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Industry Overview

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Industry Overview INDUSTRY OVERVIEW The information and statistics set forth in this section and elsewhere in this prospectus have been derived from various official and government publications, publicly available market research sources and an industry report commissioned by us and independently prepared by China Index Academy in connection with the Global offering. We believe that the sources of such information and statistics are appropriate and have taken reasonable care in extracting and reproducing such information. We have no reason to believe that such information and statistics are false or misleading in any material respect. None of our Company, the Joint Sponsors, the Joint Global Coordinators, the Joint Bookrunners, the Underwriters, any other party involved in the Global Offering or their respective directors, advisers and affiliates have independently verified such information and statistics. Accordingly, none of our Company, the Joint Sponsors, the Joint Global Coordinators, the Joint Bookrunners, the Underwriters, any other party involved in the Global Offering or their respective directors, advisers and affiliates makes any representation as to the correctness or accuracy of such information and the statistics contained in this prospectus, which may be inaccurate, incomplete, out-of-date or inconsistent with other information complied within or outside the PRC. Such information should not be unduly relied upon. CHINA INDEX ACADEMY We have commissioned China Index Academy, an independent third party and an experienced property research institution in the PRC, to prepare an industry report as to the real estate markets in China and the cities in which we currently operate, as well as regional ranking information in the Yangtze River Delta region. We paid a total consideration of RMB300,000 for this report. China Index Academy has prepared the industry report based on its self-developed database, CREIS China Index Database (CREIS中指數據), the database of fdc.soufun.com and various government publications. These databases and government publications have been widely used and relied upon in the PRC property market. China Index Academy is a Chinese property research institution, which was integrated in 2004 with a number of China research resources, including China Real Estate Index System, Soufun Research Institute, China Villa Index System and Top 10 China Real Estate Research Group. OVERVIEW OF THE PRC ECONOMY Overall Economic Growth China has experienced significant economic growth over the last decade and has, in February 2011, replaced Japan as the second largest economy in the world. China’s nominal GDP had increased from RMB21,631 billion in 2006 to RMB51,932 billion in 2012, representing a CAGR of 15.7%. Fixed asset investment in China also has increased significantly over the same period, from RMB11,000 billion in 2006 to RMB37,468 billion in 2012, representing a CAGR of 22.7%, indicating continued strong investment confidence and signaling further growth potential. 65 INDUSTRY OVERVIEW The table below sets forth selected domestic economic statistics for the periods indicated: 2006 2007 2008 2009 2010 2011 2012 CAGR Nominal GDP (RMB billion) ............. 21,631 26,581 31,405 34,090 40,151 47,310 51,932 15.7% Real GDP growth rate (%) ............................. 12.7 14.2 9.6 9.2 10.4 9.3 7.8 NA Fixed asset investment (RMB billion) .............. 11,000 13,732 17,283 22,460 27,812 31,149 37,468 22.7% Fixed asset investment growth rate (%)............ 23.9 24.8 25.9 30.0 23.8 12.0 20.3 NA Source: National Bureau of Statistics Urbanization Urbanization in the PRC has been accelerating and expanding in the past decade as evidenced by rapidly increasing urban population and urbanization rate, serving as a strong driver for domestic economic growth, particularly, for the real estate industry. The urban population reached 712 million in 2012 from 577 million in 2006, representing a CAGR of 3.6%, while the total population grew at a CAGR of 0.5% to 1,354 million from 1,314 million over the same period. In particular, in 2011, total urban population exceeded total rural population for the first time. The table below sets forth urbanization statistics for the periods indicated: 2006 2007 2008 2009 2010 2011 2012 CAGR Urban population (million)....................... 577 594 607 622 666 691 712 3.6% Total population (million)....................... 1,314 1,321 1,328 1,335 1,341 1,347 1,354 0.5% Urbanization rate (%)....... 43.9 44.9 45.7 46.6 49.7 51.3 52.6 NA Source: National Bureau of Statistics Disposable Income The robust growth of the PRC economy has contributed to the continuous increase in the per capita disposable income of urban households, which increased from RMB11,759 in 2006 to RMB24,565 in 2012, representing a CAGR of 13.1%. The table below sets forth per capita disposable income of urban households for the periods indicated: 2006 2007 2008 2009 2010 2011 2012 CAGR Per capita disposable income of urban households (RMB) ....... 