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KEY DEMOGRAPHICS

KEY DEMOGRAPHICS. per inhabitant. Sources : Economist Intelligence Unit - Eurostat. GDP GROWTH IN ASIA. China. Hong Kong. India. Indonesia. Japan. %. 12. 10. 8. 6. 4. 2. 0. 1999. 2000. 2001. 2002. 2003. 2004. 2005. -2. Source: Economist Intelligence Unit.

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KEY DEMOGRAPHICS

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  1. KEY DEMOGRAPHICS per inhabitant Sources : Economist Intelligence Unit - Eurostat

  2. GDP GROWTH IN ASIA China Hong Kong India Indonesia Japan % 12 10 8 6 4 2 0 1999 2000 2001 2002 2003 2004 2005 -2 Source: Economist Intelligence Unit

  3. GDP GROWTH IN ASIA Singapore Vietnam Philippines Thailand Taiwan Malaysia % 9.5 8 6.5 5 3.5 2 0.5 1999 2000 2001 2002 2003 2004 2005 -1 -2.5 Source: Economist Intelligence Unit

  4. CHINA: 4% OF WORLD GDP Consumption: • 27% of world’s steel • 7.5% of oil • 34% of coal • 40% of cement 2004 FDI totaled US$ 60.6 billion Disposable income per capita: • 1 135 $ urban residents • 353 $ rural population Private economy: • + 47% between 1989 and 2003 • generates ¼ more jobs than the state sector

  5. CHINA: GROWTH ENGINE Middle Class: • 5% of total population in 2004 • 45% of total population in 2020 2004: 25 million Chinese can now afford to travel abroad 2008 estimation: 50 million Retail sales: • Growth of 13.3% • 450 million mobile phones

  6. INDIA: THE NEXT CHINA ? • Strong economic growth (outsourcing from the US and Europe) • Engineers average salary: 8,000 € (Germany 40,000 €) • Intel: US$ 40 million invested in Bangalore – 2,400 employees • Inadequate infrastructure -> Offices moving out of central Delhi and Mumbai

  7. OFFICE MARKETS • Office: part of a mixed use development with retail, hotels, …. • Office markets less speculative than the residential market • 2004: general rents firming -> +30% in 2004 in Hong Kong +15% forecast in 2005 • Growing focus on second and third tier cities • Premium office space in Asia: 34 million m² –> +240% since 1996

  8. OFFICE MARKETS: KEY FIGURES Rent Vacancy Rate US $/m²/year % 25 700 20.0 600 20 16.5 500 14.5 15 400 8.0 300 10.7 10 7.8 8.0 7.5 200 3.5 5 100 0 0 Taipei Beijing Seoul Tokyo Mumbai Shanghai Hong Kong Singapore Ho Chi Minh

  9. OFFICE MARKETS: KEY FIGURES % US $ / m² Price Yield 20,000 16 15.00 18 000 14 16 000 12 11.00 14 000 9.60 10 9.00 12 000 8.00 10 000 8 8 000 5.25 6.00 6 6 000 4.00 4 4 000 2 2 000 0 0 Beijing Seoul Tokyo Mumbai Shanghai Singapore Hong Kong Ho Chi Minh

  10. OFFICE MARKET TRENDS Hong Kong Tokyo Shanghai Manila Sunny Taipei Jakarta Ho Chi Minh Singapore Bangkok Kuala Lumpur Beijing Seoul Chilly

  11. INVESTMENT TRENDS • Transparency -> launch of REITs in Singapore, Japan, South Korea, Malaysia and China • Region attractiveness: Direct Property investments

  12. SIGNIFICANT TRANSACTION Beijing Yintai Centre Surface: 350,000 m² Date: 1st Quarter 2005 Merrill Lynch purchased a US$ 30 million stake Owner: Beijing Yintai Property Under development Delivery June 2007 Total investment: US$ 480 million

  13. INVESTMENT TRENDS • Indirect Property investments • Early investors in Seoul now selling out • But : Mismatch between reality and expectations

  14. SIGNIFICANT TRANSACTION Star Tower Location: Seoul, South Korea Surface: 210,000 m² Date: 4th Quarter 2004 Price: US$ 816 – 825 million Seller: Lone Star Fund III Purchaser: GIC Real Estate Pte Ltd Yield: 8-9%

  15. ASIE: HIGHLIGHTS • Regional consumption: + 5.3% en 2004 • Tourism: strong driver for development • South Korea: real estate sector attracting overseas investors

  16. ASIE: CHALLENGES • Level of Education • Rising disposable incomes • Growth in consumption • Sustainability • Global city/regional planning • Regeneration or new towns? • Conservation of heritage assets

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