Yangon (New Trend)

8/15/2019 Yangon (New Trend)

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Spotlight on Yangon

Myanmar Hotel and Tourism Report | August 2013

Hotels & Hospitality Group


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“The Yangon tourism market has

experienced tremendous growth inrecent years as the country began

economic and social reforms.”


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Spotlight on Yangon 3

History

Myanmar, formerly known as Burma, is opening up after 60 years

of self-imposed isolation and international corporates are eager to

capitalise on new opportunities, such as offering the country’s 60

million people goods and services advanced economies take for

granted, like mobile phones and bank accounts. Once the capital

of Myanmar, Yangon remains as the commercial centre and main

transit hub of the country. Formerly a small shing village surrounding

the prominent Shwedagon Pagoda, the city was transformed during

colonial rule under the British from 1824 to 1948.

“Since regaining independence after the Second

World War, Yangon’s infrastructure has suffered from under maintenance and low capital

investment and is undeveloped in comparison to

other Southeast Asian cities.”

In early 2006, the military junta formally relocated the capital to Nay

Pyi Daw, a planned city with more developed infrastructure, in an effort

to be more centrally and strategically located. Seemingly frozen in time

for the past half a century, Yangon’s lack of foreign investment has left

the city with few modern developments. As a result, Yangon has the

largest collection of colonial buildings of any city in Southeast Asia.

A quasi-civilian government is now implementing many economic,political and social reforms and the city is developing at an incredible

pace similar to Bangkok in the 1960s and Ho Chi Minh City in the

1990s. Today, as the country moves toward democracy and opens up

to the world, US President Barack Obama’s recent trip represents the

rst time that a sitting U.S. president has visited Myanmar.

“Last year, the USA removed diplomatic and

economic sanctions as the country started moving

toward democratization.”

Speaking at the University of Yangon, which was the site of democraticprotests in the 1980s, Obama praised the country, the improving

relationship between Myanmar and the USA, and the economic

development opportunities it will bring to the nation.

Economic Overview

While there is a severe lack of transparency in Myanmar, economic

sanctions that have been held in place have devastated the economy

and have resulted in an extremely impoverished population (nominal

GDP per Capita for Myanmar in 2012 was USD834 with an estimated

population of 61.59 million). However, the country is one of the

wealthiest in Southeast Asia in terms of natural resources with

bountiful supplies of natural gas, oil, gemstones, lumber and teak

wood.

Yangon Overview

Currently, the country remains relatively agriculture-based with no real

manufacturing or service industry present outside of Yangon. In fact,the country still frequently experiences power shortages as most of the

power is exported to China, has no global network for mobile phones

and lacks a modern banking system leaving prime opportunities for

foreign companies to tap into the market. Flooding still also frequently

occurs in Yangon during the wet season.

The continued easing of sanctions has seen more companies showing

immense interest to enter Myanmar. Most other early international

movers into the market comprise of construction, light manufacturing,

oil and gas exploration, telecommunications, banking and tourism.

Foreign Investment Law

“Signed into law during November 2012,

Myanmar’s new foreign investment law is aimed

at bringing in foreign capital to rapidly address

numerous shortages and to promote economic

growth.”

The law stipulates that foreign investors will not require a local partner

to set up a business. Foreigners will be able to own 100% of a

company in Myanmar with any share in a joint venture with a domestic

partner mutually agreed upon by both parties.

Concurrently, investors enjoy various tax incentives such as income

tax exemptions of up to ve consecutive years while land leases

have been extended to 50 years with options from the government to

extend an additional two 10-year periods. While the investment law

is rather favourable for foreigners, certain aspects of it are opaque.

In particular, clauses on transfer of ownership and dispute settlement

remain unclear. Nevertheless, the introduction of the law is a major

step forward for the country.

City Layout

The lack of substantial economic activity and construction in Yangon

has left the city roughly the same as it was under colonial times. The

grid system that was implemented in the early 1900s constitutes the

historic centre of the city located at the convergence of the Yangon

and Bago Rivers where most of the colonial buildings are located.

Moving north toward Kandawgyi and Inya Lakes leads to the majority

of the old residential parts of town with large colonial-style houses

located in the proximity. The area is also home to the University of

Yangon, Yangon Mingaladon Airport and several golf courses. Several

other large residential projects have been built across Hliang and

Bago Rivers—namely, Pun Hliang Golf Estate and Star City.


