CapitaMalls Asia Limited

Transcription

1 CapitaMalls Asia Limited Asia s Leading Mall Developer, Owner and Manager Singapore China Malaysia Japan India Presentation to media & analysts 2 November 2012

2 Contents CapitaMalls Asia Overview and China Strategy - Corporate Overview and Strengths - China Presence and Business Strategy West China Region - Overview - Chengdu - Operating Malls in West Region - New Projects in West Region North China Region - Overview - Beijing - Operating Malls in North Region - New Projects in North Region 1

3 CMA Overview and China Strategy

4 Corporate Overview and Strengths 3

5 Overview of CapitaMalls Asia Asia s Leading Mall Developer, Owner and Manager CapitaMalls Asia Ltd. ( CMA ) is one of the largest listed shopping mall developers, owners and managers in Asia by total property value of assets and by geographic reach Listed on SGX and HKEx, total market capitalisation of about S$7.0 billion (HK$44.2 billion) shopping malls with a total property value 3 of approximately S$30.7 billion (HK$193.8 billion) 2 as at 30 September 2012 ION Orchard, Singapore Hongkou Plaza, Shanghai China Queensbay Mall Penang, Malaysia Vivit Square Tokyo, Japan The Celebration Mall Udaipur, India Notes (1) As at 30 October 2012 (2) Excludes CMA s interest in Horizon Realty Fund, which CMA does not manage. (3) Aggregate property value of the properties in CMA s portfolio (where the property value of each of the properties is taken in its entirety regardless of the extent of CMA s interest) 4

6 Extensive and Strong Portfolio of Malls in Asia Total GFA: Approximately 92.4 million 1 sq ft China Huhhot Anyang Xinxiang Beijing Tianjin Zibo Dalian Weifang Qingdao Rizhao Kobe Japan Eniwa Chitose Tokyo, Funabashi Osaka Zhengzhou Wuhu Yangzhou Mianyang Xi an Suzhou, Kunshan, Shanghai, Deyang Yiyang Wuhan Ningbo, Hangzhou Chengdu Nanchang Jalandhar Yibin Chongqing Changsha Quanzhou India Zhaoqing Zhangzhou Maoming Foshan, Dongguan Udaipur Zhanjiang 5 countries Nagpur 52 cities Hyderabad Bangalore Mangalore Malaysia 101 malls Mysore Cochin > 3,500 staff Penang Kuantan Kuala Lumpur Selangor Notes (1) As at 30 September 2012 Singapore One Unique Integrated Shopping Mall Business 5

7 From 5 Malls in 2002 to 101 Malls Today Proven track record since Property valuation on a 100% basis (in S$ billion) Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 Properties Milestones CMT listing CRCT listing CMA listing CMMT listing CMA HK listing Employees > 3,500 6

8 CMA s Real Estate Value Chain Integrated Retail Business with End to End Capabilities Value chain integration to extract value 1 Sourcing Ability to source land bank and investment opportunities On the ground professionals focused in both land and project acquisition 2 Development 3 Mall management 4 Comprehensive development capabilities Experience in developing a variety of malls catering to a diverse tenant and customer base Proven track record in extracting value through asset enhancement initiatives Ability to fill up malls rapidly through lease network and bring in shoppers to shop through branding and marketing activities Innovative information technologies for efficient mall management and tenant intelligence Capital management Know-how in deploying capital to enhance productivity Experience in creating and managing private funds and listed REITs Proven sourcing capabilities Deep development capabilities Proven operational expertise Ability to deploy capital efficiently 7

9 1 Strong Sourcing Network and Capabilities China Acquisitions in 2010, 2011 and 2012: Shanghai CapitaMall Tiangongyuan, Beijing Designs for projects under development may be subject to change. 8

10 2 Industry-Leading Network of >10,000 Leases Strong relationship with a wide profile of retailers including home-grown chains and international brands 9

11 2 Highlights of New Retailers in Our Malls Attracting New Retailers Through Our International Leasing Network In Shanghai In Shanghai In Shanghai In Shanghai In Beijing In Singapore In Singapore In Singapore In Penang In Penang 10

