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].

Investment Rating - The report indicates a positive investment outlook for Chinese companies expanding overseas, highlighting the increasing scale and ambition of their international investments [4][10][19]. Core Insights - Chinese enterprises are accelerating their "going out" strategy, aiming for global market expansion and resource acquisition [4][9]. - The report identifies key sectors for Chinese overseas investments, including chemicals and materials, energy, financial services, computer software, and e-commerce [13][46]. - Geopolitical factors such as the "Belt and Road" initiative, Brexit, and the "America First" policy are influencing Chinese companies' foreign investment strategies [13][58]. Summary by Sections Overview of Chinese Enterprises - Many Chinese companies have reached a world-class level and are actively pursuing international expansion [4][5]. - The report categorizes Chinese enterprises into state-owned, private, and unicorn companies, all of which are increasingly involved in overseas investments [17][19]. Trends in Overseas Investment - In 2016, the number of overseas mergers and acquisitions led by Chinese companies increased by 28.1% to 515 cases, with total transaction value rising by 121.9% to $249.7 billion [13][42]. - The report highlights the top five industries favored by Chinese companies for foreign investment in 2016: chemicals and materials, energy, financial services, computer software, and e-commerce [13][46]. Preferred Investment Destinations - The report identifies seven key markets for Chinese overseas investments in 2016: the United States, Canada, the United Kingdom, Germany, Singapore, India, and Australia [13][50]. - Germany saw the highest growth in attracting Chinese investment, with a 95% increase, followed by the UK at 64% and the US at 57% [56][67]. Geopolitical Influences - The "Belt and Road" initiative is a significant driver for Chinese companies seeking to engage in large-scale infrastructure projects globally, with an estimated investment requirement of $4 trillion to $8 trillion [64][65]. - The implications of Brexit and the "America First" policy are reshaping the investment landscape for Chinese companies, necessitating a reevaluation of their strategies in the UK and the US [67][69].

大中华区研究部 中国酒店市场 2023年10月 探索中国"社区型" 精品民宿酒店 目录 | 04 | 摘要 | | --- | --- | | 05 | 引言 | | 06 | 总体酒店市场 | | 09 | 什么是"社区型"精品民宿酒店? | | 10 | 设计 | | 11 | 客群 | | 14 | 社区融入 | | 17 | 要点总结 | | 18 | 附录 | | 20 | 业务联系人 | | 22 | 研究团队联系人 | 2 戴德梁行研究部 酒店 – 探索中国"社区型"精品民宿酒店 3 摘要 自年初以来，国内居民休闲旅行的意愿逐渐增强。与 此同时，春节假期过后，商务旅行量开始迅速增加。这 两个因素共同促使了中国酒店市场的回暖与复苏。 参考国家统计局及中国旅游研究院公布的最新数据， 截至今年上半年，国内旅游总人次已达23.84亿，同 比增加9.29亿，较上年同期增长近64%。 从经营指标上来看，2023年二季度中国星级酒店平 均房价已经超过疫情前的标准，达到373.79元。 "社区型"精品民宿是独特的、私密的、小型的、以历 史和/或文化为灵感的社区酒店。不考虑"星级"等酒 店定位评级的情况下，它们更 ...

CUSHMAN & WAKEFIELD 戴德梁行 新版租赁会计准则一 商业地产的现实 戴德梁行大中华区租户研究报告 917年3月20日 目录 搞要引言 新版租赁会计准则-重要性 新版租赁会计准则－意味着什么？ 新版租赁会计准则一你准备好了吗？ 新版租赁会计准则－你应该做什么？ 关于未来 总结录 作者 +86212 +656393253 shaun.fv.broclie@cushwake.com NickSeaton 太区资产组合 摘要 新的国际租贷会计准购将会在不久的将来生效。 总部在美国以外的企业必须严格遵守新发布的租赁会计准则。这一准 则是由国际财务报告准则（FRS）和国际会计准则理事会（IASB）共 图 IASB准剧 同制定的。 另外，财务会计标准委员会（FASB）也已经发布了适用于美国境内企 业的新版租赁会计准购 领布的两项准则是为了使机构依照国际财务报告准则（IFRS）或者一 股公认会计原则（GAAP）发布的财务报告中传递出更加消晰透明的租 新租赁 根据1ASB规定，准则生效日期为2019年1月1日（图1） 根据FASB规定，该准则针对上市公司的生效日期为2018年12月15 生效日期 日之后开始的 ...

