Scheme and the Home Starter Loan Scheme. ownership Jul-98 The initial quota of 6,000 for the 1998-99 Home Starter Loan Scheme was expanded to 12,000. In each of the following three Subsidized home years, at least 6,000 loans would be available. ownership Aug-98 Quota for the Home Purchase Loan Scheme was increased from 4,500 to 10,000 for 12 months. New flexible loan options Subsidized home were introduced. Instead of applying for a loan, eligible applicants could now opt for a monthly subsidy for 48 months, ownership which need not be repaid.

Sep-98 Applicants were required to satisfy a Comprehensive Means Test, which included both income and assets limits, a no- Public housing domestic-property rule and a residency requirement before entry to public rental housing. The Mortgage Subsidy Scheme was implemented to promote home ownership among tenants affected by the Subsidized home Comprehensive Redevelopment Programme and households affected by the Cottage Area clearance exercises. Under the ownership scheme, eligible applicants buying HOS or PSPS flats would be given a mortgage subsidy of up to $162,000 over a period of six years. Pre-sale restriction on residential properties was relaxed. Private housing

Oct-98 The Main Scheme of the Sandwich Class Housing Scheme was suspended in October 1998, except for projects under Subsidized home construction. ownership

Nov-98 The Estate Agents (Licensing) Regulation was passed by the Legislative Council to tie in with the start of the licensing Estate agent system. The new Estate Agents Authority (EAA) devised licensing requirements and practice directions for estate agents. Dec-98 HKMC gave its approval in principle for the Corporation to partner with mortgage insurers to launch a mortgage guarantee Mortgage scheme, to enable home buyers to secure mortgage loans up to 85% loan-to-valuation (LTV) ratio. Jan-99 The Estate Agents (Licensing) Regulation became effective. Estate agent

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Figure 106: HK Policy Summary (Cont’d) Date Event Targeted issue

Feb-99 The Government announced a five-year land sale and development programme from 1999-2000 to 2003-04, including land Private housing for housing. It also announced resumption of land sales and introduced an application system to allow developers to apply for the sale of sites on a reserve list. Mar-99 Phase 2 of the Tenants Purchase Scheme was rolled out, involving another 27,000 flats. Public housing

The Loan Scheme of the Sandwich Class Housing Scheme was abolished. Subsidized home ownership

Jun-99 The Estate Agents Practice (General Duties and Hong Kong Residential Properties) Regulation and the Estate Agents Estate agent (Determination of Commission Disputes) Regulation were approved by the Legislative Council in June 1999. The former stipulates rules relating to the conduct, duties and practice of licensed estate agents. The latter prescribes rules and procedures for the EAA to assist in the mediation of disputes between an agent and a client. Jul-99 The Buy or Rent Option was launched by the HKHA to allow prospective public rental housing tenants who are eligible for Public housing flat allocation within one year, the alternative option of owning their own homes. This initiative was also opened to tenants affected by redevelopment and clearances, as well as eligible junior civil servants. As an alternative, an eligible purchaser could now opt to receive a mortgage subsidy of up to $162,000 over a period of six years. Oct-99 The Government invited private developers to build subsidized home ownership flats as part of 'mixed developments'. Under Subsidized home this approach, residential sites were offered for sale by tender. The successful tenderer would be required to hand over a ownership specified proportion of flats within the development to the Government for sale to eligible purchasers at designated prices. Tenders for the first site were invited in October. Nov-99 The Estate Agents Practice (General Duties and Hong Kong Residential Properties) Regulation and the Estate Agents Estate agent (Determination of Commission Disputes) Regulation took effect on November 1, 1999.

Dec-99 The Home Starter Loan Scheme was extended from December 1999 to cover single persons under 60 years of age. Subsidized home ownership The HKHA allowed White Form singleton applicants to buy HOS and PSPS flats or to join the HPLS. Subsidized home ownership Jan-00 Phase 3 of the Tenants Purchase Scheme was rolled out, involving another 27,400 flats. Public housing

Feb-00 The Government announced a five-year land sale and development programme for the period 2000-01 to 2004-05. Private housing

Mar-00 The Estate Agents (Registration of Determination and Appeal) Regulation came into operation, prescribing the procedural Estate agent rules for registering a determination and lodging an appeal. Feb-00 The Government announced a five-year land sale and development programme for the period 2001-02 to 2005-06. Private housing

Jun-00 The Chief Executive established the Committee on the Review of the Institutional Framework for Public Housing (RIFPH) Governing under the chairmanship of the Chief Secretary for Administration. The committee's task was to examine the roles and institution responsibilities of the former Housing Bureau (HB) (1), the Hong Kong Housing Authority (HKHA) (2), the Housing Department (HD) (3), and the Hong Kong Housing Society (HKHS) (4) in the delivery of public housing programmes and to consider the best institutional framework for public housing. The Chief Executive announced that the plan to build 85,000 flats / year was non-existent in 1998. Private and Public housing Jul-00 HKHA implemented a moratorium on HOS sales. Subsidized home ownership

Aug-01 A committee was set up to monitor information contained in sales brochures of uncompleted residential flats to enhance Sales practices consumer protection. The Housing Bureau set up a web site and bilingual telephone hotlines to collect opinions on and complaints about sales Sales practices descriptions of uncompleted residential properties. The Rent Allowance for Elderly Scheme (RAES) was launched in August 2001. The scheme offered elderly applicants a rent Private and Public allowance, enabling them to rent private accommodation rather than taking up public rental flats. housing Sep-01 Moratorium announced on the sales of all subsidized home ownership flats until the end of June 2002. Sales of these flats Subsidized home after the moratorium would not exceed 9,000 units a year up to 2005-06. In line with this decision, 12,000 additional loans ownership were made available by the HKHA to replace an equal number of flats originally planned for sale over the period. During the period of the moratorium, the Government and the HKHA would address three longer-term issues, namely, the ratio between home ownership flats and loans, the eligibility criteria for subsidized home ownership, and the system for allocating sites for subsidized flats for sale. HKHS also suspended the sale of unsold Sandwich Class Housing Flats. Oct-01 The Government pledged in the 2001 Policy Address exercise to examine in 2002 the feasibility of a pilot scheme to provide Public housing rental allowances to eligible non-elderly households as an alternative means of providing public rental flats.

Apr-02 HKHA launched the Express Flat Allocation Scheme (EFAS) and invited all eligible applicants on the Waiting List to select a Public housing flat from among the vacant flats, with prolonged vacancy periods. Jun-02 Report on the Review of the Institutional Framework for Public Housing (RIFPH) was released. It recommended that a Governing streamlined housing organization with a single spokesman for housing matters and a single line of responsibility running institution from policy formulation through to implementation should be established.

