DEVELOPMENT OF PLOT W19 WITHIN SHANGHAI CAOHEJING HI-TECH PARK 上海漕河泾工业园区W19地块综合开发项目 DEVELOPMENT CONSULTANCY SERVICES – FINAL REPORT 策划及咨询服务 – 报告终稿 二零零四年十二月 DECEMBER 2004
Chapter章节 Page页码 INTRODUCTION简介 …………………………………………………………………1 BACKGROUND 任务介绍…………………………………………………………1 SCOPE OF WORK服务内容 ………………………………………………………2 REPORT STRUCTURE 报告结构………………………………………………………2 CONCLUSIONS AND RECOMMENDATIONS 项目开发规划建议 ……………3 DEVELOPMENT SUGGESTIONS TO THE WHOLE SUBJECTED PROJECT总体项目开发建议 ……………………………………………………………………………………3 DEVELOPMENT SUGGESTIONS TO HOTEL酒店开发建议 …………………………10 DEVELOPMENT SUGGESTIONS TO OFFICE BUILDING办公楼开发建议 ……………14 DEVELOPMENT SUGGESTIONS TO SERVICE APARTMENT 酒店式公寓开发建议……18 DEVELOPMENT SUGGESTIONS TO RETAIL 零售商业开发建议 ……………………25 SUGGESTIONS TO PHASING开发分期建议 …………………………………………32 MACROECONOMIC & POLICY OVERVIEW宏观经济政策分析 ……………………39 MACRO ECONOMY IN SHANGHAI上海宏观经济分析………………………………39 MACRO ECONOMY OF XUHUI DISTRICT徐汇区经济分析 …………………………51 GOVERNMENT POLICIES ANALYSIS 政策研究 ……………………………………56 SITE ANALYSIS 地块研究 …………………………………………………………63 INTRODUCTION OF THE SITE地块简介………………………………………………63 INDUSTRIAL ENVIRONMENT ANALYSIS 产业环境分析 ……………………………65 LIVING FACILITIES AROUND THE SITE 周边环境设施调查…………………………68 TRANSPORTATION SYSTEM ANALYSIS 交通系统分析………………………………72 SWOT ANALYSIS SWOT分析………………………………………………………83 SUMMARY 小结 ……………………………………………………………………85 SERVICE APARTMENT MARKET ANALYSIS 服务式公寓物业市场分析………87 TRADITIONAL STYLE SERVICE APARTMENT MARKET ANALYSIS传统服务式酒店公寓市场分析 …………………………………………………………………………87 STRATA-TITLED SERVICE APARTMENT ANALYSIS产权式酒店公寓市场分析 ……90 REGIONAL MARKET ANALYSIS 区域市场分析……………………………………99 MARKET CONCLUSIONS 市场小结 ………………………………………………110 OFFICE MARKET ANALYSIS 办公楼物业市场分析 ……………………………112 SHANGHAI OFFICE MARKET OVERLOOK 上海办公楼市场概况 …………………112 REGIONAL MARKET ANALYSIS 区域市场分析……………………………………118 MARKET CONCLUSIONS 市场小结 ………………………………………………133 HOTEL MARKET ANALYSIS酒店物业市场分析……………………………………137 SHANGHAI HOTEL MARKET OVERLOOK 上海市酒店市场概况 …………………137 REGIONAL MARKET ANALYSIS区域市场分析 ……………………………………142
MARKET CONCLUSIONS 市场小结 ………………………………………………146 RETAIL MARKET ANALYSIS零售物业市场分析 …………………………………148 SHANGHAI RETAIL MARKET OVERLOOK上海零售市场概况 ……………………148 REGIONAL MARKET ANALYSIS区域市场分析 ……………………………………152 MARKET CONCLUSIONS市场小结…………………………………………………174 COMPETITION ANALYSIS 竞争分析 ………………………………………………176 SERVICE APARTMENT MARKET 酒店公寓市场 …………………………………176 OFFICE MARKET 办公楼市场 ……………………………………………………184 HOTEL MARKET 酒店市场…………………………………………………………190 RETAIL MARKET 零售市场 ………………………………………………………197 SUMMARY小结 ……………………………………………………………………206 DEVELOPMENT SCENARIO备选开发方案评估 ……………………………………208 OPTION ONE 方案一 ………………………………………………………………209 OPTION TWO方案二 ………………………………………………………………215 COMPARISON BETWEEN OPTOIN 1 AND OPTION 2方案一和方案二优劣评选…218 OPTION THREE方案三……………………………………………………………222 COMPARISON BETWEEN OPTOIN 1 AND OPTION 3方案一和方案二优劣评选 …223 CASH FLOW BEFORE TAX OF OPTION 1 , OPTION 2 AND OPTION 3 ……225 PRELIMINARY FINANCIAL ANALYSIS 初步财务分析………………………………228 THE FUNDAMENTAL PARAMETER AND SCHEME 项目开发基本参数及建设方案 …………………………………………………………………………………228 FINANCIAL ANALYSIS RESULT OF HOTEL酒店产品财务分析结果 …………235 FINANCIAL ANALYSIS RESULT OF OFFICE BUILDING 办公楼产品财务分析结果……………………………………………………………………………………238 FINANCIAL ANALYSIS RESULT OF SERVICE APARTMENT 酒店式公寓产品财务分析结果 ……………………………………………………………………………240 FINANCIAL ANALYSIS RESULT OF STRATA-TITLED SERVICE APARTMENT 产权式酒店公寓产品财务分析结果 ……………………………………………………242 FINANCIAL ANALYSIS RESULT OF RETAIL SHOPPING PLAZA休闲购物广场产品财务分析结果 ………………………………………………………………………244 FINANCIAL ANALYSIS RESULT OF RESTAURANTS 餐饮产品财务分析结果 …246 FINANCIAL ANALYSIS RESULT OF ENTERTAINMENT COMMERCE 娱乐产品财务分析结果 …………………………………………………………………………248 FINANCIAL ANALYSIS RESULT OF SPORT AND LEISURE CENTER 运动休闲产品财务分析结果 ………………………………………………………………………250 FINANCIAL ANALYSIS OF THE WHOLE PROJECT 项目整体财务分析 ………252 SENSITIVITY ANALYSIS 敏感性分析 ……………………………………………254 PROMOTION STRATEGIES市场推广策略 …………………………………………255 PROPERTY RIGHT HANDLING产权处置策略………………………………………255
PROMOTION TACTICS推广策略建议………………………………………………257 DESIGNING BRIEF 设计要点 ……………………………………………………262 PRINCIPLES设计原则……………………………………………………………262 OVERALL LAYOUT整体布局 …………………………………………………263 ORGANIZATION OF TRANSPOATATION交通组织……………………………………264 LANDSCAPE 绿化景观 …………………………………………………………265 BUILDING STYLE 建筑风格及造型……………………………………………267 DESIGN BRIEF OF HOTEL 酒店设计 ………………………………………………268 DESIGN BRIEF OF OFFICE 写字楼空间设计 ………………………………………271 DESIGN BRIEF OF SERVICED APARTMENT COMPLEX AND STRATA-TITLED APARTMENT BUILDINGS 服务式酒店公寓及产权式酒店公寓设计…………276 DESIGN BRIEF OF RETAIL DEVELOPMENE COMPONENT 商业部分设计……278 DESIGN BRIEF OF SPORTS CENTER COMPONENT 运动休闲中心设计 ………281 GENERAL DESIGN COMMENTS 整体项目配套设施…………………………282
Chapter 1 Irodunctt ion简介 C hapter1 Ioductionntr 第一部分 简介 Bunodackgr CB Richard Ellis (“CBRE”) was appointed by theShanghai Caohejing Hi-Tech Park New Deent velopmCo., Ltd. in to provide the professional service in relation to the development of Plot W19 within the Caohejing Hi-Tech Park. T hepurpose of the assignment is to confirmthe uopt immscale of the ferent difcoponents mof the ed pporsodevelopment, in the htl igof the actercihsatrics of the site, market trends, iaplo tentpetiticoonm, projected levels of nadedm, international experience, and the financial viability of the A further objective is to iydentif the appropriate development concept which will xiamimze the level of financial return to be raetgedn by the schee,m and to develop an appropriate strategy and programrelating tothe entaptlieomn imof the ojecptr. Meanwhile, the positive roleyplaed by the site development to Caohejing will be put into consideration. 世邦魏理仕物业顾问有限公司很荣幸接受上海漕河泾开发区高科技园发展有限公司的委托，对漕河泾工业园区W19地块综合开发项目进行顾问咨询服务。本次服务最终要达到的目的是根据 W19地块特征、周边市场发展趋势，前在竞争对手、市场需求水平、国际经验和财务可行性为项目用地确定最合适的发展规模、内容组合。同时通过主题的开发和有关项目的执行策略和步骤确定合适的发展概念以使资金回报最大化，并考虑地块开发对整个漕河泾开发区整体利益提高、增值的作用。 Scope ofWork It was agreed that the scope of work associated with this ix-muse sit econsultancy would veoilnvthe follogwin tasks: 经讨论确定，报告研究的涉及范围如下： • BASELINE REVIEW基础分析 • REVIEW OF COPORATION OBJECTIVES了解发展商的开发目标 • ECONOMIC, DEMOGRAPHIC AND POLICY REVIEW 经济、人口和政策分析 • MARKET RESEARCH 市场研究 • COMPETITION ANALYSIS 竞争市场分析 1
Chapter 1 Irodunctt ion简介 • FORMULATION OF DEVELOPMENT SCENARIOS 明确项目发展内容 • FINANCIAL ANALYSIS 财务分析 Report Se tructur • INTRODUCTION简介 • CONCLUSIONS AND RECOMMENDATIONS 项目开发规划建议 • MACROECONOMIC & POLICY OVERVIEW宏观经济政策分析 • SITE ANALYSIS 地块研究 • SERVICE APARTMENT MARKET ANALYSIS住宅物业市场分析 • OFFICE MARKET ANALYSIS 办公楼物业市场分析 • HOTEL MARKET ANALYSIS酒店物业市场分析 • RETAIL MARKET ANALYSIS零售物业市场分析 • COMPETITION ANALYSIS 竞争分析 • DEVELOPMENT SCENARIO备选开发方案评估 • PRELIMINARY FINANCIAL ANALYSIS 初步财务分析 • PROMOTION STRATEGIES市场推广策略 2
Chapter 2 Recommendations 项目开发规划建议 Chapter 2 Recommendations 第二部分 项目开发规划建议 • In conducting this assignment, CBRE conducted led detairesearch on the subjectsite, its surrounding enetn,vironm accessibility and the trtaianosnp orty,sstem unicipal mplanning and commercial and residential facilities. Based on our research and analyis sCBRE identified the sadvantageand disadvantages of the site as wll eas the opportunities and threats facd eby the subject site. • 在前面的部分中，本公司首先进行了地块基础分析，对拟开发地盘进行了深入细致的评估，研究了地块周边的规划，交通，配套情况，并挖掘地块的优势及限制性因素。 • Based on our acro meconomic analyis sand therespective Government policies and regulations for Shanghai and Xuhui districts, CBRE concludes, that the existing acro meicco nomsituation and future end trdper ovia favorable eenntv ironmto develop he tsubject project. • 在报告之经济、人口及政策规划分析中，本报告考察了上海市整体及徐汇区的投资环境和房地产开发政策，认为目前及未来几年上海市整体及徐汇区的宏观经济及政策环境使本案项目各开发内容具备了良好的时机及宏观基础。 • W erecommend, that four real estate sectorial ty pescan be developed on thesubject site. The recommended real estate sectors to be developed at thesubject site include retail, service eanpartmt, hotel and In making theseendte velopmrecommendations we have specifically identified the l potentiacopetition mfor each recommended sectorial development, in order to position and ferentiate difthe subject project. • 我们认为，本项目适合发展的物业类型共四类，分别是商业，酒店式公寓，写字楼，酒店。为了给出准确定位的开发建议，我们对各个功能中可能的潜在竞争项目进行了仔细的研究，以便有针对性的对各物业进行定位及开发建议。 • W ehave provided our pcometition analyis sin Chapter 9. The copetition moutlines the petitivceo msuyppl and provides a SWOT It then providesour denvtem loprecommendations in tes rmof the type, quantumand rkamet positnigo nior fthe subject • 在本报告的第九部分，本报告对拟建项目的竞争市场进行初步总结，为提出初步功能定位及市场定位建议提供分析基础。 3
Chapter 2 Recommendations 项目开发规划建议 • Three development options have been presented based on our research and The three options’financial viyabilit and market feasibility have been tested. The three optionsare both ially financand rakmet supportable. However Option 1 is he tore mmarket and ficnanial supportable than oonp titwo. Wn hecoparinmg pto ion1 d anopt ion3, iopn to1 is ore mhel pfulo tachieve e thwhole positioning of the site while option 3 is a ore mfinancial feasible scenario. W etherefore recommend Option 1 as the preferred ent developmscenario but also list option 3 for reference considering the funding condition of the .developer • 并在第十部分基于前面研究基础上提供了三个备选开发方案，并对三个方案进行了市场可行性及财务可行性方面的分析，结果表明，本公司初步建议的三个方案在市场及经济上都是可行的，且方案一在市场及财务可行性方面均优于方案二。方案一和方案三相比，方案一能更好地实现项目整体定位，但方案三有更强的资金可操作性。因此，本公司将方案一作为推荐建议方案，同时补充列出方案三，供开发商自行选择。 • Based on our financial analyiss the following table presents the finnciaal results of Option 1, Option 2(a) nd aOptni o3. Poperties rOption1 Option2(a) Option3 2 2Hotel41,600M/ 41,600M 2 22Ofice f110,000M272,264M 110,000M 222Service Apartentm 40,000M 40,000M 40,000M 2 22Strata-titled Apaerntt m96,000 M96,000 M 96,000 M 2 22Retail/Retail Services 9,000 M9,000 M 9,000 M 222Retail/Food& Beverage 7000 M 7000 M 7000 M 2 22Retail/Entertainment 5,600 M5,600 M 5,600 M 2 22Sports Center 8,000 M8,000 M 8,000 M 222To latGFA 317,200 M 437,864 M 317,200 M Total Intnevest m2,021,580,0001,833,510,000 1,017,945,000RMB(before tax) NPV(before tx)a 515,332,400 469,656,800 886,622,000 4
Chapter 2 Recommendations 项目开发规划建议 IRR(before tax) % % %Year of Payack b11 y srae10 years 10 years • 通过财务分析比较，三个方案的比较如下： 物业类型 方案一 方案二（A） 方案三 2 2酒店41,600M/ 41,600M 2 22写字楼 110,000M272,264M 110,000M 222服务式酒店公寓（只租不40,000M 40,000M 40,000M 售） 2 22产权式酒店公寓 96,000 M96,000 M 96,000 M 2 22商业/休闲购物广场 9,000 M9,000 M 9,000 M 222商业/餐饮 7000M 7000 M 7000 M 2 22商业/娱乐5,600M5,600 M 5,600 M 2 22运动休闲中心 8,000 M8,000 M 8,000 M 222总建筑面积 317,200 M 437,864 M 317,200 M 税前总投资额（人民币）2,021,580,0001,833,510,000 1,017,945,000税前净现值（人民币） 515,332,400 469,656,800 886,622,000 税前内部收益率 % % %税前投资回收期 11年 10年 10年 5
Chapter 2 Recommendations 项目开发规划建议 . Market positioning forthe Subject Pojectr总体项目市场定位 Based on the following points: • GDP of Shanghai has been eynjoing oubdle digit rowtgh over the past several years and is expected to keep such increase in the future. S uchstrong acro myeconom will pdreo vithe ubjects pro jectwith favorable entv ironmand a solid • 上海连续多年实现GDP两位数的高速增长，预计未来上海的经济仍将保持增长。上海国民经济的持续增长为房地产市场发展提供了有力的支撑及坚实的基础。 • Ss h’anghaiyoncom eattracts ore mand ore mforeign nvestmient, which has generated ge larnad demfor iddle-mhigh end service apartentm,s hotel, fice ofnbgu,ildi tauranrtes and entertainent mfacilities. Such andd emwill pkee growing n ie thnear future. • 由于城市竞争力的不断加强，投资环境的不断优化，上海对外商投资的吸引力正不断增加。外资的大量进入增加了对上海中高档服务性公寓、酒店、办公楼及餐饮娱乐设施的市场需求。 • GDP of Xuhui district accounts for an portant mipart of the overall yeconom of Shanghai. Fast ednetv elopm ofXuuhi ,yoncome especially of he tndustiries likeretail, real estate, hi-tech industries creates an active and beneficial ent environmfor the subject project. • 自2000年以来，徐汇区的GDP占上海市全市的比重居于重要的地位，徐汇区的经济总量、工业、商业、房地产、高科技产业开发等高速发展，为本案房地产项目创造了积极的外部环境。 • As one of the ost mous famand advanced Hi-Tech Park in Shanghai, Caohejing Hi-Tech Park has built upoutstgandi nndustriail ntageasd vwith clear ind ustrypositnigo nind awill havegreat poitaeln tfor futuredeevnetlopm. But lack ofcommercial facilities leaves the area with a lot of atisfied unscommercil aneeds. Lge arcapacity of potentialmarket for hotel and service apartent mwill sutliate mendte velopmof retail and fice fob,uilgdin and vice • 漕河泾开发区作为上海市最著名的，发展最早、最完善的高科技开发区，已经培育出高科技产业集聚的产业环境优势，产业定位清晰，发展潜力很大。但区域内人口密度低，缺乏商业配套设施和商业氛围。因此区域内存在大量未被满足的潜在市场需求。存在众多的零售商业及酒店消费需求，并刺激办公楼市场和酒店式服务公寓的发展。 6
Chapter 2 Recommendations 项目开发规划建议 • There are currently no definite ge–scale larcommercial endevelotpm masterplans for the Sh-touWest of Shanghai. This depsr ovia “window of yunoiptport” for the Caohejing Hi-Tech Park to position/enhance itself in the South-West f oShanghai. • 根据目前上海西南部尚无大体量的商务规划的现状，漕河泾开发区在上海西南部的影响力以及漕河泾目前周边产业地块缺乏商贸腹地将彼此连接起来的现状，我们做出如下建议。 • An enhanced aige mfor the Caohejing Hi-Tech Park precinct will hlpe to kea ma tangible ndaing“”b r orfthe Hi-Tech P ark,zone which ld uco beednam “Platinum Base for Ss h’anghaiSouth-West”, to attract hi-tech and/dowunpstream ancillary businesses and create new tax revenue, npgr ovidiultiple mfunctions to satisfy and service the commerical needs and nrteesq uiremof the existing and future Caohejing Hi-Tech park businesses and occupants as well as penetration and proveimment of ferent diffun,ctions npgr ovidiscenes of abundant senses, a cobinatimon of Commercil,a F&B, sporting, ure leisand supporting retail acilitifes • 提升后的漕河泾开发区功能区域塑造一个高科技开发区的名片，吸引人流，培育税源，获得功能的主题化和多样性，功能之间的渗透与促进.提供丰富的感观（视觉、听觉)享受的场景，并融合商务、餐饮、运动、休闲及居住等综合体验。 W erecommend, that he topsitgionin of the W19 site of the Caohejing Hi-Tech parkbe the Ccial ommerGate of S shanagih’Sh-outWest. The branding u clod beCcial ommerPlatinum Base of Caohejing Hi-Tech Park. 我们建议将漕河泾西区W19地块综合开发项目定位成上海西南部商贸门户，漕河泾开发区商贸白金腹地。 SWOT analysis forthe Subject Pojectr整体项目SWOT分析 Snegh str优势 • The subject site is located in the Caohejing Hi-Tech Park with clear industrial posnigt ionif ohhig-tech dusitnries like micro-electrics, coputer mand software, teleco mand biology neereinnggi. Aggregate fect efin the park will kea mthe subject site attract ore mcopmanies espeiallyc hi-tech 7
Chapter 2 Recommendations 项目开发规划建议 • W19地块位于漕河泾高科技产业开发区内，区域产业定位明晰，对微电子、计算机及软件、生物工程、精细化工、新材料、通信、仪器仪表等高科技产业形成很强的产业聚积力。园区内工业研发所需多功能办公楼、厂房和供电、环保等基础设施配套完善。 • There are some ous famuniversities in the area such as Shanghai Jiaotong U,niversity East China University f oTechnoylog d anSghani Normal Univeristy. These universities and institutes provide the subject site with strong technological support and hi-tech research capabilities. • 该区域位于著名理工类综合性大学上海交通大学及其他一些重点大学如华东理工大学、上海师范大学等的辐射范围内，具有很强的科研力量支持和文化研究氛围。 Wssenkae se劣势 • There is no mature residential area around he tjseucbt site. C,orrespoyndingl there are very few commercial facilities. Therefore, the subject site does not attract people fromother areas. • 该地块周边常住人口相对较少，缺乏生活氛围，商业配套设施不完善。无法吸引聚集人流。 Opportunities 机会 • W19 plot isthe yonl land ,plot that is approved yb the georvnent m forcommercial use. The other plots of land in Caohejing Hi-Tech Park are all for industrial use. Therefore, here tis no commercial devloepment yt ein the subject area, except a convenience store on e thnorth of e htsite. The nearest mature commercial precinct is the Gubei precinct approximately 10 inutes maway from the subject site. Commercil ademand generated within theCaohejing Hi-Tech Park is basically going unfulfilled. It appears, that there is a ge laruncaptured, potential rkaet mdemand and he tsubject project d coulachieve a onopolistmic market position to ercial commdevelopment within the Caohejing Hi-Tech Park. • W19地块为漕河泾开发区内唯一的商业用途地块，其余均为工业用途地块。因此地块周边商业配套设施极度缺乏，地块周边十分钟步行距离内仅有一家小型快客便利店。地块周边步行距离范围内无餐饮设施，五分钟车程内仅有一家美林阁上海风味餐饮，十分钟车程内方可到达可提供多样化、大量餐饮设施的古北商圈。为本案项目开发商业配套项目提供了充分的潜在市场需求和垄断性的市场地位。 8
Chapter 2 Recommendations 项目开发规划建议 Threats 威胁 • Zhangjiang Hi-Tech Irianld ustPark has a ilar simpositioning as Caohejing Park and has already attracted some ous famultinationalm copanies mto locate there, for ple,exam Asia-Pacific R&D Center of GE. Zhangjiang Park will be a copetitor mPark, that will petcome for potential clients with Caohejing Park. • 张江高科技园区的定位与漕河泾开发区定位类同，并且该园区已经吸引了一些跨国公司世界级研发中心如GE亚太区研发中心。对本案项目地块高科技产业类招商引资产生显著的分流作用。 • Gubei precinct is a ge,rla well veloped deercimcaolm precinct that istealya pproxim10 inutes maway omfrthe subject .esit Gubei rs feofa full-range of retailing ncluding iatile versand numerous restaurants, a arkseutp,erm hotels and service The existence of Gubei precinct itsl imthe catchment area of the subject project. to inantlpyredom the Caohejing Hi-Tech Park. • 距本案十分钟车程即到古北商圈。古北商圈为一发展成熟的大型多功能商圈，拥有家乐福大卖场、酒店、多样化的餐饮和丰富的社区配套设施。该商圈的存在使本案发展某些特定功能商业业态如大型卖场等不具有足够的市场容量支持。 . Recommended Devlopement forthe Subject Site总体项目各开发内容建筑面积 Construction Above U redn%(construction area ground Land area groundconstruction area) 比例 建筑面积合construction Property物业 占地面积 2area m) 地下 2(建筑面积) 2计area m) 地 (m) (建筑面积 2（上(建筑面积m） Hotel酒店 10,400 41,600 41,600 2,400 % Office Building 13,750 1100,00 1100,00 10,000 % 写字楼 S ecivreapeanrtt m16,000 40,000 40,000 3,000 % 服务式酒店公寓 Strata-titled ecivresapeanrtt m32,000 96,000 96,000 7,000 % 产权式酒店公寓 Retail Shopping 6,000 9,000 9,000 - % Pa laz9
Chapter 2 Recommendations 项目开发规划建议 休闲购物广场 F&B餐饮 10,000 7,000 7,000 - % Entertainment 5,600 5,600 5,600 - % 娱乐 Sport Center 16,000 8,000 8,000 - % 运动休闲 Total总计 1097,50 3172,00 3172,00 22,400 % Serviced ApartmentI服务式酒店公寓IIIFour-star Hotel四星级酒店I+IIISports Center运动休闲中心IFood City 美食城Food and Beverage Streetscape green space休闲街（包括餐饮、娱乐、绿化）Twin Office TowersIIII+III标志型写字楼IIIThree storey Shopping plazaIII+IV休闲购物中心III+IVStrata-titled Serviced Apartment产权式酒店公寓 . Development Recommendations forthe Hotel酒店开发建议 • Central location within Cohejinag Hi-Tech Park, identified hotel nad demand relatively good transportation facilities to eht tcejbus etis era eht sisab fo ruohotel recommendation for the subject site. • 本案项目区域优越的区位条件和良好的发展潜力，以及项目周边相对良好的交通条件是支撑本项目发展优质酒店的基础。 • F erutu laicremmocotapsm,ereh yojnelbae entv ironmw ith gelargreen l andand portanimt public area will kea mthe hotel project attract potential custoers m fromwithin the Caohejing Hi-Tech Park area. • 本项目周边的商务聚集氛围，并使本项目发展成为区域重要的公共活动空间，这将有利于本项目利用良好的绿化景观环境和酒店主题，从而有效吸引周边的客户需求。 • The hotel oject prwill beable to leverage f ofhe tentdevelopm of he te ficofdeenvtesl opmas well as the existing nda demfor hotel s roomand services generated from within the existing business within the Caohejing Hi-Tech Park. 10
Chapter 2 Recommendations 项目开发规划建议 The iddle-mhigh end restaurants in the shotel’public area should satisfy the needs of the hotel customers as wlle as the iddle/snmieor naagement mworking locally nwithithe Hi-Tech park. • 本项目多种物业的协调发展有利于产生良好的协同效应，改善区域的商务环境，支持酒店的持续发展。另外，酒店与裙房中高档餐饮、休闲健身场馆的有机结合有助于充分满足宾馆住客的休闲餐饮及娱乐需求。 In conclu,sion we suggest a four star telh oto be builtas a part of the project e duto the existing market demand generated within the Caohejing Hi-Tech Park.综合以上分析，考虑市场状况、项目特点和发展商的实力等因素，我们认为，本酒店具有发展四星级优质酒店的良好竞争力。 We further recommend, that the subject hotel be operated by a professional Hotel Mnet anagemGroup. This will give the Hotel immediate arket/bmranding recognition and enhance the value and positnigo nif othe subject site within the Hi-Tech Park同时应该认识到，高档酒店的管理需要丰富的经验和行业资源，因此我们建议，本项目酒店项目应寻求与国际知名酒店管理集团的合作，将良好的硬件条件和专业管理水平相结合，在寻求酒店物业成功发展的同时，提升本案整体项目的档次及形象。 . Market positioning市场定位 According to the result of our rkaet manalyiss, he tHl eotproject should be positioned as a -fourstar hotel to satisfy the business demand generated by id mand senior management woking within theCaohejing Park and the adjacent areas. 根据市场分析结果，并综合考虑项目自身的条件及未来发展机会，建议本项目酒店定位为：满足漕河泾开发区内及区域周边商务需求，注重景观主题，品质优良，服务完善的四星级酒店。 The Hotel is “aimed to satisfy the business needs in Caohejing Park and the adjacent areas” means that the hotel get tarrkaetm will be business people who generate hotel nda demdue o ttheir ss busineactivities with panicomes within the Hi-Tech Park and nearby areas. “满足漕河泾开发区内及区域周边商务需求”表明本酒店定位于满足漕河泾开发区内商务客户和周边企业机构的商务需求，主要以短期居住高品质酒店需求为主。 “to provideguests with good yqualit service” means that the subject hotel will phasis emreasonable pricing for quality and professional service. “品质优良，服务完善”表明，项目酒店的产品定位注重性价比，服务的完善是其倾斜的重点，而酒11
Chapter 2 Recommendations 项目开发规划建议 店的配套设施要根据需要选择性的建设，这一方面可以降低酒店的运营成本从而提供较具竞争力的市场价格，另一方面有利于发挥综合性项目的资源共享优势。 “F-ourStar” means that the hotel will be geted tarat the high end of rkaet mdemand in the subject area. “四星级”表明项目对区域内具有较大市场空间和发展潜力的较高档细分市场的专注，同时也体现酒店物业与项目整体品质的协调。 . Target market目标客户 As the conglomerate fect efof hi-tech copaniesm in Caohejing Park is growing danlocal business oatsphere mis prioved,m there will be ore mdemand for hotel from guests of business travel and conference whose price elastiityc will be ore mfavorable to the hotel. These potential custoers mwill be the inant predomget tarmarket of the subject hotel. 随着漕河泾开发区的电子科技类、通讯类产业的聚集和发展，区域市场商务环境的改善和企业、机构的发展与壮大，商务住宿、会议类需求的频次及价格承受力将得到提升，此类客户将成为本酒店的目标客户。 . Development Scale and Fseaciliti规模及配套设施建议 W erecommend, hatt the ubject shotel ebtealpyproxim 41,600 square ters mand about 520 omrso. This capacity ds houlbe ficient fsu tosatisfy h bot therrecnut market capacity and ufruet market demand. 对于本案酒店项目，酒店规模太小难以形成规模效应；规模过大则可能超过市场承受能力。基于对项目周边需求发展的预测，同时考虑一定的规模效应，并结合我们对酒店行业的深刻理解，我们建议本项目的酒店规模约为41,600平方米，客房为520左右，兼顾目前的市场需求状况及未来发展的需要。 Recommendd eHotel oom rtypes 客房配置建议 数量 比例 房间面积(平方米) 客房类型Ro omtype 2NebmurRatio R oomarea (m) 标准间355 64 %65-66 standard room 豪华间9020%70luxurious room 套房55 12 %80 suite 豪华套房153%100luxurious suite 行政套房5 1 %120 executive suite 合计520 100 %41,600 total 12
Chapter 2 Recommendations 项目开发规划建议 Suggestions on Facilities and Services配套设施及服务建议 Classified 分类 Facilities and Services配套内容 • Doestic mappliance, teleco mequipment: 110-220ge,oltav IDD telephone andvoice mail, IDSN, free self-service coffee-tea pot, intellectual light, refrigerator, inibar,m hairdryr e• 电器、电信设施：110-220伏双电压，IDD电话及留言信箱，高速宽带互联网接口，免费自助咖啡/茶设备，智能灯光，冰箱及迷你酒吧，吹风机 Ro om• Air-conditioner and video y: sstemindependent central air-conditioner facilities sy,stem satellite TV channels, ote remcolor TV 房间设施 • 空调及视听：独立控制空调系统，卫星电视频道，遥控彩电 • Other equipment: desk with plam, electric safe-box, amended baby bed, amended bed, deipnendent closet, /sbatehpraoomrate shower room• 其它设施：带台灯办公桌，电子保险箱，可配婴儿床，加床，闹钟，独立衣橱，浴室/独立淋浴间 • Large conference : roomseparable into 3 allers mroos mor banqnuge tihall with a l atotarea of 1000 – 1,500 reas qumeters • 大会议室：可分割为3间的大会议室或宴会厅，面积1000-1500平方米 Conferenc e• The divisible conference rooms: 3 iddlme size conference rooms with facilities area of approximately 300 – 500 square meters each 会议设施 • 可分割的会议室：3间，面积300-500平方米 • Break-out s:m roo8 – 10 omrso with area of ampaptreolxyi 30 uasrqe retem sae hc• 休息室：8-10间，每间面积30平方米左右 • Cusa ladini n:goc eeffb,ra olbyb b,ra ybbol éfac • 休闲餐饮：咖啡厅、大堂酒廊、大堂酒吧 • Chinese/western dinning: Italian/French cuisine; Cantonese, Hunan, F&B facilities Sichuan or Huaiyg nanceu isi餐饮设施 • 中/西正餐：意大利或法国风味；粤、湘、淮扬、川风味； • Special restaurant: Japanese or Korean restaurant or BBQ • 特色餐饮：日、韩氛围的餐厅或烧烤吧 • Sports and erecxises: Well equipped andmanaged ngymasiu m• 运动健身：设备和经营高档的健身中心 • Beauty parlor: beauty salon, hair dresser, sauna, ahi,ckum SPA SL/stropusie er• 美容洗浴：美容美发厅，桑拿浴室，按摩池，SPA Facilities • Entertainment: Karaoke, club, MacaRnhgj/ooads/chess, electonic 休闲/运动设es gamroo m施 • 休闲娱乐：卡拉OK，俱乐部，电子游戏机室，麻将棋牌室 • Others: BBQ area, children’s entertainment area • 其它娱乐：烧烤区，儿童娱乐场 • Floor and oom: rexecutive floor, executive bar, barrier-free roo,m nooknisnmg loorf O rehtS secivre• 楼层及房间：行政楼层，行政酒廊，无障碍房间，无烟楼层 其它设施 • Shops: giftshop, business center, concierge, flower shop • 店铺配套：精品礼品店，商务中心，礼宾处，鲜花店 13
Chapter 2 Recommendations 项目开发规划建议 • Others: clinic, layu,ndr kpianrg ot l• 其它：医务室，洗衣房，停车场 • Ordinary isceer:v ylaundr, shoe-shining, wake-up call, newspaper delivery, 24 ourhs meal delivery, airport pickup, electronic ordl,ock baby sitter service, currency exchange, ockerl at check-in counter, car park, credit caRoad • 普通服务：干洗/洗衣，擦鞋，叫醒，送报，24小时送餐，机场接送及出租，电子门锁，托婴服务，外币兑换，前台保险箱，泊车，信用卡 • Business service: conference and banquet service, conference video, S secivretourist guide, coputer m& internet, Xerox, express delivery, fax and 服务配套 printing, translation service • 商务服务：会议及宴会服务，会议视听、传译设备出租，订/售票服务，24小时秘书，礼宾服务，旅游顾问，电脑及互联网服务，复印、快递、传真打印服务，翻译服务 • Special regulations: pet forbidden, fast check in & out, free gy,m free swimming pool, service for disables • 特殊规定：严禁带宠物，快速登记及退房，免费健身、泳池，残疾人服务 Since the maintenance of facilities i svery expensive and the subject hotel will gettrabusiness travelers, we recommend, that certain facilities could be outsourced Outsourced facilities would include therenting of certain facilities such as the all msretail units as well as restaurants and the entertainent 考虑到维护配套设施的昂贵费用和本项目酒店以商务旅客为主的定位，转移配套设施的经营及所有方式将有利于酒店降低经营成本，并提供富有竞争力的客房价格；将部分酒店的配套设施对外开放经营，一方面能够降低成本，另一方面可以形成与商业物业的互补及协调。 我们建议，酒店可将独立经营的配套设施包括多种风味的餐饮、康乐中心的各类设施和会议设施等。基于不干扰酒店正常经营及服务的原则，我们建议，在独立经营的程度安排上，应遵守酒店管理集团的建议。 . Recommendations forthe Office Development办公楼开发建议 • Caohejing H-iTech Park is denvge lopiR&D fice ofbuildings in the park and we have reasons to expect at thlow density R&D fice ofbuigl dind anpure fice fobunigl diwill be developed with the further development of Caohejing Park. And pure fice ofbnugi ldi willbe the focus of fice ofdeenvte lopmowing to he tscarcity of land in the urban area.漕河泾开发区正在大力着手发展科技类专业写字楼的举措，我们有理由认为随着漕河泾开发区的进一步发展，势必促进低密度厂房办公楼和纯办公楼的发展，考虑到外环线内土地的稀缺性，纯写字楼将是开发的重点趋势。 14
