Regional Real Estate Research
Why arebeing sought after in Asia?
logistics warehouses
INTRODUCTION
COLLIERS' VIEW
SECTION 1 – Private Consumption • YoungPopulation
• GrowingUrbanisation
• BurgeoningMiddleClass
• ChinaastheKeyDriver
• OnlineRetailing
SECTION 2 – Real Estate Investment • GlobalRiskAversion
• DevelopmentCycle
• TheOpportunitiesAreThere
•WinningStrategies
• KeyChallengesandThreats
• LogisticsWarehousingandRentalOutlook
• IndustrialYield
• LogisticYield
CONTENTThe increasingvolatilityofprices invariousassetmarkets and the growing difficulty of findingreasonable risk-adjusted returns have pushedinvestors into niche real estate sectors suchas hotels, serviced apartments and logisticswarehousing. Logistics warehouses have comeontotheradarofmostprospectiveinvestorssimplybecause this unique property sector offers themthebenefitsofstable rental incomeandpremiumyields.
For this report, we conducted a comprehensivereview of the key market drivers of the logisticswarehousing sector, including the strength oflocal private consumption, the ever-increasingrate of urbanisation, and the skyrocketingvolumeofonlineretailsales.Besidesthesupportofretailconsumption, the resilient performance of Asia’sindustrial production offers solid evidence tosupportthestrongcaseforinvestingintheregion’slogisticswarehouses.Thisreportalsoexplainswhythis unique sector has hitherto been overlooked,andwhyinvestorsshouldconsideritnow.
INTRODUCTION
Despite slackening demand for imports in western economies,Asia’s industrial production has continued on an upward trend.Although external shocks, such as the global financial crisis in2008/2009, resulted in slight disruption, the region’s industrialoutput,asaproxyforthegeneraldemandforlogisticswarehouses,grewataCAGRof10.4%between2009and2012.Interestingly,itscurrentgrowthmomentumisfasterthanitwasduringthepre-crisisperiod(i.e.from2002to2007)afterAsiabenefitedgreatlyfromChina’sentryintotheWTOin2001.
Besides the proactive initiatives implemented by variousgovernments to boost their internal consumption, Asia’sdemographics bode well for private expenditure in a numberof countrieswhere the average age of the population is young,householdincomeisconsistentlyrising,andthenumberofmiddle-classfamiliesisgrowing.Allthesefactorshaveformedasolidbaseforincreasingretailsales.Fundamentally,thedemandforlogisticsis a function of external trade. Yet the growing significance ofprivateconsumptionexpenditure inAsiahasgradually redefinedtheprospectivedemandforlogisticsrealestateintheregion.
TheprolongedsovereigndebtissuesinEuropeandtheuninspiringpaceofrecoveryintheUShaveflusteredglobalmarketstovaryingdegrees.YeteconomicactivityinAsiahasremainedlargelyresilienttosuchexternalthreats,becausemostofitscountrieshavebeenprudentlymanagingtheirdebtlevelrelativetoGDP.
AResilientMarket
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
- 150
- 100
- 50
0
50
100
150
200
250
300
Jan-92
Aug
-92
Mar-93
Oct-93
May-94
Dec-94
Jul-9
5
Feb-96
Sep-96
Apr-97
Nov-97
Jun-98
Jan-99
Aug
-99
Mar-00
Oct-00
May-01
Dec-01
Jul-0
2
Feb-03
Sep-03
Apr-04
Nov-04
Jun-05
Jan-06
Aug
-06
Mar-07
Oct-07
May-08
Dec-08
Jul-0
9
Feb-10
Sep-10
Apr-11
Nov-11
Jun-12
Jan-13
% c
hang
e ye
ar-o
n-ye
ar
Inde
x (2
000
= 10
0)
10.4%
"GFC" Shock9.11 Incident
9.3%
Asia Industrial Production Index
Source : CEIC
Note : The Asia Industrial Production Index is an aggregate indicator of the overall industrial production volume in Asia. It covers 21 countries.The Index is updated every month by CEIC, and it starts with a baseline of 100 in the year 2000.
