中国 酒店市场 探索未来发展机遇 2022年10月 大 中 华 区 研 究 部 2 戴德梁行研究部 | 目录 | | | | --- | --- | --- | | 04 | 05 | 06 | | 摘要 | 引言 | 中国酒店市场 - 当前发展 | | 10 | 20 | 21 | | 中国酒店市场 - 未来发展 | 要点总结 | 附录 | | 23 | 24 | | | 业务联系人 | 研究团队联系人 | | 中国酒店市场 3 摘要 当前发展 参考迈点研究院（MTA）的数据，在2022年， 中国一线城市的酒店数量预计超过38,000 家。其中，北京、上海和广州的酒店数量都在 10,000家左右，深圳约为7,400家。 2020年的新冠疫情影响了一线城市的酒店 市场。但尽管如此，一线城市的新增酒店数 量仍然相当可观。 着眼2019年与2022年1-7月期间一线城市 酒店出租率、平均房价以及每间可售房收入 变化，可以看出近年酒店市场发展压力明显 增强。参考STR数据，所有一线城市的三个 市场指标均低于疫情前同期。 未来发展 首先，几个关键因素正在逐步影响中国酒店 业发展，包括： …… 因此，酒店投资者、开发商 ...

Investment Rating - The report indicates a strong growth potential in the high-end hotel market in the Northwest region of China, particularly in cities like Xi'an, Lanzhou, Yinchuan, and Xining, suggesting a positive investment outlook for the sector [6][11][51]. Core Insights - The high-end hotel market in China is experiencing rapid expansion, with a significant increase in the number of five-star hotels, reaching 651 nationwide, and approximately 500 projects under construction or planned [3][11]. - The demand for high-end hotels is driven by urban development, industrial transfer, and the rapid growth of the tourism industry, particularly in second-tier cities [3][4][11]. - The report highlights that the Northwest region's tourism industry is in its early stages but has substantial growth potential due to rich tourism resources [11][45]. Summary by Sections Market Overview - The high-end hotel market in the Northwest, particularly in Xi'an, is set to grow rapidly over the next five years, with a significant increase in new room supply [6][11]. - Xi'an currently has 19 five-star hotels and 26 four-star hotels, with a notable increase in high-end hotel development since 2010 [21][22]. Future Development - The "13th Five-Year Plan" aims to enhance the openness of the Western region, improving transportation networks and promoting tourism and cultural industries, which will benefit the hotel sector [8][9]. - Approximately 43 high-end hotels are expected to enter the Xi'an market in the coming years, intensifying competition in the high-end segment [27][60]. Consumer Trends - The primary customer base for high-end hotels in the Northwest includes business travelers, conference attendees, and tourists, with a growing emphasis on the meetings and exhibitions sector [30][55]. - The report notes that the hotel market will increasingly cater to international standards, enhancing both hardware and service quality to meet customer preferences [60]. Competitive Landscape - The report outlines that the competitive landscape for high-end hotels is becoming more intense, with many international brands entering the market, which will elevate operational standards and management practices [60][66].