12 3 Partnering Our Retailers to Grow and Regionalise Tenant engagement programme to add value to retailers business Seminars and workshops conducted by industry experts 11

13 4 REITS and Private Funds Established/Managed REITS (Total market capitalisation of ~S$9.3 bil*) CapitaMall Trust CapitaRetail China Trust CapitaMalls Malaysia Trust Singapore's first and largest listed REIT Singapore's first REIT focused on retail properties in China Pure-play" shopping mall REIT in Malaysia Private Funds (Total funds under management: S$5.1 bil**) CapitaMalls China Income Fund CapitaMalls China Development Fund II CapitaMalls China Development Fund III CapitaMalls China Incubator Fund CapitaMalls Japan Fund Pte. Ltd. CapitaMalls India Development Fund Invests primarily in retail property developments in various parts of China Invests primarily in retail property developments in various parts of China Invests in the development of shopping malls and properties predominantly used for retail purposes in China Invests in retail properties in various parts of China with the long-term potential to generate income after repositioning, AEIs or leasing activities Invests in income-producing retail investment properties in Japan Invests primarily in retail property developments in various parts of India 12 * Market cap as of 12 Oct 2012; exchange rate of MYR 1 = S$ * * Based on Aug-12 exchange rates of: US$ 1 = S$ and US$ 1 = JPY

14 China Presence and Business Strategy 13

15 CapitaMalls Asia s Presence in China Leverage on Group Presence Since 1994 Strong Understanding of China Retail Real Estate Market Over 15 Years of experience Raffles City Shanghai Minhang Plaza, Shanghai, China Hongkou Plaza, Shanghai, China 14

16 Malls are Strategically Located in Large Population Catchment Areas One-stop shopping, dining and entertainment destinations within sizeable population catchment areas Well-positioned and accessible via major transportation routes Raffles City Beijing CapitaMall Jinniu, Chengdu CapitaMall Dongguan CapitaMall Saihan, Huhhot CapitaMall Yuhuating, Changsha CapitaMall Qibao, Shanghai 15

17 Deepen into Key Cities with Economies of Scale 59 shopping malls in 36 cities across China, of which 48 are operational 6 Regional Offices North Northeast East Central West South (9) Suzhou Locations of CMA offices Existing CMA malls 16

18 China Fundamentals Remain Strong Strong Potential for Shopping Mall Sector in China, especially in Tier 2 and 3 cities 1 Increasing Urbanisation Projected to reach 61.9% in % 35.8% 42.5% 47.0% 51.1% 55.0% 58.6% 61.9% 2 Retailers Continue to Enjoy Strong Sales 18,123 RMB Bil 15,700 13,268 10,849 8,921 7,641 5,950 6, Source: United Nations Source: National Bureau of Statistics of China 3 Rising Disposable Income per Capita (RMB) Creating Stimulus for Consumption RMB 9,422 10,493 11,759 13,786 15,781 17,175 19,109 21, Source: National Bureau of Statistics of China 17

19 Income & Consumption in China s Tier 2 & 3 Cities Catching Up Year 1980s 2007 SMEs built their plants in the coastal region (E.g. Foxconn, Intel, Hewlett-Packard, IBM) 2008 Moving Forward Industries are moving inland as coastal regions become more expensive and crowded Workers travelled to coastal cities for work Suppliers (both upstream & downstream) are also moving inland to be closer Following that, workers are moving back to their hometown/cities to work CMA s tenant sales per sq m (excl tier 1 cities) witnessed an increase of 14.2% in YTD Sep 2012 Anyang Mall Mianyang Chengdu Chengdu Yibin Zhengzhou Zhengzhou Wuhan Chongqing Changsha Beijing Tianjin Xinxiang Shanghai Inland Plants Coastal Cities Foshan Shenzhen 18