Chapter 2 Recommendations 项目开发规划建议 • Total ysuppl of pure eficofbuilgdsi nin the area is 328,291 uasrqe The clients in the existing ce fiofbuildings in Caohejing Park are ostmly paniecoms in such triesn dusias electronic ,ygtoechnol telecommunication dantrading. 区域内现有纯写字楼328,291平方米，其中漕河泾开发区内的现存的写字楼客户主要为开发区内的电子科技类、通讯类、贸易类。 • Copared mwith Zhangjiang Hi-tech Park in Pngu,do the subject project has anoubvios advantage of landcost and therefore it is reasonable to pecetx, that forspecialized fice ofbuilding focused on the growth dustirnies of electronics and telecounicmamtions. As fice ofspace daemnd grows interest will be aligned o tCaohejing Hi-Tech Park.随着漕河泾产业聚集优势的进一步凸现，客户的潜在需求还在不断增长。同时相对浦东张江等高科技园，项目有着明显的土地成本优势，因而适合电子科技类，通讯类等产业的专业纯写字楼前景看好。 • The pure fice ofbuilding to be copletmd ein the regional market i sestiatemd at 396,000 square ters mwith R&D fiofce buildings totalling around 1,047,600 square No ore mlnd ais available for the development of ge larscale pure fice ofbuilding around the subject site. So we expect the subject fice ofbunigl dio ttraact deium mto ongstrmand deover e thmediu However overdevelopment of fice ofspace should be avoided.未来区域市场2009年以前完工的纯写字楼累计潜在供应量预计在万左右，研发类厂房办公楼预计在万左右。除此之外，项目周围没有其余的土地供应可以做纯写字楼的大批开发，因而项目建议的纯写字楼开发有长远发展的优势，但要注意避开供应高峰，以防引起区域市场的过度竞争。 • The highest rent in Caohejing Park for fice ofspace is $ per day and the average occupancy is 93%. Therefore we recommend, that the subject fice ofspace be rented. 由于漕河泾开发区内部的写字楼目前最高租金报价为美金/天,平方米，平均入住率达到93%，故建议采用纯出租方式运作。 • W eoceremm,dn taht eht eciffo ecaps eb depoleved sa erup eciffocaps etiw hyqualit facilities in Caohejing Park and to guarantee the overall yqualit of the buinlgd iyb upre renting poeration in deorr to achieve long termprofit.因此，我们建议在本案项目中建设漕河泾开发区内具最好设施的标志性纯办公楼，并采取纯出租方式以保证标志性办公楼的综合品质并获得长期收益。 • According to the result of our rkeat msu,rvey we have identified the l apotenticlients for the subject fice ofbuilding sa inatelypredom the growth industries 15
Chapter 2 Recommendations 项目开发规划建议 within Caohejing Park uch sas electronic ,tecylhongo telecommunications, trading and he tu pstreamand down streamysuppl chain of these industries. 根据市场研究结果，我们认为本案办公楼的潜在客户群将主要为：漕河泾开发区内的优势产业，包括电子科技类，通讯类、贸易类及为这些产业服务的上下游企业。 • According to our forecast, the ndadem for pure fice ofspace will be 38,800 square meters per year by 2008 and thisnd ademwill increase with the on-going deenvte lopmof he tral geneyeconom and the owthg r ofpmacnoies in he tCaohejing Hi-Tech Park. 经过对市场后期的预测分析，自2008年起本案可创造的纯办公楼年需求空缺约为38,800平方米左右，且随着经济的发展及企业的成长，此需求空缺尚有增长空间。 • W erecommend the ent odpemvelof twin fice ofbuilgdsi,n totaling 110,000 square W efurther recoend,mm th ta eht tsrif eciffo rewot eb denepo ni2009 and he tsecond fice oftower be opened in 2010, each with a GFA of 55,000 square 我们建议本案2座标志型纯写字楼分别于2009年和2010年开业，每年开业一幢，每幢含纯办公面积约55,000平方米。 • W erecommend, that the subject twin fice ofbui ldsingbe positioned as a h ighquyalit ficeofdeevnetl opmost msuitably at a inus mA grade level. W eexpect the subject fice ofbuildings to inatainm a petitive comadvantage by ng highlightithe the ce fioffloorplate suyitabilit for panicomes in the electronic and telecounication mmindustries coupled with competitive ye/utilit prico ratiprovided, instead of luxurious decoration and facilities. 我们在此建议本项目为准甲级写字楼，主要考虑到漕河泾开发区整体区域市场的整体水平、项目自身条件及潜在客户的承受能力等因素，希望项目注重的并非是豪华的装修和设备、昂贵的价格，而是适合电子科技、通讯类专业特色，以良好的性价比取胜。 • W esuggest the seudb jectfice ofbuilding to doptaprofessional yopertpr management copanym to prove miservice yqualit d anvproide he tclients withvalue added service.建议本案项目办公楼聘请专业物业管理公司进行管理，以充分利用专业管理公司的经验，提升本案办公楼的物业管理品质，为用户提供增值的管理服务，使得本案在写字楼市场竞争中形成独特优势。 . Office Daemnd Sengtm Pofiler客户特征 Potential ce fiofusers will be: • Filiar amwith Caohejing Hi-Tech Park and expecting isipnrgo mfuture for theent developmof the area对漕河泾开发区区域相对熟悉和认可，并看好区域16
Chapter 2 Recommendations 项目开发规划建议 的发展前景； • Generated yb paniceosm onthe e gverof exnpga ndi andcomypan age imis becoing momre portiamnt. 公司处于业务扩张阶段，经济实力逐步增强，日益注重公司形象； • Preferably catleod in an fice ofbuilding, that has a good age imand reputation偏好入住标志型写字楼； . Recommendation forOffice Building Design产品建议 As a Ionc in the subject arket marea, the fice ofbuilding ust mbe omre advanced from the perspective of design. The building will attract clients by creating a odernm and cofortable mfice ofenvironment and gain a good rueptation yb ovipdgrin -valueadded service. 本项目作为区域的标志型纯办公楼，其产品设计方面应具备一定的前瞻性。通过整个项目所营造的氛围及现代、舒适的办公环境吸引目标客户，通过办公楼项目内提供的增值服务提升办公楼物业的品质与客户口碑。 The total construction area is about 110,000 square meters. Construticon area of each bnugi ldi is55,000 quare smeters and thearea of a standard oflor isapprotxeilaym1,800 s qeuarteemrs, whih ccan be separated into smaller units suitable for iddle mto all smsized pcanieoms. 总建筑面积约110,000万平方米。建议每单体建筑面积为55,000万平方米，标准层建筑面积为1,800平方米左右，可以灵活分割成小单元，主要面向于中小企业客户。 W erecommend, that the ubilgd inbe designed as a rgular eshape, such as a square to ensure en ficient efplatfel W erecommend, hat tthe design be rless pillaconstruction.. Height between the floors is above meters (net height). 建议采用框架结构布局，应保证平面布局比较灵活，办公区无柱。楼层高度应保证在米以上(净高)。 Make full e usof natural light and good natural scene to prove imthe quality of 充分利用自然采光条件以及良好的自然景观，提升物业品质。 The façade of the fice ofbuilding sdh oulbe hoanrious mwith the eennvti ronmand the style should be odern,m fashionable and 楼宇外观造型应与周边环境相协调，并体现现代、时尚和简洁的风格，突出楼17
Chapter 2 Recommendations 项目开发规划建议 宇品质。 W erecommend, that the façade of the building should be brick or porcelain brick; the lobby floor should be decorated with tiles and the lobby wall should be decorated with tiles and high quya litoil paint. T hefloor in pcubliarea should be tiles or idmdle yqulait carpet. Washing acilitiesf in s bathroomshould be id mto high quality products da emin China or yb a jto-intvuerne .pcomany 装饰标准为外立面采用面砖或瓷砖；有大堂，大堂地面为地砖，墙面为瓷砖或高级漆，有吊顶；公共部分的地面为地砖或铺中档地毯，墙面刷白；卫生间采用合资或国产中高档洁具等。 Ofice fbuilding fit-out should include: air conditioning, security alarmsyste,m fire ralamys,etsm teserp 办公楼设备包括：空调系统、安全报警、消防系统、预留布线系统。 The air conditioner systemshould abide by the rules of health and ente-nvironm,friendly flexible for adjuestmnt by clients of roo mpertaetmure danfresh air ysuppl in 24 More windows are designed to n epoconsidering the need for natural ventilation. 空调系统应体现健康环保要求，便于客户自由调节房间温度和充足的新风量，满足客户24小时办公的需要。另外，设计时可增加可开启的窗户数量，考虑绿色办公楼自然通风的因素。 Other facilities include ground underand above ground parking 其他配套设施包括有专用地上、地下停车场等。 Recommendation forthe Serviced Apartment酒店式公寓开发建议 • The denvtem lopsuggestions here include the suggestions toboth service eanpta rtmand strata-titled service apartment.这里的酒店公寓建议包括产权式酒店公寓和服务式酒店公寓。 • Becaus ethe subjected site is approved for commercial use and the valid termis 50 years, e purresidential project is norsuitable for the subject project. W e onlyconsider the endte velopmof residential space for renting or sale.由于地块本身是商业用地，使用年限为50年，因此本地块不做纯住宅产品，而作为纯出租产品和投资产品考虑。 • Given the oodgentm enviroof e glararea green land, we recommend e thendte velopmof the strata-titled service apaerntt mbuildings, h whicwould each cover a land area of 10,667 square meters. Total construction area will be 96,000 18
Chapter 2 Recommendations 项目开发规划建议 square • W ealso recommend, the development of traditional rviece Based on our demand analyis swe ecormmend 40,000 square meters.由于有大面积的公共绿地可以做景观优势，建议产权式酒店公寓的容积率为3，按照每幢产权式酒店公寓占地10667平方米计算，共建议建造3幢，项目的总建面积应该在万平方米。建议服务式酒店公寓的容积率为，项目总建筑面积为4万平方米。 • There are still some houses remaining on the subject site, whih cneed to betaken into onsidecration when working on he tconstruction schedule of e thsubject 目前地面上尚有待拆迁的平房，要动工要先考虑到拆迁的大体进程安排。 • According to out recommended development plan, the facilities around the subject service apaernt mwill be fice ofdibnugisl, a restaurant area, a sport andentertainentm center and the hotel. Oice ff buildingsand the l ehotwill block fic trafand guarantee a favorable environment for the service There will be a ge largreen area .nearby All these factors will enhance the iddle mto high end positioning of the service apaenrtt mby creating a pleasant and well facilitated immediate ente nvironmfor the service apaerntt .根据我们的方案，未来周边会有的设施主要为办公区域和餐饮、运动休闲商业及酒店区域。办公、酒店区可以将中环线车流量较大的不利影响阻隔掉，为住宅项目带来较为良好的环境，保证周边人流不会太过混乱；商业区建设将为住宅项目提供有力的支持，满足住宅项目的生活需要；另外这些酒店式公寓的周边均有大面积的公共绿地做为独特的景观优势。以上的几点将支持本项目的中高档定位。 • Strata-titled service apartent mare properties for investment or self-use. Convenient ocatilon and mature commercial oatmsphere will make the project orm eattractive to l There is high potential for price increase in the future to guarantee high rent.其中的产权式酒店公寓作为投资或自住产品，所处的地理位置交通便利，未来商业配套齐全，这样的项目对于买家有很大的吸引力，未来的升值潜力巨大，而且目前和未来的租金都会较高，对于回收投资十分有利。 . Market positioning市场定位 Based on the aboveysainsa land positioning of thewhole p,roject we recommend, that the subject service apaenrtt m s’et gtarrkeat mis: 根据以上对项目的分析，以及结合整体的规划定位，我们对公寓部分做出如下的建议： 19
Chapter 2 Recommendations 项目开发规划建议 Mid to high quality capedl andsservice aparentts mrnteed to senior business people生态精品服务式酒店公寓，高级商务人士长租首选； Mid to high quality ndscaped lastrata-titled service apartents msold to theporcaornyt em“white-collar” counitymm生态景观产权式酒店公寓，现代的知识型白领社区 Strata-titled service apartentm产权式酒店公寓： W erecommend selling this kind of rveice sapartment. Convenient location and transportation facilities, ge larnda demand support fromthe whole project will guarantee good potential for the strata-titled service 我们建议这部分酒店公寓以出售为主，自住或投资均可，由于项目的地理位置属于徐汇区，附近交通特别便利，居住需求良好，以及整体项目规划的支持，未来本产品颇具出售潜力。 Landscaping生态景观： Lge argreen area ofland is highltiegd around he tnbgu,ildi icwhh is rare in ur banareas. We recommend taking gea dvantaof such an entenvironm as an advantage to provei mthe quyalit of thewhole project.主要体现周围的绿地景观的优势，在靠近中环线区域中，这 样大面积的景观绿地并不多见，我们建议充分利用这样的生态环境，可以提升整 体的档次。 Service apartment服务式酒店公寓： Mainly refer to the property nagaement mand community facilities. The subjectservice apartent mproject will be strictly nabgi diby he tstandards of serviceapaerntt mbecause of the existing petiticomon fromthe adjacent hotel project to liveup to he tdemand of short, mediu masnd glon termtenants.主要指社区的配套以及物业管理。由于东侧酒店竞争关系，本项目完全按照酒店式公寓的标准，在物业管理以及配套上尽量的周到，以满足长租住户的需求。 Modern现代： Refer to the architecture style. Glass and tel amtaremial are suggested to body em theodern mstyle to be oniouhsa rmwith he twhole 主要指建筑风格，多利用玻璃及金属等有质感的材质以体现现代感，还要和整体规划相配合，和周边的酒店以及办公楼形成统一的风格，以利于整体形象的包装。 Knowledge white collarcommunity知识型白领社区： Since the bjecstu site is located in Cohaejing Pk,ar where owlekdngable people20
Chapter 2 Recommendations 项目开发规划建议 gather together and also there are five ous famuniversities ,nearby he tstrata-titled service apartment will be popular ong amyhighl ated educpeople. 由于项目所处的漕河泾开发区属于知识型人才的汇集地，也属于上海居住层次和品位相对较高的一个区域，周围有5所上海市著名大学，因而这里的产权式酒店公寓将是未来很受知识型人才欢迎的白领社区。 . Pnetrice/r售价/租金 Ordinary residential apaernts mnear the subject project have sold or f10,700 RMB/square meter sin the current rkamet. Fro mexperience, the price of a sall munit is higher than ordyinar eanptasr Tfore,here we give a conservative estiatiomn ofthe price at11,000RMB/ square meters for the strata-titled service eanpta rtmplus 1,000 RMB/square ters mfor decoration. 在目前区域市场的住宅售价上，因此靠近本项目的普通住宅的平均售价可以达到10700元/平方米以上。从市场上来讲，小户型产品要比正常户型的单价略高，但考虑到区域内位于虹桥古北区域的住宅售价较高，因而拉升了区域整体的均价水平。因此我们保守的估计，本项目的产权式酒店公寓单价可以达到10000元/平方米，在加上1000元/平方米的装修，项目的单价应该在11000元/平米。 The average rent for service apartment in the regional market area is $ rpesq..mon/th,m. The subjected service apartm tne tcejorp sah regral elacs fo40,000 square meters and so therent t ush’oldnbe Considering he te timand b etterfacilities, we suggest the rent for the service apartment is $20 /psedro llaronth,m. 目前区域市场内，服务式酒店公寓的平均租金为美金/月，平方米，项目的规模4万平方米属于较大型的服务式酒店公寓，租金不易过高，但考虑到项目推出的时间和拥有更好的硬件品质，因而出租型的服务式酒店公寓来说，租金定位在20美金/月，平方米。 According o tour rkaet msurvey nd aestimation for urfeu tendevelopmt, we recommend, that the price for the ect subjstrata-titled service apenta rtmproject is 11,000 RMB/square ter em(decoration cost: 1,000 RMB/square meter). 因此根据对现有市场的调查以及对未来发展的预测，我们建议本案的均价定位在 11000元/平方米（装修 1000元/平方米） Therefore, the total sale vlue afor the strata-titled service apartentm will be billion RMB.这样，就产权式酒店公寓项目的总销售金额可以达到亿元 . Suggested eaar面积设定 21
Chapter 2 Recommendations 项目开发规划建议 The subject strata-titled service apartentsm are ostlmy all smunits. So we recommend, that ost munits are a one roompackage plus a few two roompackages and pldeux units so as to cap the total sales price and guarantee inntv estmreturn. 本项目的产权式酒店公寓侧重于小户型的产品，因此我们建议将面积尽量的做小，主要以小面积的一房为主，并有二房和复式的设计。这样可以使总价降低，以确保投资回报。 22
Chapter 2 Recommendations 项目开发规划建议 总户数占总面积比例 总面积（万平方米）占总户数比（户） 房型面积（平方米）Ratio to total Total area(thousand 例Ratio to 2total Type Area (m) 2)area m tenants total units (unit) 一房45-60 % 900 60 %single room二房65-80 % 470 %double s room复式 duplex 100-120 % 130 %(double floors) 合计 100 % 1500 100 %total Three 18 oflor dbiunigls are recommended, 1-16 oor flare standard floors, 17-18 floor are 60 %are single roomunits and 40 %are double s roomunits. 产品为3幢18层的小高层，1－16层为标准层，17-18层为复式。一房户数比例占60%，二房比例占40%左右。 Service apartent mare ianmly single-bedroom， and plusa few double-ooms bedrunits. 服务式酒店公寓侧重配套齐全的一房，并辅以一定数量的二房。 总户数占总面积比例总面积（万平方米）占总户数比（户） 面积（平方房型Type Ratio to total Total 例Ratio to total 2米）Area (m) 2)area area(thousand m tenants total units (unit) 一房single 80 60 % % room二房120 40 % 133 %double s room总计total 100 %4 433 100 % 23
Chapter 2 Recommendations 项目开发规划建议 . 总价设定 我们建议产权式酒店公寓一房的总价不要超过70万，二房的总价不要超过95万，而复式产品总价在135万左右。 总价（万元/户） 均价（元/平方米）面积（平方米）Total price (10 房型Type Average price 2Area (m) thousand 2)(RMB/ m RMB/unit) 一房single 45-6054-72 room10000（带装修二房double 65-80 78-96s 11000） room复式10000(plus decoration,11000) duplexes 100-120 120-144 (double floors) . Invensett mteurn ranalysis投资回报分析 Average occupancy of service apartents min the regional market area is %, which means relatively nsgt ronda demin the market. Average rent is $ on/th,m/square .terem Salse rate and speed of representative residential projects ghhitg,hli hat tdemand exceeds supply n ithe The subject project will be supportable yb three major factors: 目前区域内服务式酒店公寓的平均入住率为%，说明区域市场服务式酒店公寓租房市场十分旺盛，整体呈现供不应求。平均租赁价格为美金/月，平方米；区域市场内的代表性楼盘销售率和去化速度也显示该区域住宅出售需求旺盛，在本项目推出后，将有以下三点对本项目形成支持： Medium to Song trDemand充足的客源 The subject project has outstanding advantages of enent,vironm facilities and service in Caohejing Park. Lge arbnumesr of potential customers will be attracted by he tproject. M,oreover demand exceeds ysuppl n ithe whole renting market. Therefore, ge larcapacity of potential rkaet mwill guarantee the high occupancy ofthe subject rojepct. 无论从景观、配套以及服务上，本项目在漕河泾开发区内都将是首屈一指的，大量的客源将被本项目吸引。而且目前租赁市场处于供不应求的状态，因此，将有足够的客源保持本项目未来的入住率。 Non expensive nter并不高昂的租金 Given the brand new decorated rooms, landscaping, facilities and service advantages, the subject service apartments will hav eproising mmarket at the 24
Chapter 2 Recommendations 项目开发规划建议 reasonable rent of $20 doolnltahr/ss/qmuare .teerm There should be lrent agrowth with he tcommercial deenvte lopmand the enoipng of he tretail project. 以本案的全新装修房，以及景观、配套、服务等目前周边不可比拟的优势，本案服务式酒店公寓未来二房的租金达到20美金/月，平方米是十分有市场的。如果等本案周边的商业设施完毕后，租金还有望进一步提升。 O-wner occupierDemand主力自住客源 Because of the relatively low total price, the subject strat-atitled service entasp artmwill be y verattractive to ow-neroccupiers. Conv enienttransportation and location will kae mthe subject strata-titled service apartentm more attractive to single le whicollar pemloyees who prefer convenient transportation to ge larliving area. 对于不高的总价，本案对于自住客源是十分有吸引力的。交通便利、地段较距离徐汇中心城区、虹桥古北高尚住宅区都在10分钟车程内、周边的配套还十分齐全，对于单身的白领和对面积要求不是很高，而对交通要求较高的客源来讲，本案无疑是较好的选择。 . Description of potential market客源描述 W eestimate, that ost mcustomers of the subject strat-atitled service apartentsm will be -owneroccupiers and a few investors. The customers of service apartent mwill ylniam e moc morfocpanm sei dna eciffobuilgdsi nin andardo un theCao hegjinHi-Tech park. 对未来购买本案的客源，我们预测将产权式酒店公寓以大部分的自住客源及少量的投资客源为主。对于服务式酒店公寓以周边开发区内电子科技类、通讯类企业住户、周边写字楼租户的商务长住客源为主。 Most al potenticustoers mwill c oemfrom Caohejing Hi-Tech Park and a few come fromother areas. Of course, the resources of potential customers will be highly related to the get tararea of advertisement. 所有的客源都将以漕河泾开发区为主，少部分来自与市区其他区的自住客，当然，客源的区域性质还将和广告投放的区域相互影响。 . Reecnodmamtions forRetail Develeonptm商业开发建议 . Definition of the Retail ecinctpr商圈界定 Many factors need be taken into consideration to decide the area of the precinct, such as location, scale, ratio of functions, l aloccopetitiomn, and transportation. 零售业商圈的划定需要综合考虑到地理位置、项目规模、物业类型配比、区域25
Chapter 2 Recommendations 项目开发规划建议 竞争环境、项目交通情况、消费者可接受交通成本等因素。 The area of the subject retila precinct is defined as the following:本物业的零售商圈界定如下： • Core catchment area: residents in and near Caohejing Hi-Tech Park Western .aera核心商圈：漕河泾开发区西区及临近居民区； • Radius of core catcnhte marea: north to Yn’aan (W) elevated road, south to Huin mRoad, west to Huanxi Road, st eato Zhanh ongs(W) Road and Hinum elevated road.辐射商圈：北至延安西路高架，南至沪闵路，西至环西大道，东至中山西路高架及沪闵路高架。 W eneed to fere rthat in he tabove catncth emarea, there are several copetitive mretail precinct,s which will confine the fective efcatchment area of the subject Gubei precinct, Hei ongmXiuxian St,tree Guilin kangjian precinct and Tianlin (E) recinpct around the area will capture part of the retail nad demof the subject catchment area. Dferentiation ifngp ositioniill whelp the subject retail project to avoid ct 有必要指出的是，在上述辐射商圈范围内，竞争项目的存在将大大限制本开发项目的实际商圈辐射范围，目前在本项目周边，古北商圈、虹梅休闲街、桂林康健和田林东路商圈等的存在可能在一定程度上与本项目商业开发造成一定的替代作用，限制本项目的辐射范围，对此可以通过合理的差异化的定位弥补上述不确定性竞争因素。 . Target consumers目标消费群： The get tararket mis classified into two categories for retail ysuppl: retail tenants and end End umersc onshave decisive influence on eprrtoyp tenants n ithe current 商业物业的客户定位分为两个主要的层次：物业客户和目标消费者，由于目前的商业零售市场是典型的买方市场，因此后者对于前者具有决定性的影响力。 Most l apiotentend rse cusumwill come fromthe ecorcatcnht emarea, which means the residents and ployees emin the Caohejing Hi-Tech park will be the main W eoutline the ollowifng actercharirstics of the identified get tarmarket: 本项目商圈的划定后，本项目的潜在主要客户及购买力支撑将绝大部分来自于项目的核心商圈，该区域内的居民，尤其是漕河泾开发区的大量员工将是本项目主要的潜在客户来源。我们认为该区域的消费者将呈现以下特点： • low price ysensitivit价格敏感度较低 • ptiocno nsumphasis emomved fromdaily needs to ectisveel coymmodit商品消26
Chapter 2 Recommendations 项目开发规划建议 费重点从日用品向价格弹性更高的选择性商品转移 • ore mdemand for dining uto, entertainment and leisure consuptionm餐饮、休闲、娱乐方面的消费趋于增加 • higher demand forngps phioevnietrn onmand sceervi对购物环境和服务水平具有较高要求 • significant ount amof demand generated frombusiness activities within the Hi-Tech park存在相当数量的需求产生自开发区内企业的商务活动 • ore mpeople own private obialuetsom私人驾车购物比例上升 The above features coprise mthe basic assuption mof the geted 以上构成了我们对目标消费者消费习惯基本特征的预测。 Meanwhile, the proposed endevelopmt of service apaerntts,m hotel and fice ofnbgusi ldiat he tsubject project will help prove imptcioonns umlevel and structure ofconsumers in the area. 同时，未来本案项目内新增的服务式公寓，酒店和办公项目具有提升本案所在区域内消费人口层次及消费能力的作用。 As the result of research, get tarconsumers for the subject retail project are identified as the following: 经过研究，本项目的目标消费者包括以下人群： • residents in the core catchment are a核心商圈的居民， • copanym consuption m fromthe nearby paniecso mand institutions周边企业、机构的集团消费 • ployemees in the subject fice ofbuilding and other pcomanies in the area本项目写字楼及周边企业的办公人群 • intgh emconsumers(sport, entertainentm)主题消费人群（运动、娱乐） • hotel guests and tenants of the service apeanrttm酒店的客人和酒店式公寓的租户 . Retail Market positioning d andeveleonptm ecommendatiorns 市场定位及开发建议 Based on our analyis sand the rkeat,m we recommend, that the subject retail deenvte lopmbe positio nedas: an integrated restaurant strip, retail, sport center and 27
Chapter 2 Recommendations 项目开发规划建议 entertainent mfacilities to serve as the iddle-mhigh end business, residential, shgoppin andentertainenmt functions r fothe area of the Caohejing Hi-Tech Park. 根据以上的分析结论，并初步考虑项目自身的区位条件，本报告初步确定项目商业定位如下：集餐饮、零售、健身、休闲为一体，服务于该地区的中高档商务、居住、购物、休闲娱乐消费中心。 • W erecommend a theme of business leiure sconsuption mfor the subject retail. The development should be carried on by several phases in order to controlrisk and returns.我们建议本案项目商业部分整体定位以商务休闲消费为主题，分期开发以控制风险及获得投资回报。 • W erecommend, that a ge lararsuperket,m department store and specialized market are not suitable for the subject project development because of their lowrent and special request for transportation, required nad larea and existing local copetitionm. Ds eveloper’financial returns can not be guaranteed by these copetitionm. 有必要指出的是，单一的大型超市、百货店及专业市场物业将压低商业物业的单位租金水平，从而影响到发展商的经济收益；同时，大型专业市场对交通、建筑结构、有效辐射范围内竞争情况等具有特殊的要求，且不利于同中高档综合性物业的协调，不适合本项目的发展。 • W erecommend a Retail Sngh oppiza placoncept with a total GFA of 9,000 square ters emin which there is a high-end supermarket like W,st’saon several specialised shops, and her otgeneral merchandise like hairdressing, s,bookstore and service oriented facilities such as banks, post fice,of dental and diecal mclinics and a .acinem • 休闲购物广场，包括特色超市，如Wotsan等，专卖店、零售、美容美发、电影院等。在环绕的中心，建造休闲市民广场。总建筑面积为9000平方米，单层面积为1500平方米。 • Food Cyit o(df oc ourt):Tereh are various countries and regional flavor foods, as well as several featured restaurants. The food t couris aimed to satisfied the persons working in Chaoejing Hi-Tech Park. • 中档美食城，汇集各国各地风味，以快餐为主，辅以若干特色餐厅。以满足周边厂房办公楼职工就餐需求为主。 • Food and Streetscape: in which people can enjoy cafes, bistros and other fashion snacks as well as for business or friends’ get-togethers. 2,500 GFA. The Caohejing leisure street is ferendift fromthe general F&B streetscape by the excellent surnrgo undigreen view as well as the garden eennvti ronmwith gelar28
Chapter 2 Recommendations 项目开发规划建议 landscaped spaces. • 漕河泾休闲街，以休闲茶吧、咖啡吧、时尚小吃为主，档次中高档，以满足商务、朋友聚会需求为主。 面积共计2,500平方米，拥有与众不同的开放式花园的开放式用餐环境 • Food and Streetscape including The projected entertainentm outlets sdh oulinclude edm therestaurants, . P,auanuelr etc. KTV, 6-7 bars etc. These entertainment facilities should be dispersed within he tF&B streetscape precinct. The get tarclients of this entertainent mspecialty would be foreigners working n ihe tCaohej ingHi Tech Park fromall parts of the world, such as Aerica mand Europe, Japan and Korea, Hong Kgon and Tiwaan. This gettarmarket is inparnetdloym mid to senior nagaement mas well as the wealthy residents in the nearby service apartemnts or the guests in the nearby hotel. • 娱乐，考虑建造主题餐厅，如宝莱纳等，KTV娱乐城， 6-7个酒吧，休闲吧等等。布置的位置考虑沿街分布，和餐饮交错分布。这部分商业以吸引漕河泾高科技开发园区中欧美、日韩、港台等外籍人士及中高层管理人员、附近高级酒店、公寓中住客工作之余的休闲娱乐生活为主。 • Recommended Sports C,enter a total GFA of 8,000 square meters. The Sports centre is geted tarat thedieu-mmto-high rkaet mand will prisco meof a specialised ”Racquet Club” inclu dingindoor teinsn, squash and inbt aodnmcourts. The gynasiu mmwill includea fitness ,center swimming pool, spa/saunaand an atheraphayrom There will be a Health bar and ts sporshop. The sports center is projected to attract 1-2 anchor clients, such as Megfit fitness group, Phycal isfitness group, etc. h cwhiare already quite a popular fitness center in Shanghai. The nda edmfor this recommended center is projected totanae emorf m ehti dm ot roines ffatskrowing n ithe Cohaejing Hi-Tech park andwealthy nearby residents. • 大规模的运动休闲中心：消费档次中高档，8000平方米，分2期推出。可容纳室外网球场，室内游泳池、篮球场、壁球馆、羽毛球场，健身中心，美容设施，配套餐饮等。布置的位置考虑放在虹梅路附近的地块。运动休闲中心以吸引1-2家关键住商为关键，例如Mgfiet, Phyicasl 等已经在上海较有知名度的连锁健身中心，满足开发区内员工及周边高档住宅人群运动休闲健身的需求。 . Tneant ixm 客户组合建议 • According to the ferent difretail types suggestions as well as the positioning constrains, we suggest the various tenants ix mas follows: 针对商业业态及定29
Chapter 2 Recommendations 项目开发规划建议 位的不同，我们建议各种客户组合如下所示： Retail Shopping Pa lazTneant Suigogne stType of Tenant Brand/Codmimty Eplemsxa品牌/商品举例 可选择客户种类 Prada（普拉达）, Ports（宝姿）, Burbery（百宝丽）, Vsasre（范思哲）, Jisseac（洁西卡）, Aquascutum（雅格师丹）, Kenzo, Givyench（纪凡希）, Bally（百丽）,Mango, New Yorker（纽约客）, Gap（盖普）, United Colors of Benneton（班尼顿）, Sisley, Amarni Exchange, Lady’s Ces hlotEscape, Guy Laroche, Rex &Co, Bianco（范怡文）, Miaiam（美亚美女士服装 亚）, Yes or No, LouisaM（路易萨M）, Layfee（逸飞）, Moissele, Pelletteria（帕拉西亚）, Betty Cooper, Franck Mer,ull Max & Co, Betu（百图）, Etam（艾格）, Michiel, Rebecca（丽贝卡）, lady’csottage（淑女屋）, JNBY（江南布衣）, Audry（奥黛莉） Boss, Ports（宝姿）, Polo, Burbery（百宝丽）, Sarldvoore Feorrreeg,am Cerruti, Cabbeen, Pierre Cardin（皮尔·卡丹），Gutte, MGB, Golden FoxMen’s Cs lothe（金狐）, Lanbao（蓝豹）, Golden onli（金利来）, Montagut（梦特男士服装 娇）, Balenciaga, Roasterm（罗马世家）, Tyno raew（汤尼威尔） Levi’s（李维斯）, Apple（苹果）, U2,Replay, Guess（盖斯）, Gas, G2000, Miss Sixty, Killah, Oynl, Vroe ode,m Fashion Fya,ctor Giordano（佐丹Leisure Clothes 奴）, Baxton（霸狮腾）, Esprit（埃斯普利特）, Jack & Jones, Bossini休闲服饰 ht（堡狮龙）, the 5 teerts（第五大道）， B-line, Heib, Lee（李）, G star, Nike 360（耐克360）, Addidas（阿迪达斯） Elcanto（阿尔看特）, Belly（百丽）, Nine West, Geox, Skap, Teenix, Leather ProductHush puper, JoyP&eace（真美诗）, Le Saunda（莱尔斯丹）, Senda皮具 （森达）, Cele（策乐）, Aukaso（奥卡索） Tiffany’s Co（蒂凡尼）. Italina（伊泰莲娜）, Sichyuibiin（思彼垂银）, Jyrlewe饰品 Pirate’s boat（海盗船） Cristine Dior, Helena Rubinstein（赫莲娜）, Guerlain（娇兰）, ClarinsCetoiscms化妆（娇润诗）, Lancoe m（兰蔻）, Chanel（夏奈尔）,Clinique（倩碧）, 品 L’oreal（欧莱亚） , Shiseido（资生堂）, Aupres（欧珀莱）, Za, UP2U Motorola（摩托罗拉）, Nokia（诺基亚）, Sumsung（三星）, AletaclMobile Phone手（阿尔卡特）, TCL, Haire（海尔）, Syno Enosscir（索爱） 机 Book Store书籍 Xinhua bkoostore（新华书店）, Sanlian bookstore（三联书店）, Scholar bo okstore（思考乐书店） Sall m Lianhua（联华）, Hualian（华联）, Watsons（屈臣仕）, Haode（好Convenience 德）, Kedi（可的） Store小型便利 店 Pycarahm药店 Kaixinren gdru store（开心人药店）, Jianin mdrug store（健民药店）Bank银行 Standard Chartered（渣打银行）, Citigroup（花旗银行）, China Iy ndustr30
Chapter 2 Recommendations 项目开发规划建议 and Commerce Bank（工商银行）, China Merchant’s Bank（招商银行）, Bank of Cahin（中国银行） beauty parlor（美容院）, hir adresser（理发店）, amegass（按摩保健）, others其它服务 cainem（电影院） Seetsapec trRetail Tnanet Suggestion Type可选择客Expalme品牌/产品举例 户种类 Restaurant餐饮 Chinese Shanghai restaurant, Cantonese restaurant, Sichuan staurant,re seafood Restaurant中餐restaurant本邦菜、广邦菜、川菜、海鲜等 饭店 Foreign Folra vJapanese restaurant, Korean restaurant, Aerimcan restaurant, French Restaurant海外restaurant日本料理、韩国料理、美式西餐、法式西餐 风味餐厅 Coffer Starbucks（星巴克）, Kanabe（真锅）, Bifengtang teahouse（避风堂）, Bar/TeahouseYuanyuyann uateahouse（圆缘园）, Dnneis’ coffee（丹尼斯咖啡厅） 咖啡馆/茶坊 Bra酒吧 Hardrock（硬石）, paulaner（宝莱纳） Ppastry面包店/ Macopolo（马可波罗）, Le cossont（可颂坊）, Leisure EntertainmentxB,allroom Karaok, 舞厅、歌厅 休闲娱乐设施 Food City Tnant eSuigogne st Type可选择Expalme品牌/产品举例 客户种类 Citrytam（雅克多）, Hualian（华联）,Lianhua（联华）, post iceoff（邮First Floor: Middle scale 局），Yonegh（永和大王），Ajison Noodles（味千拉面），Rogers（罗Supermarket 杰斯） Second F:l oorCuisine Megabite（大食代）, KFC（肯德基）, Mcdonald（麦当劳） Square/Street美食广场/街 Sports C enterTnaent Suggestion Type可选择Expalme品牌/产品举例 客户种类 Gy,m Badinmton court, Pngpanig court, Cards and chess roo,m Snork, Sports Raquet court, Tennis court, Yoga ,room swimming oplo,健身房，羽毛球球Facilities运动场，乒乓球场，棋牌室，台球室，壁球馆，网球场，瑜伽室，游泳中娱乐设施 心， 31