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Figure 106: HK Policy Summary (Cont’d) Date Event Targeted issue

Jul-02 The former Housing Bureau and the former Housing Department merged to form the new Housing Department. The Governing reconstituted Housing Department integrated the policy and operational responsibilities in the provision of public housing, institution the procurement of services from the private sector, the assessment of eligibility for various forms of public housing assistance, and the provision of housing loans and allowances. It would continue to provide secretariat and executive support to the HKHA and its committees to enable them to discharge their duties effectively. The Secretary for Housing, Planning and Lands became the Principal Official responsible for overall housing matters. He was Governing underpinned by the Permanent Secretary for Housing, Planning and Lands (Housing), who also was the head of the Housing institution Department. Oct-02 HKHA revised the Rent Assistance Scheme and relaxed the eligibility criteria for elderly households. Public housing

Nov-02 The Secretary for Housing, Planning and Lands announced nine measures to support the market: Private and Public (1) To stop all scheduled land auctions and suspend the Application List until end-2003. Thereafter, the supply of new land housing, will only be triggered from the Application List; subsidized home (2) To reach an agreement with the MTRC and KCRC that no railway property developments would be released for tender in ownership the coming year; (3) To determine the scale of the public housing programme by actual demand with a view to maintaining the average waiting time for public rental housing (PRH) at three years; (4) Except for a small number of unsold and returned flats, the production and sale of Home Ownership Scheme (HOS) flats would cease indefinitely from 2003 onwards and HKHA will not put up the unsold and returned HOS/PSPS flats for sale before the end of 2006; (5) To provide a new interest-free housing loan scheme to low-income families and public housing tenants, but without pre- determined quotas; (6) To terminate the Tenants Purchase Scheme, following the sale of the TPS Phase 6; (7) To end all mixed development and Private Sector Participation Scheme housing projects; (8) To conduct a thorough review of the Landlord and Tenant (Consolidation) Ordinance with a view to resuming the free operation of the private rental market; and (9) To remove the anti-speculation measures with respect to the restriction of internal sale quota and the number of residential unit and car parking spaces for sale to individual buyers. Dec-02 An amendment to the Housing Ordinance was introduced to enable the Secretary for Housing, Planning and Lands to be Governing appointed Chairman of the HKHA. Under the new framework, the HKHA would in the longer term reduce its executive institution functions and evolve towards an advisory role in both public and private housing matters. The Landlord and Tenant (Consolidation) (Amendment) Bill 2001 was passed. The amendment bill streamlined statutory Private housing procedures governing tenancy renewal and repossession, revised compensation package for sub-let and part-let premises in redevelopment cases, and increased the penalty for harassment of tenants and unlawful eviction. Jun-03 The Government introduced into the Legislative Council the Landlord and Tenant (Consolidation) (Amendment) Bill 2003 to Private housing remove the security of tenure restrictions for domestic tenancies.

Jul-03 The HKHA announced a plan to divest its retail and car parking facilities in 2004-05. Proceeds from the divestment would Privatization of help the Authority to tide over its financial difficulties resulting from the cessation of the HOS. asset Sep-03 HKHA decided to phase out the Rent Allowance for Elderly Scheme by ceasing to accept new applications. Existing Public housing beneficiaries, upon expiry of the current private leases, could now opt for public rental housing units or continue to receive cash rent allowances provided that they still meet the prevailing eligibility criteria. Jul-04 HKHA decided to terminate the Home Assistance Loan Scheme. Subsidized home ownership The Landlord and Tenant (Consolidation) (Amendment) Bill 2003 came into effect. Private housing

Dec-04 The Link REIT, which resulted from the HKHA's divestment in its retail and car parking facilities, was put out for public offer. Privatization of asset

Nov-05 The IPO of The Link REIT was re-launched after judicial review from the Court of Final Appeal. Privatization of asset Dec-05 HKHA further announced the relaxation of the eligibility criteria for non-elderly households in line with those applicable to Public housing elderly households. These households would be entitled to a 25 per cent rent reduction.

Jan-06 HKHA approved the sale of some 16 600 surplus HOS flats in phases from 2007 onwards. Subsidized home ownership Mar-06 HKHA further relaxed the eligibility criteria for non-elderly public housing tenants. These eligible households were entitled to Public housing 25 per cent rent reduction. At the same time, the rent-to-income ratio threshold was lowered and the three-year residence criterion for households in older blocks was lifted. Apr-06 A “Tentative Sales Programme of Surplus HOS Flats” was announced to enhance market transparency and facilitate forward Subsidized home planning by prospective purchasers. ownership Nov-06 HKHA endorsed a new mechanism for determining how the rents of public rental housing are to be adjusted. Public housing

Jan-07 The Government introduced the Housing (Amendment) Bill 2007 to replace the statutory cap of 10 per cent median rent-to- Public housing income ratio in the Housing Ordinance with a new rent adjustment arrangement for public rental housing. The new income- based rent adjustment mechanism, which provided for both upward and downward rent adjustments according to changes in tenants’ household income, was a more flexible framework that matched more closely tenants’ affordability and helped promote the long-term sustainability of the public rental housing programme.

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Figure 106: HK Policy Summary (Cont’d) Date Event Targeted issue

Sale of surplus HOS Flats Phase 1 was launched. Subsidized home ownership

May-07 REDA issued improved guidelines requiring developers to disclose in its price list the saleable area of units, as well as the Sales practices area of other facilities, such as the balcony, bay window, utility platform, etc. Jun-07 The Housing (Amendment) Bill 2007 was passed. Public housing

Jul-07 The Secretary for Transport and Housing replaced the Secretary for Housing, Planning and Lands to be responsible for all Governing housing matters and Chairman of the HKHA. The Housing Branch of the Transport and Housing Bureau would monitor institution developments in the private housing market and oversee policy matters relating to the regulation of estate agents. The Housing Department would have both policy and operational responsibilities for providing public rental housing and assessing eligibility for public housing assistance. It would also provide secretariat and executive support to the HKHA and its committees. Aug-07 Sale of surplus HOS Flats Phase 2 was launched. Subsidized home ownership

Jan-08 The new income-based rent adjustment mechanism for public rental housing came into operation on January 1, 2008. The Public housing first public rental housing rent review will be conducted in 2010. Subsequent reviews will be conducted every two years thereafter. Oct-08 Definition of ‘saleable area’ was standardized by the Lands Department under its Consent Scheme. Uncompleted first-hand Sales practices residential properties approved for pre-sale under the scheme must adopt the definition in their sales brochures. The standardized definition of ‘saleable area’ means the area occupied by the unit, the balcony and the utility platform. Other areas, such as bay windows, should be listed separately item by item and should not be recorded as 208 Housing part of the ‘saleable area’. The REDA issued guidelines requiring developers to adopt the standardized definition of ‘saleable area’ in the sales brochures and the standardized price list template.

Sep-09 The Chief Executive announced new measure for converting the use of industrial buildings. For industrial buildings over 30 Conversion / years old, the threshold for applying a compulsory auction is lowered from 90% to 80%. redevelopment Oct-09 LTV ratio for HK$20mn+ residential property transactions were lowered to 60% from 70%. Mortgage

Nov-09 The Government worked with REDA on new rules for developers to follow when selling their uncompleted properties. They Sales practices must make public their transactions of uncompleted first-hand residential properties within five working days of the signing of the Preliminary Agreements for Sale and Purchase, show the price per square foot in ‘saleable area’ of individual flats and state floor numbering information prominently in their sales brochures, and not include any promotional materials in the sales brochures.