20 CMA China Malls Overall Performance Jan-Sept 2012 Performance 1 Shopper traffic Tenant sales (per sqm) Same mall NPI growth Annualised NPI yield on cost 7.6% Annualised gross yield on cost 12.6% +9.4% (y-o-y) Committed occupancy rate 96.9% % ( +14.2% excl Tier 1 cities) (y-o-y) +18.4% (y-o-y) Note: (1) The above figures are on a 100% basis, where the NPI yield and occupancy of each mall are taken in their entirety regardless of CMA s interest. This analysis takes into account all malls that were opened prior to 1 Jan (2) Excluding CRCT, committed occupancy is 96.6% 19

21 Strong Growth in NPI Yields of Operational Malls Year of Opening 100% Basis Annualised NPI Yield on Cost (%) YTD Sep 2012 YTD Sep 2011 Yield Improvement YTD Sep 2012 vs. YTD Sep 2011 Tenant Sales (psm) Growth 1 YTD Sep 2012 vs. YTD Sep % 7.1% % 10.0% % 5.2% % 10.7% % 15.2% % 29.5% Note: annualised yields may not be representative of the full-year actual performance (1) Tenant sales are based on a same-mall basis (100%) and excludes sales from supermarkets and department stores. (2) Excludes Raffles City Shanghai. (3) Excludes malls under or previously under master lease namely CapitaMall Shuangjing, CapitaMall Anzhen, CapitaMall Erqi and CapitaMall Saihan. 20

22 West China Region CapitaMall 21 Jinniu, Chengdu, China

23 Geographic Distribution of West Region Malls Map of China No. of Shopping Malls 1 (include 5 under development and 2 with phase II extensions) 12 No. of Cities Deyang (Population: 3.9 mil) Chengdu Mianyang (Population: 4.6 mil) (Population: 14.1 mil) Yibin (Population: 5.4 mil) Xian (Population: 8.5 mil) Chongqing (Population: 29.2 mil) 6 Total GFA (sq m) (100% basis) 1.9 million Total Property Value 2 (100% basis) RMB10.9 billion 22 Notes: (1) As at 30 September (2) Total Property Value excludes Raffles City Chongqing.

24 Chengdu 23

25 Facts of Chengdu Chengdu is the capital of Sichuan Province and the most important economic, transportation and cultural hub in Western China Centre of higher education and scientific research with well-known universities and institutions, eg. Sichuan University, Southwest Jiaotong University and University of Electronic Science and Technology of China Named as one of the 13 emerging megacities, or megalopolises in China (Source: Jul 2012, Economist Intelligence Unit) Chengdu is also rich in history and culture, as well as a gateway to scenic spots Famous tourist spots: Jiuzhaigou scenic area, the Buddhist mountains of Emei Shan and Le Shan, Wolong National Reserve and Chengdu Panda Breeding and Research Centre Birthplace of the first widely used paper money in the world 24

26 Excellent Connectivity Around the World Extensive Transportation Network that Enhances Chengdu s Accessibility Chengdu Shuangliu International Airport 5 th busiest airport in China & handled 29 million passengers in 2011 (12.6% increase from 2010) Flights to 92 domestic and 19 international destinations, including Amsterdam, New Delhi, Bangalore, Mumbai, Singapore, Hong Kong, Macao, Tokyo, Seoul, etc. Air Source: Chengdu Shuangliu International Airport, Chengdu Metro. 25 Chengdu Highway Highway 3 national highways that links Sichuan Province to Shanxi Province, Tibet and Yunnan Province 8 expressways to Chongqing, Mianyang, Leshan, Ya an, Dazhou and Dujiangyan Metro Railway Existing subway lines 1 & 2 Planning subway lines 3 7 to be operational by 2017 Presentation Expected to media to carry and 13.1 analysts million *Nov passengers 2012* per day by 2020 High-speed Railway High-speed railway: Chengdu-Dujiangyan high speed railway (completed) Shanghai Wuhan Chengdu high speed railway (2013) Chengdu-Chongqing high speed railway (2014) Xian-Chengdu high speed railway (2014)

