DOCSLIB.ORG

Office Savills Research

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Office Savills Research Shanghai – February 2019 MARKET IN MINUTES Office Savills Research Savills team Please contact us for further information RESEARCH James Macdonald Senior Director China +8621 6391 6688 james.macdonald@ savills.com.cn Older buildings come under pressure COMMERCIAL Longer digestion periods for new projects and higher vacancies in old Cary Zheng Senior Director buildings stepped up pressure on landlords from increasing new stock. Central China +8621 6391 6688 • Jing’an International Centre launched onto the core office new supply was recorded in Hongqiao Transportation Hub cary.zheng@ savills.com.cn market in Q4/2018, adding 65,000 sq m of new office space (HTH), Houtan and Wujiaochang in 2018, leaving these and bringing the full-year supply to 778,500 sq m. markets to absorb current stock throughout the year. Peter Sheng Director • Net take-up slowed to 637,800 sq m in 2018, down 9% from • Continued economic uncertainties caused some tenants, Shanghai a high base in 2017, but remained strong considering market especially foreign companies, to be cautious on relocations, +8621 6391 6688 history. or consider more flexible options such as co-working spaces. peter.sheng@ savills.com.cn • Continued oversupply resulted in an annual increase of 0.5 Savills plc Savills is a leading global real of a percentage point (ppt) in vacancy rates, to 12.4% in estate service provider listed on Q4/2018. the London Stock Exchange. The company established in 1855, has a rich heritage with unrivalled “ Rising vacancy as a result of growth. It is a company that leads • Core market rents increased by 0.3% on an index basis in rather than follows, and now has over 600 offices and associates 2018, currently averaging RMB9.0 per sq m per day. throughout the Americas, Europe, new supply forced landlords Asia Pacific, Africa and the Middle East. This report is for general • Vacancy rates in decentralised areas fell by 1.8 ppts quarter- informative purposes only. It may not be published, reproduced or on-quarter (QoQ) and 2 ppts year-on-year (YoY) to 32% in to consider lowering rents.” quoted in part or in whole, nor may it be used as a basis for any Q4/2018. However, rents remained flat over the year on an contract, prospectus, agreement index basis, averaging RMB5.8 per sq m per day. JAMES MACDONALD, SAVILLS RESEARCH or other document without prior consent. Whilst every effort has been made to ensure its accuracy, Savills accepts no liability • The decentralised market continued to receive new supply whatsoever for any direct or consequential loss arising from its of nearly 70,000 sq m in the fourth quarter. However, no use. The content is strictly copyright and reproduction of the whole or part of it in any form is prohibited without written permission from Savills Research. savills.com.cn/research 1 Office CORE MARKET DECENTRALISED MARKET GRAPH 1: Grade A Office Core Market Supply, Take-up And Vacancy, 2014 to 2018 The handover of Jing’an International Centre Two new projects, CIFI Office Park in in Q4/2018 added 65,000 sq m of new Grade A Xinzhuang and Xuhui Vanke Centre Phase Supply (LHS) Take-up (LHS) Vacancy (RHS) office space onto the core market, bringing the 2, were handed over to the decentralised 1.4 14% full-year supply to 778,500 sq m in 2018, down market in Q4/2018, adding nearly 70,000 sq 27% from the peak in 2017. Grade A office m of new office space and bringing the total 1.2 12% stock in core areas totalled 8.9 million sq m at decentralised stock to 4.1 million sq m by the the end of 2018, an increase of 10% from 2017. end of 2018. The Xuhui Vanke Centre Phase 1.0 10% The vacancy rate remained high at 12.4% 2 consists of three office towers, one for lease 0.8 8% in Q4/2018, an annual increase of 0.5 of a ppt. and the other two rumoured to be under sale Demand slowed to 68,000 sq m in Q4/2018, processes. 