Dec-09 HA had launched five sale phases and sold some 13 300 surplus HOS flats (including about 1 200 flats under the HKHS). Subsidized home ownership Apr-10 Stamp duty for residential properties of >HK$20mn will be raised to 4.25% from 3.75%. Stamp duty / tax

Aug-10 HKMC will cease to provide mortgage insurance for property transactions with an LTV ratio over 90%. For transactions with Mortgage 70%-90% LTV, the maximum loan amount covered under the Mortgage Insurance Programme will be reduced to HK$7.2mn from HK$12mn. The government put a restriction on confirmor transactions of primary units. Private housing

Nov-10 For residential properties of HK$12mn or above, the maximum LTV ratio for new mortgages will be 50%. For those of Mortgage HK$8m or above and below HK$12m (subject to a loan cap of HK$6m), the maximum LTV ratio will be 60%. For those below HK$8m (subject to a loan cap of HK$4.8m), the maximum LTV ratio will be 70%. For transactions with a 70%-90% LTV ratio, the maximum loan amount covered under the Mortgage Insurance Programme Mortgage will be reduced to HK$6.12mn from HK$7.2mn. For transactions below 60% LTV ratio, the maximum loan amount covered will be HK$6.8mn. Special Stamp Duty (SSD) was introduced. The SSD rates for different holding periods are: Stamp duty / tax (1) 15% for six months or less (2) 10% for more than six months but for 12 months or less; (3) 5% for more than 12 months but for 24 months or less.

Feb-11 The 2011-12 Budget came with the following points to stabilize the property market: Private and Public (1) Specify in the Application List four residential sites for government-initiated sale by open auction or tender this year. housing (2) Put up for sale by tender five residential sites in addition to those sites on the Application List, and restrict their use for construction of about 3,000 small and medium-sized flats. (3) Made available a total of 52 residential sites for sale in 2011-12, comprising 18 new sites and 34 sites rolled over from the 2010-2011 Application List. (4) Housing land available in 2011-12 will provide a total of 30,000 and 40,000 private residential flats, far exceeding the target of an annual average of 20,000 flats. (5) New public rental housing flat production forecast for 2011-12 and 2012-13 will be some 11,200 flats and 16,700 flats respectively. (6) Identify more suitable sites for the My Home Purchase Plan. (7) Allocate about $300mn to explore the feasibility of reclamation on an appropriate scale outside Victoria Harbour and rock cavern development to increase the supply of land.

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15 December 2015 Property Hong Kong Property Special

Figure 106: HK Policy Summary (Cont’d) Date Event Targeted issue

Jun-11 For residential properties of HK$10mn or above, the maximum LTV ratio for new mortgages will be 50%. For those of Mortgage HK$7m or above and below HK$10m (subject to a loan cap of HK$5m), the maximum LTV ratio will be 60%. For those below HK$7m (subject to a loan cap of HK$4.2m), the maximum LTV ratio will be 70%. If the principal income of the mortgage loan applicant is not derived from Hong Kong, the applicable maximum LTV ratio will be lowered by at least 10 percentage points regardless of property type or value. The maximum LTV ratio for properties under net-worth based mortgages will be lowered from 50% to 40%. For transactions with a 70%-90% LTV ratio, the maximum loan amount covered under the Mortgage Insurance Programme Mortgage will be reduced to HK$5.4mn from HK$6.12mn. For transactions with a 60%-90% LTV ratio, the maximum loan amount covered will be reduced to HK$5mn from HK$6mn. For transactions below 60% LTV ratio, the maximum loan amount covered will be lowered from HK$6.8mn to HK$6mn. Oct-11 Policy Address 2011-12 outlines the following: Private, public (1) Public housing: Complete construction of about 75,000 units in the next five years and meet the pledge of an average and subsidized waiting time of three years. housing (2) Subsidized housing: (a) Launching New Home Ownership Scheme: Launch a new Home Ownership Scheme targeting families with monthly income no higher than $30,000. Flats with a saleable floor area of 400-500 square feet to be sold at affordable prices, initially estimated at $1.5-2 million. Supply more than 17,000 flats over four years from 2016-17. First batch expected for pre-sale in 2014 or 2015. (b) Enhance "My Home Purchase Plan": “My Home Purchase Plan” to offer a "buy-or-rent" option apart from "rent-and-buy". Initial market selling price will be the ceiling price. (3) Land supply: (a) Ensure sufficient land supply: Ensure supply of land to support on average 20 000 private residential flats, 15 000 public rental units and 5 000 new HOS flats a year. Build up a government land reserve. Multi-pronged approaches to expand land resources, e.g. release industrial land, explore reclamation outside Victoria Harbour, and examine the use of "Government, Institution or Community" sites. (b) Continue the urban renewal strategy: Extend by three years the measures to revitalize industrial buildings. Nov-11 Public consultation on proposed legislation to regulate the sale of primary residential units, which will cover all primary Sales practices, uncompleted and completed units. A draft bill will be submitted to the LEGCO in 1Q12 following the public consultation. private housing HOS units are not targeted under this legislation. The proposal detailed as below: 1) Developers required to list the unit price based only on saleable area (using a standard definition), and not to mention the gross floor area. 2) Continue existing practices like releasing sales brochures and price list at least 7 days and 3 days before the selling date, respectively. 3) The practice of reserving flats for potential buyers before the release of price list is not allowed. 4) Regulations on the minimum number of units to be included in the first and subsequent price lists. In a project of up to 100 units, each price list must contain at least 30 flats. For bigger projects, prices of at least 50% of total units should be included in the first price list, and at least 10% of units must be listed on each subsequent price list. 5) Developers are required to disclose related-party transactions within 24 hours of the transaction. 6) Buyers are allowed to cancel transactions within three days of the provisional S&P, and developers are required to disclose within four days that they have forfeited the 5% deposit. 7) Developers and property agencies violating the rules might face up to HK$5mn in fines and seven years imprisonment. Aug-12 CY Leung announced 10 new measures: Subsidized home 1) Government will launch the 830 remaining HOS housing units, including 825 in Tin Shui Wai, will also be sold in early ownership, public 2013. housing, private 2) The My Home Purchase Plan will be amended by changing the rent-to-buy scheme, to sell the first batch of 1,000 flats in housing, land Tsing Yi directly. The flats will be available early 2013, and families who earn $40,000 or less a month will be eligible to supply apply. 3) A total of 2,650 private flats will be sold in the Government Land Sale Programme (October-December) and the Government will increase residential land if necessary. 4) The Lands Department will expedite pre-sale approval applications for incomplete flats to meet market demand and 65,000 residential units will be provided in the next three to four years. 5) The Government will convert the Chai Wan Industrial Building into 180 public rental units from the middle of 2013. 6) 480 units under the Urban Renewal Authority’s Kai Tak unit exchange programme will be allocated to the Housing Authority to develop Home Ownership Scheme flats for completion in 2017. 7) Medium-term measures include converting an open space in Cheung Sha Wan to build 2,300 public rental units. 8) 36 government, institution, and community sites will be re-zoned to provide 11,900 public and private flats. 9) A two-tier structure will be immediately formed to review Hong Kong's long-term housing strategy with Prof Cheung chairing a steering committee. An inter-departmental working group will be established under the committee. The working group will convene its first meeting on September 5, while the committee will start their work in early October. The report and consultation paper will be published in 2013. 10) Reiterated the Government's stance of 'Hong Kong land for Hong Kong people', and instructed the Lands Department and the Department of Justice to study the issue.

Sep-12 "Hong Kong Land for Hong Kong Residents" policy: Government to list two "Hong Kong Land for Hong Kong residents" land Public housing lots in 2013: after the 10 price-stabilization measures announced, CY Leung further announced the "Hong Kong land for Hong Kong residents" policy on September 6. Two land lots in the Kai Tak development area in Kowloon City were chosen for a policy trial-run next year, and units built there can only be sold to Hong Kong residents. Expected supply of around 1,100 after three years. The ban period for the free re-selling of these units will be set to 30 years, which limits re-selling to Hong Kong residents only and prohibits title transfers using companies.