27 Chengdu Economic Indicators Economic Indicators Value 2011 Growth (%, y-o-y) Gross Domestic Product (RMB billion) % - Primary industry (RMB billion) % - Secondary industry (RMB billion) % - Tertiary industry (RMB billion) % Per Capita GDP (RMB) 48, % Value-added Industrial Output (RM billion) (Year 2010) % Fixed-assets Investment (RMB billion) % Retail Sales (RMB billion) % Inflation (Consumer Price Index, %) % Exports (US$ million) 22, % Imports (US$ million) 14, % Utilized FDI (US$ million) 6, % Provincial Capital of Sichuan Economic & Cultural Hub of West China Land Area: 12,128 km 2 Population: million (Year 2011) Source: Chengdu Bureau of Statistics. Note: All GDP growth rates are in real terms 26

28 Chengdu Population Growth million % 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% Population (m) % Growth - 1.4% 1.3% 9.2% 0.2% 0.0% Source: Chengdu Bureau of Statistics Note: Total population includes long-stay residents 27

29 Chengdu: One of China s Fastest Growing Cities Average GDP growth of 19.3%, above China s average of 9.2% GDP Per Capita GDP 300% 250% 250% 200% 200% 150% 150% 100% % RMB bil RMB Beijing ,049 1,187 1,378 1,600 Beijing 45,993 52,054 61,274 66,797 70,452 75,943 80,394 Shanghai 914 1,030 1,200 1,370 1,505 1,717 1,920 Shanghai 49,649 54,858 62,041 66,932 69,164 76,074 82,560 Chengdu Chengdu 19,670 22,445 26,849 31,203 35,215 48,510 48,755 Source: Statistical bureau of various cities 28

30 Chengdu GDP Composition 60.0% Approximately 50% of the City s GDP is Tertiary-Based 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Primary 7.5% 7.0% 7.0% 6.6% 5.9% 5.1% 4.8% Secondary 41.4% 42.3% 42.9% 44.0% 44.5% 44.7% 45.8% Tertiary 51.1% 50.7% 50.1% 49.4% 49.6% 50.2% 49.4% 29 Source: Chengdu Bureau of Statistics Note: All growth rates are in real terms. Primary Industry refers to Agriculture. Secondary refers to Manufacturing & Construction. Tertiary refers to Services.

31 Key Industries in Chengdu in 2011 Electronics & IT Industry Others 26.1% Telecom, IT & Software Industry 20.1% Pharmaceutical Industry 4.7% One of the 1 st service outsourcing bases and a major software industry base 1 st telecom R&D centre was set up in 1996 by an Indian company, Primetel Global players in Chengdu: Intel, IBM, Cisco, Nokia, Motorola, Siemens, HP, Microsoft etc. Key outsourcing enterprises in Chengdu: Accenture, IBM, Wipro Machinery Industry Building Materials and Metal Industry 9.1% 30 Petrochemical Industry 6.9% Source: Chengdu Bureau of Statistics Machinery (including cars) Industry 17.7% Food & Beverage and Tabacco Industry 15.4% Known for aircraft assembly, manufacturing of construction machinery, motor vehicles and motor vehicle parts Large machinery manufacturers: Chengdu Aircraft Industrial (Group) Co. Ltd, Sichuan Recreational Vehicle Manufacturers Co. Ltd., and Chengdu Ningjing Machine Tools Group Co. Ltd. etc Financial Industry Successfully attracted major international financial institutions, including Citigroup, HSBC, JP Morgan Chase etc. China s central bank, People s Bank of China and other domestic banks and securities brokerage firms also set there Southwest HQ in Chengdu

32 Chengdu: One of China s Fastest Growing Cities Stronger Disposable Income Per Capita & Retail Sales Growth Disposable Income Per Capita Retail Sales 220% 300% 200% 180% 250% 160% 200% 140% 120% 150% 100% % RMB RMB bil Beijing 17,653 19,978 21,989 24,725 26,738 29,073 32,903 Beijing Shanghai 18, ,623 26,675 28,838 31,838 36,230 Shanghai Chengdu 11,359 12,789 14,849 16,943 18,659 20,836 23,932 Chengdu Source: Statistical bureau of various cities 31

