STRICTLY CONFIDENTIAL

RJC Research Inc.

RJC28 2 2016/12/16

RJC Research Inc. STRICTLY CONFIDENTIAL 2

RJC Research Inc. STRICTLY CONFIDENTIAL 3

•

•

•

RJC Research Inc. STRICTLY CONFIDENTIAL

WealthPark

4

RJC Research Inc. STRICTLY CONFIDENTIAL 5

RJC Research Inc. STRICTLY CONFIDENTIAL 6

RJC Research Inc. STRICTLY CONFIDENTIAL 7

0

50

100

150

200

250

300

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

RJC Research Inc. STRICTLY CONFIDENTIAL 8Source: Internet images

RJC Research Inc. STRICTLY CONFIDENTIAL 9

(2003=100)

( )

1.6% 2.8% 2.7%

50

100

150

200

250

300

350

400

450

500

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

50

100

150

200

250

300

350

400

450

500

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

50

100

150

200

250

300

350

400

450

500

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

* Source: Sinyi Real Estate Planning and Research * Source: Rating and Valuation Department * Source: eHomeday

CAGR8.32%

CAGR13.16% CAGR

8.60%

RJC Research Inc. STRICTLY CONFIDENTIAL 10

=

RJC Research Inc. STRICTLY CONFIDENTIAL 11

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

China HK Taiwan JapanSingapore UK France USA Canada

: Global Property Guide

2.9%3.2%

2.8%2.7%

1.6%

2.8%

5.0%

3.7%3.9%

RJC Research Inc. STRICTLY CONFIDENTIAL 12

RJC Research Inc. STRICTLY CONFIDENTIAL 13

IT

RJC Research Inc. STRICTLY CONFIDENTIAL 14

27

27

29: 14

: 97: :: 244

( )

(2016 12 )

RJC Research Inc. STRICTLY CONFIDENTIAL 15

RJC Research Inc. STRICTLY CONFIDENTIAL 16

x x

x x

/

2LDK 3LDK

1

2 3

RJC Research Inc. STRICTLY CONFIDENTIAL 17

3,000 4,0004%

1K 1LDK30 40

2,0006%

1K 1LDK40

5,000 12LDK 3LDK

60 100

12LDK 3LDK

100

RJC Research Inc. STRICTLY CONFIDENTIAL 18

2-3

1,0001

1-3 1

RJC Research Inc. STRICTLY CONFIDENTIAL 19

(2020E)

Source: 2016 China Wealth Report (Boston Consulting Group) 1)

3,500

(2020E)1)(2020E)

RJC Research Inc. STRICTLY CONFIDENTIAL 20

RJC Research Inc. STRICTLY CONFIDENTIAL 21

30-403-4,0001-2,000

4%-6%-

RJC Research Inc. STRICTLY CONFIDENTIAL 22

RJC Research Inc. STRICTLY CONFIDENTIAL

WealthPark

23

RJC Research Inc. STRICTLY CONFIDENTIAL

WealthPark

24Source: Internet images

RJC Research Inc. STRICTLY CONFIDENTIAL

WealthPark

25Source: Internet images

RJC Research Inc. STRICTLY CONFIDENTIAL 26

RJC

RJC

RJC Research Inc. STRICTLY CONFIDENTIAL

WealthPark

27Source: Internet images

RJC Research Inc. STRICTLY CONFIDENTIAL

Support by real estate professional(1/2)

28Source: Internet images

RJC Research Inc. STRICTLY CONFIDENTIAL

WealthPark

29Source: Internet images

RJC Research Inc. STRICTLY CONFIDENTIAL

WealthPark

30

RJC Research Inc. STRICTLY CONFIDENTIAL

WealthPark

31

RJC Research Inc. STRICTLY CONFIDENTIAL

WealthPark

32

RJC Research Inc. STRICTLY CONFIDENTIAL

WealthPark

33

WealthPark

WealthPark

WealthPark

WealthPark

RJC Research Inc. STRICTLY CONFIDENTIAL 34

RJC Research Inc. STRICTLY CONFIDENTIAL 35

ITVR

API