Colliers InternationalRegional Real Estate Research I June 2013
1
GFC
after
pre%
%10.4
9.3
The spendingmomentum in Asia is going to be sustained by the fact that its averagepopulationageisyoung.Asof2010,around45%ofAsia’s4.2-billionpopulationwasagedbetween20and49.Thisdemographicgrouptendstohaveahigherdisposableincomeandspendingcapacity.Thepercentagewillremainlargelyunchangedbetween2010and2020.
AmongAsia’skeymarkets,Chinaisgoingtobethepowerhouseintermsofgrowth,givenitshugepopulationandproactivegovernmentinitiatives,whichincludeconstantreviewsofitseconomicmodelandthecontinueddevelopmentofinfrastructurelinkstofosterinternalconsumptionbyallowingthecountry’ssecondandthird-tiercitiestocatchupwithitsfirst-tierones.
ThetrendinindividualAsiancitiesisexemplifiedbytheincreasingnumberofhigh-incomesingles and families (known as “DINKS” – Double Income No Kids). Besides generalmerchandise,thispopulationsectorhasagrowingappetiteforluxuryproducts.
YoungPopulations
Private consumption by the local population ongeneralmerchandiseisakeydriverofthedemandfor logistics. Suchmerchandise includes a rangeoffast-movingconsumergoods(FMCGs)fordailyconsumption.Anotheristhespendingofwealthierhouseholdsand inboundvisitorson luxury items.The growth in private consumption reflectsnot only the region’s relatively bright economicprospectsbutalso itsencouragingdemographics,including a young population, the sustained paceofurbanisation,andtheemergenceofmiddle-classhouseholds.Alloftheseareexpectedtounderpinprivateconsumptionexpenditureinthefuture,andtheconsequentialdemandforlogisticsrealestatetocaterforlocaldistribution.
SECTION 1Private Consumption
Colliers InternationalRegional Real Estate Research I June 2013
4
Asof2010,around
ofAsia's45%
20&49V
V4.2-billionpopulationwasagedbetween
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
0-4
5-9
10-1
4
15-1
9
20-2
4
25-2
9
30-3
4
35-3
9
40-4
4
45-4
9
50-5
4
55-5
9
60-6
4
65-6
9
70-7
4
75-7
9
80+
Asia Population Distribution
2010 2020
Source : United Nations, Department of Economics and Social Affairs
Asia696
1,794
China
Number of people (million)
Asia’sstrongeconomicgrowthwilldomorethanboostthevolumeofsalesinitsretailmarkets;itisalsogoingtoincreasethenumberofmiddle-classfamiliesandhigh-net-worthindividuals(HNWIs)whocanaffordtobuyhigh-endluxuryproducts.Thechartbelowestimatesthesharp increase inthenumberofmiddle-classhouseholdsthatwilloccurbetween2010and2020. In fact,accordingtotheBoaoReview,696millionoftheworld’s2billionmiddle-classinhabitantslivedinAsiain2010.TheprojectionsuggeststhatthenumberofAsia’smiddle-classpeoplewillincreaseby158%toatotalof1,794millionby2020.Intermsofgeographicaldistribution,ChinaandIndiawillaccountfor80%ofthisnetincrease.
2010 2020
Source : The EIU
Source : The Boao Review
Note : “Middle-class” households are defined as households with a daily expenditure of between US$10 and US$100 per person,based on 2005 purchasing power parity items
Thecontinued improvementof infrastructureandfurthereconomicgrowtharedrivingthedemandfor labour inAsia’scities.Around200millionmorepeoplewillmoveintothembetween2012and2017.Inaddition,theunemploymentrateinmostAsiancitiesiscurrentlybelowitshistoricalaveragelevel,thusindicatingthatatightlaboursupplywillfuelthegrowthofwages,andthusprivateconsumptionexpenditure.