Deutsche Bank AG/Hong Kong Page 97

15 December 2015

Property Hong Kong Property Special

Figure 106: HK Policy Summary (Cont’d) Date Event Targeted issue

Sep-12 The Hong Kong Monetary Authority (HKMA) announced various measures that would further the mortgage lending Mortgage standards for applicants with more than one mortgaged property in Hong Kong. The first set of measures would focus on the banks’ method of assessing applicants’ repayment abilities during their mortgage application: 1) The ceiling of the debt-service ratio (DSR) will now be decreased to 40% from 50% before. 2) Under the interest rate stress test scenario, the ceiling for an applicant’s DSR will be lowered to 50% from 60%. 3) If the asset level of an applicant is used as a method of assessing a mortgage application, the ceiling for the maximum mortgage will decrease from 40% to 30%. 4) HKMA also announced that the maximum length for newly-applied mortgages will be limited to less than 30 years. Both changes are effective immediately, however transfers with preliminary S&P agreements signed on or before today will not be affected by this change. Oct-12 Financial Secretary John Tsang announcing two new policies on Oct 26, including (a) raising the Special Stamp Duty (SSD) Stamp duty / tax rate and restriction period and (b) introducing the “Buyers’ Stamp Duty” (BSD). Both policies become effective from Oct 27, 2012. Mr. Tsang stressed that he is determined to maintain a healthy property market, and will launch extra measures if needed. 1) Raising the Special Stamp Duty (SSD) rate and restriction period Under the new policy, SSD will be revised to the following: Home transactions within six months of original purchase will be taxed at 20% of the home price (up from previous 15%); home transactions within one year (but longer than six months) of original purchase will be taxed at 15% of the home price (up from previous 10%); home transactions within three years (up from the previous two years) of original purchase will be taxed at 10% (previous: 5%). 2) Introducing the “Buyers’ Stamp Duty” (BSD) The BSD is applicable to non-HK residents and all company buyers, and means those buyers are required to pay a BSD equivalent to 15% of the home transaction value, on top of normal stamp duty. Besides, SSD is still applicable to these buyers if the property changed hands within three years. Feb-13 1) Regular stamp duty will be significantly increased: (a) For properties priced under HK$2mn, stamp duty will now become Stamp duty / tax/ 1.5% of transaction value (previously just HK$100). (b) For those traded above HK$2mn, stamp duty rates will be doubled, Mortgage bringing the high level to 8.5% from the current 4.25%. However, permanent residents who are not the beneficial owner of any residential properties in HK could still use the old stamp duty rates when they buy their first property or upgrade their only property. 2) Buyers of all types of properties will be required to pay stamp duty when a sales and purchase agreement is signed, aligning with the practice of residential properties. Both policies will become effective starting February 23.

HKMA had also issued new guidance to all banks as part of its counter-cyclical prudential measures on lending activities. 1) In stress-testing mortgage applicants' repayment ability, banks are required to assume a mortgage rate increase of 300 basis points, instead of the existing 200 basis points, and will apply this to mortgage loans for all types of properties (including residential, commercial and industrial properties); 2) The maximum LTV ratios of mortgage loans for all commercial and industrial properties will be lowered from the existing levels by 10ppts; 3) The maximum LTV ratio of mortgage loans for standalone car park spaces will be set at 40% with a maximum loan tenor of 15 years. Other existing requirements on the maximum LTV ratio and DSR for commercial and industrial property mortgage loans will also apply. Mar-13 Secretary of Development Bureau Chan Mo Po announced that the Government will scrap the "Land Sale by Application" Land policy system starting from fiscal year 2013/14, and will instead announce regular land tender by quarter.

Apr-13 "First Hand Sale Ordinance" will become effective at end-Apr 2013, aiming to provide higher transparency of information to Sale of properties buyers when purchasing primary residential units from developers. May-14 The Secretary for Financial Services and the Treasury, K C Chan announced a minor adjustment to the implementation of Sale of properties Double Stamp Duty. Originally, Double Stamp Duty was imposed on those who are buying their second property (regardless of the type of property) with a tax refund eligible for those who sold their old unit within six months from the date of signing the preliminary sales agreement. In the latest proposal, the eligibility for the tax refund is relaxed to include those who are reselling their old units within six months of the completion date of the purchase, thereby giving an extra 30-45 days more than the original measure. In addition, the government is proposing to waive the Double Stamp Duty imposed on the purchase of the car park (viewed as a separate property) attached to the purchase of the residential unit. The adjustment is aimed at making it easier for genuine end-users to upgrade technically on the extra timing to sell their existing units. However, as the financial implication of upgrades is still sizeable (1 - premium pricing to upgrade; 2 - lower mortgage LTV ratio imposed on more expensive properties; and 3) higher mortgage rates replacing the cheaper mortgages granted in earlier years), we believe the revised measure is unlikely to stimulate sales volume to a large extent. Feb-15 HKMA had also issued the following new guidance to all banks on supervising mortgage lending with immediate effect. Mortgage 1) The maximum LTV ratio for self-use residential properties with value

Page 98 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

Figure 106: HK Policy Summary (Cont’d) Date Event Targeted issue

Sep-15 CY Leung, Chief Executive of Hong Kong SAR, reiterated that the Government will not loosen the tightening measures in the Private housing property market, as the housing problems in HK remained unsolved. He indicated that the Government is committed to supply continuing lifting the housing supply, and suppressing foreign/ speculative demands in the property market. Following the government’s effort to increase new supply in recent years, new residential completion is expected to reach 20,144 units in 2016, implying a 52% YoY increase and some 72% higher than the 10-year average of 11,728 units.

Source: Apple Daily, HKET, Oriental Daily, HKSAR Government, Hong Kong Monetary Authority, Hong Kong Mortgage Corporation Limited, Hong Kong Housing Authority, Hong Kong Housing Society, Financial Services and the Treasury Bureau, Deutsche Bank

Deutsche Bank AG/Hong Kong Page 99

15 December 2015

Property Hong Kong Property Special

Taking a look at valuations

Figure 107: Developer discount to NAV Figure 108: Landlord discount to NAV 80% Developer Disc to NAV -1SD Avg +1SD 40% Landlord Disc to NAV -1SD Avg +1SD 60% 20% 40% 20% 0%

0% -20% -20% -40% -40% -60% -60%

-80% -80%

95 93 97 99 01 03 05 07 09 11 13 15

95 09 93 97 99 01 03 05 07 11 13 15

------

Jan

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Figure 109: Developer P/E Figure 110: Landlord P/E 35 Developer P/E -1SD Avg +1SD 50 Landlord P/E -1SD Avg +1SD 45 30 40 25 35 20 30 25 15 20 10 15 10 5 5

0 0

13 15 93 95 97 99 01 03 05 07 09 11

11 93 95 97 99 01 03 05 07 09 13 15

------

Jan

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Figure 111: Developer P/B Figure 112: Landlord P/B

2.5 Developer P/B -1SD Avg +1SD 1.4 Landlord P/B -1SD Avg +1SD 1.2 2.0 1.0

1.5 0.8

1.0 0.6 0.4 0.5 0.2 0.0

0.0

01 15 93 95 97 99 03 05 07 09 11 13

------

93 95 97 99 01 03 05 07 09 11 13 15

------

Jan

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

Jan

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Page 100 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