关于做好当前金融 支持房地产市场 平稳健康发展 工作的通知 政策解读 受疫情扰动、经济下行、融资渠道收窄等多重因素影响， 近年来房地产行业压力持续加大。中央层面多次明确"房 住不炒"、"稳定房地产市场"、"保交楼"，对行业融 资端释放积极信号，但整体市场投融资环境并未见显著改 善，住房消费需求也整体表现疲软⸺2021 年以来全国住 宅成交逐渐陷入低迷，2022 年 1-10 月全国住宅新房成交 面积 9.4 亿平方米，同比下降 25.5%；多年来中国房价持 续攀升的趋势亦发生转折，2022 年前十个月全国住宅新 房成交均价为 10,140 元 / 平方米，同比下降 3.5%，房价 进入下降通道⸺中国房地产已然处于调整阶段。 为促进房地产市场稳定发展，持续加大对房地产行业的金 融支持力度，2022 年 11 月 11 日，央行、银保监会发布《关 于做好当前金融支持房地产市场平稳健康发展工作的通知》 （以下简称《通知》）。作为近年首份系统性支持房地产 行业发展的金融政策文件，《通知》涉及供需两侧金融支持、 存量融资展期、延长房贷集中度政策过渡期等，相关措施 亮点多、力度大且具备实操性，料将对房地产行业走出当 前困 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Major events like the Olympics significantly drive urban development, enhancing economic growth, infrastructure, and city image [5][6][10] - The 2022 Winter Olympics in Beijing focuses on industrial upgrades, sustainable development, and improving living standards, contrasting with the 2008 Summer Olympics [6][22] - Urban renewal driven by major events leads to long-term benefits, including improved infrastructure and increased investment [10][11] Summary by Sections Impact of Major Events on Urban Development - Major events catalyze urban transformation, attracting investment and talent while enhancing city competitiveness [5][10] - The hosting of the Olympics has historically led to significant infrastructure improvements and urban regeneration [11][12] Infrastructure Development - Beijing's infrastructure investment surged from 2001 to 2007, with an annual growth rate of 23.1%, significantly higher than subsequent periods [26][25] - The 2008 Olympics accelerated infrastructure development, establishing a modern urban landscape [26][27] Industrial Adjustment and Upgrading - Beijing's industrial structure has shifted from manufacturing to services, with the tertiary sector's contribution to GDP increasing significantly [30][34] - The Winter Olympics have further promoted the adjustment of industries in Beijing and its surrounding areas [38] Sustainable Development - The "Green Olympics" concept has driven significant improvements in Beijing's ecological environment, with urban green coverage rising from 36.5% in 2001 to 48.9% in 2020 [43][44] - Efforts to achieve carbon neutrality for the Winter Olympics include extensive use of renewable energy [44][45] Post-Olympic Urban Renewal - The focus of urban renewal has shifted from large-scale demolition to the renovation of existing structures, particularly in older neighborhoods [50][59] - Policies have been implemented to guide urban renewal towards sustainability and community involvement [53][57] Old Community Renovation - The renovation of old residential areas is a priority, with plans to upgrade over 1.6 million square meters of housing by 2025 [59][58] - Innovative models for community improvement, such as the "Jinsong model," have been proposed to enhance the living conditions in older neighborhoods [59]

二十大 报告解读 2022/10 魏东 首席政策分析专家 北区研究部主管 二十大报告着重强调了科技作为发展第一动力的重要性，扩 大内需与供给侧改革有机结合的双轮驱动，通过发展制造强 国、交通强国等来构建中国的现代化体系，同时注重推动绿 色持续性发展，在住宅方面则更侧重多主体供给和多渠道保 障。这些政策导向将对中国的写字楼及产业园区物业、零售 物业、仓储物业及保障性住房在未来五年的发展产生利好。 2022 年 10 月 16 日，中国共产党迎来了第二十次全体代表大会。当前中国正处于向第二个百年 目标迈进过程中的重要节点，由于疫情及急剧变化的国际局势影响，当前中国的经济和社会的 发展均面临巨大挑战，作为全球第二大经济体，在当前的关键时点，中国本次二十大的召开不 但将影响中国未来五年乃至更长时间内的发展，同时，其释放的政策信号也将会对全球经济和 政治格局产生深远影响。 本次发布的二十大报告对过去十年取得的成就进行了回顾，对未来的发展方向和目标做了宏观 展望，对未来五年的工作做出了部署，并制定了行动纲领和大政方针。从房地产领域的角度， 我们认为以下几个部分的内容值得我们高度关注。 2 戴德梁行 二十大 报告解读 "要 ...