0.6 6% though still up 26% YoY. The West Nanjing Vacancy rates in the decentralised market million sq m million Road area continued to record negative take- fell by 1.8 ppts QoQ and 2 ppts YoY to 32% in 0.4 4% up and consequently higher vacancy rates of Q4/2018. However, rents remained flat on an 14%. Landlords of older projects in downtown index basis at around RMB5.8 per sq m per 0.2 2% areas have been aware of the tough situation day for 21 months. in which differences between mature and Pudong’s Qiantan and Houtan as well as 0.0 0% 2014 2015 2016 2017 2018 new business areas are narrowing—cost, Puxi’s Xuhui Riverside will see a number of proximity and IT factors currently outweigh new projects completed in 2019. In particular, Source Savills Research the importance of just location in the tenant the city will accelerate its development of market. Old Huangpu was another case of the artificial intelligence sector, which the office space being handed back to the market, government assigned to Xuhui Riverside. HTH though co-working managed to absorb some will see only one new project in 2019. of the vacant spaces in the area. GRAPH 2:Grade A Office Core Market Rental The financial sector continued to dominate MARKET OUTLOOK Indices, Q1/2014 to Q1/2018 office demand, accounting for 24% of total Supply will continue to be the biggest City-wide Nanjing Rd (W) Huaihai Rd (M) recorded take-up in Q4/2018. The insurance challenge for the Shanghai office market in Lujiazui Old Huangpu Xujiahui Hongqiao Zhuyuan North Station sector was particularly active in taking up 2019, especially after several projects were 220 office space, and demonstrated that preferred delayed from 2018. More than one million locations are no longer necessarily in Pudong sq m of Grade A office space is scheduled to 200 as in the past. Notable deals included launch in core and decentralised locations, respectively. 180 Manulife-Sinochem leasing 5,000 sq m in Raffles City Changning in Hongqiao; Metlife Judging from the government’s recent 160 taking up two whole floors totalling 4,800 moves, the city’s business environment will sq m in Century Link in Zhuyuan; and AIA be largely improved in 2019. Favourable Q2/1999=100 140 leasing two whole floors totalling around measures to invigorate the private sector 5,000 sq m in Shanghai Landmark Centre in include reduced costs, preferential tax 120 North Bund. policies, financing guarantees, and the 100 Demand was driven mainly by domestic expansion of the Shanghai Free Trade Zone to Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 companies, accounting for nearly 60% of core Lingang area in addition to China’s continuing 2014 2015 2016 2017 2018 take-up in Q4/2018. This was more obvious efforts to attract foreign investments and Source Savills Research in the decentralised market with over 70% of open the insurance market wider to foreign domestic deals during the same period. competition. Core market rents increased by 0.3% on an index basis in 2018, currently averaging RMB9.0 per sq m per day. GRAPH 3: Grade A Office Core Market Vacancy, TABLE 1: Notable Leasing Transactions, Q4/2018 Q1/2014 to Q1/2018 TENANT BUSINESS LEASED City-wide Nanjing Rd (W) Huaihai Rd (M) TENANT PROJECT Lujiazui Old Huangpu Xujiahui INDUSTRY DISTRICT AREA (SQ M) Hongqiao Zhuyuan North Station 26% Business centres and 24% Atlas Business Centre Aurora Plaza Lujiazui 7,000 22% co-working 20% spaces 18% Commercial and 16% World Trade Konica Minolta professional Qiantan 7,000 14% Centre services 12% 10% One Museum Pfizer Healthcare Nanjing Rd (W) 5,600 8% Place 6% 4% Raffles City Manulife-Sinochem Finance Hongqiao 5,000 2% Changning 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Shanghai 2014 2015 2016 2017 2018 AIA Finance Landmark North Bund 5,000 Centre Source Savills Research Source Savills Research savills.com.cn/research 2.