Figure 113: HK property – valuation table DB Trade Report Mkt 12M 14 Dec Target Implied Est. NAV EPS PE(x) Cap Daily T/O Company Ticker Rating Ccy Ccy USDm USDm Price Price Upside NAV Disc FY14 FY15E FY16E FY14 FY15E FY16E Covered SHKP 16 HK Buy HKD HKD 35,037 66.2 93.85 133.00 42% 166.3 -44% 7.95 7.07 8.01 11.8 13.3 11.7 CK Property 1113 HK Buy HKD HKD 25,399 90.7 51.00 75.00 47% 100.0 -49% 3.64 3.83 4.31 14.0 13.3 11.8 MTRC 66 HK Buy HKD HKD 27,358 14.9 36.20 40.74 13% 58.2 -38% 1.99 1.95 1.87 18.2 18.5 19.3 Henderson Land 12 HK Buy HKD HKD 19,883 23.2 46.60 56.18 21% 80.3 -42% 3.12 2.99 3.15 15.0 15.6 14.8 Wharf 4 HK Hold HKD HKD 16,485 34.4 42.15 49.82 18% 83.0 -49% 3.38 3.83 4.09 12.5 11.0 10.3 Hongkong Land HKL SP Hold USD USD 16,187 19.2 6.89 7.20 4% 9.7 -29% 0.40 0.36 0.38 17.4 19.2 18.2 Link REIT 823 HK Hold HKD HKD 13,413 32.4 46.15 42.00 -9% 49.1 -6% 1.66 1.77 1.93 27.8 26.0 23.9 Hang Lung 101 HK Buy HKD HKD 10,271 16.9 17.70 30.16 70% 40.2 -56% 2.33 1.36 1.27 7.6 13.0 13.9 Sino Land 83 HK Buy HKD HKD 8,955 8.3 11.34 15.73 39% 21.0 -46% 0.83 0.88 0.88 13.6 12.9 12.9 New World Dev 17 HK Buy HKD HKD 8,846 20.9 7.62 13.00 71% 20.0 -62% 0.75 0.75 0.81 10.1 10.1 9.4 Hysan Dev 14 HK Sell HKD HKD 4,414 6.2 32.25 27.66 -14% 46.1 -30% 2.03 2.07 2.03 15.9 15.6 15.9 Kerry Properties 683 HK Hold HKD HKD 3,890 7.2 20.85 29.00 39% 52.7 -60% 2.58 2.46 2.89 8.1 8.5 7.2 Great Eagle 41 HK Sell HKD HKD 2,136 1.3 24.90 19.10 -23% 47.8 -48% 3.00 2.43 2.36 8.3 10.3 10.5 Shun Tak 242 HK Hold HKD HKD 1,115 2.1 2.84 3.80 34% 11.0 -74% 0.71 0.43 0.44 4.0 6.7 6.4 Not Rated Swire Properties 1972 HK NR HKD HKD 16,870 7.9 22.35 NA NA NA NA 1.18 1.31 1.29 19.0 17.0 17.4 Wheelock 20 HK NR HKD HKD 8,363 6.8 31.90 NA NA NA NA 4.55 4.89 5.08 7.0 6.5 6.3 Chinese Estates 127 HK NR HKD HKD 5,144 0.3 20.90 NA NA NA NA NA NA NA Hopewell 54 HK NR HKD HKD 2,941 1.8 26.15 NA NA NA NA 1.45 1.70 2.14 18.1 15.4 12.2 K. Wah Int'l 173 HK NR HKD HKD 1,161 0.9 3.17 NA NA NA NA 0.25 0.32 0.52 12.7 9.9 6.1 Wing Tai Properties 369 HK NR HKD HKD 751 0.2 4.34 NA NA NA NA 0.34 0.31 0.26 12.8 14.0 16.7 Langham Hospitality 1270 HK NR HKD HKD 725 0.5 2.75 NA NA NA NA 0.23 0.17 0.17 12.0 16.2 16.2 Overall average -45% 13.3 13.7 13.1 Source: Deutsche Bank estimates, Company data, Bloomberg Finance LP Consensus estimates for companies NR

Figure 114: HK property – valuations table (cont.) EPS growth % BVPS PB(x) DPS Dividends yield % Net gearing %

Company Ticker FY14 FY15E FY16E FY14 FY15E FY16E FY14 FY15E FY16E FY14 FY15E FY16E FY14 FY15E FY16E FY14 FY15E FY16E Covered SHKP 16 HK 0 -11 13 152.2 159.4 159.5 0.6 0.6 0.6 3.4 3.4 3.4 3.6 3.6 3.6 15.7 11.2 11.7 CK Property 1113 HK NA 5 12 58.7 61.0 63.6 0.9 0.8 0.8 0.0 1.5 1.7 0.0 2.9 3.4 15.6 10.4 10.4 MTRC 66 HK 34 -2 -4 28.1 28.7 29.4 1.3 1.3 1.2 1.1 1.2 1.2 2.9 3.2 3.3 17.9 22.7 24.8 Henderson Land 12 HK 2 -4 5 79.4 81.2 83.0 0.6 0.6 0.6 1.1 1.2 1.3 2.4 2.6 2.8 18.4 17.0 14.9 Wharf 4 HK -7 13 7 100.8 102.9 105.3 0.4 0.4 0.4 1.8 1.8 1.8 4.3 4.3 4.3 19.4 18.1 13.6 Hongkong Land HKL SP -1 -9 6 11.7 11.9 12.0 0.6 0.6 0.6 0.2 0.2 0.2 2.8 2.9 2.9 9.6 12.7 12.7 Link REIT 823 HK 13 7 9 41.7 51.5 51.5 1.1 0.9 0.9 1.7 1.8 1.9 3.6 4.0 4.2 14.4 14.0 13.8 Hang Lung 101 HK 95 -42 -6 29.5 30.1 30.6 0.6 0.6 0.6 0.8 0.8 0.8 4.3 4.4 4.4 NA 2.2 4.1 Sino Land 83 HK -25 5 0 18.6 19.5 19.9 0.6 0.6 0.6 0.5 0.5 0.5 4.4 4.4 4.4 NA NA NA New World Dev 17 HK -21 0 8 18.4 19.9 20.6 0.4 0.4 0.4 0.4 0.4 0.4 5.5 5.5 5.5 29.3 25.9 33.7 Hysan Dev 14 HK 6 2 -2 63.0 63.6 64.3 0.5 0.5 0.5 1.2 1.3 1.3 3.8 3.9 3.9 4.0 3.1 3.1 Kerry Properties 683 HK 230 -5 17 55.4 57.0 58.8 0.4 0.4 0.4 0.9 0.9 1.1 4.3 4.3 5.1 24.5 31.8 31.5 Great Eagle 41 HK 14 -19 -3 81.0 84.6 88.1 0.3 0.3 0.3 0.7 0.6 0.6 3.0 2.5 2.4 25.8 21.0 19.1 Shun Tak 242 HK 471 -40 4 8.7 9.2 9.5 0.3 0.3 0.3 0.2 0.1 0.1 7.6 4.5 4.7 3.0 5.7 16.9 Not Rated Swire Properties 1972 HK 17 11 -2 35.4 36.1 36.8 0.6 0.6 0.6 0.6 0.7 0.7 2.8 3.0 3.1 16.5 17.1 16.9 Wheelock 20 HK 15 7 4 86.6 99.1 103.4 0.4 0.3 0.3 1.1 1.2 1.2 3.5 3.7 3.9 52.8 41.5 37.2 Chinese Estates 127 HK NA NA NA NA NA NA NA NA NA NA NA NA Hopewell 54 HK -2 17 26 49.4 50.8 54.6 0.5 0.5 0.5 1.1 1.1 1.2 4.4 4.3 4.6 0.1 NA NA K. Wah Int'l 173 HK -52 28 62 8.5 8.4 8.9 0.4 0.4 0.4 0.2 0.2 0.2 4.7 4.7 4.7 40.1 36.4 21.4 Wing Tai Properties 369 HK 10 -9 -16 NA NA NA 0.1 0.1 0.1 3.2 3.2 3.2 NA NA NA Langham Hospitality 1270 HK -2 -26 0 5.1 5.2 5.1 0.5 0.5 0.5 0.3 0.2 0.2 10.4 8.7 8.7 63.0 63.0 63.0 Overall average 42 -4 7 0.6 0.6 0.5 4.1 4.0 4.2 21.8 20.8 20.5 Source: Deutsche Bank estimates, Company data, Bloomberg Finance LP Consensus estimates for companies NR