Chapter 2 Recommendations 项目开发规划建议 Sport Wear& Eenqtu itmNike（耐克）, Addidas（阿迪达斯）, Northface, Store The right tenants / coommdity ix mcan guarantee success of the subject retail project. After full deenvte lopmof the whole subject project, the fice ofbuildings become a sybol mas well as progvin imthe repount atiof he tecstu bjproject improved. 本案项目商业部分及休闲娱乐部分成功的主要因素是确保其客户组合和商品组合能购吸引周边住宅消费者以及本案办公楼和开发区内的工作人群。随着本项目办公楼和酒店部分成为该区域地标型建筑，在长期内本案商业的知名度、声誉将有所提高；商圈辐射范围将有所扩大。 . Phasing Recommendations项目分期开发建议 W erecommend to develop the subject property in four phases. The. Food Court and phase one of the sports cnter and the four star hotel near Hongmei Road Tanlin iRoad will be developed n ithe first phase. This phase should create an attractive nentvironem, well landscaped and provide commercil afacilities, which are currently in nda dembut not available within the subject rket amare P haseTow would prisceo mof One of the twin fice ofbuiinlgds (Tower One) near Hoei ngmRoad . Tis hednetv elopmwould satisfy the existing fice ofnadedm, create an Ion cbuilding as well as block the ynois fic traffro mthe Middle Ring Line. Phase two would also consist of a portion of Streetscape Food & Beverage. T heThird Phase would consist of, the service apartentm, the second phase of the sports ,center the indear remof the Streetscape Food & Beverage denvte,lopm 50% of the Strata-titled Aparetnts mand phase one of the Shopping Plaza. . Phase Four would consist of thesecond Ofice fTower, the inaing rem50% of Strata-titled Service ent apartmand thesecond phase of the Shopping Plaza. The iniang remstrata-titled service apartenmt and nsgh oppiplaza (shopping plaza phase two) will be developed to achievet the short termfinancial returns. F romthe s developer’orine,ntatio we recommend leveraging f ofthe existing enveinrto nmof nearby ge rlagreen areas and parks, theexisting demand generated fromthe industrial craotripoons in the Caohejing Hi-Tech park and the existing culture and training facilities such as the nearby universities. 从项目的整体考虑，我们建议共分为四期开发，从东至西，从北至南的推进式开发。先开发虹梅路田林路四星级酒店以及美食城和一期休闲运动中心，为整体定位打下良好的人气基础；再开发东面标志型写字楼区隔项目周边的中环线人流较杂的影响，辅以一部分休闲餐饮和娱乐；随后开发服务式酒店公寓、二期运动休闲中心，部分休闲购物广场、产权式酒店公寓和另一幢标志性写字楼，32
Chapter 2 Recommendations 项目开发规划建议 全面提升整个区域的商业配套设施品质，着眼区域长期竞争力和投资价值。最后在真个区域价值得到最大的提升之后，开发剩余部分产权式酒店公寓和休闲购物广场，获得短期最大的利润值。从产品的角度，充分利用地块内部的公共绿地和周边的漕河泾公园等自然环境和漕河泾开发区电子产业特征以及上海西部多所大学共同营造的高科技人才聚集的人文环境，突出项目独特优势和定位，以得到最大利润。 Development Phasing开发分期 Phasing分期 Development Component项目 Food andBeverage Facilities (Food City), Sports C enterPhase 1一期 and Hotel部分餐饮（美食城）+部分运动休闲中心+酒店Office (T owerOne) and F ood andBeverage Facilities Phase 2二期 (Seetsape)c tr部分标志型办公+部分餐饮（休闲街） Sport C, enterF ood andBveerage Facilities (Seetscape), trService apartment, Office (T owerTo), wStrata-titled Apartment and Supporting Shopping Facilities (Shopping Pa lazPhase One) 部分运动休闲中心,部分餐Phase 3三期 饮（休闲街）+服务式酒店公寓 +部分标志型写字楼+部分产权式酒店公寓+部分休闲购物广场 Strata-titled Apartment and Sportuipng Soppinhg Facilities (Shopping Pa azlPhase Two) 部分休闲购物广Phase 4四期 场+部分产权式酒店公寓 Phasing schedule开发时间 Recnoded emmDneet velopmCotns mpone2004200520062007200820092010物业Hlto e酒店Tiw nOfc iefTrsoew写字楼S dicverAetn tmapr服务式酒店公寓（出租）S-aatrt dltietAetn rtmap产权式酒店公寓（出售）RR/tleaii tleaS isverec休闲购物广场REt/leaine titmnaetnr娱乐RF/tleaiB&S/atrekmrepu餐饮（包括1个中型超市）Stosp rCtre ne运动休闲Cra P gnikra停车场 W erecommend, that in der orto xiamimze the profityabilit of the endte,velopm thatthe strata-titled ednetv elopmtakes place in the later phases, when the ssite’value has 33
Chapter 2 Recommendations 项目开发规划建议 been enhanced through Phase One and Two commerialc developments. The wholepositnigo nind aospahtemre of the site can be value-added and hanecned yb ch su aphased endte velopmschedule.. 从项目未来预期升值空间考虑，我们尽量把可售的产品放在最后，以使得产品市场价值最大化，并形成区域鲜明商务专业性和商业配套主题，服务和提升周边地块。 Phase 1: Food and Beverage Fs acilitie(Food City), Sports C enterand Hotel部分餐饮（美食城）+部分运动休闲中心+酒店 W erecommend, developing the hotel , ood fy citand phase one ofthe sports center in first phase. The focus of this initial phase to to create a the emof attractive landscaping and high level deevnetlopm positioning, which will be anchored by thehotel development. The ent velopmdeof the hotelwill create a good age imof the site for customers and create the high end positioning of the northeast corner of the site. The Food City will satisfy food and beverage needs and e somselective need ofployemees in the area, h cwhiwill create ore mrecognition of he tubject ssite. This is turn ushold nhance erkaet mrecognition of the site as a “commercial hub”. 从项目的整体推广的策略考虑。我们建议将酒店、美食城和一期休闲运动中心作为第一期。本项目的卖点在于生态绿化景观和高档的定位，而本项目的酒店作为未来漕河泾开发区域最高标准的酒店之一，无疑是这些卖点的最好体现。酒店的落成能够确定项目的整体定位，首先在客户心中留下良好的印象，并使其认可本地块东北角高档的定位，对未来的其他产品打下良好的基础。美食城主要满足目前周边办公楼区员工午间餐饮多样化和可选择性需求，并能将漕河泾新谷公司管理下辖的办公楼人群等吸引过来，为未来其他产品打下良好的人气基础。 W erecommend, hat tthe ohtel commence construction in2006 nd abe pletecdo min 2008. The othel could eboperational in 2008. Food Cy itosuhld enceo mmconstruction, once the land is available. On the removal of enxgi stioc cupants andnbgusi ldion the subject site, the Food Court fayc ilitds houlbe developed. The tfirslevel should be a id msized supermarket and the second floor of food ycit dsh oulbe afood 我们建议酒店在2006年开始建设，2008年建成，当年即可投入使用，美食城在地块拆迁完成后即开始建设，从地块拆迁完成后到2007年，陆续打造美食天地起，吸引人气和提升认可度，并在底层引进一家中型超市。 Phase 2: Office (T owerOne) and Food and Beverage Facilities (Seetscape)tr部分标志型办公+部分餐饮（休闲街） 34
Chapter 2 Recommendations 项目开发规划建议 W erecommend developing one of the twin fice ofbuildings as well as the streetscape Food & Beverage in the second phase. Hei ongmRoad is the future Middle Ring Line under construction, o sthe fice ofbuildngs iteda lochere can benefit from the transportation facilities as well as to ock blthe relatively disarrayd e personsflow for W19 site. Atho uglfice ofdb uiinlgjpercots are highly ndaed demin he tCeaj oihngHi-Tech park, there will b ea nuber mof pure fice ofngsb uildideveloped before the begingnin of 2006, so we recommend builgd inthe subject fice ofbuilgd inn i2007 otavoid any W ermemceond develop ing thejseucbt fice ofwetro as a Icon (sybolm) fice ofubigl dinfor Ss h’anghaielectronic tryindus n iCaohe jingHi-Tech Park. Tower One is expected to be in the rkeat mby 2009 and therationope of the fice ofnbgu ildi willcooperate with the fourstar hotel inthe south o tkea mthe site develop into ybol smcommercial center in the Caohejing rkaet marea. 在一期对项目整体定位确立的基础上，我们建议将一幢标志型办公楼和部分休闲餐饮街作为整体项目的二期。虹梅路是未来规划中的中环线，标志型办公楼靠近中环线交通便利，同时能够为地块阻隔相对杂乱的人流。办公楼的项目在漕河泾开发区内是有相当的接受度的，但考虑到2006年初以前即将推出的纯写字楼体量较大为了避免过度竞争，项目标志型写字楼建议在2007年开始建造，并利用园区电子产业聚集优势，打造上海电子城专业标志型写字楼，预计在2009年全部可以入市。标志型办公楼的建成和客户的入住同南部的四星级酒店相互呼应，形成漕河泾地标性商务中心，确立了项目的整体定位。 W erecommend, that the fice ofbuilding is only for lease. In this ,way sit’easier for the developer to nage mthe bunigl dind ato achievea long- termstable profit. The recommended fice ofpositioning as a specialized fice ofbuilding for electroniccopanies mcan help prove/enihmance the uindstrial posnigt ioniof Ceaj oihngHi-Tech Park and even take the lead position in Shanghai in electronic .yindustr 办公楼我们建议采用出租的形式，对于开发商来说便于管理，由于有高质而稳定的客源，开发商也能获得长期而稳定的收益，同时其鲜明的电子产业专业写字楼特征也为提升整个漕河泾开发区的产业定位和确立在上海乃至长江三角洲电子科技类龙头地位作出贡献。 W erecommend,commencing phase 2 in 2007 and to end at the end of 2008. Tnant erecruit can be started in the iddle mof 2008. 我们建议二期在2007年开始建设，2008年底完工，在2008年中即可开始招商。 The speed of the ent developmprogress umst be strictly controlled. Our recommendation isto attract several well known and ge larelectronic panies comas anchor tenants for the fice ofbuilding nd athen to racta ttsome upstream and down 35
Chapter 2 Recommendations 项目开发规划建议 stream chain ysuppl companies. Due to the increasing land ev,alu areas that ehavgood views are suggested be available for lease in the latter phase. 在推案时尽量控制推案的速度，前期建议先引进一家到几家大型并有广泛知名度的电子科技产业的明星企业，作为整个专业写字楼的主要客户，后期根据市场竞争原则，再引进一些为电子科技类、通讯类密切服务的上下游企业，如电子贸易类等。同时由于后期土地价格的增长，尽量使景观较好的可租写字楼部分推后租赁，以使租金达到较为理想的位置。 Phase Tee: hrSport C, enterFood and Beverage Facilities (Seetscape), trService apartment, Office (T owerTow), Strata-titled Apartment and Shopping Palaz (Shopping Pa azlPhase One) 部分运动休闲中心,部分餐饮（休闲街）+服务式酒店公寓+部分标志型写字楼+部分产权式酒店公寓+部分休闲购物广场 W erecommend, that phase three develop the phase two of the Sports C,enter Food and Beverag eFacilities (Streetscape), the Service eanpta,rtm Ofice f(Tower To),w 50% of the Srata-ttitled Apaerntts mand phase one of the Shopping Plaza. 部分运动休闲中心，部分餐饮（休闲街），服务式酒店公寓，部分标志型写字楼，部分产权式酒店公寓，部分休闲购物广场作为第三期，主要是从人气和项目综合商业配套提升的角度考虑，和办公楼、酒店一样，服务式酒店公寓可以为本案商业带来人气，而且可以和酒店产品形成时间上的互补，满足长租商务客源的需求。 The ge larscale of the sport & entertainent mcenter is a jor amfocus and ferentiation diffor the subject project. The goal of this development phase i sto bring vigor to the area and satisfy the identified needs of the ployees emand residents in the subject market area. The center will attract some people on weekend, too. W erecommend development of these properties in 2008 to be pletcomd ein 2010. 大规模的休闲运动中心是本项目的一大卖点，也是上海西部生活的一个亮点，通过这个休闲运动俱乐部的营建，给漕河泾开发区的办公区（包括厂房办公楼和纯写字楼）、一般商业、酒店区带来了活力，让周边的员工及居民在工作之余能动静结合，并使整个项目地块保证长期的繁荣和人气，不至于在周末和非工作时间过于冷清。 所有三期物业建议2008年开始建造，2010年完工。 Phase 4 :Strata-titled Apartment and Shopping Pa lazPhase To w部分休闲购物广场+部分产权式酒店公寓 Phase Four of the project, is the strata-titled service apaerntt mand bars area start operation, he tcommercial ospherea tmin the area l wilbe tuare mand gelarlapruiptoy 36
Chapter 2 Recommendations 项目开发规划建议 already exist. Tnants efrom service apartment, guests fromhotel and ployemees fromfice ofbuilding will generate market denda mfor this phase of development and reduce the risk. The already pletedcom projects will benefit from the otipronm of ehtS gnippohP azalPesah T,ow hcihw niutrn will further prove imthe business oatsphere mof the area. 作为项目的最后一期，其在开始对外招租的时候，周围的环境已经较为成熟，随着办公的交房和入住，商业的聚集，人气也开始逐渐提升。办公的人群和酒店、服务式酒店公寓住户可以为商业带来潜在的消费群，降低商业的投资风险，提高市场接受度。这些条件较利于休闲购物中心商业项目的推广，而休闲购物中心商业项目的成熟也可以推动项目整体环境和配套的档次的进一步提升。 Owing to he tfavorable ent environmwith green land and he table suittotal ce priof the all smunits, the strat-atitled service apartentm project we anticipate will bepopular in he It will be good choice for -owneroccupiers as well asI investors. When the strata-titled service apartentm are released in the market, the hotel is already operational and the fiofce building has copletedm construction, the ge lararea of retail is under construction as well, and all these factors will support theotion promof the strata-titled service apaerntt mto ensure the s’projectsales and good price. 由于有绿地景观的支持，另外小户型产权式酒店公寓的总价合适，这部分产品将较受市场欢迎，无论投资或者自住，对于买家都是较好的选择。另外产权式酒店公寓的销售周期中，周边的酒店已经投入运营，办公楼已经基本完工，未来项目的大面积商业已经在建，这些对于产权式酒店公寓产品都是十分良好的支持。成熟的景观，未来综合的规划，对于自住客、投资客或未来的租客，吸引力都是十分巨大的，这样也可以使我们的产品价格提升。 W erecommend the commenceent mof construction of phase four in 2009 to becopletemd by 2011. The sales otiopnr omcan be started in 2010. 我们建议产权式四期产品2009年开始建造，2011年完工。2010年就可以开始预售和招商。 The otion promstrategy ofthe strata-titled service apaernts mwill be ilar simto thatof the fice ofbuilding. But as the residential projects are ore mfected efby s wvieof the ent,environm the e pricference difwill be r gelarfor he tstrata-titled service apaerntt,m which also has ore mpotential for theprice increase in the future. Therefore, the sales of the service enta partmshould be under control in r eord toachieve the maixzid emprofit. The development schedules fit with each other yt ightlwith the plcomtioen of fice ofbuilding, service apaernt,m four star hotel and 37
Chapter 2 Recommendations 项目开发规划建议 high- endretail project. 在具体的推案过程中，产权式酒店公寓产品和办公产品的原则基本类似，但是该居住产品受到景观的影响较为严重，其价格差较大，未来升值也更具潜力，因此在项目销售的过程中要控制好景观房的销售。随着办公、服务式酒店公寓、四星级酒店企业租户及商务客源的入住，本项目的高档商业部分也可随后实现开业，时间上结合的十分紧密。 38
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 C thearp3 Meconicoo macrand P coyliOveerwvi 第三部分 宏观经济政策分析 Snahhig a si ehtgsral teeocicno mnetc erdna daert p torni Bgni eh te,edart finance and nationfoi rmcnetre of Ch,ina Shanghai is also the rgest laityc in China. Many ulti-mnational ocorprations and local opancies mhave estabishdle their ycou ntrqdaeh sretrauni Sgnah,iah htiwe osmve nettesni gpu riehtA aisPa cificqdaehau sretr niht eytic. 上海是中国最大的经济中心和贸易港口，是全国最大的综合性城市，更是全国的贸易中心，金融中心和资讯中心。目前有许多的跨国公司以及国内的大型公司都把中国总部甚至亚洲总部设在上海。 Given the tegic stralocation of the ityc, Shanghai hasa logn hy stoiro fig In the 1920’s and 1930’,s Shanghai was the t largseinterntioanal trade centre in th eFra Currenly,t va ihe tdevelopment of Pudong, th eShanghai Muniipal cGovernent mhs amaininetad a ystrateg to pdevelo Sanghhai as na interntionl aan iancef dna 由于上海地域的独特性，所以上海对外贸易有着悠久的历史。早在上个世纪的20、30年代，上海就是远东地区最大的国际贸易中心。目前上海仍然以开发浦东和建设成为国际经济、金融、贸易中心的城市为发展策略。 Moar ccocimeon s niShahgnia上海宏观经济分析 Gorss Domestic Product (GDP) 上海国内生产总值及增长率 A sdetartsulli ni Fugi1er, Shnahg iandeirepxec ap doeiro fdpar ico cienomghtwor between 1992 nad 1997, with average ieconomc gorth wof atapproximely 14 %pre .annum After a period of rapid owthg,r th eic econombase of Shanghai was strengthned. F rom1998 onwards, the groth wte raof GDP in Shnaghai s habne niam deniatt a10 %p In 2003, S iahhgna sah deveihcaGDP foRMB billion n ital towith % groth wrate, dan will ach reRMB 700 liobiln n ithe yar eo f2004 as pexected. In the light o fthe ninud coteecoomic ndnevelopmet of the city, entry oin tWTO, nad the positive pct aimof the W orldEpxo o tbe ed hostyb 39
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 Shanghi an i2010, it is naticipated at ththe groth w rateo fGDP in Shi hangawill continu eto qute eato ab ove10% per annumin the med uimto lon 从图1中可以看出，经济快速发展阶段是在1992年至1997年间，平均年增长率在14%左右。在经过一段时间的快速增长后，上海经济发展速度的基数也随之增大，所以从1998年以后，上海国内生产总值的年均增长率一直保持在10%以上。2003年上海实现国内生产总值人民币亿元，增长％，据预测，2004年上海实现的国内生产总值有望接近人民币7,000亿元。由于上海世博会等发展因素，预计在中长期时间内，上海国内生产总值的年增长率将继续保持在10%以上。 The per capita GDP of Shanghai has laso increased rapdiyl, from RMB8,652 U(S$1,042 ) rep nnamuni 1991 otRMB46,227 U(S5$,589 ) pre nnamuni 2003, htiwan average growth te rao f17% per annmuover the past 13 years. 上海人均国内生产总值也从1991年的8,652元/年(1,042美元/年)快速增长到2003年的46,227元/年（5589美元/年），这13年间的平均年增长速度为17% 。 Ch :Sgna s’iahGDP na d stiG htwor1(990 – 2004 )图: 上海国民生产总值及增长率 (1990 – 2004) 40
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 上海PDG 及增长率 agS ahihnPDG %0 % % % % PDG 增长率PDG PDG ianmentscre 8%0. 6%0. 4%0. 2%0. 0%0. 0991 1199 1299 3919 4919 5919 6919 1799 1899 1999 0020 1020 2020 2300 2400 19- 年度raeY PDG 值( PDG 亿元） 增长率 Soe: urcSghanhai Satistics tYearbooks 资料来源：上海统计年鉴 T aoltR lateiSa sel社会消费品零售总额 T lato liater selasni Shang iah desaercniorf noillib ni 1990 billion in 2003, representing an insecreaof 13% pr T hetotal retail sles awithin the period of the first half of year 2004 equted ato billion, oaccuningt or % o fthe GDP o fShanghai. 上海社会消费品零售总额1990年为亿元，2003年为亿元，平均年增长率为13%。2004年1-9月，上海社会消费品零售总额为1823亿元，占上海国内生产总值的%左右。 Ch3: T latoR liateSel sani Sgnah iah1(990 – 2004 )图: 上海社会消费品零售总额（1990-2004） 41
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 社会消费品零售总额(百万元)Retail Sales of Social Consumer oGods 10 0million yuan 16000 14000 12000 10000 8000 6000 4000 2000 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 1-9 社会消费品零售总额(百万元)Retail Sales of Social Consumer Goods 100 million yuan Source: Shganhai Statistics Yearbooks 资料来源：上海统计年鉴 Das opsibelInoc em居民可支配收入 According to the Shanghai Statistics Yearbook, the nanul a disploeabse incomof ubnra stnediserni Shnhag ia desaercniorf mRMB2, 182 ni1990 otRMB14, 867 ni2003. Whtini h et14 yr seane ewteb1990 dna2003, nag aerevaorg htw etar %pre a nnumwas chevdaie in lationre tothe dspioe sablie ncomof urb ansidnrse etin 根据上海统计年鉴的数据，1990年上海城镇居民人均可支配收入为2,182元/年，2003年城镇居民人均可支配收入已经增长到14,867元/年。在1990年至2003年的14年间，上海城镇居民可支配收入的年增长速度为%。 Chart : Dsposabile Inocme o fUrban Rsidns eetin Shnaghai (1990-2004) 图: 城镇居民可支配收入（1990-2004） 42
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 城镇居民人均可支配收入Disposable Income of Urban Residents 16000 14000 12000 10000 元Yuan 8000 6000 4000 2000 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 1-9 年度Year Source: Shganhai Statistics Yearbooks 资料来源：上海统计年鉴 It should, hwever,o b eted notht athe level of disposableincome as pbished ulyb theGonrev tnemyam on t ylluf tcelferht evele l fofobfaaytidlri dna ehtvilnig natadsrd fo the popnulatio as the inc oemrecorded by the Govrnment edos enot include ohr teadditional re welfaenpayms tand allowances nejoyed yb ployes meesuhc as housing and ediclam benefits, which areocmmonly dre ofefto plmyeoes ein Governent mDtrape,stnem sa llewa sats teodenw, ngeiof rna do citsdem 无论如何，在此值得注意的是，统计年鉴中公布的人均可支配收入并不能真正地反映出上海居民的生活水平和实际收入，因为政府统计的数据中可能并不完全包括政府工作人员、外资和国营企业员工的金融收入，住房、医疗补贴，奖金等等。 Based upon the analyis stcompleed, it has bnee estabishdle that the averag esalary of ployees meindretae y bforeign panoiecms in Sghanhai is telyoxiaapprm RMB5,000-6,000 per onth,m which sihighr ehan tthe gs urefipubished lyb the 根据统计计算，在外企工作的员工平均工资水平为每月5,000-6,000元，远远高于政府公布的平均收入数字。 43
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 Annual Per Capta iDisposable In emoco fR stnediseni Shgnah iaUb ranAaer 1(985～2003 )R(MB )表 上海城市居民家庭每年人均可支配收入 (1985～2003 )(人民币 )最低收入低收入高收入最高收入中等收平均 年份 戶 戶 戶 戶 入戶AvareMed uimY raeLowest L woHgih Hhgi tseg eIno cemIn comeIocn emIn comeIno cem1985 1075 665 818 1043 1377 1648 1986 1293 865 979 1256 1643 1970 1987 1437 920 1087 1380 1884 2304 1988 1723 1094 1278 1678 2284 2789 1989 1975 1226 1476 1919 3129 3104 1990 2182 1388 1634 2104 2845 3449 1991 2486 1519 2089 2434 3281 4163 1992 3009 1770 2168 2936 3952 5020 1993 4277 2312 3236 4017 5900 7547 1994 5868 2967 3761 5405 8234 11608 1995 7172 3486 4587 6600 10032 13796 1996 8159 4007 5147 7528 11147 15639 1997 8439 4080 5369 7939 11834 15916 1998 8773 4148 5626 8132 12126 16452 1999 10932 5655 6837 9534 15221 24006 2000 11718 6169 7607 10529 16135 23849 2001 12883 6103 7700 11155 16935 30615 2002 13250 5791 7574 11629 18750 31619 44
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 2003 _ _ 7463 11321 21296 _ Soe: urcSghanhai Satistics tYearbooks 资料来源：上海统计年鉴 Before 2002, the e inocmof all residns etindcrease, and in 2002 h etpta caidspiosable income of theLst owen adLower Income Residents dreasedec with the vaerage nocmei The gap between the poo rand the rich will b ewiden herf urtin the futurein 在2002前无论何种家庭的可支配收入均随着平均收入的增长而增长，但2002年和2003年连续两年最低收入与低收入家庭的可支配收入随着平均收入的增长而有所下降，由此上海的贫富差异将在未来有进一步的扩展。 C uomnersPce riIndex 消费价格指数 T ehCousn remP ecirIn xed niS hginahades aerced ni1990 ni2003. A stu ldleiarts niFugi er4, ht eni xed sahohs nw anwoddraw dnertn isce1995, u deot deflation. A sin 2003, the Cornsu emPrice Indxe was , netisngrepre a arginal modnw draw tnemtsujda sac deraopmhtiw ehtCrmn euosPrice Index of as at the dne fo2002. I t sidet apicitna taht ehtCousn remP ecirIn xed lliwerniam viteyaller b aetlsni ht ehtsr oot 上海消费价格指数从1990年的降至2003年的。如图4中所示，由于通货紧缩，上海消费价格指数呈下降趋势。2003年的消费价格指数为，比2002年底的有所轻微下调。预计未来上海消费价格指数在中短期内将保持稳定。 Chart : Crn umeosPe icrIndex (1990 – 2004) 图: 消费价格指数（1990-2004） 45
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 居民消费价格指数Consumer Price Index of Residents* 140 120 100 指数(以上年为80 100)Index(Price level of the previous yr=100) 60 40 20 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 1-9 年度Year 居民消费价格指数Consumer Price Index of Residents * 2004年1-9月数据来源：上海统计局网站月度数据。 Source: Shganhai Statistics Yearbooks 资料来源：上海统计年鉴 Foignre Drect iInventstm外资企业 There has been a sigannifict in creasein the number of interntional apaoncmes iin Shanghi aover th epast ten years. Btween e1990 and2003, hre ethas bene consistent growth in he tbner umof panies omcwith esom formof fon reigstment,inve eqtinuag to an annual averag eo f2,730 The bnuer mo fpolemyees of international pnoc seaimah sosla 上海外商投资力度持续增长，自1990年至2003年，上海每年新批三资企业数量一直在增加，平均每年新增为2,730家左右。三资企业雇员数量也在持续增加，带动上海整体消费水平的增加。 At the end of the yar e of2003, n igforect dreiinvestments in Shanghai are mfro108 nuoc seirtn Mo er naht300 pno saeicmni ehtFnuotr e500 vtnsie There rea 56 regional headquarters, 90 invstent emcopanmies nad 106 R&D ecners tof ultintionl amaopanciems in 46
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 至2003年末, 在上海投资的国家和地区已达108个，财富500强企业已有300多家进入上海。跨国公司地区总部、投资性公司和研发中心分别达到56家，90家和106家。 The increase in nforeig ct direinvestent m inSgai hanhhas ilitated facth eolutionev of Snahhgi ani ot aow-dlr ssalcytic, dehnecnaht enoce cimogor htw foShgna iahgot(h treewith the growth of e incomof Shani gharesidens),t as ll weas facitedl itath egrowth of ht eoc laicremmporytrep krtam eni 跨国公司进入上海，不仅使上海挤入世界级城市的行列，同时使得上海的经济和人均收入都有快速增长的作用，同时更使得商业房地产市场日益繁荣。 Chart : Freigno Dct ireIenv testmin Shanghi a图: 上海外商直接投资 外商直接投资额 FDI 亿美元100million yuan6 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 1-9 年度Year Source: Shganhai Statistics Yearbooks 资料来源：上海统计年鉴 The tot allevl eo ffiorgne dctr ieiennvmtes in Shnaghai has increased significantly n in etcery,srae orfmUS0$.214 boilli nni 1990 otUS1$ b noillini 2003. In 2003, Shanghi a hascted attraconcted traforeign l capitaof US$ nbillio with % growth in he tsame period last The tual acforeign l capitaflow in is US$ 47
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 billion with the groth w rateo % pcoared mto the pevrious year. It is xepected that the level o finvestent mwill continue to gor wn ie thshot rto ed uimmterm. Fro mJurnaya o tSp rebeetm ni2004, h tenrog tnemev hsappavo red3383 ofgi erntesvnitnem cts,proje attracting conted tracigforen cal pitao fUS$ . By the end o fSpbeetrme 2004, there are altogether ore mthan 35000 ign forenvestedi poncmaies in 在过去几年内，上海外商投资金额有者快速的增长，1990年上海吸收外资合同金额为亿美元，到2003年上海吸收外资合同金额已达亿美元，同比增长％；实际到位金额为亿美元，增长%。上海今年前三个季度吸收外资在高基础上实现稳步增长。1－9月，本市共批准外商投资项目3383个，吸收合同外资金额达亿美元。截至2004年9月底，上海市累计批准外商投资企业35000多家。 Saghahni Touism rEconomy上海市旅游经济 In recent yars,e tourismin Shanghai eps kegrowin gnad oremand ore mtouists rocme here. The concept of city to urismis imvorpni g htiwh teegn idetartleem stne foexhibtion i,uistmor business t ourismand leisure and vocational .uistmor 近年来，上海市旅游业持续良好运营，来上海旅游以及以上海为中心的旅游人数逐步增长，上海市的城市旅游概念正在逐步完善。会展旅游、商务考察旅游、休闲度假旅游等构成上海都市旅游的主体内涵并逐步形成旅游经济新的增长点。 Ch P elpoeNbremu sna dT msiruoEpx esne fo stsiruot orfmohte r seitico fCanih in Shanghai (Beds aon the datumof 2004) 图 国内旅游者来沪人数及人均在沪旅游消费支出（2004年数据为预计数） 48
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 国内旅游者来沪人数及旅游消费Domestic tourists & expenditure10000180016009000140080001200100070008006000600400500020040000199920002001200220032004 人均消费(元)expenditure per capita (Yuan)旅游者人数(万人)Tourist(10 Thousand) D ataerosecru :Shgna iahT omsiruAdnimoitartsin Buae ru资料来源：上海市旅游事业管理委员会 S ecni1999, ht ebn reum fo citesdomot stsiru speeknisnig aercni S,iahgnah htiwa growth te rao fabout 4-6 %yannuall (In 2003, the bnmer uof touists rdropped by % because of the risics of SAS). It is expcdete tht aabout 95 illion mdomestic tourists will visit Shanhi gain the yr eao f2004. In e thfuture, ore mand more dosticmetouists rwill tisivS iahnhagniwo g otynam otcaf srsuch as rnatiointenalization ofShanghai, theevent of World Ebxhiition Conferene cand nmay rnatiointenal ssportegas,m 从1999年开始，国内来上海旅游的人数持续增长，增长率一直保持在4-6%（2003年受非典影响，国内来沪旅游人数锐减，下降了%）。2004年预计全年来沪旅游人数将达到新高9500万人次。预计随着上海日益成为国际化大都市，世博会的召开，众多国际赛事的举办等因素影响，国内来上海旅游的人数将逐年增加。 Tb T hebn erumof feiorgn toiursts vsitinig Shnghaai in e somyears 主要年份来上海的国际旅游入境人数 49 旅游者人数 Tourists人均旅游消费Expenditure per capita
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 年份 国际旅游入境人日均来沪旅游平均逗留天数（天/人） 旅游外汇收入（亿Y rae数（万人） 人数（人）grave aedya sn i 美元） Shygnapra/d(iahnose )Tourists from Tourists from T ourismorba1(da0 baroda per day n1ie(com00lilmoin htuodnas )od )srall1978 658 1980 854 1990 2447 1995 3448 2000 4970 2001 5596 2002 7466 2003 8764 2004* 9589 - 26 The bern umof 2004 is ted tisaemdata. 2004*年数据为估计值。 D ataerosecru :Shgna iahT omsiruAdnimoitartsin Buae ru资料来源：上海市旅游事业管理委员会 Since Shanghai’s position as businss,e ic economand nancial fiener ctis set up, d analso the city gimae is impogrvin abadro, ore mand oremforeign uists torcome to Snahhig a orfb ssenius F morJunayra otAuu tgs ni2004, buao oillimn g nierofo stsirut tisviShnahg,ia ta ehtd yali rebunm fo9788 I t nacbe foreseen that ore mforeign touists rwill eco mto Shanghai ce sinShnaghi awill be ht ed niw“”ow foCh ani otht eow,dlr ehtninret nloitaaortpoematiln dna eht cinocemon reetco 随着上海商务、经济、金融中心的确立，以及上海城市形象在国际上的不断提升，来沪观光旅游、商务旅游的外国人不断增多，近年来一直保持了强劲的增长势头。2004年1月至8月，共计有万国际游客入境，平均每天达到9788人次。预计随着上海作为中国对外的窗口，日益成为国际化大都市，成为中国经济中心，国际上来上海旅游的人员将逐年增加。 Sary umm小结 50
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 GDP of Shganhai has kp ettwo- digitinrcse earate since 2000 and can be expected to keep the nsecreaiin the utufre, h whicbuilds a on gstrofonn udatior fthe dbectesuj 上海自2000年至2004年前三个季度GDP保持了两位数的年均增长率，预计未来上海的经济仍将保持快速增长，上海国民经济的持续增长为本案房地产项目提供了有力的支持和坚实的基础。 The retail les sao fl sociacoer nsumgoods of Shanghai dan spdosable iincome of residents have asedinre cfast in recent yrs,ea whhic porvides large pnotetial arktm efor the tail redevelopment part o fthe subjected pojectr. 上海社会商品零售总额和居民可支配收入在近几年都保持了快速的增长，为零售商业的发展提供了具有潜力的市场。 Shan’s ghiaattractivenss efor ignfore eninv testms awell s aexpts aand tourists is growing baueecsof stronger city ptitive ecomadvantage and povrimeentm of nitsev tnemnneoreiv,tmn hctiw sesniraect ehanedmd of riddm-elhgi h leveldec ivresapartent,m l,hote office building, restant aurand entertainent militifeasc. 由于城市竞争力的不断加强，投资环境的不断优化，上海对外商投资的吸引力正不断增加。外资的大量进入对上海经济的发展将起到巨大的促进作用，并使得上海对外籍雇员及旅游者的吸引力不断增强，从而增加了对上海中高档服务性公寓、酒店、办公楼及餐饮娱乐设施的市场需求。 T ouismrecoynom o fSanghhai is developing fastin e M oreand orem ot stsiru emoc otShgna ihn iescShang iah semoceb ehtubnis,ess oceion cmdna financial ener ctof China. Strong tomurisoecnoy mnda ’it sisinogpm r futureprovid ea favorable enenvti ronmfor th ehl otelent opdevmepart o fthe subectedj 上海市旅游业持续良好运营，来上海旅游的人数逐年快速增长。随着上海商务、经济、金融中心的确立，以及上海城市形象在国际上的不断提升，会展旅游、商务考察旅游、休闲度假旅游等将使上海旅游经济保持高速增长。旅游经济的强劲发展将为上海的酒店业营造良好的外部环境。 Moar ccoymoen o fX iuhuDtsitcir徐汇区经济环境分析 Xuhui district is on eof the ner cetdstrictis in Shanghai, located in the t sosuthweof the urban a reaand covering an area of About million 51