33 Chengdu Major Micro-Markets Major Office Areas 1. CBD 2. South Renmin Road 1 金牛 Jinniu 2 沙湾 Shawan 魅力城 Meilicheng 3 来福士 Raffles City 5 4 天府 Tianfu Major Retail Areas 3. Chunxi Road 4. Yanshikou Major Luxury Residential Areas 5. Qingshuihe-Shuangnan 6. Zijing 7. Dongdajie-Wangjiang 8. South New City 9. Jianshe Road Major Industrial Areas 10. Chengdu HIDZ 1 (West Park) 11. Chengdu HIDZ 1 (South Park) 12. Chengdu ETDZ 2 CMA Projects in Chengdu 32 Source: CBRE Notes: (1) Refers to High-tech Industrial Development Zone. (2) Refers to Economic & Technological Development Zone.

34 Chengdu Retail Supply and Retail Space Per Capita Retail GFA (sq m) 1,400,000 1,300,000 1,200,000 1,100,000 1,000, , , , , , , , , , Retail Space per Capita Total Departmental Store Supply Total Shopping Mall Supply Retail Space Per Capita Source: Chengdu Bureau of Statistics and Jones Lang LaSalle and Cushman & Wakefield Note: Population includes long-stay residents and population growth from 2012 to beyond 2014 is based on a 2.2% increase per annum. 33

35 Comparison of Retail Space per Capita Chengdu Retail Space per Capita still lower despite Upcoming Supply Singapore Shanghai Beijing Chengdu Forecasted Supply Source: Statistical bureau of various cities and Jones Lang LaSalle Note: (1) Total population as at 2011, including long-stay residents. (2) Existing retail supply as at 2Q 2011 and forecast retail supply is up to 2016 for Shanghai and Beijing and 2017 for Chengdu. 34

36 Operating Malls in West Region 35

37 Case Study: Opening of CapitaMall Jinniu Challenges faced in the first 2 years due to entry into new market Occupancy Net Property Income Yield 1 Capital Value (RMB million) 95% 99% 100% 100% Opened in Sep % 7.1% 8.7% % 2.4% 2.7% Note: Refers to net property income yield on cost.

38 We Persevered & Grew Our Business Shopper Traffic ( 000) Tenants Sales per sq m 1 (RMB) CAGR: 15.3% p.a. 11,372 14,998 16,606 16,270 CAGR: 17.2% p.a ,033 9, Note: Excludes supermarket GTO sales.

39 Work Started on CapitaMall Jinniu Phase 2 Phase 2 has a GFA (excluding car park) of approx. 94,000 sq m, to be opened in 2013 Phase 2 Phase 1 38

40 CapitaMall Jinniu Positioning Largest One-Stop Shopping Mall in Jinniu District Positioned as a Mid-High End Mall with a Target Catchment of approx. 800,000 population (5 km radius) Existing Tenants in Jinniu Phase 1: Potential Prospects for Jinniu Phase 2: 39

41 Key Statistics: CapitaMall Jinniu Phase I Opening Date: September 2006 Location: GFA (excluding car park) NLA No. of Floors No. of Car park spaces Key retailers: Jinniu district in Chengdu s northwest, amidst government buildings, high-end residences and reputable schools ~57,800 sq m ~48,400 sq m 5 (including 1 basement) 390 Walmart, KFC, Pizza Hut, Watsons, CSC,Vero Moda, DQ, New Dynamic Institute, Highwave Sports, Belle, Basic House, Mind Bridge, I M DAVID CapitaMall Jinniu, Chengdu (Phase I) 40

42 Key Statistics: CapitaMall Jinniu Phase II Opening Date: 2013 Location: GRA (excluding car park) No. of Floors No. of Car park spaces Jinniu district in Chengdu s northwest, amidst government buildings, high-end residences and reputable schools ~94,000 sq m 6 (including 1 basement) 819 CapitaMall Jinniu, Chengdu (Phase II) 41

