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Industry Overview THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE. THE INFORMATION IN THIS DOCUMENT 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 property 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 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 [REDACTED], we commissioned a market research report from DTZ (which is the Hong Kong Office of Cushman & Wakefield) for use in part in this document to provide information relating to the economy of China, the property market in China, especially in specified areas in the Hainan Province, and the property industry in which we operate. DTZ has charged us a total fee of RMB480,000, for the preparation of the DTZ Report, which we believe is in line with the market rate for such report. Cushman & Wakefield is a global real estate services firm, which offers a range of services including investment agency, leasing agency, property and facilities management, project and building consultancy, investment and asset management, research and valuation. Cushman & Wakefield has offices of 43,000 employees in more than 60 countries. For the purpose of the [REDACTED], 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 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 –82– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE. THE INFORMATION IN THIS DOCUMENT 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. 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 set out in this section. OVERVIEW OF THE PRC ECONOMY Over the past few years, the PRC’s economy has been affected by the worldwide economic turmoil. However, under the influence of various macro-economic policies, the PRC’s GDP growth has remained strong, with a GDP growth from approximately RMB40,890 billion in 2010 to approximately RMB67,671 billion in 2015, representing a CAGR of approximately 10.6%. The table below sets out the key economic and demographic indicators for the PRC for the years indicated: CAGR (2010- 2010 2011 2012 2013 2014 2015 2015) Nominal GDP (RMB Billion) . 40,890.3 48,412.4 53,412.3 58,801.9 63,646.3 67,670.8 10.6% Real GDP Growth Rate (%) . 10.6% 9.5% 7.7% 7.7% 7.4% 6.9% – GDP Per Capita ....... 30,567.0 36,018.0 39,544.0 43,320.0 46,531.0 – – Fixed Asset Investment (RMB Billion) ....... 25,168.4 31,148.5 37,469.5 44,629.4 51,276.1 55,159.0 17.0% Urban Disposable Income per capita (RMB) ..... 19,109.4 21,809.8 24,564.7 26,955.0 28,844.0 31,195.0 10.3% Permanent Population (Million Person)...... 1,340.9 1,347.4 1,354.0 1,360.7 1,367.8 1,374.6 0.5% Source: China Statistical Yearbook –83– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE. THE INFORMATION IN THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW OVERVIEW OF THE PROPERTY MARKET IN THE PRC The PRC government has put in place certain policies that are intended to stabilise real estate prices and control real estate loans 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. The official borrowing and saving rates of the PBOC reached the peak in July 2011, and was then adjusted downward twice in 2012, once in November 2014 and in March 2015. As a result of this change in monetary policy, the financing costs to purchase properties are lowered. This is expected to improve the liquidity and stimulate the demand of the property market, and to maintain market growth at a steady rate. Under the effects of domestic investment, consumption and rapid growth of the PRC economy, the PRC property market has been growing rapidly. The table below sets out the key residential real estate indicators for the PRC for the years indicated: CAGR (2010- 2010 2011 2012 2013 2014 2015 2015) Residential Real Estate Investment (RMB billion) ......... 3,402.6 4,432.0 4,937.4 5,895.1 6,435.2 6,460.9 13.7% Total GFA of Residential Properties Completed (million sq.m.) ........ 634.4 743.2 790.4 787.4 808.7 737.8 3.1% Total GFA of Residential Properties Under Construction (million sq.m.) ....... 3,147.6 3,877.1 4,289.6 4,863.5 5,151.0 5,115.7 10.2% Total GFA of Residential Properties Sold (million sq.m.) ............ 933.8 965.3 984.7 1,157.2 1,051.9 1,124.5 3.8% Sales Revenue (RMB billion) ........ 4,412.1 4,819.8 5,346.7 6,769.5 6,241.1 7,277.1 10.5% Average Selling Price of Residential Properties (RMB/per sq.m.) ....... 4,725.0 4,993.2 5,429.9 5,850.0 5,933.0 6,471.4 6.5% Source: China Statistical Yearbook OVERVIEW OF THE TOURISM INDUSTRIES OF HAINAN PROVINCE AND SELECTED CITIES The NDRC officially released the “2010-2020 Hainan International Tourism Island Development Planning Outline” (海南國際旅游島建設發展規劃綱要) in 2010. According to the goals described in the planning outline, Hainan will become a worldwide first-class island leisure resort by 2020. By then, value added from the tourism industry as a percentage of provincial GDP should exceed 12%, while the total contribution of tertiary industries should reach to 60%. Provincial urban and rural GDP, along with citizens’ living standards, should reach to national advanced level, while aggregate environmental quality should remain at a leading level nationally. The plan proposes that by 2020, the percentage of “clean energy” as part of primary energy consumption should be in the 50% proportion, while vehicle exhaust emissions will meet national advanced level standards. –84– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE.
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