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4 Myanmar Hotel and Tourism Report

Tourism Market OverviewThe Yangon tourism market has experienced tremendous growth

in recent years as the country began economic and social reforms.

However, growth in visitor arrivals has not been linear prior to 2008 asthe country has dealt with bad publicity for human rights abuses.

“From 2003 to 2012, international visitor arrivals

grew by 12.8% per annum (CAGR) but growth has

been much higher over the past four years.”

Overall Visitor Trends

Prior to 2007, visitor arrivals to Yangon remained rather stagnant

compared to other key cities in Southeast Asia such as Phnom Penh

and Ho Chi Minh City. Arrivals declined in 2007 due to the Saffron

Revolution (anti-government protests) as the crackdown on the civilian

population was condemned across the globe and sparked fears of

safety amongst travellers. In 2008, arrivals were further weakened by

Cyclone Nargis, which had a devastating effect on infrastructure.

Since then, international visitor arrivals to Yangon have grown rapidly

achieving year-on-year growth rates of 25.9%, 21.7% and 55.7% in

2010, 2011 and 2012, respectively. Although recent growth has been

substantial, Yangon is starting from an extremely low base of only

559,610 visitors in 2012.

“Visitor arrivals to the country have grown by36.3% in YTD May 2013 over the same period the

previous year buoyed by strong demand in both the

corporate and leisure segments.”

Visitor arrivals are expected to remain strong for the remainder of

2013 as many hoteliers in Yangon report bookings near full capacity

for the coming high season during the second half of the year.

Major Source Markets

Yangon’s two largest and mature source markets for the past few

years have been neighbouring Thailand and China given their closeproximity and long-standing economic co-operation. In 2012, visitors

from Thailand and China comprised of 15.9% and 11.9% of total visitor

arrivals, respectively. Growth from these two markets, particularly

from China has been lower in 2012 as they are starting out from

much larger bases and some other source markets have grown more

strongly.

Additionally, China has long established economic links with Myanmar

along its border with road infrastructure connecting to mineral deposits

and other natural resources. Due to their existing foothold in Myanmar,

it is arguable corporations from China have less need to visit Yangon

frequently to form business relations or to research the market relativeto other, newer entrant countries.

Source: Myanmar Marketing Committee

International Visitor Arrivals to Yangon from 2003 to YTD May2013

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

550,000

600,000

2 0

0 3

2 0

0 4

2 0

0 5

2 0

0 6

2 0

0 7

2 0

0 8

2 0

0 9

2 0

1 0

2 0

1 1

2 0

1 2

Y T D

M a y 2 0

1 2

Y T D

M a y 2 0

1 3

Annual Growth (%)Number of Visitors

Visitor Arrivals Annual Growth (%)


Seasonality of Visitor Arrivals 2010 – 2013

0

10,000

20,000

30,000

40,000

50,00060,000

70,000

80,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Number of Visitors

2010 2011 2012 2013


Top 10 Source Markets in 2011 and 2012 by Country ofResidence

0%

20%

40%

60%

80%

100%

120%

140%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

T h a i l a n d

C h i n a

J a p a n

U S A

K o r e a

M a l a y s i a

F r a n c e

S i n g a p o r e

U K

G e r m a n y

2011 2012 % Growth 2011-2012


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Most other source markets to Yangon are considered immature due

to their lack of long-standing presence and past economic sanctions

towards Myanmar. As a result, visitor arrivals from these countries,such as USA and Germany, are growing rapidly as businesses have

been attempting to capitalise on economic opportunities following the

on-going gradual lifting of economic/political sanctions.

Unlike Asian source markets which are mostly corporate driven,

visitors from Western Europe, the UK and the USA have grown on the

back of both leisure and corporate driven demand. Allured by one of

Asia’s last non-commercialised destinations, Western Europeans, in

particular French and Germans, have been drawn by the country’s rich

cultural sites.

Seasonality of Visitor ArrivalsVisitor arrivals to Yangon, a sizeable portion being leisure, follow

a consistent pattern mainly dictated by the dry and wet season of

the country. The dry season occurs from October to March and the

wet season from April to September. Leisure visitors to Yangon are

generally on tour packages that lead to other parts of Myanmar such

as Mandalay, Inle Lake and Bagan, areas close to the Irrawaddy

River. As a result of the potential ooding, the wet season in Myanmar

can cause issues for tourists visiting the region as the heavy rainfall

limits leisure activities and accessibility to many sites.