43 Key Statistics: CapitaMall Shawan Opening date September 2009 Location GFA (excluding car park) NLA No. of floors No. of car park spaces Key retailers Within Shawan s economic centre and the city s Second Ring Road ~38,600 sq m ~26,700 sq m 5 (including 1 basement) 268 Century Mart Supermarket, Zi Jin Cinema, Starbucks, KFC, Mannings, Ajisen Ramen, Highwave Sports, Jack & Jones, Vero Moda, Only 42

44 Key Statistics: CapitaMall Shapingba Opening date: April 2008 Location: GFA (excluding car park) NLA No. of floors Key retailers At the core of Chongqing commercial district and opposite Chongqing s North train station ~41,900 sq m ~26,900 sq m 7 (including 2 basements) Sephora, Haagen Dazs, Yonghui Supermarket, Guess, Pizza Hut, KFC, Watsons, Esprit, Cache Cache, Adidas, Lee, Vero Moda, Jack Jones, G200, Baby Fox 43

45 Key Statistics: CapitaMall Jiulongpo Opening date June 2005 Location Jiulongpo district s Yangjiaping pedestrian street and commercial centre, opposite government building and zoo GFA (excluding car park) NLA No. of floors No. of car park spaces: Key retailers: ~43,200 sq m ~38,900 sq m 6 (including 1 basement) 213 Walmart, China Film Antaeus International Cineplex, KFC, Ajisen Ramen, CSC, Watsons, Vero Moda, Daphne 44

46 Key Statistics: CapitaMall Deyang Opening date August 2009 GFA (excluding car park) NLA ~44,100 sq m ~30,400 sq m No. of floors 3 floors (L1 L3) No. of car park spaces Key retailers 394 Walmart, KFC, Ajisen Ramen, Watsons, Sony, Apple, Samsung, Vero Moda, Only, Belle 45

47 Key Statistics: CapitaMall Fucheng Phase I Opening date February Phase II GFA (excluding car park) ~46,800 sq m ~42,100 sq m NLA ~34,500 sq m No. of floors 7 floors (B1 L6) No. of car park spaces Key retailers Walmart, Only, Ajisen Ramen, Watsons, Jack & Jones, KFC 9 floors (B3 L6) 46

48 Key Statistics: Raffles City Chengdu Newly Opened Integrated Landmark Development Comprising 2 Grade A Office Buildings, Luxury Residences, Service Apartments, Hotel, Shopping Mall and Entertainment Opening date September 2012 Location GFA (excluding car park) No. of car park spaces Heart of city centre along Renmin South Road and seamlessly connected to subway lines 1 & 3 linking to the New South Area and easily accessible to the airport ~244,000 sq m 370 Note: Retail GFA is approx. 84,000 sq m Office GFA is approx. 73,000 sq m Hotel & Serviced Residence is approx. 54,000 sq m Residential GFA is approx. 30,000 sq m Other GFA is approx. 3,000 sq m. (All GFA figures excluding car park) 47

49 New Projects in West Region 48

50 Key Statistics: CapitaMall Xindicheng Opening date November 2012 Location GFA (excluding car park) No. of car park spaces Key retailers Yanta district s South Second Ring Road. Easily accessible from downtown Xian and connected to important commercial centres Xiao Zhai and Hi-Tech Zone ~151,500 sq m 450 Vanguard Supermarket, Lumière Pavilions, Muji, CK Jeans, Burberry Perfume, Applestore, Nike, Adidas, Watsons, Pacific Coffee, Tissot, Paul Frank 49

51 Key Statistics: CapitaMall Meilicheng Undergoing Active Marketing Opening date 2013 Location GFA (excluding car park) No. of floors No. of car park spaces Key retailers Chenghua district and in close proximity to subway lines 2, 4 & 7 and easily accessible to high-speed rail hub and airport ~59,300 sq m 5 (including 1 basement) 302 Cinema and Supermarket 50