GrowingUrbanisation
Growing Middle Class in AsiaForecast Growth in Urban Population ( 2012 - 2017 )
China
India
Indonesia
87.1
42.5
24.2
Pakistan 11.3
Philippines 10.3
Vietnam 3.8
Malaysia 3.0
Thailand 2.1
South Korea 0.8
Singapore 0.7
Taiwan 0.6
Hong Kong, SAR 0.1
179 127
82 308
607 122
536 530
Number of people (million)
BurgeoningMiddleClass
5 6
Regional Real Estate Research I June 2013 Colliers International
India Rest of Asia
Japan
ThepropensitytospendmoneyonluxurygoodsinChinaisundoubtedlyrising,duetothesustainedaccumulationofwealthinthecountryduringthepastdecades.AccordingtoprojectionsbyEuromonitor,thenumberofhigh-incomehouseholds(i.e.thoseearningUS$35,000ormoreinayear)willgrowmorethanthreefold,from20millionin2011to65millionby2020,whereasthepercentageofhigh-incomehouseholdsisforecasttoincreasefrom5%ofthetotalin2011to15%in2020.Moreimportantly,thenumberofmiddle-classfamiliesinChinawillincreasesignificantlyduringthesameperiod.Forexample,thenumberofupper-middle-incomehouseholdswithearningsofbetweenUS$15,001andUS$35,000willnearlydoubletoaround135million.
80%
51%
24%
14%
28%
29%
5%
16%
32%
1%5%
15%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2005 2011 2020 (Forecast)
As
a P
erce
ntag
e of
Tot
al N
umbe
r of H
ouse
hold
s
Regional Real Estate Research I June 2013
High (More than US$35,000 p.a.) Middle (US$7,500-15,000 p.a.)
Upper middle (US$15,001-35,000 p.a.) Low (Less than US$7,500 p.a.)
Household Income Distribution in China
Source : Euromonitor
7
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The volume of retail sales conducted via the Internet has ballooned over the pastdecade,duetothecontinuedadvancesofinformationtechnologyandgreaterInternetconnectivity.Theincreasinguseofbroadbandconnectionsviasmartphoneshasaddedextramomentumtothegrowthofonlineretailsales.Theserosenearlythreefoldbetween2010and2012.Yetthereisstillahugeamountofroomforfurthergrowth.Thevolumeofonlinesalesisforecasttosoarbyafurther260%inthefiveyearsupto2017.Thepacecouldbeevenfasterifthecurrentpercentageofonlinesalestototalphysicalsalesof2-3%catchesupwithmatureeconomies,suchasthe5-7%intheUS.Demandforlogisticsfacilitiestogetthesephysicalproductsdeliveredfromretailersandwholesalerstocompaniesandprivateindividualsisreckonedtobeequallystrong.
ThetotalvolumeofretailsalesinAsiaincreasedby12%year-on-yearduring2012;anditsurpassedUS$7,000billionforthefirsttime,thankstotherobustgrowthofconsumptioninmainlandChina.Thetopthreelocationsintheregionbymarketsize–mainlandChina,JapanandIndia–constitutedmorethan80%ofthetotalpie.Infact,mainlandChina’sUS$4,000-billionmarkethasbeenthekeycontributortoitsoverallgrowth.Besideseconomicgrowth,theunrelentingincreaseinhousehold
more than
80%
ChinaastheKeyDriver OnlineRetailing
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
China Japan India Indonesia Sourth Korea Thailand Taiwan Philippines Malaysia Vietnam Hong Kong Singapore
Val
ue o
f Ret
ail S
ales
(US
$ bi
llion
)
0
50
100
150
200
250
300
350
400
450
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Val
ue o
f Sal
es (U
SD
bill
ion)
Forecast
China, Japan and India
others
Source : The EIU Source : Euromonitor
2013 2014
Retail Sales in Asia (By Country / City) On-line Retail Sales (Asia Pacific)
Regional Real Estate Research I June 2013 Colliers International
incomesresultingfromthetightlabourmarketandminimumwagelegislationshouldcreateastrongimpetusforChina’ssustainedgrowth.AccordingtotheEIU’sprojection,ChinaissettoovertaketheUSforthefirsttimeeverasthecountrywiththeworld’shighestvolumeofsalesduring2013.
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Thepopularityof logisticswarehouses inAsiaasaformofinvestmenthasincreasedinthepastcoupleof years, due to a significant shift of focus by realestate investors away from just short-term capitalappreciationtowardsyieldsandincomesecurity.Thiscanbeexplainedbythefactthatsustainedeconomicuncertainties in the marketplace have made globalmarketsincreasinglyvolatile.