Load more

Recommended publications
  • A Valued Partner for Real Estate Investment and Financing a Global Investment Manager / 1
    A VALUED PARTNER FOR REAL ESTATE INVESTMENT AND FINANCING A GLOBAL INVESTMENT MANAGER / 1 Cadim is a global investment manager that focuses on a wide range of real estate equity and financing products in association with prominent partners. Cadim distinguishes itself by its flexibility, creativity, ability to adapt to specific market needs and practices designed to promote effective partnerships. The constant monitoring of target markets throughout the world and the unparalleled expertise of our teams allow Cadim to act quickly on promising business opportunities and optimize returns on investments to achieve maximum added value. A TALENTED TEAM, A UNIQUE SET OF STRENGTHS / A multidisciplinary group of professionals whose expertise and innovative spirit enable them to bring complex transactions to fruition / In-depth knowledge of new markets and products / Efficient decision-making processes and quick turnaround / Willingness to explore all possible alternatives before settling on the terms of a deal / Solid commitment to its partners TOtaL assets UNDER MANAGEMENT: C$36.3 BILLION * As at December 31, 2006 PARTNERSHIP THE KEY TO SUCCESS / 3 AN APPROACH FOCUSED ON VALUE CREATION The driving force behind Cadim is our dedication to creating value. We concentrate primarily on investing in high-growth markets, sectors and products, usually over a three- to five-year horizon. Our vast network of strategic partners, offices and affiliates is instrumental in seeking out and tapping into business opportunities that meet these objectives, mostly by way of an investment program established in advanced. / 4 A STRATEGY ROOTED IN PARTNERSHIP Partnership is one of the most important keys to success at Cadim.
    [Show full text]
  • Trade Finance Program Confirming Banks List As of 31 December 2015
    Trade Finance Program Confirming Banks List As of 31 December 2015 AFGHANISTAN Bank Alfalah Limited (Afghanistan Branch) 410 Chahri-e-Sadarat Shar-e-Nou, Kabul, Afghanistan National Bank of Pakistan (Jalalabad Branch) Bank Street Near Haji Qadeer House Nahya Awal, Jalalabad, Afghanistan National Bank of Pakistan (Kabul Branch) House No. 2, Street No. 10 Wazir Akbar Khan, Kabul, Afghanistan ALGERIA HSBC Bank Middle East Limited, Algeria 10 Eme Etage El-Mohammadia 16212, Alger, Algeria ANGOLA Banco Millennium Angola SA Rua Rainha Ginga 83, Luanda, Angola ARGENTINA Banco Patagonia S.A. Av. De Mayo 701 24th floor C1084AAC, Buenos Aires, Argentina Banco Rio de la Plata S.A. Bartolome Mitre 480-8th Floor C1306AAH, Buenos Aires, Argentina AUSTRALIA Australia and New Zealand Banking Group Limited Level 20, 100 Queen Street, Melbourne, VIC 3000, Australia Australia and New Zealand Banking Group Limited (Adelaide Branch) Level 20, 11 Waymouth Street, Adelaide, Australia Australia and New Zealand Banking Group Limited (Adelaide Branch - Trade and Supply Chain) Level 20, 11 Waymouth Street, Adelaide, Australia Australia and New Zealand Banking Group Limited (Brisbane Branch) Level 18, 111 Eagle Street, Brisbane QLD 4000, Australia Australia and New Zealand Banking Group Limited (Brisbane Branch - Trade and Supply Chain) Level 18, 111 Eagle Street, Brisbane QLD 4000, Australia Australia and New Zealand Banking Group Limited (Perth Branch) Level 6, 77 St Georges Terrace, Perth, Australia Australia and New Zealand Banking Group Limited (Perth Branch
    [Show full text]
  • Q1 2010 Greater China Quarterly