Current Airlift

Located on a former British airbase developed during the Second

World War, Yangon Mingaladon Airport is approximately 15 kilometres

north of Yangon’s city centre. In 2012 it handled 96% of international

ights into Myanmar along with 3.1 million passengers, just over

its current capacity of 2.7 million passengers a year. Current air

connectivity to Yangon originates primarily out of Asia with direct

ights to China, Thailand, Cambodia, India, Hong Kong, Japan, South

Korea, Singapore, Malaysia, Vietnam, Taiwan, India and Qatar. The

Sule Pagoda

lack of direct ights from other countries outside of Southeast Asia

forces visitors to transit in hubs, such as Bangkok and Singapore.

“A new proposed international airport at

Hanthawaddy in central Bago, which is 80

kilometres north of Yangon, will help the city

handle the strong anticipated future growth of

inbound tourism.”

Hanthawaddy International Airport will cover an area of 3,924

hectares and will cost around USD1 billion to develop. On completion

(scheduled for December 2017), Hanthawaddy International Airport

will handle up to 12 million passengers a year with potential to expand

over future stages and accommodate up to 35 million passengers a

year. The project will be undertaken as a public private partnership ora joint venture according to specications that were drawn up by the

Department of Civil Aviation and the Ministry of Transport.

“While international carriers remain interested

in opening up new routes to Yangon, they are

constrained by the lack of international standard

hotel rooms in the city.”

However, that has not stopped several carriers from opening up

routes, albeit with small load capacities, most of which have started in

the last quarter of 2012.

Many of these carriers cater to corporate travellers exemplied by

All Nippon Airways (ANA), which is providing only business class

ights. Certain carriers, such as EVA Air, are expecting 30% of their

load capacity to be lled by travellers from the USA. The only carrier

catering mostly to leisure guests is Condor ying the Frankfurt –

Yangon – Phuket route. Singapore Airlines has also started direct

ights to Yangon as demand for ights from Singapore surges (as well

as using sister airline SilkAir).

Hanthawaddy International AirportSource: Department of Civil Aviation Myanmar


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New Infrastructure

The recent downward revisions of car import taxes and the inux of

visitors have rapidly resulted in congested roads and the need for alarger international airport in the near future.

Major overpasses are planned for Shwegondaing and Hledan

intersections and are expected to be completed by late 2013. The

government is also said to be drawing expertise from urban planners

in Singapore to create a city with better public transport infrastructure.

The Yangon City Government is anticipating signicant growth in

visitor arrivals, which will easily surpass the current capacity of 2.7

million air passengers a year.

“While international visitor arrivals to Yangon

remains relatively small at only 559,610 visitors

in 2012, many leisure and domestic travellers

pass through the airport on their way to other

destinations in Myanmar.”

The current airport, Yangon Mingaladon, is also expecting upgrades

to increase capacity to 5.4 million visitors by 2015. Until other airports

in Myanmar increase their capacity and standards to accommodate

more international ights, Yangon Mingaladon Airport will continue to

become increasingly congested as the country’s major international

gateway.Source: Airline Websites

Origin Flightsper

Week

Carrier Approx.Seats per

Flight

StartingDate

Seoul 7 Korean Air 138 4Q 2012

Taipei 3 China Airlines 200 4Q 2012

Tokyo 3 ANA 34 4Q 2012

Doha 3 Qatar 120 4Q 2012

Bangkok 14 AirAsia 180 4Q 2012

Singapore 7 Singapore

Airlines

323 4Q 2012

Frankfurt

(via Phuket)

2 Condor 268 4Q 2012

(Seasonal)

Hong Kong 4 Dragonair 169 1Q 2013

Kolkata 3 Air India 144 1Q 2013

Singapore 7 Tiger Air 180 3Q 2013

Mae Sot 7 Nok Air 189 3Q 2013

Bangkok 1-3 Business Air 221 3Q 2013

Taipei 1-3 TransAsia 170 4Q 2013

Table 1: Direct Flights to Yangon Mingaladon Airport -New International Routes 2012/13