SECTION 2Real Estate Investment Globalriskaversionisthebuzzphraseamongmanyrealestateinvestmentmanagersnowadays,andpeopleare
increasinglygoingforyields.Also,investorsaregettingmoreandmoreconcernedaboutthegrowingpolicyandliquidityrisksinsomeAsianmarkets.Forexample,theresidentialsectorisbecomingverypoliticallysensitive,asanumberoflocalgovernmentsaredeterminedtocurbanydramaticincreasesoflocalhousingpricesinordertocounteracttheriskofarealestatebubble.Atthesametime,itwouldbemoredifficultforinvestorstoexitthemarketifthereisanoversupplysituationandalackofmarketliquidity.Thecommercialsectorhasagoodlevelof liquidityandthereisconstantdemand.Yet it isalwaysachallengeforinvestorstosecureinvestment-gradedevelopmentsatpricesthatmatchtheirtargetreturns.Moreover,itistoodifficultforgeneralplayerstoparticipateintheretailpropertymarket,unlesstheyhavealreadybuiltupateamofretail-focusedstaffontheground,andhavetheassistanceoflocalexperts.
Although logisticswarehousing isahighly-specialisedpropertysector, the levelof riskduring itsdevelopmentisrelativelylow,becauseitprogressesfromabaresitetocompletionwithouttoomanycomplications.Anditiseasytoreplicateafterthefirstprojecthasbeencompletedsuccessfully,asdevelopersandtheir localpartnersgrow increasingly familiarwith various aspects of the process, for example quality requirements and buildingspecifications.
Global Risk Aversion
Development Cycle
12
Regional Real Estate Research I June 2013 Colliers International
Key Challenges and Threats
Investorstendtoadoptadefensivemodewhenitcomestoriskaversion.Manywouldprefertosticktothebasicsandworkonrealisticreturnparameters.Asianinvestorshavebeenchallengedwithyieldcompressioninanumberofpropertysectors.However,therearestillindustrialandwarehousingopportunitiesthatyieldanetoperatingincomeofover8%perannumsayinChina,ifinvestorsgoouttofindthem.
While the market in Asia is competitive, it is also big enough to accommodate moreinvestors. InChina,demand formodern logistics facilities insecondandthird-tiercitieshasbeengrowingrapidly.Giventhecurrentdistributionofeconomicactivityacrossthecountry,investorswillhaveabetterchanceofwinningmarketshareiftheyplanandinvestconcurrentlyinbothfirstandsecond-tiercities.Theexperienceofseasonedmarketplayersshows itmakesmoreeconomicsensetodevelopaclusterofthreeor fourwarehousesinonecity,sothattheycanleveragetheirtotalfixedcostsbetterandgainmoremarketexposureandvisibility.
Aspreviouslydiscussed,teamingupwithlocalpartnerswhounderstandthelocalmarketandsourcingsuitabledevelopmentsarethebeststrategiesformostplayers.ChangesofgovernmentpersonnelareakeyriskfactorinthemajorityofAsianemergingmarkets.Inthecaseofnewconstruction,frequentchangestothestatutoryrequirementsconcerningbuildingservicesalsoaffectthetotalcostandtimeframeofconstruction.
A key challenge for most prospective investors is the fact thatthe logisticswarehousingmarket is not transparent, especially inChina and Japan, plus the fact that stock is not readily availableforsale.Thevalueofsalestransactionsofindustrialandlogisticsdevelopments in Asia forms just aminor 7-10% of the total pie,accordingtostatisticsprovidedbyRCA.Thethinsalestransactionvolumeisattributabletothelackofmodernlogisticsfacilitiesonthesupplyside,relativetotheinherentdemandcreatedbyever-growingeconomies.Asignificantnumberofexisting logisticswarehousesinChinaarenot yet up to international standards.Manyof themaresimplyconverted,dilapidatedfactories.Theconclusion isthatdemandformodernlogisticswarehouseswillcontinuetooutstripthelevelofsupply,atleastintheneartomediumterm.