    research Q1 2010 Greater china Quarterly retailers keen to expand In the first quarter of 2010, the growth of retail sales in Mainland China accelerated amid the government’s efforts to stimulate domestic demand. The value of retail sales reached RMB3.64 trillion in the first quarter, representing a 17.9% year-on-year rise—2.4 percentage points more than the average growth in 2009. National sales of automobiles, furniture as well as home appliances and audio-video equipment surged 39.8%, 37.6% and 29.6%, respectively. Meanwhile, retail sales in Beijing, Shanghai and Guangzhou also saw strong growth, jumping 15.2%, 16.6% and 17.0%, respectively. According to China’s Ministry of Commerce, expansion by international retailers is expected to continue on the Mainland in 2010. International brands have started looking for retail space again, after sales have emerged from last year’s trough. Louis Vuitton and Ermenegildo Zegna will both open flagship stores in Lippo Plaza in Huaihai Road, Shanghai, while Qianmen Street in Beijing, which reopened in the third quarter of 2009, has attracted international brands such as H&M, Starbucks, Swatch Q1 2010 Greater China Quarterly and Nike, as well as 14 local, brand-name retailers. International brands now account for around 30% of the total retailers in Beijing’s Qianmen Street area. In Guangzhou, meanwhile, where the 2010 Asian Games will be held this November, a number of international brands, including Marks & Spencer, will launch their first stores in the city. Demand for retail space was robust in major Mainland cities, thanks to the increase in domestic demand and optimistic market sentiment.
    [Show full text]
  • Cuam Csi 300-Afs 2016
    ANNUAL REPORT CHINA UNIVERSAL INTERNATIONAL ETF SERIES – C-SHARES CSI 300 INDEX ETF (A Sub-Fund of China Universal International ETF Series, an umbrella unit trust established under the laws of Hong Kong) 31 December 2016 CHINA UNIVERSAL INTERNATIONAL ETF SERIES – C-SHARES CSI 300 INDEX ETF (A Sub-Fund of China Universal International ETF Series) CONTENTS Pages MANAGEMENT AND ADMINISTRATION 1 REPORT OF THE MANAGER TO THE UNITHOLDERS 2 - 5 REPORT OF THE TRUSTEE TO THE UNITHOLDERS 6 STATEMENT OF RESPONSIBILITIES OF THE MANAGER AND THE TRUSTEE 7 INDEPENDENT AUDITOR'S REPORT 8 - 12 AUDITED FINANCIAL STATEMENTS Statement of profit or loss and other comprehensive income 13 Statement of financial position 14 Statement of changes in net assets attributable to unitholders 15 Statement of cash flows 16 Notes to financial statements 17 - 44 INVESTMENT PORTFOLIO 45 - 56 MOVEMENTS IN INVESTMENT PORTFOLIO 57 - 69 PERFORMANCE RECORD 70 IMPORTANT: Any opinion expressed herein reflects the Manager's view only and is subject to change. For more information about the Sub-Fund, please refer to the prospectus of the Sub-Fund which is available at our website: http://www.99fund.com.hk Investors should not rely on the information contained in this report for their investment decisions. CHINA UNIVERSAL INTERNATIONAL ETF SERIES – C-SHARES CSI 300 INDEX ETF (A Sub-Fund of China Universal International ETF Series) MANAGEMENT AND ADMINISTRATION MANAGER AND RQFII HOLDER SERVICE AGENT OR CONVERSION AGENT China Universal Asset Management (Hong Kong) Company HK Conversion Agency Services Limited Limited 1/F One & Two Exchange Square 3710-11, Two International Finance Centre 8 Connaught Place 8 Finance Street Central, Hong Kong Central Hong Kong AUDITOR Ernst & Young DIRECTORS OF THE MANAGER 22/F, CITIC Tower LI Wen 1 Tim Mei Avenue WAN Qing Central ZHANG Hui Hong Kong ADVISER PARTICIPATING DEALERS China Universal Asset Management Company Limited BNP Paribas Securities Services 22/F, Aurora Plaza 21/F-23/F, PCCW Tower Taikoo Place No.