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 residents live in h Xu huidistrict borders with Lnuwa strict diin the st,we is olcesot Puodgn aeraa ssocrHunpag uR reviin the southeast, neighbors with ocunties like Minhang and Songngjia in the south and west, borders on Jgin’an nd aChangg nindistricts in e thnorth. 徐汇区是上海市的中心城区之一，位于市区西南部，区域面积平方公里，常住人口106万。东以陕西南路、日晖港与卢湾区毗连，东南隔黄浦江与浦东地区相望，南以淀浦河、西以虹梅路与上海县为邻，北以长乐路、淮海西路与静安、长宁两区接壤。是青浦、奉贤、松江、金山等郊县进入市区的咽喉，又是通往浙、闽、赣、皖等省的要道。 Moeconomy acrof Xuhui dstricti徐汇区总体经济 T eh ggaetagercoyemon o fXu iuh tcirtsid speekgorniw,g rof,elpxema geroi lanoyecno madded value indcrease to bllioni RMB in 2003 billion RMB from billion RMB in 1997, th wian in creaserate of %.annlulya The aggregate ecyonom o fXuhui dstrict idleas among urban dstricts io The structure of yeconom has een biprovedm, too. 经济总量持续快速增长，地区增加值从1997年的亿元增长到2003年的亿元，六年内净增亿元，平均每年增长%。经济总量继续保持中心城区领先水平，经济结构得到进一步调整和优化。 Chart Ratio of the hree tindustries in Xuhui——yar e1997 and 2003 图 徐汇区三次产业的比例——1997年与2003年 52
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 徐汇区三次产业比例-1997年Ratio of three industries in Xuhui-Year 1997第一产业First 第二产业Second industry, %industry, %第三产业Third industry, % 徐汇区三次产业比例-2003年Ratio of three industries in Xuhui-Year 2003第二产业Second industry, %第三产业Third industry, % Res:o urceCBRE 资料来源：世邦魏理仕 Retailing and real estate industries payl yver portant imrole in the third industry of Xuhui .ycoomen In 2003, the ad dedvalue o fgretailin was bllio inRMB and the added valu eof al reestate was billion RMB, equl ato % and % of thetotal regionaladded value .respectivlye Other parts of th ethird nduistry havebnee developed, oto. Th eyeconom hs abeen increasing at a te rao frounda 12% nually anon egarevani ht e tpsa xisy sraevr(deia .)% 其中，在第三产业中，商业、房地产业支柱作用明显。2003年商业实现地区增加值亿元，房地产实现地区增加值亿元，分别占区属增加值总和的%和%，其他服务业也有了很大发展。经济抗波动能力增强，六年中经济增长始终保持在12%上下，波动在个百分点左右。 Retailing商业 53
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 S laicoouscn remoog sdktram eh asbeen rcninisae gdna ehtocoitpmusn nutcurts er sahbeen porimved. In th epast six years, retail sales of l sociaconsur emgoods have bnee cuulated acmto billion RMB, with an nuanl asienr ecte raat % on average. The tail reles saof the yr ea2003 were billion RMB, % of the total retail sales of Th eptionconm sustrucute rhs aalso bnee Coptionsu smin regard to real tates,e os,bilaeutom ,lecotem etc are increasing A,ccordingly Xhujiaui mmeial corccenter adjusts and upgradsecommodtyi uctustrre and vachiees ore mcoenomic benefits. In 2003, Xhui ujiacommercial center (including Grand Gyatewa shgopin pll,ma Eastern departent m,store No. 6 edeprntm atstore, Huniji tnemtrapedots,er P cifica tnemtrapedotsre nad Binaoa huil digitaodupcrts stoe,r .cte )eveihca d liater selaso o nillibRMB. O rehtyt sepo f sliaterr aevedpole,de too, su chas poue rdcmarket, IT dproucts markte, construction atrials Cou lanmmerniliat g hsanbe edolevedep vyer :llewumom lancuskraep etmrk ileJ,iledai Top and Fresh nad Haoyudouo hav edevelopde into 137 retail chains by the end of 2003 and hievdace sales of billion, ased increby % pcormed ato th epeviours .year 消费品市场稳步增长，消费结构升级明显 。六年来，共完成社会消费品零售总额亿元。其中2003年达到亿元，占全市总额的%，比上年增长%，六年中平均年增长%。居民消费能级提升趋势明显，住房、汽车、通讯类产品及与住房相关的商品消费进一步扩大。徐家汇商圈实施商品结构调整，注重经济效益的提高，其市级商业中心功能进一步突现。2003年，徐家汇商圈内港汇、东方、六百、汇金、太平洋、汇联等百货商厦及太平洋、百脑汇等电脑市场共实现社会消费品零售亿元。各类专业市场日益兴旺。农贸市场、电脑市场、建材装璜市场等均有较大发展。社区商业规模迅速扩大，纳税在本区的家得利、顶顶鲜、好又多等超市至2003年末网点总数达到137个，社会消费品零售总额亿元，并上一年增长%，发展速度高于平均水平，成为区域商业中一支重要的生力军。 Real Estate ndustriy房地产业 Real estat eindustry in Xuhui dstrict ihas been very tive,ac hevaciing added value of nbillio RMB in 2003, increased yb % pcoaredm to th evpreious .year Fro m1997 to 2003, ysecond armarket for residential rea lte estahad sold a reao million square ters,me inrasedce by % opdcare mto the vspreiouyar eand chevdaie selas nboil liRMB. 54
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 房地产行业持续活跃。2003年实现增加值亿元，比上一年增长幅度达%。1997至2003年六年间，商品房二级市场销售面积为万平方米， 成交金额为亿元。预售面积为万平方米，成交金额为亿元。住宅商品房向大房型、高品质发展。 illio mn squreaeters mof noenlnre sidtiaal reestate such as ficeofbugs ildinand retailing stoes rhave been pcletomde in the year of 2002. Lge arbnmer uof hgih y qulitae ficofbuildings is u Real etate syindu strs hadae msignificance ocontribun tio tthe aggte regaeconomy in th 非住宅商品房发展加快，2002年徐汇区共推出115万平方米办公楼，商场等各类非住宅房产。另有一批高档商务楼正在加紧建造中。房地产业对区经济贡献进一步增长，行业税收12亿元，比上一年增长幅度达%。 The second industry工业 The osecndrya yind ustrepkes groingw. In 2003, tal toproduction value creahde to billion RMB, resulting froman annual increase rate o %in the evioups rsix years. The concentration rate of the industry has T hreeare 22 pcoanies mthat have vieed achs saleof ore mthan 100 million RMB in 2003. Se omemphasized niud seirtse kiloelbimotua n aduqe,stnepim electrics, food processing, ocnstruction iretam slana dnahcem,sci cteh eva neebpodlevede yngisltnacifi dna ht eviteeal rpuspo gnitreinapoc smoctearn mgoleoc emniot gnieb. H-ichet niud seirtsushc saelectroncs,i biooylg eringng enieand new lsm ateriaae ripovrmed, too. By the yr eaof 2003, noitp ocurdvaul eo fh-i hcet sdnieirutsha socnudet rof44 %o f ehtotlat prodnuctio s lesaof Hi-tech induy rtsp sakrr eaveld gnipoe tsaf ot tratseht 工业稳步增长。2003年完成工业总产值亿元，自1997年六年中平均年增长%。工业集聚度增强，2003年工业企业年产值超亿元的企业达22家。工业企业效益良好，2003年工业产销率为%，实现工业增加值为亿元。重点发展汽车零配件加工、电气机械及器材、食品加工、建筑材料、机械设备、金属制品加工等工业，扶持和培育了相关的产业群体。以电子信息、生物医药、新材料为代表的高新技术产业得到了较大发展，到2003年，高新技术产值已占区工业产值的44%。“三区三园”在产业政策扶持下迅速成长，产业优势和园区集聚效应开始显现。 Figen orinvnestmet吸引外资 55
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 Fgieron en tmvtnsie sahbnee nisaercni gaf tsni F mor1997 ot 2003, altogthr ee323 ign forenvesteid cts projehave been approved and otal tforeign investent mcl apitaamoundte to bllion odllars. In 2003, 104 ignfore ndvesite pn coesaimw ers etup and co ualntactrofgeirn itensnv empct ialsw a290 ilimlon od,srall deasnri ecby 16 %na d7 %pservlitceye derapmoc ot ehtveoirp 利用外资大幅增长。1997至2003年六年来，全区累计批准外商投资项目323个，投资总额亿美元。其中2003年全年引进外商投资企业104家，合同利用外资亿元，分别比上年增长16%和7%，为六年来最高水平。2003年引进的外商投资企业中，服务业项目居多，有79个；引进的外商独资企业居多，有59家。 Poopunl atiand nesisd’etrincome居民人口与收入 By h tedne fo2003, diser tneoitoaupl npfo Xuhui district s wa885 ndt,housa with density o f16161 persons qsuare /.kloteirme Th einocmes of residents kepe growing. Annul ainome cpr e capitaounted amto 22870 RMB in 2003, orem thn athe number foShanghi at a22160 RMB. R sidns’eetsavings are increasing and achedre to saving lnaa beco binloli RMB dna bnliilo .sordall 截至2003年末，全区户籍人口为万，区域人口密度为16161人/平方公里。居民收入水平稳步增长。全区从业人员2003年平均劳动报酬为22870元，高于全市平均劳动报酬水平22160元，比上年增长%。居民储蓄稳定增加。2003年末区域内居民人民币储蓄余额为亿元，同比增长%。居民外币存款余额为亿美元。 Saryumm小结 The fast wgthor and devlent opemo fmacro coyeno mo fXhuui t,distric especially of real ,etates retailing nad hi-htec industries, ,etc and increase o fth ecpontisoumn yb ailitof sidns reetporvide the sutedbjec pojectr with isinpromg macro ecic 徐汇区的经济持续增长，尤其是房地产业、商业和高科技产业的快速发展以及居民消费力的不断提高，为本案房地产开发项目提供了良好的外部环境。 Gno etmnrevceiilo psaynasisl宏观政策分析 Macro oecnoic mcpsiolie宏观经济政策 F romthe first hlf aof yar e2004, central go tnenrevmdial o ut lavreseop seicilia demot control devlent opemspeed o facro meycono,m which will hvae significant pact imon real estate industry. Te hsepolicies include: 56
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 2004年上半年以来,政府出台了多项旨在抑制经济过快增长的宏观调控政策,对于房地产行业而言有较大影响。这些调控政策包括： • Central bank hs araised rve reserate for saving cacount by % since April 25, 2004. • 央行自2004年4月25日起提高存款准备金个百分点。 • Sate tDepartment nanodunce to ate regulon increasing aptal ciratio o talot tnni etmtsevuoma tnni os emdexif stessavninemtes torp stcejni us hcdni seirtusas ,leets lortceley dezniula,mum necetm na d laeratse S,yllacificep aptal ciratio of real estate ts projecis regudlate at 35% instead of the oiginarl 20% oi(ecnoal mcrsidnial eetpojects rare exlcuded). • 国务院发出通知，决定适当提高钢铁、电解铝、水泥、房地产开发固定资产投资项目资本金比例。其中，房地产开发（不含经济适用房项目）资本金比例从20%及以上提高到35%及以上。 • Th e stniartserot g eviona slr eagnirts tnedroccai gn ot ehtht eerdniw“o wguidlines” eissued before Ntionl aaDay in 2004. • 五一前夕，银监会出台三条“窗口指导精神”，严控贷款。 Mo ts laertse eatproleved seyler no snaolorfm bnaks to finane cthe Therefore, ptal caicost and develomen ptocst increase with th eloan stringency, interest te rafloating and e pricrising o furtsnocnoict 由于目前国内房地产行业的融资渠道过于单一，基本依靠银行贷款。随着银根紧缩、利率上浮，加之建筑材料的成本上升，房地产开发商资本成本和开发成本正在逐步提高。同时，宏观调控政策也使得市场上房贷加息预期的升级。 R laeatse et seicilopyanasisl房地产政策背景分析 In the year of 2004, al centrgoevnernt midla out aries seo fpies olicon al re estateto curb th eohat veerdnevelopmet o fthe .dyinustr 2004年，政府为了控制房地产投资过热的现象，出台了一系列的政策来规范房地产市场的健康运营。 Pscoieli政策内容 A Regulation of pohrgibitin resaleof upnetldcome real estatein Shanghai.上海市“期房限转”政策 57
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 Adrocci gnot hte tsetal <oisiced nso ngnitcirts er elaser of laer etatseufut,>er -prepurchased al reestate nca not be resold before tionple comof construction. When the real estat eare sold ater fcotimpleon of construction, the ntionrasac tmust be drrege isteto rlativ eeiadnmistration uburea. Th sioypcil i snot paldpei ot ndon itlsnaeeirreal tate seyt eue becasthe s saleof noresidnnetial real tate seonly coacunted for %of the sales of total real statee in 2003 nd anca not mak ept acimon speculation in the market. 根据最新的《关于预售商品房转让问题的决定》，“自2004年4月26日起，预购人购买的预售商品住房应当在竣工并取得房地产权证后进行转让，并按规定办理房地产转移登记；在取得房地产权证前，房地产登记机构不办理预售商品住房转让的预告登记。”由于非居住商品房，如办公用房、商铺等销售目前所占比重较小，去年仅占整个商品房总销售面积的%，因此对其期房转让行为，目前暂不作限制。 B Rgeulation o f websiteregistration of eal r estatetransaction sin Shanghai上海市“商品房销售网上备案登记”制度 According to the regulation, dveelopers must announ cell as itemof dentificationi of the new commel rciareal estateproct jein the bitew esafter teyr cqauire lpesare issiopnerm o rpoprerty nese licof the al The sitemof identification tht ande to be dlareecd includ eyolaut pane lingwd,ar ylaer structue rpane ldawingr, bugildin tabe lof ocmmercil areal te esta(including tol taunits/sets), strut/cpurae ositionre/aof every unit, al rete estamortgag,e l-seaup, format transaction ocntract, t preseprice, etc. 据规定，沪上新建商品房项目，在房地产开发企业取得预售许可证或者房屋产权证后，上网公布各项“身份资料”。内容有：商品房预售许可证或者新建商品房房屋产权证；规划平面布置图、建筑分层平面图；商品房的楼盘表，包括总的单元（套）数，以及每单元（套）的部位、结构、面积等测绘结果；房地产抵押、查封等权利限制情况；商品房销售合同的示范文本；商品房拟销售的价格等。 C Hgi rehhthser dloof r sonalni laertatse eydnirtus房地产行业贷款门槛提高 On June 15, 2003, central bank set down a regutiolan of <The notice on reinforcing ol snagnar tni laer etatseniudyrts,> . Dnuco etmNo. 121. Th eugeroitaln desiar eht htohserl do f laer etatseydniruts :o nylog doy tuilqaveldpoe srehw o evahg hhiderc tirate and no bda debt record sare gantred with loans. Resil dentiacts projefor ol-wdi edlm emocnierdise sntg etytiroirp ot teg snaol dna ehtnaol sof rhgi-hdne residential pojectrs and villa prtso jecwill be strirceted. The loan for nlad reservor iis 58
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 confined as ortgag meloans and thelons aare not mitted perto xedece 70% of the value of the qacuired land. As to inddviual iloans, commercial banks are only itpermed tto give loans to th ets projecthat already plete ocmstructure building nad the interest teras are ised rafor the lonas tht aare applied to byu the osecnd .property 2003年6月15日，中国人民银行颁布了《关于进一步加强房地产信贷的通知》，即1“21号文件”。该文件主要提高了房地产贷款的标准：开发贷款的对象为具备开发资质、信用等级较高、没有拖欠工程款的房地产企业。贷款应重点支持符合中低收入阶层购买力的住宅项目，限制高档住宅、别墅项目的贷款；对土地储备贷款要审慎发放，且明确其贷款应为抵押贷款，贷款的额度不得超过所收购土地的评估值的70%，贷款的期限不得超过2年；建筑施工企业不得利用贷款为房产项目开发垫资；在个人商业贷款上，商业银行只能对购买主体结构已经封顶住房的个人发放贷款，并提高购买第二套住房的首付比例和贷款利率。 Bgkcaornu dylana siso rf esehtop seicil dnaugeroitalns政策出台的市场背景分析 Real estateprice in Shanghai hs abeen going u pfast since 2003. Many tors facocntribute toth e picer,arso forpexm,lae st ruturecnad etimpro sblemof real testae market ,supply ge larale sco fentinvestm ph urcaseand speculation. 2003年以来上海出现了商品房价格持续上涨，局部地区涨幅过快的情况，原因是多方面的，除了商品房供应的阶段性、结构性矛盾外，投资性购房形成规模、短期炒作增多也是一个原因。 According to asurvey conduted cyb Shanghai Statistics Buurea, Shanghai Real Etesta Assoiatiocn and Shanghai Rl eaE tatesTantriosacn C,ernte investmen tpurchases of arel etatsecoancu t %o fht eohw B ut fio ermafotc srera katen ni otconstidronae, for ninstace, soe mof the residential ral eetatess that have bene vacant of ro ermnaht fhla ay rae reani tnemtsevp ehscuran ade mosoitcnart snas fo ehtregistration fee for the presale al reestate porperties are speculated deals, the tual acinvestent mphurcase woudl have ccouanted for ore mthan % f oth ewhole 据上海市统计局、上海市房地产协会和上海市房地产交易中心的一份课题调查显示，目前上海投资性购房比重为%，总体水平尚在警戒线内。不过如果加上一些不确定因素，比如空置半年的商品房中也存在一定比例的投资性购房情况，以及将预售前所谓的“炒楼花”计算在内，那么投资性购房的实际比重将超出%的总体水平。 Adrocci gn otht e ecxneireeporba,da hw netvsenie tnmu sesahpcr deecxe20 %o f eht59
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 wh olearket,m th ereal etate syindustr will b efaced with high risk. Although h sucratio t hasn’gon eabove this alert ratio in Shanghai, the risk exists in this Therefoe,r Shanghi avernment goid laout the regtionu lasto urbc speculation in the markt eand control al reestate price for sustainable develnpoetm o fht e laerats 从国外经验看，当投资性购房比重超出总购房两成时，就意味着房产市场将面临较大风险。虽然本市投资性购房总体比重尚未超出经验警戒线，但其风险还是值得关注的。为抑制过度投机造成的房产市场非理性繁荣，控制房价的过快增长，维护市场的持续健康发展，上海市政府于近期做出了一系列上述政策调整。 Ipct maon the market o fthe pies olicand regulations新政策的市场效应分析 A I tcapmno h teoitcasnart snni laertatse ekartem对房地产市场交易的影响分析 • The greulation on ohpibitingr transactions of utncoemdp leproprties will not have nay enntaflu damct feefon the The regulation on bitew esregistration of orpytrep noitcans sart lliwbyllacias peekht ekatr em niogd o redroyb nignitamile tionspecu lasaied mat raiinsg the .picer • “期房限转”不会对市场整体状况产生根本性影响，而商品房销售网上登记备案制度则是从根本上规范房产交易秩序，遏制“炒号”哄抬房价，维护市场健康发展的长期制度性举措。 • The regulations help o take msure that t eh laernamde d fo ehtkrtam e lliweb dcte refleby market signlas. • 有利于表达出真实市场需求信息。 • Ienvn tmetsp,heucsra epseyllaic oitalucepsn will be But x etento f thepct aimvary with erfentdfi ytpes of • 投资性尤其是短线投机性购房需求会有明显回落，但对不同类型物业影响度差别较大。 • I n trohs,mret p laitneotn sremuocslliw ohdl kbc au esahpcrdna anedd m niosem regionl armaket will go odwn .pllyoratem But ue becasthe aggregte adnemad will not redue cd anfuture ly suppwill be omre stable due to the igonreulats, al reestate iprcewl ilnot hnsidim ini the olng 60
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 • 短期内客户会持币观望，导致部分区域购房暂时性下降。但由于总体需求并未减少，且房产政策将使未来供应的增长势头区域平缓，因此从长期来看，房产市场的整体价格不会出现大幅回落。 • Markt entrasationc swill b eore mclear and Futue rsuyppl nad loan dtegran will b eor mefavorabel to low-dimdle residenl tiaproects jand self-ownd • 市场交易将更透明规范，房产投资门槛提高使得投资性需求尤其短期投机需求下降，未来市场价格趋于平稳，产品供应结构和贷款政策将向中低价房、自住房倾斜。 B Impact on l rea estatedveelopers对房地产开发商运营的影响分析 • In envtestmreturn ermtilwl be longer d anprofti rengai ayblti wl il • 有可能导致开发商回款速度和盈利能力下降。 • D evelopers’control on s saleo fth epties oprrewill be weakened. • 开发商的销售控制能力将受到削弱。 • Th ed solervepe taht yler oothcu mon snaol lliw eb decaf htiwht ei ksro fgbnik aerof the aptal cichain. • 会使得自有资本金严重不足高度依赖外来资金搞滚动开发的开发商有出现资金链断节的危险 • Markt eshare will b econenrated ctto ge lardevelopers and nudstrial iconnncetratio rate will be ,hgiher hwh icwill be good for h etnlog- termdevent elopmof the .niuydrts • 市场份额将向大的品牌开发商集中，行业集中度会大幅提高，这也有利于行业的长期规范有序发展。 • Developers will pay more attention to arketingm pcability nad cingfinan lbiietapsa cin the futre. Th eindustlr iaorder i lwlbe or • 未来的房产开发商将会更加重视企业的营销能力和融资能力，行业集中度提高，行业发展更趋规范。 61
Chapter 3 Mcroecoan omicand Pyolic Overvew i宏观经济政策分析 Smayr um小结 • Govnersn metregtionula swill help bc urth evoerhat einvestmen tof al reteesta industry byn prohibgtiishot rrte mspuatioeclns nad restricting dunulifie • 政府的政策将使地产的投资趋势有所减缓，特别是限制一些不具资质的小型开发商和短期的房产投资行为，这样将有助于房地产市场的稳定增长。 • The governent mregulations will kmae th e beavilalaland oremscarce resoucers resulting in the e picrincrease. Therefo,er olgn-re tmnitsevm tne lliw llits ebproitafble, which is vbe faoralto the tesduj • 但与此同时，政府政策的限制使得可供开发的土地资源更为稀缺，未来的供应更少，从一定程度上反而刺激了物业的升值。因此，长期投资仍具有相当的潜力。对本案而言，未来的前景将长期看好。 • Tansacrtion sof al reestate will be ore mclear and some rketinmag methods will not be paplicable nay .longer • 房产的销售将变得更加透明，以往的销售手段将会有部分失效。 62
Chapter 4 Site Analyis s地块研究 C hapter4 Site Analysis 第四部分 地块研究 In this ,chapter we conduct a detailed analyis sto the subjected site, including: 在此章节，我们针对项目用地进行了详细的分析，包括： • The features of the site该用地的特点 • Industrial ent iernovnmanalyis of he tsite该地块的产业环境分析 • Living faecsi litiaround the site周边区域的环境设施研究 • Current transportation y sstemanalyiss现有交通环境分析 • SWOT analysis of the site地块SWOT分析 • Syrammu小结 Iticono duntrof the site地块简介 W19 ot plteas locin the west district of Caohejing Idusntrial Park, northwest to where Hoei ngmRd and Caobao Rd cross, east to Hei ongmRd, west to Giue mRd, south to Cbaoao Rd and hno rtto Tian linRd. 漕河泾开发区W19地块位于徐汇区漕河泾开发区西区虹梅路和漕宝路交汇点的西北方。东临虹梅路，西临古美路，南临漕宝路，北临田林路。 W19 plot isunder unicipaml adinistramtion of Xuhui District, in the southwest of the district and adjacent to Minhang District. On the ge verof the yun bdoarof he ttwo istdricts and within he thi-h cteuindstrial park, thisarea is a gin virsoil for ercm ecomdevelopment. W19地块由徐汇区管辖,处于徐汇区西南部，与闵行区相邻。作为两区交界的中心市区边缘，加之该区域定位于高科技开发区，产业密集，使得该区域的商业发展相对滞后。 Located in the ost mfamous and well-developed hi-hc teindustrial park, W19 plot has the aggregate fect efof hi-tech paniecoms, which results fromthe clear industrial positioning ofthe park and willresult in great ntieal pot forfurther Lge arber numof pancomies ostly(m the R&D center/department) in such industries as electrics, IT, bioylog ngi neegrienand icaclh emengineering cluster in the park. 坐落在上海市最著名的，发展最早、最完善的高科技开发区内， W1963
Chapter 4 Site Analyis s地块研究 地块享有高科技产业集聚的产业环境优势，产业定位清晰，发展潜力很大。漕河泾开发区内拥有一批电子、信息、生物工程、化工等高科技企业，且主要以研发中心或研发基地为主。 F romthe perspective of local consuing m,capacity there are no mature residents are ayt earound the plot, except a few new residence buildingsunder construction to the south of the plot. Further in northeast to the plot, there are several newly built gh-hirise residence buildings and a block ofvillas There are a convenient store d ana branch ofS hhangaiBank to he tnorth ofthe Other than that, y verfew commercial facilities exist here, given the low nseitdy of local uploaption. 从区域人口消费能力来看，地块周边尚无成熟的居民住宅区，只在地块南边隔漕宝路相望有一个在建住宅区；地块东北方有新建的高层住宅和一个连体别墅区，地块及周边人口密度低，附近缺乏商业配套设施，只在地块北部有一家快客便利店和一家上海银行支行。 There is big ference difin the area for people fic trafbetween day and night, yworkda and weekend due to the lack of .residents There are very fewpeople in ist harea in non-working 区域内白天和晚上、工作日和休息日的人流差异很大。因缺乏常住人口，非工作时间内该区域有如空城。 The subjected plot hersc toaltogether and the planned oss grconstruction area will be thousand square To the east of theplot, onthe other side ofHei ongmRd lies theliastoion gr eenbelt and50 meters away to the ast northeof the plot is Caohejing garden. To the west of the plot, ocatles the “garden-ytpe” Technoyl ogGreen Land, with 50 %of thearea covered by green. Within Plot W19, the green rate reaches to 30 %, other than the four green belts with 15,m 20,m 10m and 10 mlong each on four sides of the plot. Lge ararea of green land provides the subjected plot with outstianngd oennmveinrtal advantage. 整个项目总用地约公顷，规划总建筑面积约万平方米。与W19地块隔虹梅路相望即为漕河泾开发区东西区间的隔离绿化带，地块东北方50米处即为漕河泾公园，地块西边是绿化面积近50%的“花园式”科技园区“科技绿洲”。W19地块除集中绿地之外的绿化率达30%，在其东、南、西、北侧各设有15、20、10和10米宽的防护绿带。良好的绿化景观为本项目提供了显著的环境优势。 64
Chapter 4 Site Analyis s地块研究 In the ast uthseoof the ot lpis Hgonmei hospital, whose land can not be confiscated by the subjected project. The rest of the lnd ais all subjected land. For the time being, 60 %f othe area has been ready for construction. In ethsouth ofthe plot, herte remain s oemresident dgbsui inland porarytem all smrestaurants. On the east sid eof the plot, there are Yongda Buick 4S store and Fiat exhibition store, with whomnegotiation for confiscation is under .way As expected, all the land will be ready for construction by the end of Year 2005. As to part of theland thatis vacant ,already construction n cabe started .now 地块东南角为虹梅医院，其用地无法征用；其余土地均可征用为项目用地。目前此地块已经完成60%的拆迁工作：地块东部临虹梅路狭长地带有永达别克4S店及FIAT汽车展示厅等，目前正处于与其协商征地阶段。地块南部尚有部分居民住宅及配合附近工地的临时餐饮点尚未拆迁。预计全部拆迁工作将于2005年底之前完成。对于已平整土地可以开始建设施工。 Lonto icaof W19 P otl W19地块方位图示： W19 Industrial onment enviranalysis产业环境分析 Overview of Cejianogh Industrial Park漕河泾园区概况 Caohejing Idusntrial Park locates in southwest of Xuhui District, covering square tekrisl,om north to Hgqoinao ic meocondevelopment zone, west to Minhang economic technoylog zone, 4 lomektiers to one of the Shanghai commercial centers Xujiahui precinct o tthe east. Caohejing 65
Chapter 4 Site Analyis s地块研究 Industrial Park is tedc onnecyb three-dimensional transporta tionnet workincluding airport, highways, subways, elevated railway and elevated ,roads etc. The Park focuses on the following hi-tech industries: icrom-electric, coputer m(software & hardware), teleco,m laser ,technyolog biyologengineering, new tearials mand s oemtraditional trsieuisn dprovimed yb new technologies. 上海漕河泾开发区规划面积平方公里，位于上海市区的西南部徐汇区内，北接虹桥经济开发区，西临闵行经济技术开发区，东距上海市西南部的商业中心徐家汇仅4公里。开发区周围有机场、公路、地铁、轻轨、高架道路等立体化的交通网络，交通十分便捷。园区致力发展的高新技术有：微电子、计算机（软、硬件）、通讯、激光、生物工程、新材料及科技含量高的传统工业。 Location of Cohaejing Istdruinal Park漕河泾开发区方位图示 Caohejing Idusntrial Park was approved yb State Department as National Eico nom& Technolyo gDevelopent mZone, noe ofthe first s zonethat were 66
Chapter 4 Site Analyis s地块研究 ittedp ermto absorb FDI and foreign technologies in China. In 1991, Caohejing Prk awas entitled as National Hi-tech Industrial Deenvte lopmZone yb Se tatDepartment and n i2000, was listed as APEC I nternationalTechnolyog Zone. 上海漕河泾新兴技术开发区于1988年经国务院批准为国家经济技术开发区，是经国务院批准的第一批以引进外资、引进国外先进技术、发展新兴技术为主的国家级经济技术开发区和高新技术开发区。 1991年经国务院批准为国家高新技术产业开发区，2000年又成为APEC国际科技工业园区。 The overall ice conomindexes of Caohejing Park keep ahead in the list of national stridaul inparks. An ISO Compliable Park, a Digital Park and anInternational Park are under The rka palso gotISO 9001 credential in 2001 and ISO14001 credential in 2002. 漕河泾开发区综合经济指标位于全国开发区前列。目前正在建设“双优园区”、“数字园区”、“国际园区”等三大园区。2001年通过ISO9001质量管理体系认证，2002年通过ISO14001环境管理体系认证。 The Western Area, where W19 plotteas,loc is the second phase development of Caohej ingIndustrial Park, launched in 1995. The Western Area is surrounded by Hei ongmRd to the east, Xinjianggang River to the west, Caobao Rd o tthe utshoand Genjinga omo the tth,nor covegrin an area fo189 hectares. Coprisinmg social, ic economand cultural elements, the Western Area is a odern multifunmctional hi-tech park providing idealisepre smfor R&D, production, iness,bus servic eand residence uses. Currently ereh tare over 50 pancomies and R&D institutes, including ultination mand hi-tech pcomanies such as Lucent, BAE Sy,stem Inventec, Eternal, Nicca and F,ortune etc. W19地块所在的漕河泾开发区西区是漕河泾开发区的“二次创业”，1995年启动，东起虹梅路、西至新泾港、北起高门泾、南至漕宝路，总面积为189公顷，是一个集社会、经济、文化诸要素，融科研、生产、商贸、服务、生活为一体的多功能新型园区。区内各类企业和科研机构达50多家，其中有朗讯（Lucent）、英宇航（BAE）、英业达（Invntec）、长兴（Eternal）、日华（Nicac）和复星（Fortune）等多家跨国公司和高科技企业。 Dogermaphic ysiasn alof the pcaonmies in the Park园区内入驻企业 67
Chapter 4 Site Analyis s地块研究 Four uindstries develop into the supnpgo rtidusntriesi for the park:micro-electronics, oelpehcottron, pcomuter software and new materials. Four centers such as R&D ,center intranet/internet ,center financial data processing center and technology innovation ,center have been built. T hereare ore mthan 800 hi-tech panies,com nearly 300 of which are forneiginvested. Tereh are 186 paniecso mthat are recognized yb S ihanghaunicipal mgnte overnmas hi-tech copmanies, equal to 16 %of all the copanies min the park. 目前,漕泾开发区内微电子、光电子、计算机及软件、新材料等高新技术产业形成产业集群；园区内建成研究开发、金融数据、科技创新等四大功能中心；拥有中外高科技企业800多家，其中外商投资企业300多家；经市政府认定的高新技术企业达186家，全市高新技术企业总数的16％。 园区内企业的构成见下表统计： 产业Industry 园区内企业数量Numbe rof the companies in the Park 微电子60 icrmo-electronics计算机及软件78 coputer m &rawtfos e光纤通信44 laser teleco m激光6 resal光机电30 photoelectron 新材料27 weniretam sla生物工程21 bioloyg engineering 新能源8 new power 航空航天4 aviation 仪器仪表49 instrnuts em投资66 investment 其他1 the others Living facilities ound arthe site周边环境设施调查 Important iacl commer centreand economic devloepment onz e nearthe site 开发区周边主要大型商贸区 Xujiahui commercil acenter徐家汇商业区 Xujiahui commercial ,center one of the five commercial centers in Shanghai, is about 4 terksie lomto the east of Caohejing Park, where gather high 68
Chapter 4 Site Analyis s地块研究 density of ice fofbuildings, commercial, financial and residential nbgusi,ldi with a ptoipounl aof 300 otuhsand. 漕河泾开发区东临徐家汇商业区。该商业区是上海市五大商业中心之一，周围集聚了大批办公、商务、金融、住宅建筑群，居民约三十万。 Hongqiao Eic onomcDeveentl opmZone 虹桥经济技术开发区 Hongqiao Eico nomcDeveenlto pmZone, to the hn ortof Caohegj inPark is aultifunmctional commerce and trading zone integrated with exhiobni,ti fice ofbuilding, residence, shopping, restaurant and entertainent mfacilities. Outgoi ngeicco nomand trading is he tmain funct ionf othe zone, vecroing anarea of hectare. 漕河泾开发区北临虹桥经济技术开发区。虹桥经济技术开发区以对外经济贸易为主，是集展览展示、办公、居住、购物、餐饮、娱乐为一体的多功能外向型商贸区，占地公顷。 Parks and entertainment facilities ound arthe site周边公园和娱乐场所 开发区周边公园和娱乐场所 Parks and entertainment facilities around he tsite 公园及娱乐场所名称 N eam位置 Location 锦江乐园Jinjiang Park 位于沪闵路上 Huin mRd 1漕溪公园 Caoxi Park 位于漕溪路上 Caoxi Rd 2桂林公园 Guilin Park 位于桂林路上 Guilin Rd 3康健公园 Kangjian P ark位于康健路上 Kangjian Rd 4漕河泾开发区公园 Caohejing Park 位于田林路上 Tianlin Rd 5上海植物园 Shanghai A orbretum位于龙吴路上 Longwu Rd 6位于龙华寺附近 near Longhua 龙华旅游城 Lonugah T riosumCity 7Tple em 新园俱乐部 Xinyuan Cblu 位于桂平路上 Guiping Rd 8兴园宾馆 Xiygnu naH leto位于漕宝路上 Caobao Rd 9光大会展中心 Everbrit ghExhiobni t位于漕宝路上 Caobao Rd 10Center Medical equipments around the site 周边医疗设施 医疗机构名称 Na em地址 Location 宜山路600号, 上海市第六人民医院 Shanghai No. 6 Hospital Yishan Rd 漕宝路8号, Caobao 上海市第八人民医院 Shanghai Hospital Rd 69
