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Office & Retail Sanya – March 2020 MARKET IN MINUTES Office & Retail Savills Research Savills team Please contact us for further information RESEARCH James Macdonald Senior Director China +8621 6391 6688 james.macdonald@ savills.com.cn Carlby Xie Director Southern China +8620 3665 4874 Quality supply to launch in succession [email protected] Sanya's promising urban planning looks to propel the development of the CENTRAL MANAGEMENT commercial property market. Woody Lam Managing Director • Sanya's GDP grew by 6.4% year-on-year (YoY) to RMB67.8 of Grade A office buildings and quality shopping malls are Southern China billion, with the tertiary industry increasing by 7.6% YoY and increasing and expected to launch onto the market, helping +8620 3665 4777 accounting for 72.9% of the total GDP by the end of 2019. the upgrade of the city's commercial property market in the [email protected] near future. Cindy Wu • Sanya’s retail sales increased to RMB26.6 billion by the end of General Manager 2019, up 6.7% YoY. Hainan +86898 3638 4226 • During 2019, the passenger throughput of Sanya Phoenix “The tourism industry plays a [email protected] International Airport recorded a historical high of 20.2 prominent role in Sanya's million, up 0.6% YoY. Savills plc economy. With the ongoing Savills is a leading global real estate service provider listed on • Sanya's office market entered an upgrading development transformation and evolution of the London Stock Exchange. The company established in 1855, has cycle, but the number of Grade A office buildings is still a rich heritage with unrivalled the tourism industry, shopping growth. It is a company that leads relatively scarce, with the stock totalling 95,000 sq m. rather than follows, and now has malls focusing on experiential over 600 offices and associates throughout the Americas, Europe, • Sanya's retail property market is still at a burgeoning stage retail are expected to gradually Asia Pacific, Africa and the Middle East. This report is for general of development, with multiple property types coexisting and informative purposes only. It may dominate the market. Meanwhile, not be published, reproduced or shopping malls being the majority. There are four established quoted in part or in whole, nor may more office leasing demand is it be used as a basis for any shopping malls in the market with a total GFA of 356,000 sq contract, prospectus, agreement m, most of which were located in Jiyang district. expected to derive from the or other document without prior consent. Whilst every effort has been made to ensure its accuracy, sectors of tourism services, retail Savills accepts no liability • Driven by the "Regulatory Plan of the Sanya Headquarters whatsoever for any direct or and trade and other relevant consequential loss arising from its Economy and Central Business Initiating Zone of the use. The content is strictly China (Hainan) Pilot Free Trade Zone", and the scheduled enterprises.” copyright and reproduction of the whole or part of it in any form is completion of many under-construction projects, the volume CARLBY XIE, SAVILLS RESEARCH prohibited without written permission from Savills Research. savills.com.cn/research 1 Office & Retail OFFICE MARKET throughput of Sanya Phoenix International GRAPH 1: Sanya's Gross Domestic Product And Sanya's economy continued to expand as its GDP Airport recorded an annual number of more than The YoY change, 2010 to 2019 grew by 6.4% YoY during 2019. Meanwhile, the 20 million, a historical new high. At the same time, a new Sanya airport located in Hongtang Tertiary Industry (LHS) Secondary Industry (LHS) weight of the tertiary industry to the local GDP Primary Industry (LHS) GDP Change YoY (RHS) continued to expand, increasing by 11.6 ppts from Bay is also expected to be completed in five Tertiary Industry Change YoY (RHS) 2009 to 72.9% in 2019. The expansion of the years. Considering the tourism economy is 72 24% tertiary industry, which has started to dominate predominant in Sanya's retail property market, the local economy, coupled with the policy the continued increase in passenger throughput supports, has strengthened market confidence and the scheduled completion of the new airport 60 20% and accelerated the development of the local are expected to bring a growing number of office market to a Grade A office market. consumers and expand the scale of purchasing 48 16% power in the retail market, as well as to stimulate SUPPLY AND DEMAND the development of the city airspace economy at 36 12% The number of quality office buildings in Sanya the same time. was relatively limited by the end of 2019, with SUPPLY AND DEMAND 24 8% a total stock of 95,000 sq m, indicating an immature business atmosphere in the locality. At present, Sanya's retail property market is RMB billion The project digestions for each project varied still at a burgeoning stage of development, with 12 4% as the vacancy rates of all existing quality multiple property types coexisting, including