BEIJING URBAN RENEWAL REGULATION BEIJING URBAN RENEWAL REGULATION 《北京城市更新》 条例解读 2022 年 11 月 25 日，北京市十五届人大常委会第四十五 次会议表决通过《北京市城市更新条例》，该条例从今 年 6 月开始公开征求意见经历了多次审议，受到了社会 各界的关注。该条例可以说是北京的首个将城市更新提 升到立法层面的政策性文件，内容涉及城市更新规划、 城市更新主体、城市更新实施、城市更新保障、监督管理、 法律责任等，为未来城市更新的推进提供了一个有力的 抓手。 从商业地产的角度来看，本次条例的出台不仅从政策方 面为商业地产城市更新提供了指引和法律保障，在老旧 厂房、低效产业园区及老旧低效楼宇更新具体操作层面 也做了更为灵活、细化的指引。 2 戴德梁行 一. 政策保障 城市更新的顺利推进离不开政策的有力推动， 此次条例在规划保障政策、用地保障政策、资 金保障政策等方面都有很大的突破和创新。 《北京城市更新》 条例解读 1 规划保障政策 允许存量建筑用途转换。建筑用途转 换经批准后，土地用途可兼容或变更 随着经济的不断发展，经济结构的不断 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The global metaverse market is expected to grow at a compound annual growth rate (CAGR) of 45.5% from 2022 to 2027, indicating significant opportunities for various sectors, including real estate [5][77] Summary by Sections Introduction - The metaverse is described as a digital platform integrating virtual reality (VR), augmented reality (AR), and mixed reality (MR), providing users with immersive experiences [10] Impact on Real Estate - The report focuses on six types of real estate properties: office buildings, retail properties, industrial spaces, data centers, hotels, and residential properties [36] Office Buildings - The metaverse allows companies to create virtual office spaces for meetings and collaboration, enhancing employee engagement and productivity [6][43] - It provides immersive work environments, especially beneficial for remote workers [44] Retail Properties - The metaverse enables the design of virtual retail spaces, enhancing consumer shopping experiences [6][49] - Retailers can use virtual platforms for product trials before physical purchases, reducing carbon footprints and promoting sustainability [50] Industrial Spaces - The metaverse can create digital twin industrial spaces, optimizing design and operations [9][52] - It enhances predictive maintenance and allows remote repairs by qualified engineers [54] Data Centers - The metaverse will increase the number of operational data centers due to its high computational and data processing needs [60] - It provides solutions for optimizing data center design and resource management [65] Hotels - The metaverse can enhance hotel marketing strategies and guest experiences through virtual tours and events [68] - It opens new sales channels and allows for virtual meetings, potentially reducing business travel [69] Residential Properties - The metaverse allows architects and homeowners to design homes in a virtual environment, simulating various environmental factors [72] - It facilitates virtual property tours for potential buyers, streamlining the purchasing process [73]

培育 成就 编委会成员 陶汝鸿 大中华区副总裁 暨大中华区策略发展顾问部主管 培育 成就 图片来源：戴德梁行服务项目⸺世界自然遗产 丽江老君山 魏晓龙 成都策略发展顾问部主管 董事 邵 丰 华中区策略发展顾问部主管 董事 李 航 北京策略发展顾问部董事 何 达 杭州策略发展顾问部董事 张 晟 中国区融资顾问部主管 董事 李伟 大中华区特色小镇专业委员会负责人 华南区策略发展顾问部主管 高级董事 勿绮凝 深圳策略发展顾问部分析师 设计排版 卢京鹏 华东区市场营销及传播部设计师 | 编委会成员 | | | | --- | --- | --- | | | 3 | 前言 | | 第一章 : "特色小镇"背景介绍、现况 | | | | | 6 | 1.1 特色小镇发展背景 | | | 7 | 1.2 特色小镇发展路径及趋势 | | 第二章 国外"特色小镇"案例研究 | | | | | 13 | 2.1 国内外特色小镇发展比较 | | | 16 | 2.2 国外特色小镇发展背景 | | | 17 | 2.3 法国格拉斯特色小镇（Grasse） | | 20 | | 2.4 硅谷特色小镇集群：以帕罗奥多（Palo Alto ...