Deutsche Bank AG/Hong Kong Page 101

15 December 2015

Property Hong Kong Property Special

Figure 115: SHKP – discount to NAV Figure 116: Sino Land – discount to NAV 40% Discount to NAV -1SD Average +1SD 40% Discount to NAV -1SD Average +1SD

20% 20% 0% 0% -20% -20% -40% -40% -60%

-60% -80%

-80% -100%

02 05 08 11 14

00 03 06

92 93 94 96 97 99

12 09 15

- - - - -

- - -

------

- - -

93 98 03 08 13

99 94 04 09 14

00 92 95 97 02 05 07 10 12 15

- - - - -

------

Jan

Jun Jun Jun

Jul Jul Jul Jul Jul

Oct Oct Oct

Apr Apr Apr

Dec Dec

Nov Nov Nov

Jan Jan Jan Jan Jan

Oct Oct Oct Oct Oct

Apr Apr Apr Apr Apr May May

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Figure 117: Henderson – discount to NAV Figure 118: New World Development – discount to NAV 60% 10% Discount to NAV -1SD Average +1SD Discount to NAV -1SD Average +1SD 0% 40% -10% 20% -20% 0% -30% -40% -20% -50% -40% -60%

-60% -70% -80% -80%

-90%

98 06

93 07 12

01 03 04

95 99 09 14

92 96 11 15

- -

- - -

- - - -

04 07 14

08 06 09

03 08 12 13

05 10 11 11 15

15 05

- - -

- - - -

- - - - -

- -

Jul

Jan Jan

Jun

Oct Oct

Apr

Feb Sep

Dec

Aug Aug

Jul Jul

Nov

Mar Mar

May

Jan Jan

Jun

Oct Oct

Apr Apr

Feb Sep

Dec

Aug Aug

Nov Mar May

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Figure 119: Hang Lung – discount to NAV Figure 120: CK Property – discount to NAV 60% -25% Discount to NAV -1SD Average +1SD Discount to NAV -1SD Average +1SD 40% -30% 20% 0% -35% -20% -40% -40% -60% -45% -80% -50%

-100%

93 06 07 12

04 01 03

11 92 95 96 09 14 15

- - -

- - - -

------

- -55%

Jul Jan

Jan Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15

Jun

Oct Oct

Apr

Sep Feb

Dec

Aug Aug

Nov

Mar Mar May

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Page 102 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

Figure 121: Kerry – discount to NAV Figure 122: HK Land – discount to NAV Discount to NAV -1SD Average +1SD 40% Discount to NAV -1SD Average +1SD 250% 20% 200% 150% 0%

100% -20% 50% -40% 0% -50% -60%

-100% -80%

01 96 98 03 06 08 11 13

14 99 04 09

99 04 09 14

15 97 00 02 05 07 10 12

98 93 03 08 13

94 99 04 09 14

02 92 97 07 12

95 00 05 10 15

------

- - - -

------

- - - - -

Jul Jul Jul Jul Jul

Jun Jun Jun Jun

Oct Oct Oct Oct

Apr Apr Apr Apr

Feb Feb Feb Feb

Dec Dec Dec Dec

Aug Aug Aug Aug

Jan Jan Jan Jan Jan

Oct Oct Oct Oct Oct

Apr Apr Apr Apr Apr

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Figure 123: Wharf – discount to NAV Figure 124: Great Eagle – discount to NAV 20% Discount to NAV -1SD Average +1SD Discount to NAV -1SD Average +1SD 10% 0% 0% -10% -10% -20% -20% -30% -30% -40% -40% -50% -50% -60% -60% -70% -70% -80% -80%

-90% -90%

05 10 15 15

09 14

07 13

06 08 10 11

07 12

99 00 02 10 11 14

13 97 03 05

96 04 98 01 08 09 12 15

- - - - -

- -

- - - -

- -

- - - -

------

Jul Jul

Jul

Jan

Oct Oct Oct

Jan Jan

Apr

Sep Feb

Jun Jun

Dec Dec

Oct Oct

Aug

Apr Apr

Feb Sep

Dec

Mar

Aug Aug

Nov

May May

Mar Mar May May

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Figure 125: Hysan – discount to NAV Figure 126: Link REIT – discount to NAV 20% Discount to NAV -1SD Average +1SD 70% Discount to NAV -1SD Average +1SD 10% 60% 0% 50% -10% 40% -20% 30% -30% 20% -40% 10% -50% -60% 0% -70% -10%

-80% -20%

06 94 00 12

95 99 01 02 05 08 09 14

92 93 97 03 07 11 13

96 15

- - - -

- -

------

- -30%

Jul Jul

12 12

14 13 14 15 15

15 13 14

12 11 13 14 15

11 12

Jan Jan

Jun Jun

Oct Oct

Apr Apr

Feb Sep Feb Sep

Dec Dec

------

- - -

- - - - -

- -

Aug

Nov

Mar May

May

Jul Jul Jul

Jan Jan

Jun

Oct Oct Oct

Apr Apr Apr

Sep Sep

Dec Dec Mar Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Deutsche Bank AG/Hong Kong Page 103

15 December 2015

Property Hong Kong Property Special

Figure 127: SHKP – PE Figure 128: Sino Land – PE 30 PE -1SD Average +1SD 30 PE -1SD Average +1SD

25 25

20 20

15 15

10 10

5 5

0 0

95 98 09 11 14 15

06 10

02 03

00 96 99 07 13

------

- -

- - - - -

93 03 13 98 08

94 99 04 09 14

92 97 02 07 12

95 00 05 10 15

- - - - -

Jul

Jan

Jun Jun

Oct Oct

Apr

Sep Feb

Jul Jul Jul Jul Jul

Dec

Aug

Nov Nov

Mar

Jan Jan Jan Jan Jan

May May

Oct Oct Oct Oct Oct

Apr Apr Apr Apr Apr

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Figure 129: Henderson – PE Figure 130: New World Development – PE 80 PE -1SD Average +1SD 50 PE -1SD Average +1SD 70 45 40 60 35 50 30 40 25 20 30 15 20 10 10 5

0 0

04 07 14

06 08 13 03 08 09 12

11 15 05 05 10 15

98 95 97 04 09 11 12

15 00 01 06 08

- - -

------

- -

------

- - - - -

Jul Jul

Jan Jan

Jul Jul

Jun

Oct Oct

Apr Apr

Feb Sep

Dec

Aug Aug

Jan

Nov

Jun

Mar

Oct Oct

Apr

Sep Feb Feb Sep

May

Dec

Nov Mar May

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Figure 131: Hang Lung – PE Figure 132: CK Property – PE 60 PE -1SD Average +1SD 19 PE -1SD Average +1SD