Chapter 4 Site Analyis s地块研究 柳州路500号, 田林路地段医院 Tianlin Hospital Liuzhou Rd 上海国际康复活动中心 Shanghai I’l nteNurs ing漕宝路六号桥 Bridge, H oemCaobao Rd 中华医学会上海肝脏医学会（中国人民解放军上海沪闵路9585号 , 警备区八五医院分院）PLA (Shanghai) No. 85 Huin mRd Hospital 虹梅地段医院 Hei ongmHospital 虹梅路漕宝路口 Hongmei Rd, Caobao Rd 古美医院 Gumei Hospital 古美路588号 , Giu emRd Colleges and Universities around the site邻近的部分高等院校 There are yman versuinties and colleges around the site, including Sh anghaiJiaotong Uivenrsity, East China University of Technoyl,og Shanghai Engineering University, etc, which are strong inneenrgiing and yechnotlogeducation and research. 地块周边有为数不少的高等院校，包括上海交通大学，华东理工大学，上海工程技术大学等具有突出的理工科教育和科研优势的大学。 虹桥经济技术开发区 Hongqiao cEonomic oZne 2 670
Chapter 4 Site Analyis s地块研究 1 徐家汇商圈 5Xujiahui epcrinct 135423 764 高等院校1 2 3 4 5 6 University东华大学上海交通上海师范华东理工上海工程上海对外 Donghua 大学 大学 大学 技术大学 贸易学院 University Shanghai Shanghai East China Shanghai Shanghai Jiaotong Nal ormUniversity Engineering Foreign UniversityUniversityof University T erdaTechnolyogUniversity医疗机构1 2 3 4 5 6 7 Medical 上海六院 上海八院田林地段虹梅地段国际康复八五医院古美医facility 医院 医院 活动中心 分院 院 6 Hospital Hospital Tianlin Hei ongmShanghai PLA Gi uemHospital Hospital Inte’l (Shanghai) HospitalNursing No. 85 H oemHospital 71
Chapter 4 Site Analyis s地块研究 Tanrsportation sys temanalysis现有交通环境分析 Rad otransportation道路交通环境 W19 plot is ocalted in the middle of a convenient d roanetwork surroun dedyb ruof seiretra fo eht,ytic . Yan’an W() Rd, Humin Rd, Zosnhhgan (W )Rd, Huanxi Rd. District artery Hongmei Rd is on the east of the subjected land. Sy ubwaline 9 deurn construct ionis one blockaway fromthe site inthe Wit hin10 inutes’mved,ri age larnconection stat ion“Shanghai South Station” will be completed in 2005. W19地块所处位置交通便捷。处于四条城市主干道组成的运输网中间：地块北方有延安西路、地块南方有沪闵路、地块东边有中山西路、地块西边有环西大道。地块东边即毗邻徐汇区主干道虹梅路，自北向南贯穿漕河泾开发区。 地块以北相隔一个街区即为建设中的轨道交通9号线。地块附近10分钟车程内还有在建的大型交通枢纽轨道交通上海南站站，预计将于2005年完工，届时将成为上海西南部轨道交通大型集散中心。 Although he troad sy stemaround he tsite is well developed, fic traf jam dcoulhappen n ie thmain roads such as Yn’aan (W )Rd and Zonn aghsh(W) R dduring rush hours because of ge larfic Some district ina mroads likeCaobao Rd, Tian linRd nd aYishan Rd are notnetf lu in esomrush .ourhs Tfic rafjams happen at theentrance to Huin mElevated Rd n irkwiong-y daorningms and on the eelde vatroad of Xhuiu-Minghan section in omrnings. 项目周边的一级路网虽然较完善，但由于延安西路、中山西路等主干道的交通压力大，连接这些主干道的道路在部分时段通行不畅，车速较慢。其中漕宝路、田林路、宜山路等区域干道分时段拥挤，沪闵高架工作日早上时段拥堵，徐汇至闵行方向高架路段早上时段拥堵。 The inor mroads around e thsite like Gumei Rd, Lianhua Rd and Tianlin Rd are fluent due to small fic trafflow in the industrial park. Wileh the district main road Hei ongmRd is under pressure of ger larfic trafflow and there are also some construc tionsites along e htroad, h cwhigb rinore mfic 区域内有古美路、莲花路、田林路等二级路网，由于区域内主要为高科技产业研发企业，居民较少，人流量和车流量较少，上述二级公路交通顺畅。但区域主干道虹梅路车流量大， 且周边在建工地较多，交通状况一般。 Road transportation ysstem道路交通环境 72
Chapter 4 Site Analyis s地块研究 Traffic condition Naem道start-end起点道路状况 路名称 -终点 Hei ongmHongxu Hei ongmRd, four lanes, oubdle direcntsi,o on Rd---Huin mRd虹梅the east of W19, is the ianm road in this area, with ecnotn veniconnencst iotoRd虹许路 the ycit arteries: ---路 connects with Hon gxuRd n ithe hno rtd an沪闵路 further cts conneto city ryeart Y’anan W Rd; connects with Hin umRd in the south danfurther cts conneto city riees artZhongshan S Rd, Znhga osnhW Rd and Huanxi Rd.虹梅路接W19地块东侧，为该区域南北向的主要干道。北端接虹许路，并经虹许路连接上海市级主干道延安西路；南端连接沪闵路，并经沪闽路与中山南路、中山西路和环西一大道相连。该路使地块与市级主干道连接便捷。双向四车道，车流量适中，交通通畅。 Caobao Wubao Caobao Rd (area artery), oublde direnc,tio four Rd---Huin mRd漕宝lanes is on e thsouth of W19. It nneccots to Elevated RdHuanxi Yi Rd in the west and connects to 路 吴宝路Caoxi Rd and Hin umElevated Rd in the east. ---沪Caobao Rd ovidepsr the esitwith convenient 闵高架路 connection to city arteries.漕宝路接W19地块南侧，为该区域东西向的主干道。西端接外环（环西一大道），东端于沪闵高架与漕溪路相交。该路使地块与市级主干道连接便捷。双向四车道，车流量适中，无显著拥堵。 Gi uemYishan Giu emRd ( minor road inthe area), double Rd---Gudai direction, two lanes, is on the west of the site, Rd古美which cRd宜山路onnects to local artery Yishan Rd in the ---路 north and connects to local artery Gudai Rd in 顾戴路 the south.古美路接W19地块西侧，为该地区南北向支路。北端接地区干道宜山路，南端接地区干道顾戴路。双向两车道，车流量小。Tianlin Liong mTianlin Rd is on the north of W19, which Rd---Tianlin conneRd田林cts to large-scale residence area Jing’n aNew Town in the west and connects to Tianlin (E) Rd龙茗路 (E) Rd in the east. This road goes through 路---田林东residence are ain ost mpart, double lanes and 路 two Traffic flow is slow.田林路接W19地块北侧，为该地区东西向支路。田林路西端接静安新城大型住宅区，东端接田林东路，沿线为成熟居民区，双向两车道，车速慢。 Yishan Wanyuan Yishan Rd is one ter kilomto the north of Rd---Huashan W19, whiRd宜山ch onnects cto large-scale residncee area in the west and connects to Huashan Rd in Rd万源路---路 the east. Yishan Rd is ous famfor being the 华山路 street that construction aterial mstores gthear together. Fr oulanes, ed oubldirection. Lrgae traffic flow.宜山路位于W19地块以北一公里73
Chapter 4 Site Analyis s地块研究 内，为地区东西向干道。宜山路西端接大型住宅区，东端穿越市级主干道止于华山路。宜山路为建材一条街，双向四车道，车流量大，无严重拥堵现象，高峰时段车速慢。 Lianhua Wuzhong Lianhua Rd siwithin 500 meters to the west of 花Rd---Huin mW19, which onnects cto area artery Wuzh ongRd莲Rd in the north and connects to area arteries Rd吴中路---路 Caobao Rd, Gudai Rd a ndHin umRd leading to 沪闵路 Waihuan. Dubleo lanes, two directions. Average traffic flow. No rush hours.莲花路位于W19地块以西500米内，为该地区南北向的主要支路。莲花路北端接地区主干道吴中路，南端穿越地区主干道漕宝路、顾戴路经沪闵路接入外环。双向两车道，车流量适中，无拥堵。 Gudai RdLaiting (S) Gudai Rd is 2 terksi lomto the south of W19, 顾戴路Rd--- which connects to waihuan in the west and Hei ongmRdconnects to call oartery Hei ongmRd in the 涞亭南路---east. Average traffic flow. No rush hours.顾戴虹梅路 路位于W19地块以南2公里，为该地区东西向主要支路。顾戴路西端经环西一大道接入外环，东端接入地区干道虹梅路，并经虹梅路与外环沪闵路部分相连。车流量适中，无拥堵。 Wuzho ngQixin Rd--- Wuzhong Rd is the area artery located tothe Hongqiao RdRd吴中north of W19, which ctcso nneto Waihuan in 七莘路the west and connects to Neihuan in the east. ---虹路 Wuzhong Rd is ous famas being the street 桥路 located with many obiles automstores. Average traffic flow, no rush oursh.吴中路位于W19地块以北区域内主干道，为东西向。吴中路西端经环西一大道接入外环，东端经中山西路接入内环。吴中路为汽配一条街，车流量适中，无拥堵。 Guilin Wuzhong Guilin Rd is o tthe east of W19, which onnects cRd---Huin mRd桂林to Wuzhong Rd in the north and connects to Huin mRd in the south. I ’stparallel to Hei ongmRd吴中路---路 Rd and help distract some traffic fro mlocal 沪闵路 artery. Average traffic flow. No rush hours.桂林路位于W19地块以东，为南北向支路。桂林路北端接入吴中路，南端接入沪闵路，与虹梅路平行，可以起到从地区主干道虹梅路分散车流的作用。车流量适中，无拥堵。 Public transportation iftaiceisl公共交通状况 Caohejing Idusntrial P arklies inthe outhwests ofShanghai, belonggin otXuhui district. It borders on Hongqiao Eicco nomDevenlto pmZone on eth74
Chapter 4 Site Analyis s地块研究 north and is adjacent to Minhang Ecico nomand Technology Zone in hetwest. Caohejing Park is 4 tersi lokmaway omfrShanghai commercial center Xujiahui precinct in the east. Three dimensional transportation orwk nethas been dedv eloparound sthiarea, such as airport, ,hhigway ,ysubwa eleva tedrailway and levated eroads, etc. This network will keep being 漕河泾开发区位于上海市区西南部，地属徐汇区，北接虹桥经济开发区，西临闽行经济技术开发区，东距上海市西南部商业中心徐家汇4公里。开发区周围具有机场、公路、地铁、轻轨、高架道路等立体化的交通网络，十分便捷。目前，该交通运输网络还将进一步完善与扩展。 Bus lines connecting to W19 W19地块周边公交线路 The bus network ardounW19 is notintensive. Tere his yonl noe bus ne lipass through Tianlin Rd and Lianhua Rd each. There is a bigger bus station with 8 lines n iCaobao Rd (on the h soutof the site). W19地块周边公交线路不密集，天林路、莲花路上均只有一条公交线路经过。地块南边漕宝路上有一个较大规模公交站点，八条公交线路通过。 Bus line 735,763,752,757,149,92,92B,120,819 d an731 crossthe area around W19, which lead to all direction fromthe site. W19地块区域有735、763、752、757、149、92、92B、120、819、731等公交线路经过，辐射区域覆盖地块周边各方向。 线连接轨道起点站 终点站 途径站点 路 交通Start End Stations Line Connection to ycit yawliar 735地铁一号罗阳新村华中路 罗阳新村、高兴花园、虹梅南线（锦江乐 Rdyon agHuazhong R d路、朱行、梅陇路、锦江乐园、Xincun 园站） 金桂苑、四号桥、静安新城、Subway 七宝镇、黎明花园、华茂路、line 1 中春路、华中路 (Jinjiang Rydo angXincun, Gaogxin Park Garden, Hongmei Nan Rd, Station) Zhuha,ng Meilong R,d Jiaingj Park, Jiynugauni, Sihoao,qia Jing’an new town, Qibaozhen, Linig mgarden, Huamao Rd, Zhongucnh Rd, Huazhong Rd 763地铁一号地铁莘庄上海师大 地铁莘庄站、顾戴路、新镇路、线（莘庄站Shanghai Sdahi 虹漕南路、上海师大 75
Chapter 4 Site Analyis s地块研究 站）XinzhuanXinzhuang Satiotn, Gudai Rd, g Station Xinzhen Rd, Hongcaonan Rd, Sunway Shanghai Sdah iLine 1 (Xinzhuang Station) 752无 西区汽车静安新城 西区汽车站、虹桥镇、四号桥、None 站Jing’an new 五号桥、静安新城 town Xiqu Xiqu qiche zhan, qiche Hongqnia,ozhe Sihaoq,iao Zhan Wuhaoqiao, J’inagn new wtno 757地铁一号虹古路 莲花路地铁站 虹古路、虹桥路、华光路、东线（莲花路Honggu Lianhua Rd 兰路、莲花路地铁站 Rd Station 站）Honggu Rd, Hongqiao R,d Huaguang R,d Donglan R,d Subway Lianhua Rd Station Line 1 (Lianhua Rd Station)149无 虹桥路凯九星东路 虹桥路凯旋路、长顺路、古北None 旋路Jiuxino gndgRd 路、虹桥镇、宜山路、六号桥、Hongqiao 九星东路 Rdk, Hongqiao R dKaixuan Rd, Kaixuan Changshun Rd, Gubei Rd, Rd Hongnqia,ozhe Yishan Rd, Liuhaoqiao, Jiuxidngog nRd 92 无 上海体育上海农学院 上海体育场、漕河泾、虹漕路、None 场Shanghgainxno 海上新村、七号桥、新镇路、ueyuan Shanghait七宝、上海农学院 iyucahng Shangchhyaauintgi, Caohejing, Hongcao Rd, Haishangxincun, Qihaoqiao, Xinzhen Rd, bao,Qi Shangyhgaxinuneouan 92B 无 上海体育九亭镇 上海体育场、虹漕路、静安新None 场Jiutingzhen 城、七宝镇、伴亭路、兴联村、Shanghait涞亭路九亭街、九亭广场、沪iyuchang 亭路、九亭路、九亭镇 Shangchyhauaintgi, Haoo ngcRd, Ji’nagn we ntown, Qibaozhen, Banting Rd, Xingliancun, Laiting Rd jiutingjie, Jing iutSquare, Huting Rd, Jutinig R,d Jiutingzhen 120轻轨三号上海体育龙茗路 上海体育馆、虹漕路、漕宝路、线（漕溪路馆Lionngg mRd 莲花路、龙茗路 站）Shanghai Shanghai S,diumta Hongcao S tadiumRd, Caobao Rd, Lianhua Rd, Elevated Lionngg mRd Ryawlia Line 3 (Caoxi Rd Station) 76
Chapter 4 Site Analyis s地块研究 89 地铁一号南浦大桥田林路合川路 南浦大桥、西藏南路、打浦桥、线（上体馆Nanpu Tianlin Rd 上海体育馆、市六医院、虹漕Bridge Hechuan Rd 站） 路、莲花路、田林路合川路 Subway Nanpu B,reidg Xizangnan Rd, Line 1 Dapuqiao, Sanghhai S,tamdiu ( Hospital, Hongcao Rd, n Station) Lianhua Rd, Tianlin Rd Hechuan Rd 731地铁一号虹桥镇 紫阳花苑 虹桥镇、莲花路、梅陇路、老线（锦江乐HongqiaoZiyng a沪闵路、紫阳花苑 zhen Huayuan 园站）Hongqnia,ozhe Lianhua Rd, Meilong Rd, Liano humRd, Subway Ziygn aHyuanu aLine 1 (Jinjiang Park Station) 长途公路运输 Long distance bus stations and lines in he tarea区域内及附近长途汽车站及线路 长途汽车站Na em地址 Location 经营线路Line 上海旅游集散站 天钥桥路211号周庄、同里、苏州、杭州、常州等旅游点 Shanghai T , t ourismcities near Shaanig hlike Zhuahnogu,z Bus Station Tianyoqiao aRd Tongli, Suozuh, Hangzuh,o Chan,gzuho etc. 西区汽车站 吴中东路555号青浦、松江、金山等邻近郊县 West District Bus , suburbs like Qingpu, Sjoinag, Jinshan, etc. Station Wuzgh on(E )Rd锦江高速客运公司 吴中路16号 安徽、江苏、山东、江西、四川等省部分城Jinjiang Express Bus No. 16, 市 Station Wuzhgo nR dSome cities in provinces near Shanghai like Anhui, Ju,iangs Sh,oangd Jiangxi, Suiacnh 交通大宇徐家汇客虹桥路211号 江苏、浙江、安徽、山东、河北、河南、福运站, 建、江西等省部分城市 Hongqiao R dJiaotong Dyu aSome cities in provinces near Shanghai like Xujiahui Bus StationJiangsu, Zhejiang, Ain,hu Shangd,on Hbei, Henan, Fujian, Jiangxi, .etc 西南长途汽车站 沪闵路9233号 福建、江西、浙江等省部分城市 Xinan Bus Station , Hminu Some cities in Provinces south to Shanghai Rd like Fujian, Jangxi, Zng hejia City railway transportation轨道交通 Subway line 1 stations Caobao Rd sotna,ti Xingl oRd station d anHei ongmRd station are 2 ters ekilomaway from the site. Subway line 2 station Loushang uanRd station is 4 kiloteres maway fromthe site. 地铁一号线方便、快捷，开发区距地铁一号线漕宝路站、新龙路站和虹梅路站仅为2公里，距地铁二号线娄山关路站4公里。 77
Chapter 4 Site Analyis s地块研究 Subway R4 ne liFirst Phase (Shensong ilne) started construction in 2002 andwill be pleted comin 2005. The first phase will be 35 ters ekilomlong from Xujiahui to Songjiang, with three stations Guilin Rd station, Hei ongmRd station and Hechuan Rd station on Yishan Rd near the site. 地铁R4线一期（申松线）已于2002年开工，2005年将建成通车，一期工程从徐家汇至松江大学城，全长35公里。申松线将在漕河泾开发区内的宜山路上设有三个站——桂林路、虹梅路、合川路。 Elevated railway line 3 (Pearl Line) first phase has been copletemd in 2000, fromCaohejing n ihe ths out toJiangwan zhen in the north, teers kilomlong. Canogh ejistation of Pearl Line is yonl 2 ekitleorms away mfrothe site. Pearl Line will be elongated to Minh angin the south and to Baoshan in the north with l atotlength of 62 轻轨明珠线一期工程已于2000年建成通车。该轻轨规划线路南起闽行、北至宝山，全长约62公里。一期工程南自漕河泾，北至江湾镇，贯穿6个区，全长公里。开发区距轻轨漕河泾站仅2公里。 Shanghai wayrail network map当前轨道交通示意图 78
Chapter 4 Site Analyis s地块研究 W19 Table of e thconn ecstion(in Caohejing area)to city railway net work(Shanghai g nlo termplan) 上海市远期轨道线网接入漕河泾地区的线路布置一览表 线长度 线路走向 车站数大型换途径城市主要活动中心 路LengthRoute Nubem 乘枢纽Iportant mplaces along the （r of routs km） LinNubemstations er of connection R1 101 宝山-地铁一号线沿线37 7 -闵行上海火车站、人民广场、-南桥-亭林-张堰-金山 城市副中心、上海火车南Baoshan-R1 站、新城和主要集镇 route-Minghan-Nanqiao-TinShanghai Railway Sta,tion glin-Zhyang-aJinshan People’s Srae,uq downtown center, South railway station, new town R4 87 枫泾- 朱泾-松江-沪松公路30 2 金桥出口贸易开发区、浦- 宜山路- 肇家浜路-陆家东陆家嘴金融贸易区、徐浜路- 中华路- 复兴路- 世家汇城市副中心、高新技79
Chapter 4 Site Analyis s地块研究 纪大道-杨高路 术开发中心、新城及主要Fengjing-zjhiung-sigoan-ngj集镇等 huso ngRd-yshan iJinqiao Tnrga diZne,o Rd-zhaojiabang-zghhouna Pugd on Riazuij dFinance Rd-fuxing Rd-Century Zone, Xuujiahi precinct, Avenue-Yanggao Rd Caohejing Park, New town M2 龙漕路 - 铁路日晖港货站23 2 龙华旅游城、上海南货车- 大木桥路 - 嘉善路 - 茂站、浦西市中心、嘉里不名路 - 泰兴路 - 曲阜路 - 夜城和上海新客站、东外天潼路 - 长治路 - 长阳路 滩、大杨浦地区等 -过江-巨峰路Lonugah T riosumCity, Shanghai Sth uoRailway Longcao Rd-Rihui railway Station, Downtown center, station-Duamqiao Kerry Egvhetr briCyit, Rd-Jiashan Rd-Ming aomShanghai Railway Sta,tion Rd-Taixing Rd-Qufu East bund, Ynagpu istdrict Rd-Tiantong Rd-Changzhi Rd-Chayngg naRd-Huanug pRiver-Jufeng Rd M3 39 富锦路28 4 -同济路-逸仙路 - 现有线路，向南北延伸的明珠线 - 上海南站 -沪闵线路 路Extension of the current -外环线 route to Sh uto Fujin Rd-Tongji Rd-Yixian Rd-L3-Shanghai south railway station-Hin umRd-Waihuan Rd M4 上海火车站 -大连路-东方18 1 上海火车站 、陆家嘴金融路-零陵路-宜山路-虹桥路 贸易区、体育中心等 Shanghai Railway Shanghai Railway Sta,tion Station-Dalian Rd-Dnogn gfaRdjiazui Finance zone, Rd-Lingling Rd-Yishan Sport center Rd-Hongq iaoRd L1 上海西站19 2 -真北路-北虹路-上海西站、城市副中心、虹梅路-钦州路-柳州南路-高新技术开发中心 上海南站-老沪闵路Shanghai West railway -外环路station, dtown center, Shanghai West railway Caohejing Park station-Zih enbRd-Beihong Rd-Heio ngmRd-Qinzhou Rd-Liouzh ounan Rd-Shanghai south railway station-Lamoihnu Rd-Waihuan Rd 80
Chapter 4 Site Analyis s地块研究 Map of theconne ctions(in Caohejing area)to city y railwanetwork (Shanghai g nlo termplan) 上海市远期轨道线网接入漕河泾地区的线路布置地图 W19 81
Chapter 4 Site Analyis s地块研究 Elevated od arnetwork城市高架道路 A elevated road net workhas been constructed inShanghai, which are coprisedm by Yn’aan Rd levatede Rd, Chengdu Rd evateeld Rd, six bridges crossing Huangpu R,veri Neihuan and Wiahuan, nconecting to most area in Shanghai n aburdistrict. Caohejing Iudstnrial Park located between Y nna’aelevated Rd, Neihuan and Wihauan: connecting to Yn’aan elevated road y bHon gxuRd, connecting toNeihuan elevated road yb Yishan Rd, Qinzhou (N )Rd, Tnia nliRd, Wgu onzhR d andCaobao Rd, connect ingA20 W naiahuelevated Rd yb Wuzgh onRd, Caobao Rd, Gudai Rd. The site es liwithin 3 etkilemrs to Yn’aan elevated Rd and is within 10 inutes mdrive to theelevated network, which facilitate Caohejing Pk arwith ost mconvenient road transportation 经过多年的城市交通设施建设，上海初步建成了一个较为完善的城市高架道路网。该网络由延安路高架、成都路高架、六座跨江大桥、内环线和外环线等构成，覆盖了上海全市以及周边地区。开发区位于延安高架、内环线和外环线之间，由虹许路进入延安路高架，由宜山路、钦州北路、田林路、吴中路、漕宝路等可以进入内环高架，由吴中路、漕宝路、顾戴路进入A20外环线。距延安路高架不到3公里，驾车10分钟便可驶入高架交通网络，漕河泾开发区已成为全市道路交通最为发达便利的区域之一。贯穿开发区的虹许路、虹梅路段作为上海的“中环线”已列入规划待建。 Highway高速公路 Caohejing Park is y onl3 tersk ilomaway fromthe entry to Wiahuan R,d which connects Huning H,ighway Hhangu H,ighway Hia ujH,ighway andhyighwas to Hongqiao da nPundgo poarirts. This ghwhaiy netrkw opdreosv ithe site with convenient nsporttartaion otthe adjacent provinces and cities. 开发区西临外环线，距外环线入口近3公里。外环线连接沪宁高速公路、沪杭高速公路和沪嘉高速公路以及虹桥、浦东两个国际机场。该公路网络使得从开发区到达邻近各省市更为方便快捷。 Railway铁路 Railway Snghai haStna tiois 10 mkeiloters away fromthe site and isreachable by kinds of portation The gest larrailway station in A iasunder consttciroun, . Shanghai Railway Sho utStoant,i is yn ol2 kteielrosm 82
Chapter 4 Site Analyis s地块研究 away from the site. This station will carry on most railway fic trafof Shanghai. 铁路上海站距离开发区10公里，可以乘坐多种交通工具到达。在建中亚洲规模最大的铁路站——上海铁路南站距离开发区近2公里，目前已经承担了一部分驶往南方的铁路客运和货运任务，将来该站将会起到上海铁路“南大门”的作用。 Airport机场 Hongqiao porta iris ynol 7 ters kilomaway fromthe site, within 15 inutes’mdrive. Pudong airport is in 35 inutes mdrive fromthe site. 上海虹桥国际机场距离开发区仅7公里，开车15分钟内即可到达。浦东国际机场，从开发区驱车前往，走徐浦大桥35分钟可到达。 SWOT Analysis SWOT分析 Sngeths tr优势 W19 ocatels in Caohejing Industrial Pk arwith clear ndustrial ipositioning as high-tech industries like micro-electrics, puter com& softwares, teleco mand biology neeernignig etc. Aggregate fect efin the park will kea mthe subjected site attract more copaniems esp. hi-tech W19地块位于漕河泾高科技产业开发区内，区域产业定位明晰，对微电子、计算机及软件、生物工程、精细化工、新材料、通信、仪器仪表等高科技产业形成很强的产业聚积力。园区内工业研发所需多功能办公楼、厂房和供电、环保等基础设施配套完善。 There are some famous universities in the area such as Shanghai Jiao tongU,niversity East China University of Technoylog and Sih anghaNal ormU,niveristy etc. These universities and institutes provide the subjected site with strong chnolotgey support and hi-tech research oatmsphere. 该区域位于著名理工类综合性大学上海交通大学及其他一些重点大学如华东理工大学、上海师范大学等的辐射范围内，具有很强的科研力量支持和文化研究氛围。 Wessenkae s劣势 There is no mature residence area around the site. C,orrespyondingl there are very few commercial facilities. Therefore, the subjected site can not attractpeople fromother area so .far 83
Chapter 4 Site Analyis s地块研究 该地块周边常住人口相对较少，缺乏生活氛围，商业配套设施不完善。无法吸引聚集人流。 Opportunities 机会 W19 ot plis he tyonl dlan hatt is apperdo vyb the egronvent mas commercial use. The r othelands in Caohejing Park are all industrial use. Therefore, thereis no ermcial comdevelopment yt e ni eht detcejbus,aera tpecxe aconvenience store on the north of the site. The nearest tuare mcommercial precinct Gubei precinct is 10 inutes mdrive away fromthe site. The unsatisfied ing consumneeds in the ar aeeetnaraug g eral laitnetoptekram capacity and onopco listimmarket position to commercial deevnetl opmof the subjected project. W19地块为漕河泾开发区内唯一的商业用途地块，其余均为工业用途地块。因此地块周边商业配套设施极度缺乏，地块周边十分钟步行距离内仅有一家小型快客便利店。地块周边步行距离范围内无餐饮设施，五分钟车程内仅有一家美林阁上海风味餐饮，十分钟车程内方可到达可提供多样化、大量餐饮设施的古北商圈。为本案项目开发商业配套项目提供了充分的潜在市场需求和垄断性的市场地位。 Tates hr威胁 Zhangjiang Hi-tech Itrial ndusPark hasthe ilar simpositioning as Caohejing Park and already attracted some famous ultinatmional pancomies to be located there, for ple,exam Asia-Pacific R&D Center of GE. Zhangj iangPark will be a copetitor mthat will distract potential clients fro mCaohejing Park. 张江高科技园区的定位与漕河泾开发区定位类同，并且该园区已经吸引了一些跨国公司世界级研发中心如GE亚太区研发中心。对本案项目地块高科技产业类招商引资产生显著的分流作用。 Gubei precinct is a ge larcommerialc precinct that is 10 inutes mdrive away from the subjected site. Full-ranged ultifunctiomnal retailing has been well-developed in Gubei precinct, including versatile and ge larber numof restaurants, supermarket, hotels, servic eapartents,m etc. The existence of Gubei precinct deprives the subjected project of enho ugpioatle ntrkaet mcapacity to velop decertain retailing ytpe like supermarket. 距本案十分钟车程即到古北商圈。古北商圈为一发展成熟的大型多功能商圈，拥有家乐福大卖场、酒店、多样化的餐饮和丰富的社区配套设施。84
Chapter 4 Site Analyis s地块研究 该商圈的存在使本案发展某些特定功能商业业态如大型卖场等不具有足够的市场容量支持。 Samruym小结 • The subjected site locates in Cnga ohejiInd ustrialPark, hgavinindustrial ent ireonnvmadvntage and aggregate fect efadvantage of hi-tech pcomanies • 本案地块位于高科技企业密集的漕河泾开发区内，享有特定的产业环境优势、和区域内的高科技产业积聚效应。 • Low resident ydensit and few commercial facilities reduce theattractiveness of the subjected site. The commercil aoatspherm ewill be proved imin the uure tfthrough he tcommercil aent developmof the subjected project. • 本案地块区域内居住人口密度低，配套设施不完善，商业气氛淡漠。但通过本案综合商业项目的开发，未来有望增加居住人口，培育商业氛围。 • The subjected site locates on the e gverof downtown center with convenient road network. But public transportation facilities like bus and subway are notconvenient, which will be proved miin hetfuture according to the ng-ol termplan of Sh The site has convenient ansportartion n iregard torport,ai y railwaand .hhigway • 本案地块位于上海城市中心边缘，道路交通便利；但公交和轨道交通等公共交通不方便，这一点有望在远期交通规划完成后改善。本地块通过航空、铁路、高速公路等对外交通也比较方便。 • The subjected deenvtme lopproject has theonoipco listmgeographical advantage to reach the get tarmarket in Caohejing Park. There are commeriacl chances to develop s oemretail types in the site due to the lack of But in er glararea, some copetitive mcommercial precincts exit sto be the threats to the subjected project. • 本案开发项目对于开发区内目标市场享有独占性的地理优势；同时由于区域内竞争缺失，对于多种业态存在市场机会。但在较大范围内85
Chapter 4 Site Analyis s地块研究 存在的几个替代性商圈，对本案商业构成潜在威胁。 86
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 C hapter5 Service Apartment Market Analysis 第五部分 服务式公寓市场研究 In this ,chapter we focus on the potential ,property ditional traservice apartent mand strata-titled service apartment. Those could be included as,在此章节，我们针对项目可能涉及的物业——服务式酒店公寓、产权式酒店式公寓市场进行了详细的分析，主要内容可能包括： • Traditional Srveice Apartment Market Aynaliss(In later part , we mention service apartent mfor short)传统服务式酒店公寓市场研究 • Strata-titled Service Apartent mMarket Analyiss产权式酒店公寓市场研究 • Regional market analyiss区域市场研究 • Conclusions市场小结 The concept of service apaenrt mhas highly been paid attention in recent years. There are two phases in the progress of he tservice apeanrtts min Shanghai. Te herare mainly ditional trastyle service apartents min phase one while orm estrat-atitled service apartents mcome in the rket amin phase酒店式公寓概念是在近两年被热炒且市场关注度很高的物业品种。上海的酒店式公寓发展历程可明显地分为两个阶段：第一阶段为传统概念的服务式公寓。第二阶段的酒店式公寓除了包括传统意义上的服务式公寓，更多的是指产权式酒店公寓。 Traditional style service apartment market analysis 上海服务式酒店式公寓市场研究 what is traditional style service eanptartm服务式酒店式公寓概念 Those traditional style service apartents musually are only for lease and not available for sale except as a whole building. Those service apents artmis usually owned ormanaged by ahotel nagnte memgroup. They have e thcoplete mset of fuurren,it facilities in the dinning roomas well as the basic hotel style service such as roomcleaning and lyaundr, etc. It is a unique preohemnsivce pryopert of both yprivac and personal As the connection between the private apaernts mand the hotels, the service apartment solves the dilemma of balancing obth the ong l rmetand the short termdemand. 服务式公寓指那些只租不售，或整幢出售给有经验的酒店管理集团，共同管理和负责租赁的公寓。通常这种服务式公寓中配有全套家具、全套厨房设备，提供如客房打扫、洗衣服务等基本酒店服务的住宅，是一种特殊的既提供酒店的专业服务又拥有私人公寓的秘密性和生活风格的综合物业。作为87
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 连接酒店和私人公寓的桥梁，服务式公寓解决了酒店或私人公寓因其经营本质所决定的不能提供短期和长期共存的住宅问题。 The main customers are those foreign employees working n ithe Shanghai. Those houses can provide high-quality hotel service, as well as the feeling of living home and reducing the expensive cost of pleomyers. That’ swhy those houses are highly welcoed mby all. The unique characteristic of those houses is the single title of the whole 上海的服务式公寓的主要客户群为工作在上海的外资企业外籍员工。服务式公寓既能使居住者享受到优质的酒店式服务，又能提供居住者住家的感觉，还能为公司节省高昂的酒店开支。因此，上海的服务式公寓拥有稳定的客户群和良好的声誉。值得一提的是，为了保证服务式公寓的品质，此类公寓都由发展商完全拥有或完全出售给有经验的独家投资者所拥有。产权的单一性是服务式公寓的一大特色。 Meta rkysuppl andrents trend analyiss of tiotnraald iystle service apartments服务式酒店式公寓市场供应、租金走势分析 Table summary of representatives 表上海代表性服务式酒店公寓概况 最低租金 最高租金 (美元/月) (美元/月) 序号 名称 地址 M muminiMax miumNo. N emaAserdd srent($/monrent($/month) th) 1 东亚富豪 衡山路516号 4000 8000 Doyngfauh Hsehnagn Rd 2 嘉里中心 南京西路1515号 3000 8000 Kerry center , Nanjing Xi Rd 3 华山公寓 华山路路688号,镇宁路 3600 6500 Huashan aparent Hsuhaann Rd, Zhenjing R d4 雅诗阁 浦东大道3号 2900 6300 Ascott , P gdonuAvenue 5 徐汇盛捷公寓 陕西南路888号 2300 4600 Xuhui shieen , Sxhia nNan Rd 6 鸿发苑 新华路2号，淮海路 1000 3500 Hyongfa Xinhua Rd, Huanhai Rd7 名仕苑 广元西路98号 1600 3200 Miyngshiu , Gyguanuan Xi R d8 新黄浦酒店式公寓 永寿路88号 1400 2900 Xinhuaun gpservice , Ygnshou Rd apaernt m9 瑞峰公寓 长宁区番禺路 750 2500 88
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 Ruifeng Panyu Rd, Changgnin District10 兆丰酒店式公寓 华阳路81号 500 1150 Zhaofeng service , Hyng uaaRd apaernt mData source: CBRE 资料来源：世邦魏理仕 For the e timbeing, there are over 80 service apartemnts of this kind. Their cluster lies in the central of the city or the Pudong New district. But recently the new supply shrines a lot. There are only 8 ynewl ryent cases till 2004Q3. 目前，上海全市共有此类服务式公寓80余家，均座落于交通便利的市中心或者浦东新区。但近期，服务式酒店公寓新增供应量大大减少，截至2004年第三季度，仅推出8例。 Chart Rt enIndex of Sanghai Service Apartment 图 上海服务式酒店公寓租金指数 Rent index f oSanghai hService Apartment T aken2000Q1 as 100 上海服务式酒店公寓租金指数 120100 8060 4020 0 001122334400000000001313131313QQQQQQQQQQ Data source: CBRE 资料来源：世邦魏理仕 The rent trend contuien to b climgently since 2003Q3, up o t20043Q, the asking rental arrives at $ per onth mper square ter,em presenting a % M-of- M growth. The rent is based on the GFA against to the able usareas, including the management fees. 从租金方面看，自2003年第三季度以来，上海服务式公寓都延续着小幅上涨的态势，到了2004年第三季度，租金叫价平均达到每月每平方米美元，比上个季度上升%。（以建筑面积计，包括管理杂费。） 89 指数（Q12000=100）
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 The uturfe 服务式酒店式公寓前景分析 In addition to general strong nad,dem modern de signsand ore mreliable landlords have helped the appeal of service apartments grow over the past The future of the traditional style service eanpta rtmwould continue to be flourish according to the market acceptnce aof the recent newly entry case. 除了一般的需求之外，时尚的设计和优质的开发商使得目前的服务式酒店公寓的需求较去年相比有所上升。从本季度新开盘的静安御庭一经推出就租售罄。因而服务式酒店公寓的未来市场前景仍然看好。 Strata-titled service apartment Market analysis 上海产权式酒店式公寓市场研究 what’s trata-stilted service apartentm产权式酒店式公寓概念 Strata-tilted service apartment is the service apartents mfor sale properties of those type are of small floor areas, usually a apent artmof single roomis below 60 uasrqe meters, that of dloeu bs mroois below 80 square meters and that of three rooms is below 100 uarseq Due to the small gross floorarea, those entasp artmusually located in the heart of city as well a sthose places relatively far away but of quite go odtrantsaptoiron 这种类型物业一般可售，建筑面积较小。一般而言，一居室面积在60平方米以下，二居室面积在80平方米以下，三居室面积在100平方米以下。由于单元面积小，空间安排显得相对紧凑。其地理位置一般是在市中心，以及稍远但交通便捷的地方。 The total prices of those service apartemnts are affordable of the general investors, that’ he treason the her otunique characteristics of those strat-atitled service ents apartmare for sale as well as the titled are separated.产权式酒店公寓单元面积小，也直接使得此类高档公寓的总价能为一般投资者所承受。因此产权式酒店公寓的另一特征就是出售产权，是产权分散的公寓类型。 Apart fro msmall unit floor areas and strata-tilted, those apartents musually are of yfull decorated and naged myb esomwell-known isceer But paredc omto the traditional style ce serviapartentsm , those strata-tilted service apaernts mare relatively weak in the service function and ’td ncoulouch tthe sdtaarnd of rsdta andservice level. 除了建筑面积较小和产权式特征外，此类公寓还部分融入了服务式酒店公寓概念。通常为全装修及由服务管理品牌公司经营管理。相对于传统服务式酒店公寓而言，产权式产权酒店公寓在服务功能上显得非常薄弱，根本无法做到传统服务式公寓的服务水准。 There are two ytpes strata-titled service One is the pure purposed strata-titled service apartment, the other is those service apartentsm rebuilt fromthe 90