    [Show full text]
  • Kina Datterselskabsliste 2012.Pdf
    1. Preface .......................................................................................................................... 3 2. Abbreviations ............................................................................................................... 3 3. AEC .............................................................................................................................. 4 4. E&E .............................................................................................................................. 8 5. FDR.............................................................................................................................20 6. FOOD ........................................................................................................................36 7. HEALTH ...................................................................................................................43 8. ITE ..............................................................................................................................52 9. MMI ............................................................................................................................61 10. SERVICE ....................................................................................................................75 Consulate General of Denmark, Guangzhou Page 2 of 86 The Trade Council The Trade Council thanks you for taking an interest in the list of Danish companies in China. The list is produced by the Consulate General Guangzhou, China.
    [Show full text]
  • ADB's Trade Finance Program Confirming Banks List
    Trade Finance Program Confirming Banks List As of 13 February 2017 AFGHANISTAN Bank Alfalah Limited (Afghanistan Branch) 410 Chahri-e-Sadarat Shar-e-Nou, Kabul, Afghanistan National Bank of Pakistan (Jalalabad Branch) Bank Street Near Haji Qadeer House Nahya Awal, Jalalabad, Afghanistan National Bank of Pakistan (Kabul Branch) House No. 2, Street No. 10 Wazir Akbar Khan, Kabul, Afghanistan ALGERIA HSBC Bank Middle East Limited, Algeria 10 Eme Etage El-Mohammadia 16212, Alger, Algeria ANGOLA Banco Millennium Angola SA Rua Rainha Ginga 83, Luanda, Angola ARGENTINA Banco Patagonia S.A. Av. De Mayo 701 24th floor C1084AAC, Buenos Aires, Argentina Banco Rio de la Plata S.A. Bartolome Mitre 480-8th Floor C1306AAH, Buenos Aires, Argentina AUSTRALIA Australia and New Zealand Banking Group Limited Level 20, 100 Queen Street, Melbourne, VIC 3000, Australia Australia and New Zealand Banking Group Limited (Adelaide Branch) Level 20, 11 Waymouth Street, Adelaide, Australia Australia and New Zealand Banking Group Limited (Adelaide Branch - Trade and Supply Chain) Level 20, 11 Waymouth Street, Adelaide, Australia Australia and New Zealand Banking Group Limited (Brisbane Branch) Level 18, 111 Eagle Street, Brisbane QLD 4000, Australia Australia and New Zealand Banking Group Limited (Brisbane Branch - Trade and Supply Chain) Level 18, 111 Eagle Street, Brisbane QLD 4000, Australia Australia and New Zealand Banking Group Limited (Perth Branch) Level 6, 77 St Georges Terrace, Perth, Australia Australia and New Zealand Banking Group Limited (Perth Branch
    [Show full text]
  • Asia Pacific Property Digest Property Pacific Asia
    Jones Lang LaSalle • Asia Pacific Property Digest • First Quarter 2008 Asia Pacific Property Digest GREATER CHINA First Quarter 2008 Jones Lang LaSalle Research – Asia Pacific ASIA PACIFIC SOUTH EAST ASIA Dr Jane Murray SINgapoRE Head of Research – Asia Pacific Dr Chua Yang Liang +852 2846 5274 Head of Research – South East Asia and Singapore [email protected] +65 6474 3721 [email protected] GREATER CHINA INdoNESIA HONG KONG Anton Sitorus Marcos Chan Head of Research – Indonesia Head of Research – Hong Kong and Macau +62 21 515 5665 +852 2846 5276 [email protected] [email protected] THE PHILIPPINES macaU Katherine Marcelo Alvin Mak Research and Consulting Manager Assistant Manager +63 2 751 8131 +853 2871 8822 [email protected] [email protected] THAILAND SHANGHAI Dan Tantisunthorn Kenny Ho Head of Research – Thailand Head of Research – China +66 2 679 6500 +86 21 6133 5450 [email protected] [email protected] VIETNAM BEIJING Buu Le Benjamin Christensen Manager – Research and Consulting Head of Research – Beijing +84 8 910 3981 +86 10 5922 1379 [email protected] [email protected] MalaysIA CHENgdU (JONES LANG WooTTON IN assocIATION Shelly Xie WITH JONES LANG LASallE) Senior Research Analyst Malathi Thevendran +86 28 8665 1022 Executive Director – Research [email protected] tel +60 3 2161 2522 GUANGZHOU [email protected] Lily Li Head of Research – Guangzhou WEST ASIA +86 20 3891 1238 Manisha Grover [email protected] Head of Research and Consulting – West Asia +91
    [Show full text]
  • The Bridge, Have a Restful Summer and Let's Celebrate the Games!