资本市场快讯 大中华区 2017 年度总结与 2018 年展望 资本市场快讯 资本市场快讯 3 简介 第一部分 香港地区 台湾地区 商业地产总投资额同比增长 92%；其中工业和零售地产增幅显著，分别较去年增长 2.4 倍 内地投资者于香港 2017 年的投资额高达 2016 年总投资的 2 倍，其中写字楼投资占到 99.5% 香港本地投资者则更倾向于零售地产投资 – 占投资额的 51% 工业写字楼及工业地产为最受欢迎资产类别，占总投资额的一半 多达一半的物业投资为企业自用 2017 年台湾投资市场回暖，全年商业地产投资额同比增长 7% 最高 (5 年 ) 02 4Q2016 4Q2017 最低 (5 年 ) 数据来源 | 戴德梁行研究部 核心商圈 甲级写字楼 投资收益率（%） 香港 北京 上海 广州 深圳 台北 最高: 5.50 最高: 5.76 最高: 5.92 最高: 5.98 最低: 4.65 最低: 4.85 最低: 4.50 最低: 5.01 4Q2017: 4.67 4Q2016: 4.78 4Q2016: 5.57 4Q2017: 5.66 4Q2016: 4.90 4Q2017: 4.50 4 ...

Investment Rating - The report indicates a potential decline in Chinese outbound real estate investment by 30% to 40% in 2018 compared to 2017, reflecting a cautious outlook due to stricter government regulations [16][116]. Core Insights - Despite increasing regulatory scrutiny, Chinese outbound real estate investment reached a record high of $42.2 billion in 2017, marking a 10.3% increase from 2016 [15][16]. - The survey revealed that 58% of respondents were real estate developers, indicating their continued interest in overseas investments, while institutional investors' participation decreased to 30% [10][11]. - The report forecasts that developers, sovereign wealth funds, and private enterprises will dominate outbound investment in 2018, with a focus on sectors like logistics, commercial parks, and land development [23][116]. Market Overview - The report highlights that the total outbound real estate investment from China in 2017 was $42.2 billion, with significant contributions from major transactions such as the acquisition of Logicor by China Investment Corporation [15][16]. - The investment landscape is shifting, with industrial logistics properties accounting for 37.5% of total investments in 2017, a staggering increase of 2,052% year-on-year [26][29]. - The report notes a significant decline in investment interest in traditional sectors like office buildings and hotels, with a 44% drop in office investment and a 90% decrease in hotel investments [29][30]. Investment Categories - In 2017, the investment categories were dominated by industrial logistics (37.5%), office buildings (34.3%), and land development (22%), with retail and hotel investments remaining minimal [26][27]. - The report indicates a growing interest in land development and industrial logistics, with the latter seeing a 46% increase in interest [29][30]. - The survey results show a notable shift in investor preferences, with a significant increase in interest towards real estate development and a decline in interest for office and hotel sectors [29][30]. Destination Insights - The report reveals that Hong Kong and the UK accounted for 52% of total outbound real estate investments in 2017, with Hong Kong leading at $11.8 billion [39][54]. - The US saw a dramatic decline in investment, dropping 75% to $4.5 billion, while Australia and Canada also experienced significant decreases in investment interest [39][48][92]. - Emerging markets such as Italy, Spain, and Poland are gaining attention from Chinese investors, reflecting a diversification strategy in response to regulatory pressures [39][40]. Future Outlook - The report anticipates that the overall investment environment will remain stable, with a focus on "Belt and Road" related projects receiving government support [112][113]. - It is expected that the demand for overseas investments will eventually be released, despite current regulatory constraints [116]. - The report emphasizes that while investment in traditional sectors may decline, opportunities in logistics, healthcare, and research centers are likely to attract interest [88][116].