projects ranged from 19% to 75%. In terms shopping malls, department stores, commercial 0 0% of the leasing demand by sector, financial streets, duty-free stores and outlets, with 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 service and SOEs are increasing. Since the shopping malls accounting for the maximum 'Grand Investment Promotion in 100-days', a total GFA. As the market continued to develop, Sanya Statistics Bureau, Savills Research Source government initiative, the local government the evolution of the market structure in which has been actively engaging and communicating multiple retail property types coexist will with a number of enterprises, has attracted accelerate. There were four established shopping 88 enterprises to register in Sanya, and signed malls with a total GFA of 356,000 sq m in Sanya strategic cooperation agreements with 108 by the end of 2019, and their vacancy rates ranged GRAPH 2: Sanya's Retail Sales And The YoY enterprises, including 24 SOEs, 19 multinational from 2% to 30%. The current leasing demand for Change, 2010 to 2019 enterprises and 27 industry bellwethers and the retail property market mainly stemmed from settle in the city. Also, during the Sanya Financial food and beverage and fashion. Retail Sales (LHS) YoY Change (RHS) Conference, over 30 financial institutions signed Given tourists are the predominant purchasing 30 36% strategic cooperation agreements with the Sanya power in Sanya, the sales performance of Sanya's government. offshore duty-free and travel retail markets outperformed the other sectors. For example, 25 30% RENTS by virtue of the offshore duty-free policy in The average rent of quality offices in Sanya Sanya and the capability of diversified brands 20 24% ranged from RMB120 to RMB160 per sq m per and channels of the China Duty Free Group, month by the end of 2019. Despite the limit the sales revenue of CDF Sanya Duty Free supply, the current rental performance remained Store in 2019 exceeded RMB10 billion. Sanya 15 18% relatively stable. residents preferred to visit department stores and commercial ancillary stores with more RMB billion 10 12% INVESTMENT convenient locations better suited the local In Sanya's office investment market, due to residents' consumption habits. boosted market confidence supported by By contrast, the quality of shopping malls in 5 6% policy benefits, most investments were from Sanya should be further improved in a bid to individual investors and small-and medium-sized better retain and strengthen footfalls. The Sanya 0 0% enterprises, targeting at capital appreciations by Headquarters Economy and Central Business 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 way of investing in fixed assets. Zone situated on the Yingbin Road was under construction, helping to develope a new CBD of Source Sanya Statistics Bureau, Savills Research OFFICE MARKET OUTLOOK the city and leading the city's overall commercial Driven by the latest urban planning, new supply facilities to improve and upgrade. of Grade A offices is expected to be launched onto the market successively, which could provide RENTS more site selection options for enterprises. The average ground-floor rent of Sanya shopping In terms of the leasing demand by sector, the malls ranged from RMB240 to RMB600 per sq accelerated investment activities from financial m per month by the end of 2019. Notably, the GRAPH 3: Sanya's Passenger Throughput And The service and SOEs in Sanya should also bring rental performance of projects located in Jiyang YoY Change, 2010 to 2019 more office leasing demand to the locality. district was obviously competitive compared with Concurrently, the development of tourism, its peers, which is attributable to Jiyang district Airport Passenger Throughput (LHS) YoY Change (RHS) modern services and high-tech industries is possessing characteristics of earlier development, 21 21% projected to incubate more leasing demand in the denser population and better retail ambience. office market. In addition, it is anticipated that 18 18% the coming Hainan FTP policy in Q2/2020 would RETAIL MARKET OUTLOOK raise the rents in the near future. Meanwhile, The Wanyue Yitian New World, with a GFA of 15 15% with the establishments of more headquarters about 53,000 sq m, is scheduled for debut in and completions of quality offices, the office 2020. Therefore, the total GFA proportion of 12 12% market is expected to develop further, leading to shopping malls in the retail property market positive prospects for asset performance in the is expected to be further expanded. Given the million 9 9% long term. tourism economy as the foundation and the upgrading consumption structure as the trend, 6 6% RETAIL MARKET leasing demand from sectors such as food and Benefitting from the policy support, as well as beverage, services, sports and outdoors, as well 3 3% the transformation and evolution of the tourism as leisure and entertainment should remain industry, Sanya's consumer market continued active.
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