Investment Rating - The report does not explicitly state an investment rating for the residential market, but it indicates a cautious outlook due to tightening regulations and market adjustments. Core Insights - The overall economic environment in China shows a stable growth trend with a GDP growth of 6.9% in Q1 2017, indicating a positive macroeconomic backdrop for the residential market [5][6]. - Real estate development investment reached 192.92 billion yuan in Q1 2017, a year-on-year increase of 9.1%, with residential investment growing by 11.2% [15]. - New housing starts and completions saw significant year-on-year increases, with new starts at 22.751 million square meters, up 18.1% [18]. - The sales volume of new homes increased by 16.9% year-on-year, although the growth rate has slowed due to tightening policies [23][24]. - The average sales price of residential properties reached 7,612 yuan per square meter, with a year-on-year growth of 2.9%, indicating a slowdown in price increases [27][28]. - The report highlights a reduction in unsold residential inventory to 39.093 million square meters, down 1.175 million square meters from the previous quarter [33]. Summary by Sections 1. Macroeconomic Environment - The GDP for Q1 2017 was 18,068.3 billion yuan, reflecting a 6.9% growth year-on-year, which is an acceleration compared to previous quarters [5][6]. - Fixed asset investment reached 937.77 billion yuan, with a year-on-year growth of 9.2%, indicating a recovery in investment activities [10]. 2. Residential Market - The total real estate development investment in Q1 2017 was 192.92 billion yuan, with residential investment accounting for 67.3% of this total [15]. - New housing starts and completions reached 22.751 million square meters and 16.5 million square meters respectively, marking significant increases [18][20]. - The sales area of new homes was 25.484 million square meters, with a year-on-year increase of 16.9%, although the growth rate has decreased due to regulatory impacts [23][24]. - The average sales price of new homes was 7,612 yuan per square meter, with a notable decrease in growth rate compared to previous years [27][28]. - The unsold residential inventory decreased to 39.093 million square meters, indicating a tightening supply situation [33]. 3. Typical Markets - In 24 key cities, the cumulative sales area exceeded the cumulative approved listing area by 5.645 million square meters, highlighting a supply-demand imbalance [38]. - The average transaction volume in key cities has declined, with many cities experiencing a drop in monthly sales volume [41]. - The report notes that the new housing supply has been constrained by regulatory measures, impacting overall sales [46]. - The report indicates that the average price in first-tier cities has begun to decline slightly, while second-tier cities remain stable [49].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the transition of China's economy from high-speed growth to high-quality development, with a focus on expanding domestic demand as a strategic foundation for the next decade [3][7] - The establishment of international consumption center cities is highlighted as a key initiative to enhance domestic consumption and connect with global markets [10][24] - The report identifies emerging consumer trends, particularly among the middle class, young urbanites, and the elderly, who are becoming the main drivers of consumption in China [3][64] Summary by Sections Section 1: Decoding Consumer Trends - The report discusses the rise of the middle class in urban clusters, which now accounts for 82.5% of China's middle-income group, and their evolving consumption behaviors towards self-pleasing and experiential spending [66][64] - It notes that over 50% of surveyed consumers plan to increase spending on social interactions, travel, and leisure activities in 2023 [67] - The concept of "self-pleasing consumption" is categorized into social, immediate, and developmental types, reflecting a shift in consumer priorities [68] Section 2: Leveraging Urban Consumption Potential - The report outlines the potential of urban consumption centers to drive economic growth by integrating various consumer resources and enhancing the shopping experience [10][54] - It highlights the importance of creating new consumption scenarios and promoting the "first store economy" to stimulate consumer spending [5][6] - The report emphasizes the role of urban clusters in optimizing resource allocation and enhancing the quality of life for residents through improved commercial environments [49][54] Section 3: Summary of Key Points - The report summarizes the significance of international consumption center cities in promoting sustainable economic growth and enhancing consumer experiences [10][24] - It discusses the expected increase in the middle-income population, projected to exceed 50% by 2030, which will further drive consumption demand [35] - The report also highlights the importance of integrating traditional culture into modern consumption practices, with a significant percentage of consumers willing to pay for products that embody Chinese cultural elements [80][81]

大中华区研究部 可持续城市 环境建设， 筑造城市可持续 从中国的实践中寻找启示 2023年5月 绿色系列聚焦可持续发展领域 是戴德梁行大中华区 思想领导力系列研究成果 可持续城市环境建设，筑造城市可持续 1 CONTENTS 目录 2 戴德梁行研究部 摘要 04 引言 06 一个积极变化 07 15 分钟城市 08 中国发展近况 12 政策方针 13 总体城市规划 14 URBAN ENVIRONMENTAL SUSTAINABILITY FOR SUSTAINABLE URBAN ENVIRONS 可持续城市环境建设，筑造城市可持续 3 15 城市公共空间 18 以交通为导向型的发展（TOD） 20 生态解决方案 25 净零排放建筑 31 要点总结 32 附录 40 业务联系人 42 研究团队联系人 摘要 新冠肺炎疫情引发了对我们传统生活方式的质疑，全球 许多员工现在都在远程工作，且更多的时间是在家附近 几公里范围内生活。与此同时，由于我们的气候正在加 速恶化，可持续性成为了决策、行动和日常事务中需要 考虑的首要议题。 可持续城市环境建设，筑造城市可持续 5 引言 经济发展、宜居性和减少温室气体（GHG）排 ...

大连写字楼与零售市场概况 2017年第一季度 宏观经济概况 2 大连宏观经济概况 北中国区主要城市经济数据(2016年) | | 大连 | 天津 | 青岛 | 沈阳 | 西安 | | --- | --- | --- | --- | --- | --- | | 人口（万） | 595.6 | 1,547（2015年） | 920.4 | 829.2 | 871（2015年） | | 面积（市区） （平方千米） | 2,415（2015年底） | 183 | 1,471 | 3,495 | 10,108（2015年） | | 地区生产总值（亿元） | 8,150 | 17,885.4 | 10,011.3 | 6,712 | 6,257.2 | | 第三产业生产总值（亿元） | 3,162.2（2016 Q3） | 9,661.3 | 5,479.6 | 2,562.7（2016 Q3） | 3,827.4 | | 失业率 | 2.9% | 3.5% | 3.1% | 3.1% | 3.4%（2015年） | | 社会消费品零售总额（亿元） | 3,410.1 | 5,635.8 | 4,104.9 | 3,98 ...