    Issue 16 Summer Edition 2008 China: Knowledge Powerhouse of the Future? @ኪ๎ଶႰڦዐࡔ;࿄ઠ FC Doris Leuthard New SwissCham Shanghai Honorary Member - Interview ݡ༌ዐࡔ෌๗ฆࣷĊฉ࡛ႎඵᇤࣷᇵĊDoris Leuthard Swiss Chairman Rolf Jetzer: “Turnaround Accomplished” ”ገऐٷ෌๗ࡔाࡵ੣ࠅິۭ๚׊Rolf Jetzer˖“ํ၄ዘ CEO Interview With Sicpa Boss Maurice A. Amon CEOݡ༌Sicpaጺ֋Maurice A. Amon Art & Culture: Stones Collector Liu Jian Jun on “God’s Art” ”ᅝຍڦڽฉ“ڦᅝຍᇑ࿔ࣅ˖ആ็๭֠ॆିॺਬ © 2008 EYGM Limited. All Rights Reserved. Fluent across 140 countries? Wherever you are in the world, whatever industry you’re in, it’s vital you truly know your market. We’ve built a team of 130,000 professionals to help. They understand the needs of businesses across 140 countries worldwide. And because they understand these markets and beyond, they are better placed to help you achieve your potential no matter where that potential lies. What’s next for your business? www.ey.com/ch Presidents' Page ጺ֋ጆત John Liebeskind Christian Gürtler Marc Aeschlimann Serge G. Fafalen Chairman of SwissCham China President of SwissCham SHA President of SwissCham GZ President of SwissCham HK Dear Readers, Members & Friends ᇞᭀⱘ䇏㗙ǃӮਬ੠᳟টӀ˖ It has been an extraordinary second quarter for China and the Swiss 2008ᑈᰃकߚ⡍߿ⱘϔᑈˈҞᑈ㄀ѠᄷᑺᇍѢЁ೑ҹঞ೼Ё೑ⱘ⨲ business community in an already very special year 2008.The all overshadow- ຿ଚϮಶԧ䛑ᰃ䴲ৠᇏᐌⱘDŽ佪ܜˈথ⫳೼ಯᎱⱘ⸈ണᗻഄ䳛ҹঞ݊ৃᗩ ing incident was and is the devastating earthquake in Sichuan province and ⱘԭ䳛Փ៥Ӏ㾺Ⳃ᚞ᖗDŽ≵᳝ӏԩ䇁㿔ৃҹܙߚᦣ䗄ഄ䳛䞡♒ऎⱘҎӀ᠔ its terrible aftermath. There are no words which can adequately describe the suffering and losses the people of the hardest hit region have to go through.