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 original half-given up buildings. These kind of service apartentsm have many potential trcuocntsion s emoblprdue to those half given-up u’ns bilgdioriingal construction designs are not fit for he tservice apartments. In the meanwhile those rebuilt properties can be used as a SOHO purposed apaerntts mwhich appeals lots of investors interested in this kind of service apartentms. 目前，上海市场上产权式酒店公寓也可分为两种类型。一种是纯粹的产权式酒店公寓，它们的出现弥补了上海房地产市场的一大空缺，成为新兴物业品种；另一种由原先的烂尾楼改建而成。虽然此类物业由于大幅改动原设计，在结构上存在诸多无法解决的问题。但另一方面，由于烂尾楼规划性质的特殊性，通常此类物业可商可住，故而也有很大的市场。 Market ysuppl yainsals产权式酒店公寓市场供应分析 The whole stock of strata-titled service apeanrttsm is around 1,000,000 square meters in Shanghai since e thyear of hist period, 2000-2001 can be considered as a introducnt ioperiod, the annual new ys upplis bwe lo100,000 uasrqe meter sbut after that, 2002-2003 the ysuppl is yghlhi added, reaching 310,000and 660,000 square With the plceotmion of he tt sfirbatches of strata-titled service apartments in Shanghai , he tnew ysuppl of 2004 decline a little, the whole annual new syu pplsdh oulbe above 200,000 usaqre meters and the stock would reach 1,300,000 square etersm as forecasted.上海从2000年出现产权式酒店公寓概念至今，此类物业总供应量在100万平方米左右。其中，2000年及2001年可视为导入期，每年供应量不足10万平方米。但在此后的2002年及2003年，供应量猛增，分别达到31万平方米和66万平方米，使得市场上累计供应量超过100万平方米。随着第一批上市的产权式酒店公寓逐渐步入竣工交付期，2004年的新增供应量也显现出一定幅度的下滑。根据对2004年供应量的预测，2004年供应量在20万平方米以上，市场累计供应量将超过130万平方米。 91
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 Chart the ysuppl of Snghai hastrata-tilted service enatp artm图， 上海产权式酒店公寓供应状况图 上海小户型酒店式公寓供应状况 10 thousand are squmeters 10 thousand Yuan 供应量万平方米价格万元()() 2001 06104 00年00021002200230024002 供应量累计供应量价格 Sp uyl T loat uypls P ecri Resource: CBRE 资料来源：世邦魏理仕 As the locations of the strata-tilted service apartment breakdown chart shows, the su mof jin gandistrict, hgupaun district, changnin ridcits tand ng opudnew dcits triis 63 %of the whole uintp of Shanghai. While the uoputdistrict , zhabei district and ygpnua dicst riare covering y onl11.%从产权式酒店公寓的建造地理位置看，目前产权式酒店公寓的投放仍集中在市中心区域及浦东新区。仅市中心的静安区、黄浦区、长宁区及浦东新区投放的酒店式公寓就占到全市投放量的63%，而边远区域的普陀区、闸北区、杨浦区投放的酒店式公寓只占全市投放量的11%。 92
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 Chart the location of Shanghai strata-titled service enta partm图， 上海产权式酒店公寓分布位置 产权酒店式公寓分布%3%3%5%5%01%3%81%31 %5%71 %81B noash C gihna Hug nko H gnpua J gnai Lnu wa Pgdn uo P out X hui Yp guna Z bieha宝山 长宁 虹口 黄浦 静安 卢湾浦东 普陀 徐汇 杨浦 闸北 Resource: CBRE 资料来源：世邦魏理仕 93
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 Table Sta-atrtitled service apartent msummary 表 产权式酒店公寓情况汇总表 入住单价 建筑面积2开盘日期(万元(万M) 楼层单元面2序 日期T emi/M) Constructi2名称 位置 Num积(M) 号 T emifor Price(10 on area10 N emaLocation ber of Unit No. of redidthousanthousand floorsarea 2salesecned yuan/ M) 2 M) 中福大厦 金银汇 九江路619号 29层1 Zhoun gfBduinlg, , Jnagu jii2000200129 36-75 20000 78000 Jinynih uiRd floors中华商城 蓝朝部落 万航渡路858弄31层2 Zhohnuga Sanhgcheng, , 2001200231 24-55 7000 25000 Lanchao Buluo Wanhangdu Rd floors32层奔腾新干线 宝山路480弄 3 2001200332 26-61 5300 25000 Benteng xin ganxian Baons hRdfloors高层凤凰赢家 本溪路187号 4 20022003High-45-65 6400 18000 Fenghnugayjniga , Bxeni Rdesir自由自宅 恒升半岛 吴淞路205号 高层5 Ziyouzizhai, hengsheng , Wusong 20022003Hign-50-80 13000 17000 pensular Rd esir29层海悦公寓 感性达利 乌镇路 6 2002200329 45-62 7000 30000 Haiyue, Gianngx dali Wuzhen Rd floors陆家浜路1011号19层新世纪大厦 宝利金 7 , 2002200319 27-58 11000 25000 Xinshiji, Baolijin Lujiabang R dfloors曲阳路438号 23层东渡名人大厦 8 , nag yQu2002200323 46-56 8000 10000 Dongdu creilteyb Rd floors襄阳南路500号 31层三金大厦 巴黎时韵 9 , Xygianang 2002200331 24-58 15000 30000 Sanjin, Balyishiun S Rd floors恒丰路120号 27层一天厦 SOHO时代 10 Hefnegng 2002200327 43-82 7800 30000 Yitiansha, SOHO times Rd floors中山西路933号 高层虹桥银城 11 , 20022003High-40-110 13500 32000 Hongqiao hyceing Zhongshan Xi Rd esir江宁路599号 高层静安新格公寓 12 , Jiganni ng20022004High-50 12000 20000 Jingan gxine Rd esir94
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 陆家浜路海潮路 26层百汇中心 独立时代 13 Lujiabang R,d 2002200426 33-54 10000 20000 Baihui center, Duli es timHaichao Rd floors摩登时代 安天大厦 高层兰溪路141号 23 Modern es,tim Antian 20022004High-38-100 6500 6000 No..141, Lxani RdP azal esir陆家浜路海潮路 16层青年汇一期 14 Haichao Rd, 2002200316 37-57 6000 30000 Qingnia,nhui Phase 1 Lujiabang R dfloors19层青年汇二期 陆家浜路 15 2002200319 44-100 8000 40000 Qingnia,nhui phase 2 Lujiabang R dfloors15层凯阳新寓 金地汇 纪念路335弄 16 2003200315 50-80 7000 11600 Kaiyang Xyui,n Jhiunid , Jnian iRdfloors康定路1033号 22层君悦静安 17 , 2003200422 33-68 14000 42300 Jyunue gajninKangding R dfloors南京西路陕西路 高层骏豪国际 18 Shanxi Rd, 20032004High-50-75 20000 28000 Junhao I’ ntlNanjngxi R d esir康定路1033号 高层同济佳苑 19 , 20032004High-50-70 14000 42000 Tongji Jyn iauaKangding R d esir九江路619号 高层世福会 24 , Jnagu jii20032004High-45-60 2000 28000 Shifuhui Rd esir延安西路1201号27层莫奈印象 25 , Yan’an 2003200427 50-70 15500 28000 Monai Ipressimon Xi Rd floors 入住开盘建筑面积日期楼层单元面单价 2序 日期(M) 22名称 位置 T emiNum积(M) (元/M) 号 T emiConstructiN emaLocation for ber of Unit Price(yuNo. for on 22ediserfloorsarea(M) an/M) 2salearea(M)nce四川北路吴淞路高层国际名佳城 26 Sichuan bei Rd, 20032004High-50-100 12000 60000 Giunogjjiima Wusong Rd esir高层天宝华庭 四平路777号 27 20032004High-35-70 9300 40000 Tianbaphnuga , Snigp iRdesir28 协和丽豪酒店式公寓 南京西路2068号2003200430层50-100 20000 35000 95
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 Ascott Lihao service , Nanjing 30 apaernt mXi Rd floors张江路689号 8层 壹间房 29 , 200320048 50-70 8500 20000 Yijianfang Zhangjiang Rd floors海悦酒店式公寓 浦东大道580号31层30 Haiyue service Pundgo 2003200431 56-74 12000 35000 apaernt mAvenue floors人民路889号 高层淮海中华大厦 31 , Rinm en20032004High-60-180 15000 20000 Huaihai Zhonghua Plaza Rd esir绿洲广场SO嬴家时代 中山北路3058号高层32 Lvzhou so Yngjiia , 20032004High-60-120 8500 60000 T seimZhongshan Bie Rdesir马当路兴业路 高层锦麟天地 20 Madang Rd, 20032005High-270 20000 30000 Jinlin Ti andiXingy eRd esir新时空国际公寓 长宁路1031号30层33 Xinshiko ngIn t’, 2003200530 45-70 13000 100000 apaernt mChangni ngRd floors浦东大道559号高层万源晶典 21 , Pngou d20032004High-32-52 8500 33000 Wanyuanjidngian Avenue esir兴业家园 国际金融家 14层浦电路400号 34 Xygni eH,emo I’tn l2003200414 50-79 11000 30000 , Panu diRdFinancer floors南京西路580号高层南证大厦 35 , Nianngj 20032004High-60-409 20000 10000 Nanzheng Building Xi Rd esir春天花园酒店公寓 娄山关路999弄28层36 Spring garden service , 2004200428 57-63 9000 10000 apaernt mLoushang uanRdfloors浦东大道2554号28层陆家嘴XP 37 , Pondgu 2004200428 50 6500 40800 Lujiazui XP Avenue floors打浦路南塘浜路高层绿洲仕格维花园 38 Dapu Rd, 20042005High-60-80 13000 20000 Lvzhou Shiweige garden Nantangbang Rdesir淞南路459号 8层巴黎时光 39 , Sngaonn 200420048 24-64 7000 9000 Bali Teis mRd floors新金桥酒店式公寓 红枫路108弄 19层22 Xinjinqiao service . Hgnfeong 2001200219 61-81 6500 18000 apaernt mRd floors黄杨路18号 高层金桥凤凰 40 No. 18, Hyuganang 20022003High-45-65 10300 22000 Jinqiao fenugahng Rd esir96
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 Data Resource: CBRE 资料来源：世邦魏理仕 Sale prices trend and the forecast产权式酒店公寓售价及发展趋势 Due to the small unit floor area , the asking sale prices are relatively high. In 2001, the average slea prices drop the yvalle nd athen go up and b climto the 13,065RMB per square meter in 2003. he taverage asking sale prices can be below the level of the year of 2003 as forecasted. 从价格上看，由于此类物业单元面积较小，故而各套的单价均较高。2001年，此类物业均价跌到最低值，随后又逐步上升至2003年的13065元/平方米。预计2004年，产权式酒店公寓市场平均单价会略低于2003年水平。 The reason can be two facets, one is the up-ng goiysuppl ount amand the her ot sithe scatter trend of those apartments’ locations. The service apartents mlocated in the relatively outfield present a lower asking price pcomaring with those located in the heart of the city, hence the average asking sale prices are going down. 造成销售单价无法超过2003年的原因大致有两点：一是供应量的不断上升，至2003年市面可上投入使用的酒店式公寓已有100万平方米，而产权式酒店式公寓的租赁对象则从外籍企业员工向一般白领扩散，租赁能力也在相应下降。其二，产权式酒店式公寓的地理位置从黄浦区、静安区等市中心城区向宝山、普陀偏远区域分散，级差地租也影响了平均销售单价。从区域分布来看，目前产权式酒店公寓的分布以黄浦、静安、浦东新区三个区域供应量最大，这些区域的酒店式公寓也为市场所广泛接受。 Chart The Average Price of Regional Service Apeanrtt m图, 按区域划分酒店式公寓平均单价 按区域划分酒店式公寓平均单价Pcrei, 10 naduoshtYn ua perre quasre tem 单价(万元/平方米) ’an L uwanXuhui Huangpu Changni gnH uokgnoP gnoduP outuY upgnaB nahsao 区域静安卢湾徐汇黄浦长宁虹口浦东闸北普陀杨浦宝山97平均单价
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 Resource: CBRE 资料来源：世邦魏理仕 as to the regional asking lea sprices, the xuhui di strictis the second highest one of Shanghai h witthe Jingan istdrict goes to the highest. 从区域单价来看，徐汇区酒店式公寓平均销售价格仅次于静安区。 The ufruet产权式酒店公寓前景分析 According to statistics published yb the Shanghai Real Estate Bureau, total nietn vestmon Shahnagi commodity uhsoing recorded a y-o-y tgwhr oof %to RMB56 billion for the first eight onths mof 2004, indicating that the strict measures launched by he tunicipal mnte governmin April 2004 to cool he tyoperptr sector did not have an bvioous pact imon odictoymm uhsoing veenlto dpemin Shanghai. I nareas beyond the Outer Ring Road, rnmegovent statistics showed that coodity mmhousing unitsthat ‘have reached copletionm’, ‘are still under construction’ and ‘have just commenced construction’ erewrespectively 29,% 34 %and 52 %of the otatl stock in their respective category. It was the first etimthat the majority (52%) of the cooditymm housing projects that have commenced construction ree wfound idse uotthe Outer Ring Road vers(us a 12 %situated inside the Inner Ring Road). Te henpohenomn of an ncrieasing ys upploutside the Outer Ring Road in the near future is in ne liwith the n tesgover'nmintention o tleviaalte the tight ushiong suyppl situation within the Inner Ring Road that has caused continued upward pressure on residential prices. However, the nte governmshould ypa nteioant tto the pmact iof an increase in ysuppl n ithese decentralised areas on the overall pricing of oditcommy housing in Shanghai, and particularly in areas where official urban planning is less developed and in areas where metro lines cannot be reached 据最近出台的上海市房地局统计，今年1-8月份，全市商品住宅投资560亿元，比去年同期增长%，这表明始于今年4月份的宏观调控对本市住宅开发投资热度的影响尚未显现。另外上海外环线外的住宅新开工量首次超过一半，环线内的只占12%，这暗示着上海住宅的中心将在不久的将来向外环以外转移，在这种大背景下，产权式酒店公寓的需求前景在一定程度上与一般的高档住宅一样，要充分考虑到供应过半的外环线外区域所面临之压力给全市住宅格局的98
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 影响，特别是给非市政重点规划区域和远离轨道交通等区域房价走势带来的压力。 另外考虑到产权式酒店公寓本身的需求，就2004年的销售清淡，销售单价下降的现状来看，广大投资客对于购买30-80平方米的产权式酒店公寓的投资趋向谨慎。 Regi onalamrket analysis区域市场研究 yndaurbo of he tregional rkamet区域市场范围的划定 As in–depth tudys and discussed, we have the project’s regional market extended eastwrda to the Zhongshan xi road and caoxi road , northward to the ynaan xi road , westward to the huan xiadr oand saowrudt hto the in uhmroad . The whole region covers part of the changgnin district , huiu xdistrict d aninhang mstridcit.经过研究，本项目的区域市场划定为北至延安西路；南至沪闵路；东至中山西路与漕溪路； 西至环西大道的围合区域，区域内共涵盖了长宁、闵行和徐汇三大区的一部分。 Rle gionamarket syuppl区域市场供应 总建面 楼盘名称 地址 交房时间 月租金（美金/平方米）Total 2Na emconstruction Location Due etimDaily rent ($/m) aera瑞峰公寓 延安西路1066号40,000 2001 Ruifeng , Yan’an apaernt mXi Rd 温莎公寓 虹桥路2290号 Wensha 30,000 1998 , apaernt mHongqiao R d虹许路1151号 西郊公寓 7,820 2002 , Hng oxuXijiao apartentm Rd 华园大厦 荣华西道39弄 8,500 2001 Huayuan No. 39, builndgi Ronghudaaxoi 泰古酒店公寓 荣华东道19号 18,000 1996 Taigu service No. 19, apaernt mRonghuogaddnao 名都城酒店公寓虹许路788号 15,000 2000 Mandarine , Hgxnuo Rd ecivresapaernt m99
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 there are only 6 cases of traditional style service apartentsm in this region rkeat mwhile not a strata tilted service apartentm at all.考虑到区域市场范围内只有六家传统概念的服务式酒店公寓，没有产权式酒店公寓。 This 6 service apartentms totaled 119,320 square eters mof gross floor areas, scattering at the hqoinago gubei zone, heyt are ostly maged and e tholdest is lt bui8 years before, the average asking rent is $ per onth mper 这6家服务式酒店公寓总建面达到119,320平方米，全部分布于虹桥古北板块，这些服务式公寓大多比较陈旧，最长的房龄已经达到8年，平均月租金水平在美金/月，平方米。 100
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 Madarine city , as the ost mexpensive service apartemnt in the region arket,m we have a brief case study of it : 其中名都城酒店公寓作为租金最高的代表楼盘，专门进行了深入分析： Mandarine service apartemnt 名都城酒店公寓 Developer: Zhongsghen Group 发 展 商：仲盛集团 Location: , Hnug oxRd, Shan ghai位 置：上海虹许路788号 Construction index: uccotnisotnr area about 15000 square teers m建筑指标：建筑面积15000平方米左右 bern umof aepnatrst:m客 房 数：150套 Main unit :ey pt2 bse droom+ 2 living s,oomr 3 bse droom+ 2 living s room主力房型：2房2厅，3房2厅 Price list:房 价 单： 面积（平方米）Aer a日租金（RMB/天，间）房型Type (square terem) Daily rent (RMB/unit) 一房70 one 500 rmoo二房100 double s 800-1000 room三房130 three 1500 rooms Due :e tim2000 开业时间：2000年 Customer origin: Japanese/Korean short termtenants 客 源：日本,韩国短租客源为主 Occupancy: 75% on average 出租记录：平均入住率75%左右101
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 For the potential property, strata-titled service apartment, our research focus on the stock and urfeu tysuppl of the regional esidentrial arketm in respect of there are no strata-titled service apartments there.对于项目未来可能有的产权式酒店公寓来说，由于区域内没有这类型的酒店公寓，因此主要对区域市场内的住宅的现存供应和未来供应重点分析，主要包括存量楼盘，预售楼盘和预告楼盘。 M Resli adentiLocation Map for Regional Market 图，区域市场住宅分布图 Gb-euiMg nhnaione z31 41古北闵行板块 52611133519132718122 66442262122155027788 990111 1142 古北闵行板块 213101 99Caoabo Tianlin zone 8272886677漕宝路-田林板块 33 4192111322237103 61 446355 33535143 Resource: CBRE 资料来源：世邦魏理仕 102
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 Bilawei eFuture supply预告/预售Stoc kCases已建楼盘 金色贝拉维 楼盘 1 .iXijao Hotel Villa .1Caohe iJngyuan 西郊宾馆别墅 华丽家族.古北 漕河景苑 2 .Tangchen Carnival Villa Hngroen Guan .2hZong iXngchen 汤臣嘉年别墅 中星城古北虹人馆 .3Vanek lPaza .3Taoyuan Carnival 万科广场 iQngshuiujV(illa )古北嘉年华庭 4 .aWnte uYan 桃源.清水居(别墅 ) 万特园 4 .HuiijngijaliyuanT(wo )虹桥蒂凡尼 .5Fuhong aGrden 汇京佳丽园二期 Yuan 富宏花园 .5oYulanyuan 虹田苑 6. Madarine City 幽澜苑 Yipin 名都城 .6hZonghonghuiyuan 虹桥逸品 .7Bouje Shanzhuang 中虹汇之苑 伯爵山庄 City(two) .7eZattle 8 .Hongiqao Villa 名都城二期 西雅图 虹桥别墅 Garden(two) .8Silver Star iMngting 明申花园(二期) 银星名庭 虹中别墅 dIrnanttieonal .9Hongrun aGrdenT(wo ) 宏润花园二期 风度国际 豪家府邸 .01iLngixu Aiijanyuan Lingdi Villa 领秀爱建园 虹桥领地 虹梅别墅 .11aNnlin Apartment Shi富比仕 iJ21nujn uYan 南林公寓 Harbour Byno xiua金俊园 12. Mingyuan 蓝色港湾博馨苑 .31iPngguoyuan 明园.小安桥 苹果园 伊人酒店公寓 nohguJiayuan中友嘉园 13. Loyal Garden 14. iYyuan ganGulong ycitwto)( 皇家花园 亦园 东苑古龙城二期 .41Changfa Hongiqao 15. Shanghai Garden Xingchen(two) apartment 上海花园 长发虹桥公寓 江南星城二期 .61aKngixng aGrden uRishi aGrden ngJinlu 康兴花园 古北瑞仕花园 春江锦庐 17. oRse Garden international 35The Sutho Cityhree()t 玫瑰园 garden古北国际花园 南方城三期 guebi Xyinuan望城新苑 强生古北花园 103
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 In this ,region there are two clusters in respect of all residential ,built under construction, in 从区域供应来看，综合考察项目地块周边规划中、在建及已建住宅主要集中于古北闵行板块和漕宝路-田林板块。两大板块分别有不同的特征， 对于古北闵行板块来说，其中包含的楼盘罗列如下： 总建面 主力单价/租金 主力房型 Total Main 楼盘名称 交房时间 main roomtype construction price/rental Na emDue etim(Nubers mof aera($/square eter,m bse)d room(square terem) sper onth) m15,232 1999 2,3 西郊宾馆别墅 Xijiao Hotel villa 汤臣嘉年别墅 N a/N a/N a/N a/Tangchen Jianian villa 万科广场 N a/N a/N a/N a/Wanke Square 万特园 5,600 1997 4 Wante Yuan 富宏花园 40,669 1993 5 12035 Fuhgo ngna rde名都城 210,000 1998 2 11105 Mandarine city 伯爵山庄 N/a 2002 N/a Bojue Shanzhua ng虹桥别墅 27,200 1996 2,3 Hongqiao a illv虹中别墅 7,840 1997 4 Hongzhong villa 豪家府邸 7015 1997 3 26,560 Haojia fudi 虹梅别墅 16,320 1994 5 Hei ongmvilla 金俊园 5,563 2001 3 18 Jinjun gar den明园.小安桥 83,000 2 11,000 Mingyuan. Xiaoanqiao 皇家花园 N a/N a/N a/N a/Royl agarden 长发虹桥公寓 28,000 2,3 14,000 Changfa Hongqiao apaernt m 104
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 古北瑞仕花园 120,000 2,3 17,500 Gubei Ruishi Garden 古北国际花园 116,200 N/a N/a N/a Gubei Int’ l garden 强生古北花园 130,000 2005 N/a 8,000 Johenson Gubei Garden 金色贝拉维 38,806 N/a N/a N/a Golden Beilawei 华丽家族.古北 90,000 3 18,000 Huali jiazu. Gubei 古北虹人馆 12,000 2005初 1,2 N/a Gubei Hongren guan 古北嘉年华庭 80,000 3 14,000 Gubei Jianian huating 虹桥蒂凡尼 80,000 N/a N/a 11,000 Hongqiao Tiffany 虹田苑 10,000 2,3 N/a Hongtian yuan 虹桥逸品 N/a N/a 2,3 N/a Hongqiao Ypin i明申花园(二期) 140,000 3 11,900 Mingshen garden phase 2 总建面 1,263,445 Total construction aera The characteristics of inhang-mgubei cluster are : the pace of new yentr l aresidentievery year is quite balanced, the current and ing upcomresidential floor areas in recent years totaled over 1,260,000 square The average sal eprices are 13,175 RMB per square meter, the average asking rental arrive at $ per onth mr pesquare There are not large land to be planned in this cluster. The pleticomon years of preleasing cases are inlaym 2005. The ulate cumysuppl would be over 470,000 usaqre 特征主要是：该板块已推出房源各年比较均衡，现有及近期即将推出住宅总建筑面积超过126万平方米。是一个住宅相当集中的板块。由于临近虹桥古北高尚住宅区，该板块售价租金都较高，平均售价达到13175元/平方米，平均租金达到美金/月，平方米。板块内目前没有空地可以再105
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 作进一步开发。未来的预告楼盘大致集中在2005年上市，累计供应量将达到47万平方米以上。 对于漕宝-田林板块来说，包含的近期楼盘主要有 总建面 主力房型 主力单价 Total 楼盘名称 交房时间 Main roomtypeMain price construction Na emDue etim(Nubers mof ($/square eter,m (aera erauqsbse)d roomper onth) mretem )s漕河景苑 110,000 2006 3 N/a Caohejiyngn ua中星城 45,486 N/a N/a N/a Zhoxni gngecnhg 桃源.清水居(别墅) 2,500 N/a 3 15,000 (villa) 中虹汇之苑 16,000 2,3 9,800 Zhohnuogihn zhiyuan 西雅图 10,200 2005 3,4 12,000 Seattle 银星名庭 N/a 2 9,800 Silver Star inmgting 蓝色港湾博馨苑 120,000 N/a 6,400 Blue ohra,rb Boxyinuan 中友嘉园 150,000 3,4 8,600 Zhoy noguJiayuan 东苑古龙城二期 300,000 N/a 7,500 Doynguan Gulo ngPhase 2 玫瑰园 42,000 1997 3,4 9,960 Rose garden The characteristics of caobao-tianlin ters clu: this cluster belong tohe textend t parof the mature residential center-tianlin iguiln , recent future ysuppl would be 800,000 usaqre ters mand ostlym dw oulenter at 2005. The cluster has the tpioatle nof gathering esidenrtial .Due to the location is near the traditional residential part of xuhuidistrict, such as tianlin and guilin, and covering the cross part of the xuhui district and minhang district, hence the sale prices present gaps step by step, ranging from6400-15000 RMB persquare There are still some land available for develo pingafterwards. 特征主要是：该板块属于田林桂林等老住宅聚集区的延伸和拓展板块。近期即将推出住宅总建筑面积近80万平方米，集中在2005年上市。该板块是一个潜在住宅集中板块。由于临近徐汇传统田林，桂林区域，106
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 且位于徐汇闵行交界处，该板块售价呈现出明显的梯状分布的特点，售价范围波动较大，从6400-15000元/平方米不等。板块内尚有一些土地可能作进一步开发。 107
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 regi onalmarket demand区域市场需求 2Na emMonth rental ($/m) Occupancy Rate 楼盘名称 月租金（美金/平方米）入住率 Ruifeng apartment %瑞峰公寓 Wensha apartent 100 %温莎公寓 Xijiao apartentm %西郊公寓 Huayuan Bdingi 100 %华园大厦 Taigu service apaerntt %泰古酒店公寓 Mandarine City 75 %名都城酒店公寓 Average occupancy rate %平均入住率 The average occupancy rate of the traditional style service apartemnt of this region is %, which presents that the regional nda demfor this kind of service apartent m(only for lease)is big and has a brilliant prospect.区域内服务式酒店公寓的平均入住率为%，说明区域市场内对于只租不售的酒店公寓的需求旺盛，有较好的市场前景。 区域内一般住宅的销售去化速度都比较快，以下为代表性楼盘去化情况， Average price take-up rate for saleAverage digest speed (RMB/square Naem楼盘名称 销售率 平均去化速度 retem)s单价均价Hualijiazu. Gubei uniotnst/hm 18000 %华丽家族.古北 套/月 Changfa Hongqiao apaernt m14000 88 %套/月 长发虹桥公寓 Zhoy noguJiayuan 111noiunttsh/ m8600 %中友嘉园 111套/月 As to the st digespeed and take-up rate for sale, the caobao-tianlin cluster are better than that of inhang-mubegi cluster. The main reason is that the first cluster offers orm eattractive total sale prices and single prices than the second cluster in ise premof the ilar simaccessability of transportation. The insufficient commercial and retil aservice nearby pacts imthe first cluster a lot , but at thesame etimit offer the commercial and retail opportunities for our site. 从去化速度个案和销售率来看，区域内漕宝－田林板块比闵行古北板块要好，原因主要是在条件相当的交通情况108
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 下，前者总价和单价较低。前者的主要不足之处在于其附近的商业配套不够齐全，但这也为本项目的商业设施的建造提供了需求支持。 regional market demand forecast of Caohejing Hi-tech Park 漕河泾区域酒店式公寓需求预测 For the Dand emForecast of traditional service apartment, the tecd projeservice apaerntt mis mainly the long- termleasing nda demby the large pcomanies in Caohejing Hi-Tech Park. The existing pmacnoies’ bmenru is 1,800 for the wholepark in which large copanies mpercentage is 10%. (That percentage will show a 5% annual hg rowtrate as forecasted). The newly added copanies’m ber numis the esamto the report of office dbuiinlg rkaet manalyis part f opage 19. As our tepnotial clients interview results, the average demand per large enterprise per day is one roomnight.对于服务式酒店公寓来说，主要满足漕河泾开发园区内各类大型企业中长期租用住房的需求，目前漕河泾区域内共有1800余家企业，其中大型企业的比例10％。预计大型企业所占比例逐年提升，年提升率为5％。按照2003年开发区统计年报计算,全区共有212个新增内外资项目，年增长幅度为%（详见写字楼市场报告部分第十九页）。根据访谈，我们得到园区内平均每家大型企业每天需要使用四星级标准的服务式酒店公寓为1间。 Considering the potential service apartment of 30,000 square ters mof the npgln aininternational business center nearby to be put forward before the year of 2007, given the average roomarea is 85 square meters according to the international four-star service apartent mstandard including the allocation of public areas, and in light of avoiding rkaet mover-competition and he tfacts of W19 developing schedule of other properties, we forecast that the projected service aparent mwould be put out at the year of 2010, and the afbalveo r roomdemand at that year is 370, ivegn the oipnegn year occupancy rate by 85%, the subjected service apenta rtmis suggested to ve haabout 440 s moroaltogether.考虑到本项目服务式酒店公寓未推出前，新增内外资项目的此类需求将被区域市场内其他服务式酒店公寓消化，在2007年前，国际商务中心的3万平方米的服务式酒店公寓也将预计投入市场，按照国际四星级服务式酒店公寓分摊面积后平均每间面积85平方米计算，推出首年预计入住率4在【1800×＋212××（）】/（300008÷5）≈63%左右，因而为了得到较好的市场回报，较小的市场风险，项目的服务式酒店公寓期望入市年份在2007年以后，考虑到与已有的国际商务中心错开竞争以及地块本身开发进程，建议本项目服务式酒店公寓推出时间为2010年，则当年服务式酒店公寓预计的需求7 间数为【1800×＋212××（）】≈370间，取当年入住率为85％计算，项目服务式酒店公寓最适合的规模为（370/）≈440间 ，具体房间数待建议部分根据实际情况作列表加总建议。 109
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 For the strata-titled service apaerntt,m in light of the whole continuing upward rend tof shanghai esidenrtial arketm and the rpinciple of ofitp rxaiu mmin financial analyiss, we hold hat tthe maxiu mresidnteial GFA of 99,800 uarseq teers min the detail W19 site planning had better be used up as long as the residential GFA will not be dbiesdoient with thewhole site siptoioning.的住宅量都是极度受到市场欢迎的，根据整体项目财务最优的原则，我们建议产权式酒店公寓建造使用完详规指标，即万平方米，具体面积在建议部分将根据户型比例需要等作出适当调整。 Market Conclusions市场小结 • Apart fro mthe general demand, the fashion design and the excellent developers appeal the andd emgger bin thathat of last year. Toseh investors are ore mand ore mcautious of taking e htstrata-titled service apartent mof 30-80 unit floor areas.除了一般的需求之外，时尚的设计和优质的开发商使得目前的上海服务式酒店公寓的需求较去年相比有所上升，而考虑到上海产权式酒店公寓本身的需求，广大投资客对于购买30-80平方米的产权式酒店公寓的投资趋向谨慎。 • There are only 6 cases of traditional stye lservice aparentts min this region market which totaled 119,320 square eters mof gross floor areas, scattering at the aho ngqigubei ,zone ythe are omstly aged and the oldest is built 8 years before, the average asking rent is $ per onth mper 区域内现有6家服务式酒店公寓总建面达到119,320平方米，全部分布于虹桥古北板块，这些服务式公寓大多比较陈旧，最长的房龄已经达到8年，平均月租金水平在美金/月，平方米。 • There are no strata-titled service apartments in this region .Study on the nearby two residential clusters presents that inhang-mgubei cluster hasn’t any uturfe residential y supplwhile caobao-tianlin r eclusthas s oemland under cotniscotnr ufor residential.区域产权式酒店公寓没有供应量，但从周边两个成熟的住宅集中板块（古北-闵行板块和漕宝-田林板块）特点来看，前者几乎没有未来住宅供应量，后者尚有一些住宅土地正在开发。 • The average occupancy rate of the traditional style service apartemnt of this region is %, which presents that the regional demand for this kind of service apartent m(only for lease)i sbig and has a brilliant prospect. The stneilc eraamylni morfJpa na 区域内服务式酒店公寓的平均入住率为%，说明区域市场内对于只租不售的酒店公寓的需求旺盛，有较好的市场前景。租客大多为日本韩国商务客源。 110
Chapter 5 Service Apartemnt Market Analyiss服务式公寓市场研究 • Regional take-up rate and sale rate are quite d,goo eceisaplly caobao-tianlin cluster are better than inmhang-beig ucluster. The main reason is that the first cluster offers ore mattractive total sle aprices and single prices than the second cluster in ise premof the isliamr accessability of transportation. The insufficient commerialc and retail servic enearby pacts imthe first cluster a lot , but at thesame etimit offer the commercial and retail opportunities for our site.区域内住宅板块的销售去化速度和销售率也较高，其中漕宝－田林板块比闵行古北板块要好，原因主要是在条件相当的交通情况下，前者总价和单价较低。前者的主要不足之处在于其附近的商业配套不够齐全，但这也为本项目的商业设施的建造提供了需求支持。 • In light of oaivdi ngraket mover-petictoimon and the actsf of W19 develop ingschedule of r ehotproperties, we forecast that the projected service apartent mwould be put out at the year of 2010, and the favorable roomdemand at that year is 370, given he topegnin year occupancy rate yb 85,% the escutbejd service eanpta rtmis suggested to vae habout 440 s roomaltogether. 考虑到与已有的国际商务中心错开竞争以及地块本身开发进程，建议本项目服务式酒店公寓推出时间为2010年，则当年服务式7 酒店公寓预计的需求间数为【212××（）】≈370间，取当年入住率为85％计算，项目服务式酒店公寓最适合的规模为（370/）≈440间 ，具体房间数待建议部分根据实际情况作列表加总建议。 • For the strata-titled service apaerntt,m in light of the whole continuing upward trend of shanghai esidenrtial arketm and the rincpiple of ofit prmaxiu min financial analysis, we hold that the maxiumresidential GFA of 99,800 sequarters min the detail W19 site planning had better be used up as long as the residential GFA will not be disobedient with the e wholsite 根据市场调研，区域市场内的住宅极度受市场欢迎，根据整体项目财务最优的原则，我们建议产权式酒店公寓建造使用完详规指标，即万平方米，具体面积在建议部分将根据户型比例需要等作出适当调整。 111
Chapter 6 Office arket manalyiss写字楼市场研究 C hapter6 Office market anaslysi 第六部分 写字楼市场研究 In this ,chapter we focus on the potential proypert of fice ofraket,m the ian mpoints would be ovlveidn as fwosllo在此章节，我们针对项目可能涉及的物业——写字楼市场进行了详细的分析，主要内容可能包括： • Shanghai ce ifofmarket overlook上海写字楼市场综述 • Regional market analyiss区域市场分析 • Market conclusion市场小结 . Shanghai office market overlook上海写字楼市场综述 Snghai hafice ofmarket overview上海写字楼市场综述 Map , Shanghai fice ofubilgdsi nlocation pa m图，上海写字楼分布图 People square人民广场 Sall mLujiazui小陆家嘴 Nanjing Xi Road南京西路 Zhnagy Roda张杨路 Hongqiao虹桥 Huaihai Zhong Road淮海中路 uXijahui徐家汇 Resource: CBRE 资料来源：世邦魏理仕 The distribution of fices ofare usually concentrated. At present, there are several fice ofclusters including najing xi d,roa huaihai mid road, ppeole square, small 112