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Seoul

Singapore

Kuala Lumpur

BeijingFrankurt

Bangkok

Yangon

Guangzhou

Kunming

Phnom Penh

Hong KongKolkata

Doha

Ho Chi Minh City

Tokyo

Hanoi

Taipei

Yangon – Mandalay Expressway

Yangon – Mandalay Old Highway

National Road Network

National Railway Network Hanthawaddy International Airport

(Scheduled to open in

December 2017)

Yangon Mingaladon Airport

Yangon Mingaladon Airport Direct Flight Network

Existing and Planned International Airports


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Myanmar’s Tourism Master PlanMyanmar is the second largest country in the Association of Southeast

Asian Nations (ASEAN), stretching from northern borders in the

snow-capped Greater Himalayas, to a southern coast line 2,832 kmin length along the Indian Ocean. With a population of roughly 60

million, including over 100 distinct ethnic groups, the historical legacy

of former kingdoms, and colonial and Second World War II periods

provide a great setting for tourism to thrive.

The Myanmar Government has developed a framework in order to

face their current challenges, and they have identied that tourism is

a key activity in the development of their private sector, whilst also

helping to tackle poverty.

According to the World Travel and Tourism Council (WTTC), the

worldwide travel and tourism industry contributes 11.1% to regional

GDP (US$ 255.1 billion) and accounts for 8.8% of employment

(25.4 million jobs). The United Nations World Tourism Organization

(UNTWO) forecasts 540 million arrivals to the Asia Pacic region by

2030, whilst Myanmar’s annual growth was the highest among ASEAN

nations at 29.7% in 2012 (albeit from a low starting point).

International vistor arrivals and spending have been forcast for

Myanmar in Table 2 below.

Below we have provided a summary SWOT analysis for Myanmar:

Strengths Weaknesses

Tourism is a national priority

Rapidly increasing visitor arrivals

Outstanding historic, natural, and cultural heritage

Renowned friendliness of Myanmar’s people

New destination with extensive international media exposure

Commitment to effective and efcient Government

Lack of trained human resources

Insufcient public services, infrastructure, and nancial systems

Weak regulatory environment

Insufcient coordination among and between the public and private

sectors

Lack of accurate tourism information

Opportunities Threats

Strategic location between the People’s Republic of China and India

Robust market demand

Increased foreign direct investment and public revenue

Deepened regional cooperation

Job creation

Technology transfer

Intercultural exchange with international visitors

Visitor’s perception of poor value for money

Negative economic, social, and environmental impacts

Speed of economic reform and liberalization

Inappropriate metrics used to measure tourism performance

Global economic instability and climate change

Natural disasters

Source: Ministry of Hotels and Tourism; Asian Development Bank

Table 2: International Visitor Arrivals & Spending Forecasts

Growth Scenario Conservative Mid-Range High

2015 2020 2015 2020 2015 2020

International

Arrivals

1,528,020 2,815,279 1,829,943 3,680,669 3,009,663 7,489,006

Total Visitor Spend

(US$ billion)

1.83 3.82 2.19 5.00 3.61 10.18


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Implementation

In order to ensure that the social and economic benets of tourism are distributed equitably, and to improve national employment and income

generation, six programs consisting of 38 projects costing USD 486.8 million have been put in place over 2013-2020.

Source: Myanmar Tourism Master Plan Report (TA-8136)

Key Objectives Activities Time Frame

1. Strengthen the Institutional Environment

Establish a Tourism Executive Coordination Board (TECB) to oversee tourism development 2013-2014

Develop a planning framework to support the TECB 2013-2015

Strengthen data systems and metrics to measure industry performance 2013-2020

Develop systems to promote visitor safety and consumer protection 2014-2020

Improve legal environment 2014-20202. Build Human Resource Capacity and Promote Service Quality

Design and deliver a comprehensive HR development and capacity building strategy 2013-2020

Expedite the implementation of the HR development strategy 2013-2015

Develop multi-stakeholder partnerships to improve tourism products and servie quality 2014-2020

3. Strengthen Safeguards and Procedures for Destination Planning and Management

Design and implement innovative, integrated, and participatory approaches to destination planning 2013-2020

Strengthen tourism-related social safeguards 2013-2020

Improve zoning practices in Tourism Destinations 2014-2017Promote Innovative and Green Technologies 2014-2020