The Opportunities Are There
Winning Strategies
Regional Real Estate Research I June 2013 Colliers International
13 14
0
20
40
60
80
100
120
2007 2008 2009 2010 2011 2012
Val
ue o
f Tra
nsac
tions
(US
$ bi
llion
)
Office RetailIndustrial Apartment Hotel
Asia Real Estate Investment Sales Transaction Volume
Source : RCA
Note : Properties and portfolios $10 million and greater
A joint-venturepartnershipwithalocaldevelopercanhelp
notwithstandingthefactsomewouldarguethatpartneringitselfcreatesrisks!
V
V investorsavoidsomeoftheaboverisks,
Colliers International
15 16
As a general investment benchmark, the average industrial capitalisation rate inAsia fell to an all-time lowof5.8% in2Q2012;but itedgedupagainto7.1% in1Q2013,accordingtostatisticsprovidedbyRCA.Theincreaseincapratesreflectedgrowinguncertainty inthetraditionalwarehousingsectoraboutthesovereigndebtproblemsintheEurozone,whichhadstillnotbeenfullyresolved.However,strongdemandcontinuesforqualitylogisticswarehousesanddistributionfacilities,particularlythosesupportedbyseasonedmanagers,andtheaveragecapitalisationrateshavebeencompressed.
Industrial YieldLogistics Warehousing Rental Outlook
5% 5%
0%
5%4%
10%
3%
0%
5%
10%
15%
20%
25%
0
5
10
15
20
25
Hong Kong Singapore Tokyo Delhi Shanghai Beijing Guangzhou
Fore
cast
Gro
wth
(% C
hang
e ye
ar-o
n-ye
ar)
Ren
tal (
US
$ pe
r sq
ft pe
r ann
um)
Asia Logistics / Industrial Rentals ( By Key Markets ) Asia Industrial Capitalisation Rates
Source : Colliers
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2007 2008 2009 2010 2011 2012 2013
Cap
italis
atio
n R
ates
/Bon
d Y
ield
s (%
per
ann
um)
Source : RCA; CEIC
Industrial Capitalisation Rates 10-year US Bond Yields Average Industrial Cap Rate (2007-2012)
Beijingisgoingtodeliveranexceptionalperformance,primarilyduetotheacceleratingexpansionofitsthird-partylogistics(3PL)companiesande-commercesector.Meanwhile,thegrowthmomentumisgoingtobesustainedbythecity’slackofnewsupplyofquality,modernlogisticsfacilities.InTokyo,theleasingmarkethasremainedsteady,anditiswellsupportedbyanumberoflocallogisticscompanies.Giventhelengthofleasingcontracts,intheregionof5-10years,rentsinTokyoareexpectedtostayrelativelyflat.InIndia,theleasingmarket’soutlookcontinuestolookpositive,thankstothedemandfromlightindustryandIT/ITessector.Meanwhile,theIndiangovernmenthassupportedtheupgradingoflocalinfrastructuretointernationalstandards.Backedbydemandfromendusers,rentsareforecasttorisebyaround5%in2013.
InChina,thenormisaroundUS$6-7persq.ft.perannum;andinmostChinesecities,theyareexpectedtoincreaseintheorderof3-5%perannum,thankstothesustainedgrowthofindustrialproduction,cargothroughputvolumeandlocalretailsales.
HONG KONG
TOKYO
SINGAPORE
Three most-popular logistics hubs in Asia :industrial and logistics rentals there currently average US$22 per sq. ft. per annum.
Regional Real Estate Research I June 2013
DuetothesustainedflowofinvestmentsintoAsia,andtheregion’ssubduedinflationaryenvironment,risk-freerateshaveconsistentlyfallenbyaround35basispointsoverthepast12months.Thelogisticsandindustrialpropertyyieldspreadcomparedtotheserisk-freeratesnarrowedfurtherduringthe12monthsupto1Q2013.However,thespreadwidenedinJapan.Ten-yearJapanesegovernmentbondyieldsfellto0.58%,asofApril2013,duetothegovernment’sdeterminationtoloosenitsmonetarypolicyinordertospurinflation.TheJ-REITmarkethasbecomeactiveasaresultoftheenhancedvolumeofliquidity.InHongKong,investmentyieldsbyvaluationareintheorderof3.60%,duetosustaineddemandfromendusers,thestrongappetiteofprivateequityinvestors,andexpectationsoffurthercapitalappreciationarisingfromtheindustrialrevitalisationinitiativesbeingpushedbythegovernment.