52 Key Statistics: CapitaMall Tianfu WOHA-Designed Landmark Integrated Development Comprising Retail, Office and Residential Opening date: 2013 Location: GFA (excluding car park) 1 No. of floors No. of car park spaces Gaoxin district at the core of the upcoming South Business District, north of South 3 rd Ring Road. Seamlessly connected to metro station that serves subway lines 1 & 7 ~197,000 sq m 7 (including 1 basement) 1,348 Note: Retail GFA is approx. 142,000 sq m Office GFA is approx. 21,000 sq m Residential GFA is approx. 35,000 sq m 51

53 Key Statistics: Raffles City Chongqing Landmark Integrated Development Comprising Retail, Office and Residential Opening date 2017 Location GFA (excluding car park) Heart of Yuzhong district where government and international offices are located. Situated between Chao Tian Men Square and traditional CDB of Jie Fang Bei ~817,000 sq m 52

54 Raffles City Beijing, Beijing, China North China Region

55 Geographic Distribution of North Region Malls Map of China No. of Shopping Malls 1 (include 1 under development) 11 No. of Cities 3 Total GFA (sq m) (100% basis) 0.8 million Huhhot (Population: 2.9 mil) Beijing (Population: 20.2 mil) Tianjin (Population: 13.5 mil) Total Property Value 2 (100% basis) RMB14.0 billion 54 Notes: (1) As at 30 September (2) Total Property Value as at 30 Jun 2012 and includes CapitaMall Tiangongyuan.

56 Beijing 55

57 Facts of Beijing The capital of China The political and cultural centre The largest retail market Highly educated workforce and large graduate population Key Statistics: Total population.20.2 million Disposable Income RMB 32,903 Per Capita Total retail sales for 2011: RMB 690 billion 56

58 Beijing Economic Snapshot Economic Fundamentals strong growth pace at heart of nation 2011: GDP achieved 8.1% growth, expect strong growth momentum in Per capita GDP reached RMB80,394. Per capita urban disposable income reached RMB32,903, an increase of 13.2% over the previous year. Retail sales of consumer goods crossed RMB690 billion, ranked 1st in China, ahead of Shanghai. Beijing Suburb Development Plan Background: Beijing had 20m population at end of 2011, one of the most populated cities in the world, driven by the fast-pace economic growth. Beijing New Town Development Plan (2007): Channel priority development emphasis to 5 suburban districts (Daxing, Tongzhou, Shunyi, Changping & Fangshan). Beijing South Area Development Plan (2009) Accelerate economic development towards southern Beijing, including: (a) investing RMB290 billion in infrastructure, (b) building Daxing MRT line to connect to city centre, (c) endorsing Beijing s 2 nd international airport site in Daxing. 57

59 Beijing MRT Route Map 58

60 CMA Presence in Beijing Beijing city-north relatively congested Beijing city-west relatively hilly region N Beijing CBD extending eastbound Existing Beijing Portfolio 1 CapitaMall Xizhimen 2 CapitaMall Wangjing 3 Raffles City Beijing 4 CapitaMall Crystal 5 CapitaMall Cuiwei 6 CapitaMall Anzhen 7 CapitaMall Shuangjing 8 CapitaMall Taiyanggong Under development site in Beijing 9 CapitaMall Tiangongyuan 9 Beijing Map Beijing city-south being promoted for development emphasis 59

61 Operating Malls in North Region 60

62 Case Study: CapitaMall Wangjing, Beijing Shopper traffic (mil) CAGR 7% Tenant sales psm (RMB/sqm/m) 805 CAGR 18% 1,018 1,006 1,320 1, % Valuation (RMB mil) 1,193 1,220 1,239 1,362 1, % NPI yield (On cost) 8.7% 8.9% 9.3% 9.8% 11.4% Gross Yield 16.2%

63 Key Statistics: CapitaMall Wangjing Opening date August 2006 Location Guangshun North Street, Chaoyang District, Beijing Subway connection GFA (excluding car park) NLA No. of Floors Near Metro Line 14 (Under construction) / Line 15 ~68,010 sq m ~55,600 sq m 12 (B1-F11) No. of Car park spaces Key retailers 410 Beijing Hualian Department Store, Beijing Hualian Supermarket, ZARA, UNIQLO 62