Chapter 6 Office arket manalyiss写字楼市场研究 lujiazui, hauxiu,ji anogh qoizhyangg anroad of donug pdistrict. Apart fro m those,sretsulc ereht era ylno emosttacs de ta lla strap fo 写字楼的分布通常有聚集效应，目前上海已形成了若干个写字楼聚集区域。这些区域主要有南京西路、淮海中路、人民广场、小陆家嘴、徐家汇、虹桥、浦东张杨路。在这些区域以外，只有一些规模小的写字楼零星分布在市内各个区域。 Aong mthose clusters, there are quite a lot grade-A fices,of mainly located at nanjin xi road, huaihai id mroad and alls mlujiazui.同时，上海所有的甲级写字楼也全部座落于上述写字楼聚集区域内，且以南京西路、淮海中路、小陆家嘴数量最多，质量也最高。 Cart , Rental Trend of Gade rA and B Office Buildings in Shgaih an图，浦西甲级及乙级办公楼租金变化趋势 Resource: CBRE 资料来源：世邦魏理仕 The fices ofin shanghai can be dedd ivias grade-A, grade-B and others. The rent gap is quite big.上海的写字楼按甲级、乙级分类，租金相差值非常大。 Tdre nstyud 写字楼发展趋势研究 The traditional fices ofare all alike each Apart fromthe ference difof hardware facilities, the basic custoers mof the fice ofbuilding are alike each other too. With the arrival of the new developed era, trend of the fices ofare making ore mand orem subsection. 传统意义的写字楼，最大特点是同质化。撇开写字楼硬件设施上的差异，写字楼的基本客户是同质化的。随着市场发展和知识经济时代的到来，写字楼的细分化趋势也越来越明显。 113
Chapter 6 Office arket manalyiss写字楼市场研究 Apart fro mthe traditional offices, some new office concepts are eemrging,. In case of Beijing and Shenzhen, there are quite a lot subsections of offices . Shanghai has seen the beginning of this trend fromnow on. Those new subsections of office nbgusi ldiusually offer umch aller smunit separations, special-purpose cleaning facilities, cobining moffice and residential as a whole and suitable for SOHO can be rougyhl videid safollows: 除了传统意义上的写字楼，目前有一些新兴的写字楼概念不断涌现，争夺了一些细分化的市场。比如在北京和深圳的市场上，这种细分化写字楼产品已屡见不鲜。而在上海市场上，此类产品也已初露端倪。这些写字楼一般都有较小的户型分隔，每套专用的卫生设计，封闭性和独立性更强，常常融办公与住宅与一体，更加适合SOHO一族使用。按此类产品的特殊性，可以有大致下列几类： LOFT It means those floors in thefactory or warehouse. Now it ean ma house with the open space without nner iwall separation. LOFTs are developing n ito one fashion living dbgui inlwith the qune iuntpso iof dulex struec turand esomunique construction ideas LOFT英语的意思是指工厂或仓库的楼层，现指没有内墙隔断的开敞式平面布置住宅。LOFT发源于六七十年代美国纽约的建筑，逐渐演化成为一种时尚的居住与生活方式。它的定义要素，主要包括：高大而开敞的空间，上下双层的复式结构，类似戏剧舞台效果的楼梯和横梁；流动性，户型内无障碍；透明性，减少私密程度；开放性，户型间全方位组合；艺术性，通常是业主自行决定所有风格和格局。 STUDIO STUDIO means personal style business space, the ostm portance imof those buildings is proving imthe business level and working efficiency, extending the value chain of every enterprises, maixizimng the ntages advaof integrating all service resources and functions. . STUDIO的英语意思是“个性商务空间”。这类商务空间的出发点在于最大限度地改善工作效能，提升商务层次，延展企业价值链。通过对社区和物业自然秉赋的充分挖掘，对配套资源和服务功能的最优化整合，最大限度地营造出一种让住户思考、创造、交流、展示与体验的环境，实现高效工作与美好生活的自然和谐。 Professional office building 专业写字楼 114
Chapter 6 Office arket manalyiss写字楼市场研究 It’ sthe trend of offices developing. the office buildings serving for special industry such as trading or deia mbelong o tthe professional office buildings, there are some cases of this kind ing comout quite early in Shanghai. The biggest advantage of this ngb uildicomes fro mthe similar industrial custoers mare gathered. 在市场竞争日益激烈的今天，细分市场避免同质化竞争成为了赢得市场的有效手段。细分市场的结果就是在市场上出现了专为某一类行业公司打造的专业写字楼，如商贸写字楼、传媒写字楼等。上海的专业写字楼出现也比较早，如延安路上的上海新世纪广告交易中心大厦、长宁路的兆丰世贸大厦的上海多媒体产业园等。专业化写字楼提供了某一行业公司聚集的机会，对于硬件配套设施也会有一定的特殊性。 Specialization will be the rend tof ent opdmevelof office buildings in the future , but the adaptability of those office building is not so good, such as they can’t face the changing peripheral market 专业化将是今后写字楼产品发展的一种趋势，但是专业化写字楼市场的致命弱点是市场适应性差，一旦周边市场环境发生了变化，对于整个写字楼等命运都将受到很大的影响。 Cizedu stomheadquarters office buil dsingrkaet m总部大楼定制市场状况 The GFA of one single ice offbuildings is relatively small, the clients focus on the age imof the bnugi ldifor heyt have it as their headquarter. Those buildings can differentiate fromother office buildings but ythe usually need large land ,gh histc oand big . 总部大楼的特点是每幢独体写字楼的体量都比较小，面对的客户主要是需要独立形象的企业做总部办公用。企业总部型产品的特点鲜明，找准了市场上的特定需求，做到了与市场上其他产品的差异化，具有一定的市场空间。但同时这种产品也具有占地面积大、成本高，风险大的的弱点，不会成为市场的主流。 G,enerally e thyburse ofhose td sbiuniglare of a separated sy,stem not relying noother panies,com such as IT, R&D, etc. While he tLawyse r'fice,of consulting copanym are not interested. Meanwhile, the ybung inetiontsi nof se othreconstruction state-owned enterprise and nonlocal enterprise are .strongerThe foreign enterpriseand partners enterprises would lease instead of buying; for ythe incline to divideprofits instead of putting ge laroneym into fixed assets. 在通常情况下，购买小体量独幢写字楼的都是能够成为一个独立的体系，不太依托商务群落的企业，比如ＩＴ研发等公司等。而律师事务所、咨询公司等需要靠近服务对象的公司则没有购买小体量独幢写字楼的愿望。同时，重组的国115
Chapter 6 Office arket manalyiss写字楼市场研究 有企业和外地企业购买的动力更强；外国企业一般不会买，而是采取租赁的方式；合股制企业很少买，因为这种类型企业不倾向储存大型固定资产，而是倾向于分利润。 116
Chapter 6 Office arket manalyiss写字楼市场研究 Headquarters nbgusi ldiin Shanghai 上海的总部大楼物业开发状况 There are not a lot of those buildings inShanghai, r foost mge larMNCs gathered in Shanghai inei nclto leasing instead of buying. The representatives are the Corporate Avenue. Cpomaring with Beijing, headquarters ldinbgusi in Sanghhai are mostly made for lease instead of buying. 上海的企业总部类型物业开发较为少见，目前比较引人注目的是瑞安集团开发的企业天地项目。从上海与北京的差异来看，由于上海不具备众多国字号企业及驻沪外地企业总部，故而总部大楼类型物业的出售前景不及北京乐观。从上海自身条件看，上海拥有诸多跨国企业进入，因此上海开发的企业总部大楼将会更多地以出租形式出现。 Case study ofone ous famheadquarter building in Shanghai The Corporate Avenue ( bunigl)di企业天地2号楼 Subject address项目地址： o the so uth ofHuaihai zhong Road, beside Xintiandi.淮海中路东段以南，新天地边 Construction Scales建筑规模： TotaL GFA of Corporate Avenue phase one is 78,000 square meters, in which the g bnuildicovers 25,000 square etersm. There are joint retail part between those two fice ofbuildings.企业天地一期总建筑面积约万平方米，其中2号楼约为万平方米。两幢写字楼底层商场连通。 The clients plesam出租状况： The whole ngb uildiis t akenyb PriceWatercooper andnamed after this .ocpynam由普华永道租下2号楼整幢，并获得冠名权，命名为“普华永道中心”。 Attractives特 点： The bnugi ldiis lyng ibeside the lake, with nice view sight of y 沿湖而筑，每幢楼均拥有如画的窗前风景。 117
Chapter 6 Office arket manalyiss写字楼市场研究 . Reagli onamrket analysis区域市场分析 The yndaurbo of he tregional rkamet区域市场范围的划定 As in–depth tudys and discussed, we have the project’s regional market extended eastwrda to the Zhongshan xi road and caoxi road , northward to the ynaan xi road , westward to the huan xiadr oand saowrudt hto the in uhmroad . The whole region covers part of the changgnin district , huiu xdistrict d aninhang mstridcit.经过研究，本项目的区域市场划定为北至延安西路；南至沪闵路；东至中山西路与漕溪路；西至环西大道的围合区域，区域内共涵盖了长宁、闵行和徐汇三大区的一部分。 ytpes of ce offibuildings 写字楼不同类型 Based on the result of site ysurve, we classify the existing office buildings in the area into three catalogues: 通过对目前区域市场内写字楼现状的实地调研，我们将现有写字楼分成三大类 First type is manufacturing office buiinlgd, inalym 5-6 stories with 70-80 %of he tspace for R&D function and 20% for small scale production, nstaillment and storage. 第一类是厂房办公楼，一般为多层的厂房办公楼，建筑形态上为5-6层，在其中安排70-%80%的研发功能，20%的小型生产、简单组装加工以及部分仓库。 Second ytpe sihigh-rise ilbduing ntscetodr uin the dusitnrial zone, mainly forfice offunction, h sucas Xinye Building, Xinmao Building. 第二类为开发区内工业用地上建造的高层，大多数是办公功能，如新业大厦，新茂大厦等。 Third ype tis office builgd inconstructed on the land for commeriacl use, such as Zhaofeng Uvenrisal builgd,in Dazhong ubilgd,in New Caohejing ilbduing, Xyinn ibunigl,di etc. 118
Chapter 6 Office arket manalyiss写字楼市场研究 第三类为商业用地上建造的纯写字楼，如兆丰环球大厦，大众大厦，新漕河泾大厦和新银大厦等等。 Since the subjected land is for commericl ause, we confine the discussion here to the second and irdt hcatalogues, which we define as pure office The first catalogue is classified as R&D office building due to the architecture type, on unctifand target clients, to w hichwe conduct some research so as to differentiate them frompure office build ingand take i ntoconsideration their effect of distracting some clients fro mpure office 由于项目用地性质是商业用地，因此以下讨论的写字楼范围是第二类和第三类，我统称为纯写字楼。而第一类厂房办公楼由于建筑形态，担任功能和目标客户群的截然不同主要被归为研发类厂房办公楼，简称研发类办公楼，主要研究目的是为了区别于纯写字楼的供应量，且在预测区域市场未来写字楼吸纳量的时候，适当考虑了在建及预计要建造的研发类厂房办公楼对纯写字楼客户的部分分流作用。 dibsuttnriso区域市场分布 Scientific Building of Caoheijng Hi-tech aPr k 漕河泾开发区科技楼 Building 虹 梅大楼 Building 大众大厦 nUiversal ubilding 331 兆丰环球大厦 Buildling 新业大厦 44 Industrial Building 华一实业大厦 H .7ongmei Business Building 14 虹梅商务大厦 Business lPaza 钱江商务广场 Buidling 15新茂大厦（西区2期） Caohehjing Building 1312 10新漕河泾大楼 Business lPaza 明申商务广场 Business Building 和信商务大楼 Guangda hxEiibtion Hall Office Part 上海光大会展中心写字楼 Building 华鼎大厦 Building 119田林大厦 Building 新银大厦
Chapter 6 Office arket manalyiss写字楼市场研究 All office buildings at this region egda theralong osteh ina mtransportation artery, such as zhongshan xi r,oad caoxi road, hxoun gr,oad caobao road,etc. 从区域分布来看，项目周边写字楼有特点地沿着各主干道分布，如南北向的中山西路，漕溪路，虹许路，东西向的漕宝路等。 market supply 区域市场供应 Pure Office Buildings纯写字楼 楼层数 平均租金/售价 写字楼名称 地址 总建筑面积 Nub remaverage 2Na emLocation GFA(m) of floorsprice/rent 新业大厦 田林路388号 $ 24,000 2 Xinye gu , Tina nlRd $,/m新茂大厦 西区二期地块 28,000 伊犁南路111号（古钱江商务广场 20,500元/平方羊路口 19 25,710 Qianjiang 220,500米y,/, Yili South business square Rd, Guynga Rd 兆丰环球大厦 中山西路1800号 $ 58,600 Zhaofeng , Zonhgshan 2$ Huanqiu Plaza Xi Rd 大众大厦 中山西路1515号 $ 18,620 Dazhong No. 1515, Zonhgshan 2$ builndgi Xi Rd 光大会展中心内写字楼 漕宝路 $ building 30 N/a 2Caobao Rd $ of Everbr ightexhibition center 华鼎大厦 中山西路2368号 $ 27,000 Huading , Zonhgshan 2$ Building Xi Rd 华一实业大厦 莲花路1555号 $ 24,906 Huayi ialn , Lnhuai aRd$,/m builndgi 虹梅商务大厦 H沪闵路8075号 ei ongmN a/N a/N a/Business , Hminu Rdbuilndgi 开发区科技楼 宜山路822号 $ g18 36,000 2buinlgd i , Yains hRd $ industrial k par120
Chapter 6 Office arket manalyiss写字楼市场研究 新漕河泾大厦 漕宝路桂平路 $ 22,455 New Caohejing Caobao Rd, Guiping 2$ Building Rd 新银大厦 宜山路888号 $ 24,500 2Xinyn iubinlgd , Yains hRd $ 明申商务广场 漕宝路虹漕路 10,000元/平方Mingshen N/a 25,000 Caobao Rd, Hongcao 210,000米y,/dambusiness plaza Rd 和信商务大楼 漕宝路36号 N a/9 13,500 Hexin ss , Co aobaRd builndgi 328,291平方米（其中开发区内159,861平方米，西区占了其中的总建面合计 Total 76,906平方米） construction 328,291 usaqre ters m(159,861square meters within Caohejing Prka)aeraR&D Office Building研发类厂房写字楼 楼层数 平均租金/售价 写字楼名称 地址 总建筑面积 Nub remaverage 2Na emLocation GFA(m) of floorsprice/rent 虹梅大楼 虹许路宜山路 $ 3,000 Hei ongmHongxu Rd, Yishan 2$ builndgi Rd 西区一期厂房 西区一期地块 N/a 52,000 N/a 西区二期（1）厂房 部分西区二期地块 N/a 17,000 N/a （不包括新茂） 西区二期（2）部分西区二期地块 N/a 38,000 N/a 厂房 田林大楼 田林路300号 $ 5,000 2Tianlin nbgdu , Tina nlRd $ 漕河泾老开发区 N/a 877,045 N/a 老区厂房 992,045平方米（其中开发区内992,045平方米，西区占了其中的总建面合计 Total 1070,00平方米） construction 992,045usqare ters m(992,045 square meters within Caohejing Prka) aeraIn caohejing hi-tech park, heret are 159,861 uarseq meters of pure office buiglsd inby Nov. 2004, the average asking rental is RMB r epday per square While the existing y upplsof R&D office building is 992,045 square eterms. The ratio of existing sluyp pof upre coef fibuildings o tR&D office buniglsd iis 1:.其中漕河泾开发区内，截至2004年11月份已知的纯写字楼累计供应量为159,861平方121
Chapter 6 Office arket manalyiss写字楼市场研究 米，平均租金为人民币每天每平方米。已知的研发类写字楼供应量为992,045平方米。目前纯写字楼和研发类厂房办公楼的比例为1：。 asking rentals of the zhaofeng universal office builgd inand gdan zhodb uiinlgare over $ r peday per rea squmeter. Most office dbiunigls here are yonl for e salexcept ingshen mbusiness plaza and qianjiang business building.另外，在漕河泾开发区外的区域市场内，中山西路沿线的兆丰环球大厦和大众大厦租金高于$天，平方米。大多数写字楼为只租不售，只有明申商务广场和钱江商务大厦为产权式写字楼。 Potential ypsupl in the urfeu t,Before the end of 2006, the poten tialsyuppl otatled 260,000 usaqre 未来潜在供应：已知的未来2006年以前完工的写字楼潜在供应量预计在20万左右，可以下图表示： Chart , Ofice fBuildings Syuppl Forecast of the next 4 years and over 4 years 图, 漕河泾未来4年及以后的写字楼供应预测 漕河泾未来5年写字楼供应情况S uarqeteers m 450,000400,000 350,000300,000 250,000 200,000150,000 100,00050,000 02004-20052005-20062006-20072007-2008TBC 写字楼累计供应量已知写字楼新增供应量 Resource: CBRE 资料来源：世邦魏理仕 122 单位：平方米
Chapter 6 Office arket manalyiss写字楼市场研究 Chart , R&D Office Buildings Supply Forecast of the next 4 yars eand over 4 years 图, 漕河泾未来4年及以后的研发类厂房办公楼供应预测 漕河泾未来五年研发厂房办公楼供应S uarqeteers m 1,060,0001,050,0001,040,000 1,030,0001,020,000 1,010,0001,000,000 990,000980,000 970,000960,000 2004-20052005-20062006-20072007-2008TBC研发厂房办公楼累计供应量已知研发厂房办公楼新增供应量 Resource: CBRE 资料来源：世邦魏理仕 研发厂房办公楼累计供应量已知研发厂房办公楼新增供应(万平方米) 量 Total supply of R&D office New supply of R&D office 22buildings (10 thousand m) buildings(10 thousand m) 2005-2006 2007-2008 unokwnn In the next urf oyears, the ys upplratio ofoffice bnugi ldiand R&D office builgd inwill be 1:, Aong mwhich the ous famprojects are the follow ing:未来4年内供应的写字楼和研发类厂房办公楼的比例为，1： 其中具体的项目分别是： Shanghai business park, whose site area is 600,000 square ters,em there are 3 phases as a whole, there are 8,528 square tersem R&D office ngs buildiin phase one, the asking rental suggested to be $ per day per square ters mand those bnsuilgdiare expected to ebfinished yb . 欧洲著名公司Arlinton开发的园区内科技绿洲项目，占地面积约600,000平方米，共分三个阶段，其中第一阶段中包含的写字楼总建筑面积共8,528平方米。主要为科技类的厂房写字楼。预计第一阶段开发2005年8月完工。租金报价美金/天，平方米。 123 单位：平方米
Chapter 6 Office arket manalyiss写字楼市场研究 The western part phase two developed by selvetsh emwould be finished by the begingni nof tsrcuocntion area copletemd is 37 otuhsand quares ters mand the construction to be completed is 48 houtsand rseq uateers,m includi ng11,000 square ters mfor R&D office building nd a37,000 forpure office All he trenting sales are done. The entdevelopm area for phase three is expected to be 36,000 sequarters mR&D office building and 54,000 square eterms office building. 园区内自行开发建造的包括新茂大厦在内的西区二期规划，其中包含厂房写字楼。新近已竣工面积达到万平方米，未来将竣工面积万平方米，其中厂房办公楼11,000平方米，办公楼37,000平方米，目前已经全部招租完成，预计在2006年初全部完工。西区三期厂房办公楼体量预计36,000平方米，办公楼54,000平方米,预计在2007年中入市。 124
Chapter 6 Office arket manalyiss写字楼市场研究 The office ildbiung near the cross of tianlin road andugip ingroad isunder construction and would be 20 oflors as a whole. Another two new office builgdsi,n Chuang xinubilgd inand noe office dbiunigl dedv elopyb Baosteel copanym re aunder construction, whose floor areas totaled around 80,000 square All three bnugisl diare expected to ebcopletedm yb the id mof 2005.园区内田林路桂平路的写字楼正在建设过程中，目前建筑指标不明确，预计20层左右，2005年中竣工。宜山路桂平路2侧正在建设创新大厦及宝钢建设的一幢写字楼，预计2005年4月竣工，总面积在8万平方米左右。 The international business center developed by caohejing development zone itself includes one Grade-A office building o,to the total oor flarea ya mbe around 65,000 square ters mand it is cteedxpe to enter the market by 2007.园区自行开发建造的国际商务中心中可能含有的甲级写字楼，估计体量在6-7万平方米，预计2007年入市。 regi onalmarket demand区域市场需求 写字楼名称 入住率/销售率 平均租金/售价 Na emOccupancy rate/sales rate Average price/rent 新业大厦 $ %2 Xinye gu nbildi$ $ %2Heio ngmbuilding $ 钱江商务广场 20,500元/平方米100 %2Qianjiang iness busplaza 20,500RMB/ 兆丰环球大厦 $ %Zhaofeng nqhiuua 2$ builndgi 大众大厦 $ %2Dazhong bduinlg $ 光大会展中心内写字楼 Office building in $ %2Everbright exhibition $ center 华鼎大厦 $ %2Huading diinblgu $ 华一实业大厦 $ %2Huayi nidauls tirbuilgd in$./m 虹梅商务大厦 Na/Na/Hei ongmbusiness builndgi 开发区科技大楼 $ %Technolyo gubildgi nin 2$ Caohejing Park 125
Chapter 6 Office arket manalyiss写字楼市场研究 新漕河泾大厦 $ %2New Caohejing ubilgd in$ 田林大楼 $ %2Tianlin nbgdu il$ 新银大厦 $ %2Xinyn iubinlgd i$ 明申商务广场 10,000元/平方米10,000 Mingshen business 94 % 2RMB/ builndgi 和信商务大楼 100 %N a/Hexin sbsu sinebuilding 平均入住率 93 %Average occupancy The average occupancy / eratsales rtea reached 93% ong amthis region rkaet,m which presents that the pure-purposed office building is badly needed in this region raket mand expected to nuceo ntio tbehave well.整个区域写字楼入住及销售情况非常好，平均入住/销售率达到93%，从中可以看出区域对于纯写字楼的需求旺盛，市场前景看好。 F romthe potential occupancy of Shanghai business park , we hold that the divest of high- endR&D office buildings in this gieon ris a bit slow.从科技绿洲的潜在招商情况来看，高端科技类厂房办公楼在该区域的去化较慢。 We choose some representatives in the opint of ’csl ientiyndustr ix,m从客户结构方面看，选取区域市场中较有代表性的大楼作出详细分析： New caohejing d,biunigl e thclient’s uindstry characteristics are eletrocnics, trading and their related iyndustr. all foreign clients inclugdin Japan, Korea, Europe, Aerican mcover over 50 %of the whole clients新漕河泾大厦：主要集中在电子科技类和贸易类，在所有企业租户中，日韩和欧美客户占到了所有客户的一半左右。 126
Chapter 6 Office arket manalyiss写字楼市场研究 Chart , Cnet liindyustr reabkdown in New Caohejing Bunigl di图, 新漕河泾大厦客户结构 Manufacturing 新漕河泾大厦客户结构Trading lEectronics and Technologies Financial Others 13%25%制造类 贸易类电子科技类 金融类6%31%其他 25% Resource：CBRE 资料来源：世邦魏理仕 Xin y eng: buiildScientific and telecounicatiomnm, electronics cover 88%新业大厦：科技，通讯电子类占到了大楼全体客户的88%。 The scientific office building: the scientific, electronic clients cover 80%.开发区科技楼：科技、电子类占到了大楼全体客户的80%。 Xinyin building : the scientific, electronic clients cover %.新银大厦：科技、电子类客户.% There are obvious clients ydustrin characteristics in those pure-opurpsed office buildings, . the scientific, electronic , trading clients. Those centralization is benefit fromcaohejing loepdmeevnt zone.从这些纯写字楼的租户结构中可以看到很明显的客户特征，即电子科技类为主，其次是贸易类客户。说明漕河泾开发区附近的写字楼有这类客户聚集的优势和特征。 Hexin ssb usinebuild ingis one old office bunigl din iCoabao road, whose clients focus on the iecntific,s electronic, ter emand eeqnuiptm, tariealsm and so on. The first two types of clients are gathered for caohejing ednetv elopmzone and the ttaer ltwo types of clients present the trend of those centralization benefiting fromthe professional markets nearby.和信商务大楼是位于漕宝路上的旧式多层写字楼，客户结构主要集中在电子科技类，仪表设备类和材料装饰类，前两类客户主要和漕河泾开发区的产业特征紧密相连，后一类客户则反映了附近专业市场对中低档纯写字楼的一种产业聚集。 127
Chapter 6 Office arket manalyiss写字楼市场研究 Chart , Cnte liiyndustr breakdown in Hexin Business Building 图, 和信商务大楼客户结构 lEectronics and 和信商务大楼客户结构 Technologies eMters &uqEipments aMterials Trading Others 21%23%电子科技类仪表设备类 材料装饰类 10%贸易类19%其他 27%Resource：CBRE 资料来源：世邦魏理仕 Cptionns uomyqtuiatn and t argetmarket structure of office bnugisl diin Caohejing Zone in the xet nfour years漕河泾开发区内未来4年写字楼消化量及目标客户结构预测 The pconsumtion speed d anqyu antitof office builgdsi nin Cnago hejiarea are different fromother areas because of the industrial development and recontgeal omeffect of the Industrial ezonand the new panies comin electronics, teleco mand technyo logdusitnries coingm in he We regard this factor as a ina mproof for our estimation of the office buigl dinmand dein the area in the next four years. 考虑到区域市场内，漕河泾开发区内的写字楼有着自己独特的写字楼面积消化速度和年消化量，这和漕河泾开发区内的产业发展和聚集趋势以及年新增电子类、通讯类，科技类企业数量息息相关，因而将之作为预测未来4年内漕河泾区域内写字楼吸纳量的主要依据。 The ratio of existing office nbgusi ldi andR&D office nbgusi ldiis 1:. The ratio of copanies min electronics, teleco mand tecyhgnolo d ancopanies mthat function as the upstreamand down strea mof these industries is 1:. We c oemto the conclusion 128
Chapter 6 Office arket manalyiss写字楼市场研究 fromthese data that future nda demfor office building in the area will be inlaym c oemfro mthe copanies min upstreamand down streamof the industrial chain and s oemsall mindependent electronics, tele comand technologies pcomanies, while s oemlarge electronics, teleco mand technology panies comwill demand R&D office O none hand, large pcomanies tend to demand large area of office nbgu,ildi ,etiesmom the whole R&D building o tkae mthe bunigl diasiere to be managed. On the other dhan, nyam American and Eopeanu rpaniecso mprefer to work in ulti-mlayr,e low nsity deoffice building so her otdepnaterts mother than R&D department are integrated into eno buildgi nto develop oi ntheadquarter buinlgd 现有写字楼和研发厂房办公楼的比例为1：，现有一个主体电子，通讯及科技类企业与对之服务的上下游企业比例为1：，这两个相近的比例提示我们，未来漕河泾开发区区域内最终写字楼客户将主要以循环经济中的上下游服务企业以及一些小型独立电子，通讯及科技类产业组成，而一些大型电子，通讯及科技类企业主要将集中到研发厂房办公楼中去，一方面大型客户的使用面积大，能够将一幢研发厂房办公楼几乎全部消化，便于此类办公楼的管理和规划，另一方面大型欧美相近产业公司偏好低密度的多层写字楼，这样也有利于将之除了研发外其他部门集中到一幢大楼中，形成总部大楼的概念。 But the land vailabale for R&D building is liited min the area and the ratio of office bunigl di andR&D building in the next ive fyears will change to 12:.65 omfr1:. Meanwhile, some clients that ha ven’tfound suitable R&D office building will consider of choo singpure office Therefore, in five years, the clients resources will be re-integrated and finally ecominto the situation that large copanies mwill be located in R&D office bnugisl did ansmall independent copanies mand paniesc omserving in the upstreamand downstreamof the industrial chain will be located in e puroffice buildings. 但在近期考虑到开发区内可以用作研发类厂房办公楼的土地有限，未来五年内的写字楼与研发类厂房办公楼的比例也将由1：变为1：。同时写字楼中为了招商形象，可以将一部分未找到合适研发厂房办公楼的大客户吸引进来，等到5年后，再进行客户资源重新整合，最终达到将大型电子，通讯及科技类企业主要将集中到研发厂房办公楼中去，循环经济中的上下游服务企业以及一些小型独立电子，通讯及科技类产业集中在写字楼中的布局。 Calculating method one: The total ceo ffibuilding y uppls(incilnugd upre office bunigl di andR&D office builgd)i nis 1,151,906 usaqre ters mnow in Caohejing 129
Chapter 6 Office arket manalyiss写字楼市场研究 area and there are about 1800 paniecso maltogether, each of which ndas dem640 square ters mof office dbuiinlg on average. 计算方法一：目前的漕河泾区域内整体写字楼 （包括纯写字楼和研发写字楼）总共体量1,151,906平方米，共有企业1800余家，平均每家需要640平方米左右写字楼面积。 Calculation method two: According to the renting ofCaohejing Development Copanym Wstern eArea, 5 %of large clintse tend to need office are aof 4500 square meter seach; 45% of iddle-mscale clients tend to need office area of 700 square meters each and 50 %of small clients tend to need ffioce area of 615 square eters meach. Therefore, average area needed is 615 square meters. 计算方法二：根据西区公司提供的招商情况统计，在所有客户中大客户所需要面积一般在4500平方米，权重取5%，中型客户需要700平方米左右，权重取45%，小型客户需要150平方米左右，权重取50%，综合平均每位客户的需求面积是615平方米。 Based on the above two calculation themods, by Nbovemer 2004, ach eclient needs square meters of office area on average in Caohejing Zone. 综合以上两种计算方法，设定截至2004年11月，漕河泾开发区范围内平均每位客户需要平方米。 According to the statistics in 2003, new copanies min the area are 212 with the tio raof foreign pcomanies and Chinese companies as 1:3. The bers numof new foreign copanies min the area in every year are shown in he tollofwing e: tabl根据2003年的统计年报，总共新增企业数目212家（外资中资比例1：3），同时根据2000年到2003年每年新增外资企业家数变化如下表所示： 130
Chapter 6 Office arket manalyiss写字楼市场研究 Numbe rof newly Numbe rof new projects (estimated approved reifgon by the ratio of foreign and Chinese annual companies (unit) Y raepcaonmies as 1:3) increase rate新批准外资项目年数 年增长率 新增整体项目（预计，按照外资中（个） 资比1：3计算） 2000 34 136 - 2001 29 116 （%） 2002 44 176 %2003 52 212 %estiated mannual esaercnir etaof new － %projects预计平均每年新增项目增长率 According to the standard of square ters emoffice are ataken up by each copanym on average, the office build ingdemand annual (in clugdinoffice bnugi ldiand R&D office building) ounts mato the data shown n ithe fnogl lowichart: 按照平均每家吸纳平方米计算，每年可以吸纳写字楼（包括写字楼＋研发类厂房办公楼）总量如下图所示， 131
Chapter 6 Office arket manalyiss写字楼市场研究 Chart , The take-up forecast of Office Buildings of 2004-2008 in Caohejing Hi-tech Park 图, 漕河泾开发区内2004-2008年写字楼吸纳量预测 漕河泾开发区内未来5年写字楼吸纳量预测 01thousand suqare meters office buildings take-up areas 20042005200620072008当年可吸纳全体写字楼（包括研 发厂房办公楼）面积写字楼部分可吸纳的数量 uPre office buildings take-up areas 当年可吸纳全体写字楼（包括研发厂房办公楼）面积写字楼部分可吸纳的数量Total office buildings take-up areas at that year uPre office ubildings taek-up areas at that year Resource：CBRE 资料来源：世邦魏理仕 Copared mwith the future y upplsin he tenxt four years, the relation between demand and ys upplis exhibited inhe tfollowing chart.(Note: In order to yplifsim the calculation, we ass uemthat all the vacant area in the existing eofficbuildings in the area will satisfy the increased demand by current companies’ expansion in the next four years.) 对比之前所作未来4年写字楼供应，供需关系如下图所示： （注：为了简化统计，假设截至2004年11月份存量写字楼中的空置面积满足了漕河泾未来4年内已有企业的增资对写字楼面积的需求。） 132 单位：万平方米
Chapter 6 Office arket manalyiss写字楼市场研究 2005年－2008年预计写字楼供需比 01thousand suqare meters 年2005年2006年2007年2008年 added supply at that year eNwly added taek-up at that year Accumulated areas of demand aobve supply 写字楼未来当年新增供应写字楼未来新增吸纳量累计求大于供的面积Resource：CBRE 资料来源：世邦魏理仕 2004年2005年 2006年 2007年 2008年 写字楼未来当年新增供应 aynnuall new ysuppl of ice offnbgu ildiin the future 写字楼未来新增吸纳量 aynnuall new demand of office building in the euturf累计求大于供的面积 0 total demand exceeding suyppl F romthe relation of ly spupand andde mshown above, we seusgtg to start renting n i2008, although the project will be released in the market after 2008. 通过以上的供需对比关系可以看出，项目地块建议在2008年以后入市，但是招租可以在2008年进行。 Market conclusions市场小结 • The office buildings sed discusin the report are confined as the high rise buinlgd itrcuocntsed on theland for nsdtuirial use in the industrial zone and these office buildings are omst office function, such as Xinye building, Xinao mbuinlgd and esompure office builgd in on theland of ermcialc omuse like Zhaofeng Universal Dazhong ngi,lbdui New Caohejing building and Xinyin building, etc. These buildings will be defined as pure 133 万平方米
Chapter 6 Office arket manalyiss写字楼市场研究 office building in der orto be differentiated fromother ulti-mlayr eR&D office buiglsd inthat are most 5-6 s storiewith 70-80 %area for R&D and 20 %area for iennst,allm product ion andstorage. We define this nd kiof bnugi ldias R&D office building. • 报告讨论的写字楼范围是开发区内工业用地上建造的高层，大多数是办公功能，如新业大厦，新茂大厦等以及为商业用地上建造的纯写字楼，如兆丰环球大厦，大众大厦，新漕河泾大厦和新银大厦等等，以下统称为（纯）写字楼。区别于另外一些多层的厂房办公楼，建筑形态上为5-6层，拥有 70-%80%的研发功能，20%的小型生产、简单组装加工以及部分仓库的研发类厂房办公楼，简称研发类办公楼。 • Total syu pplof pure office buniglsd iin he tarea is 328,291 uares qmeters (159,861 rea usqmeters in industrial zo enincluding 76,906 square meters in western area). Total ysupplof R&D office building is 992,045 reas qumeters (992,045 square eterms in the uindstrial zone includ ing107,000 square tersem in western area). • 区域内现有纯写字楼328,291平方米（其中开发区内159,861平方米，西区占了其中的76,906平方米），研发厂房办公楼992,045平方米（其中开发区内992,045平方米，西区占了其中的107,000平方米） • Office building ypsupl inCaohejing area in the next our fyears is shown in the following table: 134
Chapter 6 Office arket manalyiss写字楼市场研究 未来4年漕河泾开发区内写字楼供应如下表所示： 写字楼累计供应量 已知写字楼新增供应量 （万平方米） (万平方米) Total supply of office dinbgu ilNew supply of office 22(10 thous andm) building (10 thousand m) 2004-2005 － 82006-2007 研发厂房办公楼累计供应量 已知研发厂房办公楼新增供(万平方米) 应量(万平方米) Total supply of R&D office New supply of R&D office 22building (10 thousand m) building (10 thousand m) 2004-2005 － -2007 • The demand for the pure-uprposed eofficbuilgdsi nis big inthe iroeng market, where the average occupancy rate reache s93%. The pure-purposed office building in this region is fit for both lease and sale. The id-mlvele RD& 区域对于纯写字楼的需求旺盛，现有平均入住率达到93%。纯写字楼在该区域租售皆宜。对于中档定位的科技研发类厂房办公楼市场也看好。未来4年漕河泾内部平均每年供需对比的写字楼体量预测如下， 2004年2005年 2006年 2007年 2008年 写字楼未来当年新增供应 New annual syu pplof eofficnbgu ildiin the future 写字楼未来新增吸纳量 New annual nda demof office nbgu ildiin the future 累计求大于供的面积 0 Total demand exceeding suyppl Therefore, we suggest the project to be leeased rin the market after 2008, butstart the renting in2008.由此建议项目地块建议在2008年以后入市，但是招租可以在2008年进行。 • Tenant ix min pure office building is characterized as mainly electronics & technoyl ogpaniceosm plus s oemtrading paniceosm, which tells the aggregate advantage of such clients in e thoffice buiinlgds near Caohejing 135