Strengthen community involvement in Tourism 2013-2020

4. Develop Quality Products and Services

Design and implement tourism product development strategies 2013-2016

Develop an ecotourism management strategy for protected areas 2014-2015

Strengthen tourism-related supply chain linkages 2014-2018

5. Improve Connectivity and Tourism-related infrastructure

Promote complementary expansion of the Aviation and Tourism industries 2013-2020Ensure the integration of tourism considerations into national and local transportation planning 2014-2020

Invest in tourism-related infrastructure and environmental services 2014-2020

Ease barriers to visitor entry 2014-2015

6. Build the Image, Position, and Brand of Tourism Myanmar

Determine the supply, demand, and gap characteristics of the tourism system 2013-2020

Create a strategic marketing map that includes a range of niche market actions 2014-2020

Raise national awareness about the nature and signicance of responsible tourism 2013-2020

Effectively manage the position of Myanmar in the international marketplace 2013-2020


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Hotel Market OverviewExisting Supply

According to the Ministry of Tourism, there are currently 9,110

hotel rooms in Yangon. While opinion differs on which hotels are ofinternational standard, the general consensus of our research amongst

industry sources appears to be in the range of 1,500 to 2,000 rooms.

Major international brands are relatively scarce in Yangon due to the

economic sanctions that have prohibited American and European

hotel operators from entering the market.

“As a result, the few branded operators that are

as at the date of this report represented in Yangon

originate from Asia and only 17% of hotel rooms in

Yangon are represented by international standardbranded hotels.”

Future Supply

The large proportion of anticipated future supply in the next few years

originates from existing hotels converting current ofce space in their

respective properties (Chatrium, Traders, Strand) and hotels opening

after years of dormancy. Prior to the economic reforms promoted by

the government, hotels in Yangon were suffering from low occupancy

rates and resorted to converting and letting out some of their rooms

(with ofce space being undersupplied in Yangon). With pressure from

the government to increase room supply, hotels are now reconverting

the “ofce space” into saleable rooms. The PARK ROYAL has just

completed at the end of 2012, a conversion of 65 ofce units back into

guestrooms.

Hilton Worldwide announced in March 2013 that it signed a

management agreement for a 300-room Hilton-branded hotel.

Shangri-La, which operates the Trader’s Hotel, will open a Shangri-La

Residence later this year and a Shangri-La Hotel in 2016.

Accor will open in the rst quarter of 2014 a 366-room Novotel Yangon

Max hotel in two towers, including a ballroom, conference rooms,

café, wine bar and a French restaurant. Hilton Hotels have signed a

management agreement to manage the Hilton Yangon (in the mixed-

use Centerpoint Tower). The 300-room hotel is scheduled to open in

mid-2014, offering three restaurants, sky bar and approx 1,400 square

metres of event space.

Marketwide Trading Statistics

Continued negative publicity and restrictions to foreign investment

resulted in challenging operating conditions in the early part of the

decade. The Saffron Revolution in 2007 and Cyclone Nargis in

2008 had a detrimental impact on trading performance. However,

with economic sanctions suspended, hotels are now experiencing

signicant growth in demand from both corporate and leisure travel.

In light of the projected inux of demand over the next two years and

limited room supply of international standard in Yangon, hotels have

been aggressively renegotiating contracts with travel agents in an

effort to increase rates. Most hotels have been running at full capacity

during weekdays throughout the year and also at weekends during the

high leisure season. The expected supply and demand imbalance over

the next few years gives the opportunity to substantially increase room

rates.

Source: Jones Lang LaSalle Hotels & Hospitality Group

Future Hotel Rooms Supply

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Number of Rooms

2012 2013 2014 2015 2016 2017

Existing Supply Proposed Under Construction

1,500 1,500

974

2,474 2,874

1,293

4,752

5,752

1,000

421

1,000

585

400

Novotel Yangon – Opening Q1 2014


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Market Outlook While the growth in visitor arrivals, lack of room supply and the allure

of one of Asia’s last frontier markets can lead to greater opportunities

for early entrants, conducting business is still very challenging giventhe lack of a transparent legal framework and hence any investment

carries a signicant level of risk.

Ambiguity in the foreign investment law is likely to worry investors and

other potential setbacks in human rights abuses around the country

will directly affect whether sanctions remain suspended. The rst full

democratic election in 2015 will determine if the country is truly set to

embrace change.