    [Show full text]
  • Infrastructure Asset Management Review of Tall Residential Buildings Of
    Journal of Built Environment, Technology and Engineering, Vol. 3 (September) 2017 ISSN 0128-1003 ASSET MANAGEMENT REVIEW OF TALL RESIDENTIAL BUILDINGS IN MAJOR CITIES: CHICAGO, HONG KONG AND SINGAPORE Raymond Cheng Email: [email protected] Reader, Industrial Doctorate (IndD) Programme, Asia e University, Kuala Lumpur, MALAYSIA Ivan Ng Email: [email protected] Executive Director, Russia Capital Investment Corporation Limited, HONG KONG ABSTRACT There is only one residential skyscraper within China’s top 100 tallest buildings in the crowded 24-million- population city of Shanghai, China (and eleven residential skyscrapers among the 134 tallest buildings, i.e. those taller than 150 metres), whereas there are comparatively a lot more skyscrapers used for residential purposes in equally densely populated cities like Hong Kong, Singapore, Kuala Lumpur and, of course, Chicago and New York. This paper, hence, looked, from a historical perspective, how the development of tall buildings in Chicago, Hong Kong and Singapore have evolved to become what we see today. How does the tall building development history of a city help forge the people’s view in terms of living in skyscrapers? Would such help provide explanations and hints as to the future development of skyscrapers in the other cities like Shanghai? Keywords: Tall building, skyscraper, high-rise, development history Learning from the American experience The mythical story of the Tower of Babel tells us that how height, in itself, since the beginning of known history, means power to human beings. But before Elisha Otis revolutionized and refined the safety of the elevator by inventing the elevator brakes1 in 1852, both the Greek mathematician Archimedes of Syracuse and King Louis XV of France could only have envisioned their great ideas through primitive, man-powered, inefficient mechanical lifting devices back in their days.
    [Show full text]
  • C-SHARES CSI 300 INDEX ETF (A Sub-Fund of China Universal International ETF Series, an Umbrella Unit Trust Established Under the Laws of Hong Kong)
    ANNUAL REPORT CHINA UNIVERSAL INTERNATIONAL ETF SERIES – C-SHARES CSI 300 INDEX ETF (A Sub-Fund of China Universal International ETF Series, an umbrella unit trust established under the laws of Hong Kong) 31 December 2017 CHINA UNIVERSAL INTERNATIONAL ETF SERIES – C-SHARES CSI 300 INDEX ETF (A Sub-Fund of China Universal International ETF Series) CONTENTS Pages MANAGEMENT AND ADMINISTRATION 1 REPORT OF THE MANAGER TO THE UNITHOLDERS 2 - 5 REPORT OF THE TRUSTEE TO THE UNITHOLDERS 6 STATEMENT OF RESPONSIBILITIES OF THE MANAGER AND THE TRUSTEE 7 INDEPENDENT AUDITOR'S REPORT 8 - 12 AUDITED FINANCIAL STATEMENTS Statement of profit or loss and other comprehensive income 13 Statement of financial position 14 Statement of changes in net assets attributable to unitholders 15 Statement of cash flows 16 Notes to financial statements 17 - 44 INVESTMENT PORTFOLIO 45 - 55 MOVEMENTS IN INVESTMENT PORTFOLIO 56 - 69 PERFORMANCE RECORD 70 - 71 IMPORTANT: Any opinion expressed herein reflects the Manager's view only and is subject to change. For more information about the Sub-Fund, please refer to the prospectus of the Sub-Fund which is available at our website: http://www.99fund.com.hk Investors should not rely on the information contained in this report for their investment decisions. CHINA UNIVERSAL INTERNATIONAL ETF SERIES – C-SHARES CSI 300 INDEX ETF (A Sub-Fund of China Universal International ETF Series) MANAGEMENT AND ADMINISTRATION MANAGER AND RQFII HOLDER SERVICE AGENT OR CONVERSION AGENT China Universal Asset Management (Hong Kong) Company HK Conversion Agency Services Limited Limited 1/F One & Two Exchange Square 3710-11, Two International Finance Centre 8 Connaught Place 8 Finance Street Central, Hong Kong Central Hong Kong AUDITOR Ernst & Young DIRECTORS OF THE MANAGER 22/F, CITIC Tower LI Wen 1 Tim Mei Avenue WAN Qing Central ZHANG Hui Hong Kong ADVISER PARTICIPATING DEALERS China Universal Asset Management Company Limited BNP Paribas Securities Services 22/F, Aurora Plaza 21/F-23/F, PCCW Tower Taikoo Place No.