64 Key Statistics: CapitaMall Crystal Opening date December 2011 Location Subway connection GFA (excluding car park) NLA No. of Floors No. of Car park spaces Key retailers Xi Changan Road, Haidian District, Beijing Metro Line 1 (basement connection to mall under construction) ~72,400 sq m ~38,000 sq m 7(B1-L5) 293 Beijing Hualian Supermarket, Bona cinema, 63

65 Key Statistics: CapitaMall Taiyanggong Opening date July 2012 Location Taiyanggongzhong Road, Chaoyang District, Beijing Subway connection GFA (excluding car park) NLA No. of Floors No. of Car park spaces Key retailers Metro Line 10 ~83,700 sq m ~42,500 sq m 7 (B2-F5) 783 Beijing Hualian Supermarket, Hai Di Lao Hotpot, 64

66 Key Statistics: CapitaMall Cuiwei Opening date April 2010 Location Cuiwei Road, Haidian District, Beijing Subway connection Near Metro Line 1 Wanshoulu station (1KM) Gongzhufen station(1.2km) GFA (excluding car park) NLA No. of Floors No. of Car park spaces Key retailers ~56,100 sq m ~35,000 sq m 5 (B1-F4) 416 Beijing Hualian Supermarket, Hai Di Lao Hotpot 65

67 Key Statistics: CapitaMall Xizhimen Opening date October 2007 Location Xizhimenwai Road, Xichen District, Beijing Subway Connection GFA (excluding car park) NLA No. of Floors Key retailers Metro Line 2/4/13 ~83,000 sq m ~51,000 sq m 8 (B2-F6) Beijing Hualian Supermarket, Watsons, KFC 66

68 Key Statistics: Raffles City Beijing Opening date April 2009 Location Subway Connection GFA (excluding car park) Dongzhimen South Street, Dongcheng District, Beijing Metro Line 2 ~111,000 sq m NLA No of Floors No. of Car park spaces Key retailers ~90,300 sq m 7 (B2-F5) 455 Beijing Hualian Supermarket, Guess, Han Na Shan BBQ 67

69 Key Statistics: CapitaMall Anzhen Opening date July 2005 Location GFA (excluding car park) NLA No. of Floors Key retailers Anzhenxili, Chaoyang District, Beijing ~43,400 sq m ~43,400 sq m 6 (B1-F5) Beijing Hualian Department Store, Beijing Hualian Supermarket 68

70 Key Statistics: CapitaMall Shuangjing Opening date March 2004 Location GFA (excluding car park) NLA No. of Floors No. of Car park spaces Key retailers Guangqu Road, Chaoyang District, Beijing ~49,500 sq m ~49,500 sq m 4 (B1-F3) 334 Carrefour, B&Q 69

71 Key Statistics: CapitaMall TianjinOne Opening date December 2008 Location GFA (excluding car park) NLA No. of Floors No. of Car park spaces Key retailers Nan Bei Avenue, Hexi District,Tianjin ~59,300 sq m ~40,700 sq m 5 (B1-F4) 436 e-mart supermarket, Xing Mei Cinema 70

72 Key Statistics: CapitaMall Saihan Opening date September 2008 Location GFA (excluding car park) NLA No. of Floors No. of Car park spaces Key retailers Ordos Street, SaihanDistrict, Inner Mongolia ~41,900 sq m ~29,700 sq m 4 (F1-F4) 45 Beijing Hualian Supermarket, Jinyi Cinema, KFC 71

73 New Projects in North Region 72

74 Key Statistics: CapitaMall Tiangongyuan Opening date Target 2015 Location Northwest exit of Tiangongyuan Station, Xinyuan Avenue, Daxing District, Beijing Subway connection GFA (excluding car park) Daxing Subway Line ~122,000 sq m No. of Floors 7 (B1 - F6) No. of Car park spaces Future Development 1,500 15km to future 2 nd airport Year of use :

75 Thank you