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Industry Overview

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Industry Overview THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW This section contains information and statistics relating to the economy of China and the real estate industry in which we operate. We have extracted and derived the information in the section below, in part, from various official government publications and a commissioned market research report from DTZ. Please refer to the paragraph headed “Sources of Information” below for more details. We believe that such sources are appropriate sources for the information and statistics below, including forward-looking information for future periods as identified, and have taken reasonable care in extracting and reproducing such information. We have no reason to believe that such information is false or misleading in any material respect or that any fact has been omitted that would render such information false or misleading in any material respect. The information has not been independently verified by us or the Sole Sponsor, any of our or their respective affiliates or advisers, or any party involved in the Introduction and no representation is given as to its correctness, accuracy and completeness. Certain information and statistics included, including those excerpted from official and government publications and sources in China, may not be consistent with other information and statistics compiled within or outside China by third parties. Our Directors confirm that, after taking reasonable care, there is no adverse change in the market information since the date of the DTZ Report, which may qualify, contradict or have an impact on the information as disclosed in this section. SOURCES OF INFORMATION In connection with the Introduction, we commissioned a market research report from DTZ for use in part in this listing document to provide information relating to the economy of China, the real estate market in China, especially in specified areas in Henan and Hainan Provinces, and the real estate industry in which we operate. DTZ has charged us a total fee of RMB285,000, for the preparation of the DTZ Report, which we believe is in line with the market rate for such report. DTZ is a global real estate consulting firm, which offers a range of services including investment agency, leasing agency, property and facilities management, project and building consultancy, investment and asset management, market research and forecasting and valuation. DTZ has 208 offices in 52 countries. For the purpose of the Introduction, DTZ also serves as our property valuer. A property valuation report prepared by DTZ which relates to our property interests is included in Appendix III to this listing document. The preparation of the DTZ Report and the Property Valuation Report was separately handled by two different DTZ business functions which are independent from each other. The DTZ report was prepared primarily by the designated market research team of DTZ based on data from the PRC government, renowned research institutions and the proprietary databases of DTZ. In the course of research, DTZ conducted interviews with local industry professionals and Company’s management. The following sets out the main reasons why DTZ adopted the above sources of information and considered them as reliable: • it is general market practice to adopt official data and announcements from various Chinese government agencies; • DTZ understands the data collection methodology and data source of the subscribed database from China Index Academy; and 62 THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW • the information obtained from interviews is for DTZ’s reference only and the findings in this report are not based on the results of these interviews. Nevertheless, DTZ has proven track records in providing market research studies to government and private clients in the regions where the DTZ Report cover, and the information obtained from those interviews are therefore considered reliable. While preparing the DTZ Report, DTZ has relied on the assumptions listed below: • there will be no political or administrative developments that will significantly impact general confidence in China, specifically in the studied areas, to the detriment of business activity, tourist arrivals and domestic travel; • support infrastructure such as fresh water, sewage treatment, electricity and gas will be supplied and generated at a consistent and reliable level to maintain end-user satisfaction; • the existing transportation system to, from and within the studied areas will be maintained and improved to meet the accessibility requirements of the cities; and • the economies of the major trading, investor and tourist generating countries to the PRC, specifically the studied area, will not experience significant and sustained recession in the near future. OVERVIEW OF THE PRC ECONOMY Despite the impact of the volatile global economic environment on the PRC economy, China’s GDP maintained a high-level growth in the past few years, doubling from approximately RMB30,067.0 billion in 2008 to approximately RMB63,613.9 billion in 2014 at a CAGR of approximately 13.3%, contributed by the impetus of various macro-economic policy adjustments and control measures. According to the National Bureau of Statistics of China, China overtook Japan to become the world’s second largest economy in terms of nominal GDP in the second quarter of 2010. The table below sets out the key economic and demographic indicator for PRC for years indicated: CAGR 2008 2009 2010 2011 2012 2013 2014 (2008-2014) GDP (RMB billion) 30,067.00 34,090.30 40,151.30 47,310.40 51,947.00 56,884.50 63,613.87 13.30% GDP per capita (RMB) 22,698.00 25,607.50 30,015.10 35,197.80 38,459.50 41,907.60 46,629.00 12.75% Per capita disposable income of urban residents (RMB) 15,780.80 17,174.70 19,109.40 21,809.80 24,564.70 26,467.00 28,843.85 10.75% Fixed asset investment (RMB billion) 17,282.84 22,459.90 25,168.40 31,148.50 37,469.50 44,629.40 51,276.07 19.87% Population (million) 1,328.02 1,334.50 1,340.90 1,347.40 1,354.00 1,360.70 1,367.82 0.49% Urbanisation rate 45.68% 48.30% 50.00% 51.30% 52.60% 53.70% 54.80% 3.08% Source: 2008-2013 data from China Statistical Year Book 2009-2014, 2014 data from National Bureau of Statistics of China 63 THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW Guided and driven by the macro-economic policies of the government, Chinese per capita disposable income of urban residents grew significantly to approximately RMB28,843.9 at the end of 2014 from approximately RMB15,780.8 in 2008. Strong growth of disposable income indicates the increasing willingness to spend and the significant increase in purchasing power of urban residents. The PRC’s economic development had boosted the pace of urbanisation. Over the past few years, the proportion of urbanisation in the PRC increased from approximately 45.7% in 2008 to approximately 54.8% in 2014. An increase of 1% represents an increase of approximately 13 million people flooding into cities, which will be expected to bring large housing and consuming demand to the cities in the PRC. According to the “National Plan on New Urbanisation (2014-2020)” (國家新型城鎮化規劃 (2014-2020)), released by the PRC State Council, certain measures will be carried out to increase the level and quality of China’s urbanisation in the future, aiming to reach an urbanisation rate of 60% by 2020. OVERVIEW OF THE REAL ESTATE MARKET IN THE PRC The PRC government has put in place certain policies which are intended to stabilise the real estate prices and control the real estate loan in the PRC. These policies primarily relate to, among others, control over purchasing properties for speculation and adjustment of the minimum capital ratio of fixed asset investment projects according to the economic situations and the necessity of macro- economic control. Please refer to the section headed “Regulatory Overview” in this listing document for details of these policies. Moreover, according to “Report on the Work of the Government” (政府工作報告) delivered by Mr. Li Keqiang, Premier of the State Council at the Second Session of the Twelfth National People’s Congress in March 2014, the PRC government would regulate housing differently in different cities in light of local conditions, increase the supply of small and medium-sized commercial and joint-ownership housing units, curb the demand for housing for speculation and investment purposes, and promote sustained and healthy development of the property market. Under the effects of domestic investment, consumption and rapid growth of the PRC economy, the PRC property market has been growing rapidly. The total investment in real estate development projects increased from approximately RMB3,120.3 billion in 2008 to approximately RMB9,503.6 billion in 2014, representing a CAGR of approximately 20.4%. According to the data released by the National Bureau of Statistics of China, in 2014, the total GFA of commodity housing completed was approximately 1,074.6 million sq.m.. The GFA of commodity housing under construction was approximately 7,264.8 million sq.m.. The GFA of commodity housing sold was approximately 1,206.5 million sq.m.. Compared to 2008, all these figures showed a significant increase. Meanwhile, due to the increase of demand in the property market by investors, both the transaction volume and price increased.
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