50 18

40 17

30 16

20 15

14 10 13

96 92 95 09 11 14 15

12 93 06

04 01 03 07

------

- - -

- - - -

- 12

Jul

Jan Jan

Jun

Oct Oct

Apr

Sep Feb

Dec

Aug Aug

Nov Mar Mar Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 May

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Page 104 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

Figure 133: Kerry – PE Figure 134: HK Land – PE PE -1SD Average +1SD 60 PE -1SD Average +1SD 45 40 50 35 30 40 25 30 20 15 20 10 10 5

0 0

11 13 96 98 01 03 06 08

09 99 04 14

99 04 09 14

10 12 97 00 02 05 07 15

------

- - - -

------

10 92 95 97 00 02 05 07 12 15

93 13 98 03 08

94 99 04 09 14

------

- - - - -

Jun Jun Jun Jun

Oct Oct Oct Oct

Jul Jul Jul Jul Jul

Apr Apr Apr Apr

Feb Feb Feb Feb

Dec Dec Dec Dec

Aug Aug Aug Aug

Jan Jan Jan Jan Jan

Oct Oct Oct Oct Oct

Apr Apr Apr Apr Apr

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Figure 135: Wharf – PE Figure 136: Great Eagle – PE

45 PE -1SD Average +1SD 100 PE -1SD Average +1SD 40 80 35 30 60 25 40 20 15 20 10 0 5

0 -20

96 98 04 09 12 15

00 11 96 97 01 06 08 13 15

02 99 10

14 98 05 12 97 01 03 05 08 13 00 07 14

06 99 04 11

02 09

------

- - - - -

------

- -

Jul Jul

Jul

Jan

Jun

Jun Jun

Oct Oct

Oct Oct Oct

Apr Apr

Sep Feb Sep Feb

Feb Feb

Dec

Dec Dec

Aug

Aug Aug Aug

Nov

Mar Mar

Mar

May May May

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Figure 137: Hysan – PE Figure 138: Link REIT – PE 40 PE -1SD Average +1SD 31 PE -1SD Average +1SD 35 29 30 27 25 25 20 15 23 10 21 5 19 0

92 93 96 07 11 13 15

94 00

06 12 14

09 95 99 01 02 05 08

97 03

------

- -

- - -

------

- -

13 14 15

15 11 12 13 14

11 12

13 12 12 14 14 15 15

- - -

- - - - -

- -

------

Jul Jul

Jan Jan

Jun Jun

Oct Oct

Apr Apr

Feb Sep Feb Sep

Dec Dec

Aug

Nov

Mar

May May

Jul Jul Jul

Jan Jan

Jun

Oct Oct Oct

Apr Apr Apr

Sep Sep Dec Dec Mar

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Deutsche Bank AG/Hong Kong Page 105

15 December 2015

Property Hong Kong Property Special

Figure 139: SHKP – PB Figure 140: Sino Land – PB 1.8 PB -1SD Average +1SD 2.5 PB -1SD Average +1SD 1.6 1.4 2.0 1.2 1.5 1.0 0.8 1.0 0.6 0.4 0.5 0.2

0.0 0.0

95 98 09 14

11 15

02 06 10

96 00 03

07 99 13

97 15 92 95 00 02 05 07 10 12

98 93 03 08 13

94 99 04 09 14

- - -

------

- - - - -

Jul

Jan

Jul Jul Jul Jul Jul

Jun Jun

Oct Oct

Apr

Sep Feb

Dec

Jan Jan Jan Jan Jan

Aug

Nov Nov

Oct Oct Oct Oct Oct

Mar

Apr Apr Apr Apr Apr May May

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Figure 141: Henderson – PB Figure 142: New World Development – PB 1.6 PB -1SD Average +1SD 3.5 PB -1SD Average +1SD 1.4 3.0 1.2 2.5 1.0 2.0 0.8 1.5 0.6 1.0 0.4 0.5 0.2

0.0 0.0

00 06

01 08 15

14 03

95 97 98 09 11 12

06 04 09 14

08 03 08 12 13

05 05 10 11 15 15

- -

- - -

- -

------

- - - -

- - - - -

------

Jul Jul

Jan

Jun

Jan Jan

Oct Oct

Jun

Apr

Oct Oct

Feb Sep Feb Sep

Apr Apr

Feb Sep

Dec

Aug Aug

Nov

Mar

Mar May May

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Figure 143: Hang Lung – PB Figure 144: CK Property – PB 2.5 PB -1SD Average +1SD 1.25 PB -1SD Average +1SD 1.20 2.0 1.15 1.10 1.5 1.05 1.0 1.00 0.95 0.5 0.90 0.85

0.0

95 09 14

96 92 11 15

98 06

12 93 07

04 01 03

99 0.80

- - -

- - - -

- -

- - -

- - - -

Jul Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15

Jan Jan

Jun

Oct Oct

Apr

Sep Feb

Dec

Aug Aug

Nov

Mar Mar May

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Page 106 Deutsche Bank AG/Hong Kong

15 December 2015 Property Hong Kong Property Special

Figure 145: Kerry –PB Figure 146: HK Land – PB 1.4 PB -1SD Average +1SD PB -1SD Average +1SD 2.5 1.2

2.0 1.0

0.8 1.5 0.6 1.0 0.4 0.5 0.2

0.0 0.0

02 07 97 00 05 10 12 15

96 98 01 03 06 08 11 13

09 14 99 04

99 04 09 14

92 97 02 07 12

15 95 00 05 10

93 98 03 08 13

94 99 04 09 14

------

- - - -

- - - - -

Jul Jul Jul Jul Jul

Jun Jun Jun Jun

Oct Oct Oct Oct

Jan Jan Jan Jan Jan

Apr Apr Apr Apr

Feb Feb Feb Feb

Oct Oct Oct Oct Oct

Dec Dec Dec Dec

Apr Apr Apr Apr Apr

Aug Aug Aug Aug

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Figure 147: Wharf – PB Figure 148: Great Eagle – PB 1.6 PB -1SD Average +1SD 1.2 PB -1SD Average +1SD 1.4 1.0 1.2 0.8 1.0 0.8 0.6

0.6 0.4 0.4 0.2 0.2

0.0 0.0

96 97 01 06 08 13 15

98 05 12

99 00 04 07 11 14

02 09

- - - -

- - -

------

- -

98 96 04 09 12 15

00 11

99 02 10

05 14 97 01 03 08 13

------

- -

- - -

------

Jul

Jan

Jun Jun

Jul Jul

Oct Oct Oct

Apr Apr

Feb Feb

Dec Dec

Aug Aug Aug

Jan

Mar Jun

Oct Oct

Apr Apr

May

Sep Feb Sep Feb

Dec

Aug

Nov

Mar Mar May May

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Figure 149: Hysan – PB Figure 150: Link REIT – PB 1.2 PB -1SD Average +1SD 1.8 PB -1SD Average +1SD