InChina,long-termrealestatefundshavebeeneyeingopportunitiesformodernwarehousingfacilitiesforlong-termgrowthinboththefirstandsecond-tiercities.InvestmentyieldsforqualitylogisticspremisesinChinacurrentlyrangefrom6to8%perannum.Givengenuinesupportfromoccupiers,overallinvestmentyieldshaveremainedmorethan300basispointsabovetherisk-freerate.TheyieldspreadinIndiaissimilar,wheredemandfrommanufacturerswishingtoupgraderemainsstrong.InSingapore,theyieldspreadismorethan400basispoints,despitegenuinerentalsupport,ascapitalgrowthexpectationshavebeenmoderatedbythegovernment’snewcoolingmeasures.
0%
2%
4%
6%
8%
10%
12%
India China Japan Singapore Hong Kong
Yie
ld (%
per
ann
um)
Source : CEIC; Trading Economics
Note : Risk-free rates refer to long-term government bond yields
Yields (% p.a.) Risk-free Rates
Asia Logistics / Industrial Yields ( By Key Centres )
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Regional Real Estate Research I June 2013 Colliers International
Without doubt, the universal golden rule for real estate investment is“Location, Location, andLocation”.Yet the property sector that has beengainingpopularityinthepastcoupleofyearshasbeen“Logistics,LogisticsandLogistics”.Perhaps, thebestbuzzwordnowadayswouldbe “Logisti-cation”!
Inourview,thekeyreasonforthechangeinemphasishasbeenashiftinthestrategyof investorstowardsrisk-averseproperties,particularlysincetheglobal financialcrisis.Putsimply,growingpricevolatility intraditionalcommercial real estate sectors and the increasing difficulty of sourcingreasonablerisk-adjustedreturnshavepushedmoreinvestorsintologisticswarehousing–anichepropertysectorthatdemandsagoodcombinationof physical (i.e. quality real estate) and intangible (i.e. value added by aseasonedmanagement)elements.
Logisticswarehousing is a proven defensive playwith long-term growthpotential. Demand for it in Asia is currently being fuelled by positivedemographic factors (e.g. the average population age and the pace ofurbanisation), the political policies being pursued by individual countries,andgrowingprivateconsumptionexpenditureintheregion.However,therehasalwaysbeenalackofsupplyofgood-qualitylogisticswarehouseswithhighphysicalspecificationsandmanagementsupportbythird-partylogistics(3PL)operators.A lackof investment-gradeassetsavailable forsalehasbeenthemainreasonwhythesectorwaslargelyoverlookedinthepast.
Formany years, so-called logisticswarehouses have been dominated bylocal players. The widely varying standards of service quality they haveoffered has resulted invery different rental and occupancy performance.However, demand for top-quality logistics warehouses managed bytrustworthy3PLs is actually expanding, due to thegrowing requirementsof principals engaged in the entire supply chain management process –notwithstandingthechallengesposedbytheglobaleconomicslowdown.Infact,macro-trendsinAsiahaveremainedverysolid,ascanbedemonstratedbytheresilientperformanceofboththeregion’s industrialoutputandthevolumeofretailsales.Last,butnotleast,thekeychallengeforprospectiveinvestorsisperhapshowtoteamupwithalocalpartnerwhopossessesthebest local knowledgeaboutareassuchas rulesand regulations, inordertosourceopportunitiesthatofferayieldspreadofatleast300percentagepointsabovethecorrespondingrisk-freerates.
Colliers'Views
Pros Cons strategiesGrowing demand forquality warehouse
Complex local rulesand regulations
Partnering with a right local expert
Premium yields Liquidity riskGoing for a long-term hold to enjoy steady rental return
Short development cycle; easy to replicate
Easy to introduce competition
Building up a critical mass; Targeting 3-4 development per city
Logistic Yield
executive sponsorPiersBrunnerChiefExecutiveOfficer,[email protected]:+85228220727
authorSimonLoExecutiveDirectorResearch&Advisory,[email protected]:+85228220511
JessyChung AnalystResearch&Advisory,[email protected]:+85228220643
Forfurtherdetails,pleasecontact:
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