Chinese, Singaporean and Thai companies conducted business in

Myanmar when the country was still subject to economic sanctions and

are more accustomed to the current legal framework and challenges

compared to new entrants. Foreign developers entering the market

without local partners will face greater challenges.

“The opportunities in real estate are particularly

attractive with a severe shortage of supply in the

ofce, hotel, serviced apartment, residential and

retail sectors.”

The substantial quantity of colonial buildings in Yangon will naturally

lend it to potentially being one of the more dynamic and culturally rich

cities in Southeast Asia while being strategically located as a gatewayto the rest of the country and its natural resources.

At the municipal level, infrastructure needs to be built and improved

to bring the city and the country up to the level of a modern nation

state. The government will need to carefully monitor and plan the

changes to prevent the urban sprawl and trafc jams prevalent in other

major Southeast Asian capital cities. The lack of tertiary education,

consistent power generation and a skilled labour pool will also pose

challenges in the short to medium term.

Despite all of these challenges, Yangon is positioned to grow much

faster than any other emerging market in Asia and is likely to generate

high levels of growth across all industries (albeit from a low base).

Specically, companies in mining, energy, telecommunications,

banking, real estate, legal, healthcare and hospitality are expected to

prot the most.

Contributors

Andrew Langdon

Executive Vice President, Strategic Advisory

[email protected]

Jonathan Ottevaere

Vice President, Strategic Advisory

[email protected]

Jones Lang LaSalle’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership

properties; convention centers; mixed-use developments and other hospitality properties. The rm’s more than 265 dedicated hotel and hospitality experts partner with investors and owner/operators around the

globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last ve years, the team completed more transactions than any other hotels and

hospitality real estate advisor in the world totaling nearly US$25 billion, while also completing approximately 4,000 advisory, valuation and asset management assignments. The group’s hotels and hospitality

specialists provide independent and expert advice to clients, backed by industry-leading research.

Frank Sorgiovanni

Vice President, Research Asia

[email protected]

Calvin Li

Associate, Strategic Advisory

[email protected]


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COPYRIGHT © JONES LANG LASALLE 2013 All rights reserved. No part of this publication may be published without prior written permission from Jones Lang LaSalle. The information in this

publication should be regarded solely as a general guide. Whilst care has been taken in its preparation no representation is made or responsibility accepted for the accuracy of the whole or any

part. We stress that forecasting is a problematical exercise which at best should be regarded as an indicative assessment of possibilities rather than absolute certainties. The process of making

forward projections involves assumptions regarding numerous variables which are acutely sensitive to changing conditions, variations in any one of which may signicantly affect the outcome,

and we draw your attention to this factor.

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Gurgaon 122002Haryana, Indiatel +91 124 4605000fax +91 124 4605001

New York

330 Madison AvenueNew York NY 10017, United Statestel +1 212 812 5700fax + 1 212 421 5640

Paris 40-42, rue La Boétie75008 Paris, Francetel +33 1 4055 1718fax +33 1 4055 1868

Perth

Level 29, Central Park152-158 St Georges TerracePerth WA 6000tel +61 8 9322 5111fax +61 8 9481 0107

Rome

Via Bissolati 2000187 Rome, Italytel +39 6 4200 6771fax +39 6 4200 6720

San Francisco

One Front Street, Suite 300San Francisco, CA 94111, United Statestel +1 415 395 4900

fax +1 415 955 1150São Paulo Rua Joaquim Floriano, 72 – cj. 97 04534-000 São Paulo, SP, Braziltel +55 11 3071 0747fax +55 11 3071 4766

Shanghai 25/F Tower 2 Plaza 661366 Nanjing Road (West) Jing An District Shanghai 200040, China (PRC)tel +86 21 6393 3333fax +86 21 62888 2246

Singapore 9 Rafes Place, #38-01 Republic Plaza

Singapore 048619tel +65 6536 0606

fax +65 6533 2107Sydney

Level 26, 420 George StreetSydney NSW 2000, Australiatel +61 2 9220 8777fax +61 2 9220 8765

Tokyo

4th Floor, Prudential Tower2-13-10 Nagatacho, Chiyoda-kuTokyo 100-0014, Japan tel +81 3 5501 9240fax +81 3 5501 9211

Washington D.C.

1801 K Street NW, Suite 1000Washington, DC 20006, United Statestel +1 202 719 5000fax +1 202 719 5001

Yangon (New Trend)

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