1.0 1.6

0.8 1.4

0.6 1.2 0.4 1.0 0.2 0.8

0.0

93 07 13

92 96 11 15

94 00 06 12

09 14

02 08 95 99 01 05 03

97 0.6

- - -

- - - -

- -

- - - -

------

- -

08 10 10 13

14 07 08 14

05 11

13 06 07 09 09 12 15 15

Jul Jul

- - -

- - - - -

- -

------

Jan Jan

Jun Jun

Oct Oct

Apr Apr

Sep Sep Feb Feb

Dec Dec

Aug

Nov

Mar

May May

Jul

Jan Jan

Jun Jun

Oct Oct

Apr

Sep Feb Feb

Dec Dec

Aug Aug

Nov

Mar Mar May

Source: Bloomberg Finance LP, Deutsche Bank Source: Bloomberg Finance LP, Deutsche Bank

Deutsche Bank AG/Hong Kong Page 107

15 December 2015 Property Hong Kong Property Special

Appendix 1

Important Disclosures

Additional information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subject issuers and the securities of those issuers. In addition, the undersigned lead analyst has not and will not receive any compensation for providing a specific recommendation or view in this report. Tony Tsang/Jason Ching

Equity rating key Equity rating dispersion and banking relationships Buy: Based on a current 12- month view of total 500 share-holder return (TSR = percentage change in 450 52 % share price from current price to projected target price 400 350 38 % plus pro-jected dividend yield ) , we recommend that 300 investors buy the stock. 250 200 Sell: Based on a current 12-month view of total share- 150 18 % 10 % holder return, we recommend that investors sell the 100 11 % 14 % 50 stock 0 Hold: We take a neutral view on the stock 12-months Buy Hold Sell out and, based on this time horizon, do not recommend either a Buy or Sell. Companies Covered Cos. w/ Banking Relationship Notes: Asia-Pacific Universe 1. Newly issued research recommendations and

target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were: Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12- month period Sell: Expected total return (including dividends)

of -10% or worse over a 12-month period Regulatory Disclosures 1.Important Additional Conflict Disclosures Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing. 2.Short-Term Trade Ideas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at http://gm.db.com.

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15 December 2015 Property Hong Kong Property Special

Additional Information

The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness.

Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own account or with customers, in a manner inconsistent with the views taken in this research report. Others within Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those taken in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis, equity-linked analysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication may differ from recommendations contained in others, whether as a result of differing time horizons, methodologies or otherwise. Deutsche Bank and/or its affiliates may also be holding debt securities of the issuers it writes on.

Analysts are paid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment banking revenues.

Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank has no obligation to update, modify or amend this report or to otherwise notify a recipient thereof if any opinion, forecast or estimate contained herein changes or subsequently becomes inaccurate. This report is provided for informational purposes only. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. Target prices are inherently imprecise and a product of the analyst’s judgment. The financial instruments discussed in this report may not be suitable for all investors and investors must make their own informed investment decisions. Prices and availability of financial instruments are subject to change without notice and investment transactions can lead to losses as a result of price fluctuations and other factors. If a financial instrument is denominated in a currency other than an investor's currency, a change in exchange rates may adversely affect the investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, prices are current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties.

Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise to pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash flows), increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse macroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation (including changes in assets holding limits for different types of investors), changes in tax policies, currency convertibility (which may constrain currency conversion, repatriation of profits and/or the liquidation of positions), and settlement issues related to local clearing houses are also important risk factors to be considered. The sensitivity of fixed income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to FX depreciation, or to specified interest rates – these are common in emerging markets. It is important to note that the index fixings may -- by construction -- lag or mis-measure the actual move in the underlying variables they are intended to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. It is also important to acknowledge that funding in a currency that differs from the currency in which coupons are denominated carries FX risk. Naturally, options on swaps (swaptions) also bear the risks typical to options in addition to the risks related to rates movements.

Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk. The appropriateness or otherwise of these products for use by investors is dependent on the investors' own circumstances including their tax position, their regulatory environment and the nature of their other assets and liabilities, and as such, investors should take expert legal and financial advice before entering into any transaction similar

Deutsche Bank AG/Hong Kong Page 109

15 December 2015 Property Hong Kong Property Special

to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be incurred that are greater than the amount of funds initially deposited. Trading in options involves risk and is not suitable for all investors. Prior to buying or selling an option investors must review the "Characteristics and Risks of Standardized Options”, at http://www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable to access the website please contact your Deutsche Bank representative for a copy of this important document.

Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i) exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected by numerous market factors, including world and national economic, political and regulatory events, events in equity and debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed exchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values are affected by the currency of an underlying security, effectively assume currency risk.

Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction.

United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC. Non-U.S. analysts may not be associated persons of Deutsche Bank Securities Incorporated and therefore may not be subject to FINRA regulations concerning communications with subject company, public appearances and securities held by the analysts.

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Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One Raffles Quay #18-00 South Tower Singapore 048583, +65 6423 8001), which may be contacted in respect of any matters arising from, or in connection with, this report. Where this report is issued or promulgated in Singapore to a person who is not an accredited investor, expert investor or institutional investor (as defined in the applicable Singapore laws and regulations), they accept legal responsibility to such person for its contents.

Japan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association and The Financial Futures Association of Japan. Commissions and risks involved in stock transactions - for stock transactions, we charge stock commissions and consumption tax by multiplying the transaction amount by the commission rate agreed with each customer. Stock transactions can lead to losses as a result of share price fluctuations and other factors. Transactions in foreign stocks can lead to additional losses stemming from foreign exchange fluctuations. We may also charge commissions and fees for certain categories of investment advice, products and services. Recommended investment strategies, products and services carry the risk of losses to principal and other losses as a result of changes in market and/or economic trends, and/or fluctuations in market value. Before deciding on the purchase of financial products and/or services, customers should carefully read the

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15 December 2015 Property Hong Kong Property Special

relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless Japan or "Nippon" is specifically designated in the name of the entity. Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche Bank Group's analysts with the coverage companies specified by DSI. Some of the foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Law of Japan.

Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may from time to time offer those securities for purchase or may have an interest to purchase such securities. Deutsche Bank may engage in transactions in a manner inconsistent with the views discussed herein.

Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no. 00032) is regulated by the Qatar Financial Centre Regulatory Authority. Deutsche Bank AG - QFC Branch may only undertake the financial services activities that fall within the scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower, West Bay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related financial products or services are only available to Business Customers, as defined by the Qatar Financial Centre Regulatory Authority.

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United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulated by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai International Financial Centre, The Gate Village, Building 5, PO Box 504902, Dubai, U.A.E. This information has been distributed by Deutsche Bank AG. Related financial products or services are only available to Professional Clients, as defined by the Dubai Financial Services Authority.

Australia: Retail clients should obtain a copy of a Product Disclosure Statement (PDS) relating to any financial product referred to in this report and consider the PDS before making any decision about whether to acquire the product. Please refer to Australian specific research disclosures and related information at https://australia.db.com/australia/content/research-information.html

Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively. Additional information relative to securities, other financial products or issuers discussed in this report is available upon request. This report may not be reproduced, distributed or published by any person for any purpose without Deutsche Bank's prior written consent. Please cite source when quoting.

Deutsche Bank AG/Hong Kong Page 111

David Folkerts-Landau Chief Economist and Global Head of Research

Raj Hindocha Marcel Cassard Steve Pollard Global Chief Operating Officer Global Head Global Head Research FICC Research & Global Macro Economics Equity Research

Michael Spencer Ralf Hoffmann Andreas Neubauer Regional Head Regional Head Regional Head Asia Pacific Research Deutsche Bank Research, Germany Equity Research, Germany

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