11,759 13,786 15,781 17,175 19,109 21,810 24,565 13.1% Source: National Bureau of Statistics 66 INDUSTRY OVERVIEW THE PRC RESIDENTIAL REAL ESTATE MARKET Overview The PRC residential real estate market has grown rapidly in the last few years, driven by the increase in purchasing power and disposable income of urban residents as a result of urbanization and the overall economic growth. Despite the macro-control policy changes in recent years with the aim of regulating overheated speculative real property investment, total investment in PRC residential property market increased from RMB1,364 billion in 2006 to RMB4,937 billion in 2012, representing a CAGR of 23.9%. In particular, such growth rates in 2007, 2010 and 2011 all exceeded 30.0%. With respect to the transaction volume and ASP for residential properties, both increased steadily for the period from 2006 to 2012, despite the slight dip in growth in 2008 due to the impact of global financial crisis. The below table sets forth the relevant data relating to the residential property market in China for the periods indicated: 2006 2007 2008 2009 2010 2011 2012 CAGR Investment in residential property market (RMB billion) .............. 1,364 1,801 2,244 2,561 3,403 4,432 4,937 23.9% Total residential GFA under development (sq.m. million) ............. 1,517 1,868 2,229 2,513 3,148 3,877 4,290 18.9% Total residential GFA completed (sq.m. million) ............. 455 498 543 596 634 743 790 9.7% Total residential GFA sold (sq.m. million) ..... 554 701 593 862 934 965 985 10.1% Total residential property transaction volume (RMB billion) .............. 1,729 2,557 2,120 3,843 4,412 4,820 5,347 20.7% ASP of residential properties (RMB/per sq.m.).......... 3,119 3,645 3,576 4,459 4,725 4,993 5,430 9.7% Source: China Index Academy Regulatory and Recent Development Real estate industry is highly regulated in the PRC and the central and local governments have promulgated a variety of policies and regulations from time to time to monitor and control this sector during the last decade. Since 2004 to 2008, a series of regulations were released in order to curb the overheated real estate market and control the speculative investments, such as increasing the down payment percentage, mortgage loan interest rates and property transfer tax. Such restrictions were slightly reverted in late 2008 due to the policy change to encourage the growth in the real estate market in response to the global financial crisis. Since 2010, the PRC government has again taken various actions and enacted policies and administrative measures to further discourage property speculation and increase the supply of affordable housing. In early 2013, the State Council further reaffirmed the policies to control real estate 67 INDUSTRY OVERVIEW market by implementing restrictive measures on home buying and mortgage, including allowing local banks to increase the percentage of down payment and mortgage rates for second-home purchasers. As a result, several cities, including Beijing and Shanghai, announced detailed local regulations following the central government’s policies to further tighten the control over the real estate market. For example, in April 2013, Beijing increased the percentage of down payment to 70% for second-home purchasers. Shanghai will strictly follow the 20% taxation policy and will adjust the down payment and mortgage rates for second-home purchases as and when appropriate, depending on market condition. Furthermore, no loans will be approved for the purchase of a third house. In addition, in July 2013, according to a notice published by the PBOC, the controls over financial institutions’ lending rates are cancelled starting from July 20, 2013, the personal housing loan floating interest rate range remained unchanged. The differentiated housing mortgage and interest rate policies indicate the government’s intention to continue to control the growth of real estate market. On the other hand however, the Central Economic Work Conference held in December 2012 emphasized, among other things, to improve the level and quality of urbanization, which, is expected to facilitate the development of the real estate market. In the first quarter of 2013, real estate market in the PRC continued to increase, as evidenced by the 37.1% year-over-year increase in the total commodity property GFA sold as well as the total commodity property transaction volume. In addition, the ASP of commodity property for the first three months in 2013 was RMB6,695 per sq.m., a 17.6% increase from RMB5,691 per sq.m. in the same period in 2012. For details as to recent real estate regulations and policies, please refer to the section “Summary of Principal PRC Legal and Regulatory Provisions” in Appendix IV.
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