    [Show full text]
  • SPARX Tokugawa Fund Limited
    Semi-Annual Report (Unaudited) CHINA UNIVERSAL INTERNATIONAL ETF SERIES – C-SHARES CSI 300 INDEX ETF (A Sub-Fund of China Universal International ETF Series, an umbrella unit trust established under the laws of Hong Kong) For the period from 1 January 2018 to 30 June 2018 CHINA UNIVERSAL INTERNATIONAL ETF SERIES – C-SHARES CSI 300 INDEX ETF (A Sub-Fund of China Universal International ETF Series) CONTENTS Pages MANAGEMENT AND ADMINISTRATION 1 STATEMENT OF FINANCIAL POSITION 2 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED) 3 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (UNAUDITED) 4 DISTRIBUTION DISCLOSURE (UNAUDITED) 5 INVESTMENT PORTFOLIO (UNAUDITED) 6 MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) 7 - 16 PERFORMANCE RECORD (UNAUDITED) 17 - 18 INVESTMENT LIMITATIONS AND PROHIBITIONS UNDER THE SFC CODE (UNAUDITED) 19 CHINA UNIVERSAL INTERNATIONAL ETF SERIES –C-SHARES CSI 300 INDEX ETF (A Sub-Fund of China Universal International ETF Series) MANAGEMENT AND ADMINISTRATION MANAGER AND RQFII HOLDER SERVICE AGENT OR CONVERSION AGENT China Universal Asset Management (Hong Kong) Company HK Conversion Agency Services Limited Limited 1/F One & Two Exchange Square 3710-11, Two International Finance Centre 8 Connaught Place 8 Finance Street Central, Hong Kong Central Hong Kong AUDITOR Ernst & Young DIRECTORS OF THE MANAGER 22/F, CITIC Tower LI Wen 1 Tim Mei Avenue WAN Qing Central ZHANG Hui Hong Kong ADVISER TRUSTEE China Universal Asset Management Company Limited BOCI-Prudential Trustee Limited 22/F, Aurora Plaza 12/F & 25/F, Citicorp Centre No. 99 Fucheng Road 18 Whitfield Road Pudong District Causeway Bay Shanghai 200120 Hong Kong China CUSTODIAN RQFII CUSTODIAN Bank of China (Hong Kong) Limited Bank of China Limited 14/F, Bank of China Tower No.
    [Show full text]
  • 2017 Year Book.Pdf
    2017 Contents Preface / P_05> Overview / P_07> SICA Profile / P_15> Cultural Performances and Exhibitions, 2017 / P_21> Foreign Exchange, 2017 / P_47> Academic Conferences, 2017 / P_63> Summary of Cultural Exchanges and Foreign Visits, 2017 / P_73> Preface “New Era” was the most popular expression at the end of 2017. Faced with new opportunities and challenges in this year, the SICA continued its glory and dream woven in the past 30 years since it was founded: it made new achievements in facilitating Sino-foreign cultural communications, as well as in promoting exchange and cooperation among Shanghai and other countries or regions. On behalf of the entire staff of the SICA, I hereby would like to extend our sincere gratitude for the concern and support offered by various levels of government departments, partner agencies and cultural institutions, people from all circles of life, and friends from both home and abroad. To sum up our work in 2017, we share in this booklet a collection of illustrated reports on the programs in which we have been involved in the past year. With the coming of a new year we will always remember our past, borrow light from others, and face the future with a steadfast cultural confidence. Bearing our mission in mind, we would like to join hands with friends from all around the world in carrying forward the excellent Chinese culture, displaying the glamor of the Shanghai- style culture, and developing the best international cultural exchange programs. We hope to make new contributions to the prosperity of socialist culture and the construction of Shanghai as an international cultural metropolis.
    [Show full text]