Chapter 6 Office arket manalyiss写字楼市场研究 Zone. Considering that the land available for R&D office building is itliemd in the zone, he tratio of wlyne ad dedGFAs of pure ffioce build ingand R&D office building will change fromthe existing 16:.2 to 1: in the next four 4 years later fro mnow on, the st enantof office ldinbgusi mix layut oshould be like that large clients in electronics, teleco mand technologies will be integrated into R&D office building and small independent panoiems cup and down st aemrof the industrial chain of electronics, teleco mand technology ndustriies will be integrated o intpure office builgdsi nyfinall. • 纯写字楼的租户结构中可以看到很明显的客户特征，即电子科技类为主，其次是贸易类客户。说明漕河泾开发区附近的写字楼有这类客户聚集的优势和特征。近期考虑到开发区内可以用作研发类厂房办公楼的土地有限，未来四年内新增供应量中写字楼与研发类厂房办公楼比例也将由目前的1：变为1：。同时写字楼中为了招商形象，可以将一部分未找到合适研发厂房办公楼的大客户吸引进来，等到4年后，再进行客户资源重新整合，最终达到将大型电子，通讯及科技类企业主要将集中到研发厂房办公楼中去，循环经济中的上下游服务企业以及一些小型独立电子，通讯及科技类产业集中在写字楼中的布局。 136
Chapter 7 Hotel market analyiss酒店市场研究 C hapter7 Hotel market anasly si 第七部分 酒店市场研究 In this chapter we focus on the potential property-hotel ,the ain mcontent list as follows,在此章节，我们针对项目可能涉及的物业——酒店市场进行了详细的分析，主要内容可能包括： • Shanghai le ohtraket moverlook上海酒店市场总体分析 • Regional market analyiss区域市场分析 • Market conclusions市场小结 . Shaig hanhotel amrket overlook上海酒店市场总体分析 With the orld wEpo,x he tintegrant ioof nga cihangjdelta, he tprehceonmsive deenvte lopmalong obth des siof Hupaun griver etc, Shanghai hasput he tuindstry ofmeeting and exhibition, tour ismas part of the support .industry Hotel aypl an poirtant mrole during this process. T,hereafter we have a study on all the 3-star and above 3-star hotels in Shanghai of their number of rooms, the average roo mrate danthe occupancy rate as well, so as to serve the lp otentiahotel incaohejing site.二十一世纪上海利用世博会、长三角一体化、浦江两岸综合开放和建设国际化一级城市等一系列机遇发展会展业及旅游业，使之成为支柱产业。在此进程中，酒店行业的发展是不可或缺的基础与条件。我们将由上海三星级以上客房数、平均房价及酒店入住率三个方面分析上海酒店市场，以为本案项目的酒店功能提供分析依据。 137
Chapter 7 Hotel market analyiss酒店市场研究 . Room numbers of Shanghai hotels of 3- star orabove 上海三星级以上酒店客房数分析 Chart Sypplu of Three star or above ohtels in Sghhaain 图 上海三星级以上酒店供应 上海市三星级以上酒店 20 930 11 饭店数（个）客房数（千间） 五星级209 四星级3011三星级 R oomNubmers(In Hotel NubersmThousand Romso) 5-star 20 9 4-star 30 11 3-star 123 Resource: CBRE 资料来源：世邦魏理仕 By the end of2003, herte are 338 hotels in Shanghai, 55,600 hotel Nubmer of 3-star or above hotels led tota173, which presents 51% of the hole whotel market, while roombers numof that kind is 42,400, presenting 76% of the whole market. Therefore the hotel rkaet min Shangai focus on the 3-star and above.至2003年底，上海拥有星级酒店共338家，累计客房数为55,600 间，其中三星级以上酒店累计173家，占星级酒店总数的51%，共拥有客房数累计达42,400间，占星级酒店总数的76%，体现出上海酒店以三星级以上酒店为主，市场中产品以中高档138
Chapter 7 Hotel market analyiss酒店市场研究 为主的特征。 There are 20 5-star hotels ,50 4-star lse,oht 123 3-star hotels in Sanghhai at 目前上海共拥有五星级酒店20家，总客房数为9,000间，四星级酒店50家，总客房数为11,000间，三星级酒店共123家，总客房数为22,400间。 In the high-end hotel market, nyam hotels are managed by the well-kn owninternati onalnagemenmt group ncliuding JW Marriot, Hilton, Ritz-Calton, Shangri-la and Grand Hyt atgroup.在上海高档星级酒店中，多个酒店是由国际知名酒店管理集团进行管理，如万豪集团、希尔顿集团、丽嘉集团、香格里拉集团及凯悦集团。 Average o omrrates of 3- star oraeb ovhotels in Shanghai上海三星级以上酒店平均房价 Chart Anuanl R oomRate of 3-star or above s hotelof Sh anghai图 上海市三星级及以上酒店平均房价 上海市三星级以上酒店平均房价ARR in RMB1400120010008006004002000200220032004/6三星级3 star四星级4 star五星级5 star Resource: CBRE 资料来源：世邦魏理仕 The average roomrate of 3-star or vaboe hotels in Shanghai tcionnue to go pu, theaverage roo mrate of 3-star hotels in 2002 is 290RMB per night ilweh 311 RMB pern ightin 2003 and 339 RMB per hnitg n i2004, the nnual ao wtghrrate is .% The average room rate of 4-star hotels in2002 is 473RMB per hnigt ile wh514 RMB per139
Chapter 7 Hotel market analyiss酒店市场研究 night in 2003 and 599 RMB per night in 2004, the annual grow thrate .% T heaverage room rate of 5-star hotels in2002 is 888RMB per hnigt ile wh993 RMB perni ght in2003 and 1184 RMB per ghntiin 2004, the annual owthg rrate is .%上海市三星级以上酒店平均房价继续保持上升态势，三星级酒店2002年平均房价为290元/晚，2003年上涨至311元/晚，2004年上半年上涨至339元/晚，年均涨幅为%。四星级酒店2002年平均房价为473元/晚，2003年上涨至514元/晚，2004年上半年上涨至599元/晚，年均涨幅为%。五星级酒店2002年平均房价为888元/晚，2003年上涨至993元/晚，2004年上半年上涨至1184元/晚，年均涨幅为%。 The average roomrat epresents gin marin ferent fdilevel of In 2002, 4-star hotels asked e stimof 3-star hotels while 5-star hotels asked e stimof the3-star hotels. In 2003, he tcorrespongdin ratio became and . In the first half of 2004, hat tratio became and . These oomrrates gin marndicate i theprinciple of ighher qyualit products achieving ggbeir iup remmagain.在上海市三星级以上酒店房价梯度方面，2002年上海市四星级酒店平均房价为三星级酒店的倍，五星级酒店平均房价为三星级酒店的倍。2003年上海市四星级酒店平均房价为三星级酒店的倍，五星级酒店平均房价为三星级酒店的倍。2004年上半年上海市四星级酒店平均房价为三星级酒店的倍，五星级酒店平均房价为三星级酒店的倍。高端产品实现高附加值并获取高额溢价的市场原则随着上海市酒店市场的日益成熟而愈加显现。 . Occupancy rate of 3- star orvoe abhotels 上海三星级以上酒店入住率 The average occupancy ratio in the whole hotel rkaet mof Shanghai is in ,regular while 3-star hotels acts not as good sathe regular level but the 4-star and 5-star hotels out ing performthe regular levels. 上海市星级酒店入住率整体处于正常水平，而三星级酒店的入住率普遍低于星级酒店整体水平，四星级及五星级酒店的入住率则高于星级酒店整体水平。 140
Chapter 7 Hotel market analyiss酒店市场研究 Chart The Occupancy Rate of Shanghai 3-star or above Hotels 图 上海三星级及以上酒店平均入住率 上海市星级酒店入住率Occup %75%SARS73%71%69%67%65%63%61%59%57%55%20002001200220032004星级酒店平均入住率Avg. Occupancy Rate Chart Te hOccupancy Rate Contrast of Shaanig h3-star or above Hotels dur ing2002-2004 图 2002-2004上海三星级及以上酒店平均入住率比较 2002至2004年上海市酒店入住率比较Occup %100%75%50%25%200220032004平均入住率Avg Occupancy Rate三星级3 star四星级4 star五星级5 star 141
Chapter 7 Hotel market analyiss酒店市场研究 Resource: CBRE 资料来源：世邦魏理仕 In 2003, he tccupaoncy rate fluctuates allaybnorm for SARs. But after that , the whole hotel market in Shanghai uf lorishagain. The average occupancy rate is 75,% ong amwhich 5-star hotels is above 85% and even 100% during All heset reveal the fact that the demand of gh-hind eohtel markets is quite 2003年由于SARS的原因使得酒店入住率出现反常的波动，但2003年SARS过后，上海酒店业重现火爆之势，平均出租率达75%，其中五星级酒店达85%以上，节假日更是达到了100%，显示出上海高档酒店整体市场需求旺盛的本质。 . Reagli onamrket analysis区域市场分析 The yndaurbo of he tregional rkamet区域市场范围的划定 As in–depth tudys and discussed, we have the project’s regional market extended eastwrda to the Zhongshan xi road and caoxi road , northward to the ynaan xi road , westward to the huan xiadr oand saowrudt hto the in uhmroad . The whole region covers part of the changgnin district , huiu xdistrict d aninhang mstridcit.经过研究，本项目的区域市场划定为北至延安西路；南至沪闵路；东至中山西路与漕溪路；西至环西大道的围合区域，区域内共涵盖了长宁、闵行和徐汇三大区的一部分。 142
Chapter 7 Hotel market analyiss酒店市场研究 Rle gionamarket distribuntio区域市场分布 Heolt 51虹井酒店 zhuiHeol t九洲宾馆 gnnaitHo let71永田大酒店 iHt eol44锦辉宾馆 iunaHel to331122华亭宾馆 nauuyeHotel 55五月苑大酒店 xuH dalyioHlo te君幸假日酒店 agjiSar tHol te9901锦江之星宾馆 ainilHolte田林宾馆 aniouQHotel 66千岛湖大酒店 ulacgturiBgiln udiHol te农业大厦宾馆 12. E brhitvgerInt’l Hteol 光大国际酒店 xuHtelo 77华夏宾馆 amXiun aynHolt e华美达兴园宾馆 tPaci ficHelo t 喜来登豪达太平洋大饭店 Eop xHeolt世博会议大酒店 oHoqni gaoH eolt 万豪虹桥大酒店 There are quite a few hotels near our project sites in this regional market. There are 2 five-star hotels, 3 four-star hotels and 2 hreet-star hotels.从区域分布来看，项目周边酒店分布较为密集，有2家4星级酒店，2家3星级酒店，在区域市场的外围，分布着2家5星级酒店，1家4星级酒店。 Rle gionamarket syuppl区域市场供应 We selet cthe 3-star or above hotels as 这里选取区域市场中三星级及三星级以上的酒店，综合供应情况如下所示： 143
Chapter 7 Hotel market analyiss酒店市场研究 折扣前每日房价（RMB/客房数（间）酒店名称 星级 天） 区属 R oomNa emStar Listed roomrtea District bern um(RMB/day) 闵行 永田大酒店 3 95 318 Yongtian Hle otMinhang 徐汇 锦辉宾馆 3 200 580 Jinhui H otelXuhui 徐汇 华亭宾馆 5 770 1785 Huating Hotel Xuhui 华美达兴园宾馆 徐汇 4 115 880 Ramada Xingyuan Xuhui Hotel 徐汇 田林宾馆 3 288 440 Tianlin Hotel Xuhui 徐汇 光大国际酒店 4 790 580 Everbright Int’l Hotel Xuhui 徐汇 华夏宾馆 3 390 660 Huaxia Hotel Xuhui 上海喜来登豪达太平长宁洋大饭店5 578 1466 Changning Sheradon Pacific Hotel 上海万豪虹桥酒店 长宁Marriot H4 316 1909 qoinago Changning Hotel 上海世博会议大酒店 长宁4 385 1728 Shanghai Wrlod Changning Exhiobni tiHotel 合计 / 3927 / / Total The whole ysuppl n irengioal market totaled 3,927 omrso. The GFA is 196,000 square 区域三星级及三星级以上的酒店供应总量为3927间客房，总建筑面积约在万平方米左右。 Potential ysuppl in the urfeu:t potential coprehensimve project named international business center to be developed by the caohejing entl opdmevezone would include the function f ohotel as well, whose GFA expected to be around 20,000 uasrqe meter sand enter the rketa mby 2007.未来潜在供应：园区自行开发建造的国际商144
Chapter 7 Hotel market analyiss酒店市场研究 务中心中可能含有的酒店功能，目前规划尚不明确，估计体量在2万平方米左右，预计2007年前入市。 ndadem of regional market 区域市场需求 We have two representatives as splaems, huaxia hotel and ramada yhuauan hotel. 选取有代表性的三星级酒店，华夏宾馆和开发区内唯一一家四星级酒店，兴园宾馆，了解区域市场对酒店的需求如下， Huaxia hotel: no differences in discount rate of high or low season %.The average occupancy rate is 70.% The w loseason is fromJuly to August and mofrJanuary to February every year. That hotel focus on the business or exhibition-purposed clients, which covers above 50% of all.华夏宾馆：淡季旺季对于团体折扣率统一，在60%左右，平均入住率为70%，每年的7-8月，1-2月为淡季，对于住半年以上的长住客源，折扣率50%。客源以会展商务客源为主，比例占到50%以上，没有明显的国别特征。 Ramada xinyuan hotel: no differences in discount rate of high or w olseason %.The average occupancy rate is above 90%. The low season is fromJuly to August and omfrJanuary o tFyebruar eryev year. All clients there are business-purposed and osmtly are fromJpaan & Korea.华美达兴园宾馆：淡季旺季对于团体折扣率统一，在50%左右，要求提前2周预定，定金为总房费的30%。平均入住率90%以上，每年的7-8月，1-2月为淡季，对于住3周-3个月的长住客源，折扣率45%；对于3个月以上的长住客源，折扣率40%。客源全部为商务客源，以日韩等亚洲客源为主。 Dnaedm Forecast of Regional Market 区域市场需求预测 For the Daend mForecast of hotel, the projected four-star hotel is mainly the short- termhotel nda demby the large pcomanies in Caohejing Hi-Tech Park. The existing companies’ ber numis 1,800 r ofthe whole rka pin which rgae lcopanies mpercentage is 10.% (That rceentpage will show a 5 %annual hgr owtrate as forecasted). The newly added pcomanies’ bnumer is the same to the report of office bunigl diraket manalyis rat pof page 19. As our ntial poteclients interview results, the average nda demper large enterprise weekly is five roomnight.项目四星级酒店主要满足漕河泾开发园区内各类大中型企业中短期酒店用房的需求，目前漕河泾区域内共有1800余家企业，其中大中型企业的比例20％。按照2003年开发区统计年报计算,全区共有212个新增内外资项目，年增长幅度为%（详见写字楼市场报告部分第十九页）。根据访谈，我们得到园区内平均每家大中型企业每周需要使用四星级酒店标准房为5间。 145
Chapter 7 Hotel market analyiss酒店市场研究 Considering he tpotential our-fstar hotel with upmo diof 40,000 usaqre ters mof the planning international business center nearby to be put forward before the year of 2007, given he taverage roomarea is 100 square meters according to the international four-star hotel standard including the allocation of public areas, and in light of avoiding rkaet mover-copetitiomn and the facts of W19 developing schedule of other properties, we forecast that the projected service apartemnt would be put out at the year of 2008, and he tfavorable roomdemand at that year is 350, given e htopen ingyear occupancy eratby 70,% thesubjected service apartemnt is suggested to have about 500 s roomaltogether.考虑到本项目四星级酒店未推出前，新增内外资项目的此类需求将被区域市场内其他四星级酒店、五星级酒店消化，在2007年前，国际商务中心的4万平方米的四星级酒店也将预计投入市场，按照国际四星级酒店分摊面积后平均每间面积100平方米计算，推出首年预计入住率在4【1800××.7＋212××.7×（）】/（400001÷00）≈78%左右，考虑到与已有的国际商务中心错开竞争以及地块本身开发进程，建议本项目服务式酒店公寓推出时间为2008年，则当年服务式酒店公寓预计的需求间数为7 【1800××.7＋212××.7×（）】≈350间，取当年入住率为70％计算，项目服务式酒店公寓最适合的规模为（350/）≈500间 ，具体房间数待建议部分根据实际情况作列表加总建议。 Market conclusions市场小结 • Total syu ppln ithe regi onalmarket is 3,927 The GFA is 196,000 square 区域三星级及三星级以上的酒店供应总量为3927间客房，总建筑面积约在万平方米左右。 • There are quite a few hotels near our project sites in this regional market. There are 2 five-star hotels, 3 four-star hotels and 2 three-star hotels.从区域分布来看，项目周边酒店分布较为密集，有2家4星级酒店，2家3星级酒店，在区域市场的外围，分布着2家5星级酒店，1家4星级酒店。 • Potential ysuppl in the uref:u tpotential coprehensimve project named international business center to be developed by the caohejing ent lopdmevezone would ncliude the ncftuion of l hoteand dipuomas well, whose GFA expected to ebaround 40,000 square etersm and enter the market by 2007.未来潜在供应：园区自行开发建造的国际商务中心中可能含有的酒店及群房功能，目前规划尚不明确，估计总体量在4万平方米左右，预计2007年前入市。 • There is a flourish hotel rkaet min this The occupancy rate of the yonl 4-star tehlo in caohejing devpemloent zone is above 90.% All clients 146
Chapter 7 Hotel market analyiss酒店市场研究 there are business-purposed. The occupancy rate of 3-star hotels in the region is 70.%区域市场需求较为旺盛，园区内四星级酒店平均入住率在90%以上，客源以开发区内的商务客源为主，几乎没有旅游客源。园区外区域市场内的三星级酒店平均入住率在70%。 • In light of oaivdi ngraket mover-petictoimon and the actsf of W19 develop ingschedule of r ehotproperties, we forecast that the projected service apartent mwould be put out at the year of 2008, and the favorable roomdemand at that year is 350, given he topegnin year occupancy rate yb 70,% the escutbejd service eanpta rtmis suggested to vae habout 500 s roomaltogether.考虑到与已有的国际商务中心错开竞争以及地块本身开发进程，建议本项目服务式酒店公寓推出时间为2008年，则当年服务式酒7 店公寓预计的需求间数为【1800××.7＋212×××（）】≈350间，取当年入住率为70％计算，项目服务式酒店公寓最适合的规模为（350/）≈500间 ，具体房间数待建议部分根据实际情况作列表加总建议。 147
Chapter 8 Retail Market Analyiss商业市场分析 C hapter8 Retail market anaslysi 第八部分 商业市场分析 This chapter will conduct two parts of analyis: First, current arkemt ys upplhatt will fect efthe subjected project is analyzed, uding inclaggregate retail rkeat mysuppl of Shanghai, and he tretail precincts that will have direct petciotmion with the subjected project. Second, rkaet mdemand in the relative area is analyzed. Te hanalyis sof is htchapter will facilitate us to ve githe market positioning and hero tsuggestions to the subjected retail project. 本部分将通过两方面对与本案有关的现有商业零售市场进行全面分析：一是从市场供应角度对本案商业项目进行竞争分析，具体包括上海市总体零售商业分析；以及与本案直接竞争的区域商圈分析。二是对区域市场进行需求分析。这部分的研究旨在对后面本案地块的零售商业定位以及各部分的建议等提供有力的支持，使我们的建议更具准确性及参考性。 Shanghai Retail Market Overlook上海零售商业市场概述 • A ber numof distinct retail areas exist within Shanghai, each of which has individual characteristics in terms of both ecro nsumnad demand the nature of existing retail accommodation. A summary of the key retail areas within Shanghai is set out below:• 上海目前有几个风格炯异的商业区，每个商业区都具有自己的特点，在目标消费者以及商业用房方面都有着不同点。下图是对上海目前几个主要商业区特点的总结。 • Xujiahui (Xihui) District is one of the ost marp opullocations for yh olidashoppers due to the h ighconcentration of shoppgin lals msurronugn dithe Xujiahui subway station. • 徐家汇（徐汇区）是最受大多数上海消费者在假期进行消费购物的地点，因为此地区在徐家汇地铁站周围集中了多个购物中心和百货公司。 • Following the successful opening of Plaza 66, CITIC Square and Westgate Mall, Jingan (Nanjing West Road) District is well known for the presence of ous faminternational lyuxurbrand • 在恒隆广场，中信泰富和梅隆镇广场成功开业后，静安区（南京西路）已经成为在上海的国际知名品牌聚集的商业地区。 • Luwan District (Huai Hai Middle Road) is a popular caltoion with “white-collar ”workers during Following thesuccessful 148
Chapter 8 Retail Market Analyiss商业市场分析 renovation ofHuai Hai Middle Road, it is understood that the focus of thisarea will be to attract international second-line brands to upgrade the agie mof Huai Hai Middle Road. • 卢湾区(淮海中路)是目前上海白领阶级平时来此消费的商业区。随着淮海中路的改造成功，我们了解到此地区是想要吸引国际二线品牌过来以此提升淮海中路的整体档次。 • Huangpu District (Nanjing East Road) is popular hw ityungoer W itha reputation as the No. 1 Snhgo ppiSeet trin China, Nanjing East Road also attracts tourists fromother provinces and • 黄浦区(南京东路）是一个受“年轻人”喜欢的商业区并在此相聚购物。南京路是响誉中国的第一商业街，因此也吸引了众多的外地游客和外籍游客在此观光购物。 • Pudong District is being positioned atowrds the relatively -owelrend raket,m supporting the shopping eds neof workers and residents in the .locality • 浦东区的商业定位相对比较低，商场定位主要是面向浦东的工作人员和附近居民。 The core retail areas in Shanghai are illustrated in Map ., Tbale summarizes the trade ix mof the retail accoodatiommn within the core retail areas. 图和表是对上海主要商业区分布情况和主要商场客户组合的总结。 149
Chapter 8 Retail Market Analyiss商业市场分析 Map : C eorRetail Areas in Sha nghai图上海主要商业区 南京东路休闲购物步行街 南京西路高档购物街 张杨路商圈Source: CB Richard Ellis资料来源淮：海世路邦商魏圈理仕 徐家汇商圈 Source: CBRE 资料来源：世邦魏理仕 : Tde raMix of the Core Retail Areas 表：上海主要商业区的客户组合总结 Nanjing eWst Nanjing East Xujiahui Zhangyang Huai Hai Road Road 徐家汇Road Middle Road 南京西路 南京东路 张杨路 淮海中路 Givenchy Hugo Boss G,sseu Brand B,ylla K ozneDunhill Gucci, Cartier Na emCartier Lancel Aigner None 没有 Boss, St ., Hermes Max Mara Foe rragamChristian 品牌店 E adacsYSL Zegna Dior Max Mara Dunhill 150
Chapter 8 Retail Market Analyiss商业市场分析 P cifica太平P cifica太平洋 洋 Parkson No. 1 Dept. Oriental DtrapeemSto reHui Jin Dept. 百盛 Yoahan nt Stores Inates伊势丹 第一百货 Sto reIsetan 第一八佰伴 百货公司No. 6 Dept. New World 伊势丹 City Store第六百Lane 货Crawford 莲卡佛 Hraymrep Lotus 易初ket 大型None 没 没有有 None 没有 None None 没有 莲花 超市 Scholar 思San Lian 三Xin Hau Bookstore Xin Hua 新华Xin Hua 新考乐书局 联 Book Sore t书店 书店 华书店 Xin Hua 新新华书店 华 Buynow 百脑汇 Cyber赛博 Coputer mP cificaE tsaS ae东Square Qing Hua清None 没有 None 没有 Coputer m海电脑广场 电脑广场Centre 华 太平洋电脑城 Pyh lacisTotal Fitness力F ssenti &美健 Megafit美格Best Fit绿洲 Health Club Gy mG sold’Gym金菲 None 没有 Megafit美格舒适堡 健身房 吉姆 Pyhlacis舒菲 Fitness First健适堡 力菲力斯 Source: CBRE 资料来源：世邦魏理仕 Reagli onMarket Analysis 本案影响区域商圈分析 151
Chapter 8 Retail Market Analyiss商业市场分析 Map Cpetitivoem retail precincts to the subjected retail 图 本案影响区域商圈 Data resource: CBRE 资料来源: 世邦魏理仕 152
Chapter 8 Retail Market Analyiss商业市场分析 Tblae Retailing ardo unthe subjected site 表 区域附近零售业态统计 Department Se torSupermarket Specialised e storO thretaeils r大型百货商场 大型卖场 专业卖场 其他类型商业 港汇广场(富安百货) 美车饰汽车超市 虹梅休闲街 古北家乐福 Grand Gatewya (Mega Meijiashi AutoHeio ngmXiuxian Carrefore Gubei Department Store) Supermarket S teer汇金百货 锦江麦德龙 宏图三胞 金汇健身俱乐部 Huijin Department Jinjiang Metro Hongtusoa npaJinhui Gy mSto re太平洋百货 好又多 漕宝路汽车超市 银行 Pacific Dparent etmHaoyuodo uCaobaolu Ao utarkemt Bank Sto re美罗城 南北干货批发市场 餐饮 Metro City Dry Produce market Restaurant 东方商厦 永乐家电 便利店 East Department Store Yongle Destic omAppliance Convenience store 美容美发 第六百货 轻纺批发市场 Hair ,dresser beauty Department Store Txetile raket mparlor 太平洋数码广场 好到家建材大卖场 保健按摩 Pacific Digital Square Haodaojia arskuepte rmM egassa南方商城 华联家电 Nanfang Dnte epartm Hualian Domestic Sto reAppliance 宜家家居 IKEA 宜山路建材市场 Yishan truccotnison iretam lakra tem好饰家灯具市场 Haoshijia Lp ammarket Data resource: CBRE 资料来源: 世邦魏理仕 Shanghai cial commercenter市级商圈 Xujiahui Pinccter徐家汇商圈 Overview概况 Xujiahui commercial center lies to the ast eof Caohejing Park. I’s tone of he tefiv commercial centers in Shanghai, whichdeveloped omfr1990s. There are about 153
Chapter 8 Retail Market Analyiss商业市场分析 300 thousand residents in the area. The annual retailing sales of Xujiahui precinct is about 6 iobni llRMB andydail people traffic is 800 thousand. 漕河泾开发区东临徐家汇商业区，为上海市五大商业中心之一，于20世纪90年代初发展起来。该商圈依托上海交通大学和周边高档住宅区，居民约有30万左右。该地区是上海目前起步最早、条件最成熟、发展最迅速的城市副中心，如今的年商业销售额已达到60亿元，日人流量近80万人次。 Market positioning市场定位 Many gh-hind eresidential buildgisn are located in Xujiahui area and the residents are ostlym rich local people and foreigners, who vae hhigh chpausring power. Xujiahui incct prealso attracts consuerm sorf m rehto strap fo ehtytic. L egramarket demand and purchasing power facilitate the precinct to be positioned as middle-high veel lselective commodity and versatile entertainent msprovided by ndete partmstores, shopgpi nlal mand el scirtce &oce letmicepsalized stores. 徐家汇商圈内高档住宅密集，以新开发的高层住宅为主，如汇翠花园、景福苑、莱诗邸高档公寓。这些高级住宅社区中的居民以上海人和移居上海的台湾人、香港人、其他外省市人等最多。这些居民的购买力非常强劲，加之徐家汇商圈吸引了上海城区及郊县各部分的消费人流，故该商圈定位于中高档百货，以大型综合性百货和购物中心为主，娱乐餐饮设施丰富，辅以电子、通讯等专业市场，主要以满足城市居民日常生活必需品以外的具有一定消费弹性的选择性消费为主，如高档化妆品、服饰、家居用品、电子消费品等。 Retailing layout业态分布 Shopping mall: Grand Gateway Plaza 大型购物中心：港汇广场。 Dtrapetnem :erotsPacific denpaerttm store, Huijin department store, No. 6 dnetp artmstore, Mega dnetpartm store, Subway ogppsihn center. 综合性百货商场：太平洋百货、汇金百货、第六百货、富安百货、地铁商城。 Specialized store: Pacific Digital store, Metro Plaza. 专业卖场：太平洋数码广场、美罗城。 Restaurant conglomerate: Hongji Free Plaza, Metro Cuisine Plaza. 美食城： 弘基休闲广场，美罗城美食广场。 154
Chapter 8 Retail Market Analyiss商业市场分析 Tblae Retail Stock – Xuhui District 表商业库存- 徐汇区 Goss rF loorAea rCompletion (S equarMes) etrDate Nema项目名称 建筑面积2开业日期 (m) Orient Shionpgp Center东方商厦27,000 1995 Shanghai H uiJin Department Store38,000 1998 汇金广场 New Road Dnte epartmStore 32,000 1998 新路达商城 Metro Tower美罗城 68,000 1998 Grand Gageway港汇广场 130,000 1999 Hongji Free Plaza弘基休闲广场 14,000 2000 Bao Liang Market宝良市场 15,000 2000 Pacific Dparent etmStore 23,000 1994 太平洋百货商厦 Department Store 13,500 1994 第六百货商厦 Pacific Copmuter City 8,500 1994 太平洋电脑城 Hui Lian Plaza汇联商厦 13,000 1994 Hui Min Plaza汇民商厦 10,000 1994 Total总计： 3920,00 Source: CBRE 资料来源：世邦魏理仕 Pecinct rradius商圈辐射范围 Xujiahui mmecrocial center can reach cerosn sumall over Sanhghai urb anand southwest suburban area. It has the onopolistmic arketm position to the residents in Xuhui idcits,tr inclugdin Caohejing Park. 作为市级商业中心，徐家汇商圈的辐射范围遍及全部上海市区及上海周边尤其是西南方向郊县地区。对包括漕河泾开发区在内的徐汇区的居民消费更是占据主导地位。 Raelg ionretail precincts区域商圈 Gubei precinct古北商圈 Overview概况 Gubei retail precinct is surrounded yb Zhongshan W() Rd, Xuanxia Rd, Hongxu Rd and Guyang Rd(Mandarin city) with Coferra erG iebuotsr e ta Retailing in this precinct focus on tisfysag inocall residents’ ialy d idnignand entertainent mneeds. The precinct is divided into ow tparts by Hongqiao Rd, according to the different purchasing power of the residents nearby. The part to 155
Chapter 8 Retail Market Analyiss商业市场分析 the no rth ofHongqiao R dis low-iddle mlevel retails and he tpart to the utsho of Hongqiao R dis high-level, diversified retails. 古北商圈以古北家乐福大型卖场为核心，东至中山西路，北至仙霞路、西至虹许路，南至古羊路（名都城）。业态以地区性满足居民生活消费、休闲娱乐为主的零售业态为主。该商圈以虹桥路为界分为泾渭分明的两大层次：虹桥路以北水城路沿线为满足水城路两侧建成时间较早的成熟社区的配套商业，消费档次为中低档。虹桥路以南水城路沿线为高档社区商圈，目标顾客群为古北涉外居住区内各高档楼盘的居民，消费层次高，有明显的异国特点，消费格局多元化，品种及风格多样。 Market positioning市场定位 Gubei precinct is one of the earliest developed residential and business areas that foreign business aggregate. There are many high-level residential buildings in the precinct, in which businessmen and ilies fam fromJapan, Korea, Tiwaan, Hongkong, tc ereside. These residents form a potential rkaet mfor high-end cooditymm nd aversdiified ingc onsumneeds, which are the position ingof Gbeiu precinct. T shipo sitigoninis reflected yb the rseitdyiv of restaurants and ulti-mnatiyonalit of coymmodit ix min Carrefore Gubei. 古北商圈（主要指虹桥路以南范围）位于上海最早发展起来的、最为成熟的涉外办公及住宅区内，商圈内密集高档住宅，居民主要为日、韩、台湾、香港等来中国投资工作的人士及其家庭。这部分目标顾客收入高，消费水平高，相应的该商圈内存在较多较高档的多样化的、多国特色的消费需求，这一点从区内存在众多韩国料理、日本料理、高档中餐，以及家乐福大卖场内产品线显著的多国性、多地域性特点反映出来。因此，该商圈定位为较高档消费，以日常生活娱乐休闲消费为主，满足区域内需求为主。 业态分布 156
Chapter 8 Retail Market Analyiss商业市场分析 Chart Retail layut oof Gubei district 图 古北地区零售业态分布 古北商圈零售业态分布Ratio of retail types in Gubei precinct大卖场supermarket1%便利店convenience美发按摩Hair salon&storemassage7%20%品牌店brand store17%西餐Westernrestaurant11%韩式料理Koreanrestaurant中餐Chinese6%restaurant日式料理Japanese26%restaurant12% Resource: CBRE 资料来源: 世邦魏理仕 Supermarket: Carrefore Gubei Sng phiopcenter. 大卖场：家乐福及配套购物中心。 Convenience store: Lawson, Kedi, Family Mart, Jieqiang, C-Sore,t Lyuiango Jinban; Lawson coinevnecne stores are the ost mwide-spread in the area. 便利店主要包括：罗森便利，可的便利、全家便利、捷强连锁、喜士多便利、良友金伴连锁便利等，其中以罗森便利在古北高档商圈内分布最广。 Brand store: EMMA,MARISA,MARK,BOSE,AN DARE,SAETLA,MARNIA,WOW、LEVI’S. Most brand stores locate in Carrefore Sng hoppiCenter first floor and on Huangjin Chengdao Rd and n iM eilihuaGarden Plaza. 品牌专卖店主要包括：EMMA、MARISA、MARK、BOSE、AN DARE、SAETLA、MARNIA、WOW、LEVI’S等。品牌专卖点主要集中在家乐福购物中心底楼、延安路水城路口的美丽华花园及黄金城道上。 Restaurant: Middle-high end Chinese restaurants: Bifengtang, Cai’s Kn,itche Yuechuan Cuisine, Baochi Seafood, Baguyobu,i Hongq iaotiantian Seadf,oo Linhai Ms,ushroom etc. 157
Chapter 8 Retail Market Analyiss商业市场分析 餐饮类主要有：避风塘、蔡家食府、粤川美食、鲍翅海鲜、巴国布衣、虹桥天天渔港、林海野生菇等中高档中式餐饮； Low-end Cnese hirestaurant: Lanxin Restaurant, Hongshunxing Noodle, Vegas Fast Food, 兰馨餐饮、鸿顺兴面馆、维加斯快餐等大众中式餐饮； Japanese restaurant: Lisha Barbeque, Huayue Barbeque, Yinzuo Sushi, Four season Osaka restaurant, Yingyuan Restaurant, etc. 里莎日式烤肉、花月铁板烧、银座彩寿司、四季樱料理、樱园料理等日式料； Korean restaurant: Ziao ngjRestaurant, Jizhuo Restaurant, Hanlin Barbeequ Restaurant, etc. 宗家韩国料理、基卓韩国料理、韩林碳烤等韩式餐饮； Western restaurant: Sgfhaenn Steak, Douniushi Seak t& Seafood, Nubele, Sax Music Bar, Hgaaan Daz,z Starbucks, Paris Baguette Café, Macdonald’s, etc. 圣凡牛排馆、斗牛士碳烤牛排海鲜、萨克斯音乐酒吧、NUBELE CAFÉ，哈根达斯、 STARBUCKS、PARIS BAGUETTE CAFÉ、伯爵咖啡等西式餐饮；麦当劳等西式快餐。 There are also esomother retailing h sucas aycpharm store, hair salon, beauty parlor, assamge salon, laundry store, furniture store, teleco mstore, etc. 其他商业还包括医药商店、美容美发店、推拿保健、洗衣店、花店、眼镜店、家居饰品店、通讯器材店、工艺品店等。 Pecinct rradius商圈辐射范围 Gubei precinct (to the south of Hgqoinao Rd) attract local residents in the high-rise residential dbiunigls andrvesiced apeanrtts min Gubei district. E,specially Gubei Carrefore store attracts high-imnec oconsuers mand forne igcustoers mfro mother areas in the .city 古北商圈（虹桥路以南范围）的主要顾客群为周边涉外高档的住宅公寓和酒店式公寓居民为主，其中古北家乐福购物中心及大卖场同时吸引了静安、长宁、黄浦区等高收入居民尤其是在沪工作的外籍人士。 Gubei precinct (to the north of Hgqioano Rd) attracts local residents along Shuicheng Rd. 158
Chapter 8 Retail Market Analyiss商业市场分析 古北商圈虹桥路以北的水城路沿线商业以满足周边住宅区居民日常消费为主，地域辐射范围非常狭窄局限。 Tianlin (E) precinct田林（东）路商圈 Overview概况 Tianlin (E) recipnct develops agl onTnlini aRd, esp. Tianlin (E) Rd, covegrin he tarea north to Yishan Rd and south to Caobao Rd. The precinct is separated by Zhongshan W() Rd and Hin umelevated road fromXujiahui commercial center. 田林（东）路商圈以田林路、尤其是田林东路为核心，向北止于宜山路，向西止于桂林路，向南以漕宝路与成熟住宅区康健小区一带分隔，向东由中山西路及沪闵高架将之与西侧徐家汇市级消费中心相隔。 Market positioning市场定位 Tianlin (E) precinct locates in the well-developed ge larresidentil aarea, where residents’income level equals to Shanghai average income level. A,ccordingly the precinct is positioned tosatisfy iddle-mlevel daily incgo nsumneeds and part of middle-level brand consuming needs. Restaurants and entertainment facilities are mainly 田林（东）路商圈位于上海较早发展起来的、较为成熟的大片住宅区内，商圈内中档住宅密集，以旧式小高层或多层为主，新开发的楼盘很少，主要有领秀爱建园、宏润花园、中虹汇之苑等。区域内居民收入水平与上海市居民总体收入水平持平，相应的该商圈内主要以中档日常消费、部分中档品牌消费等为主。餐饮、休闲娱乐等项目以中式为主导，其商业体量以满足区域内消费需求为主。 Retailing layout业态分布 159
Chapter 8 Retail Market Analyiss商业市场分析 Chart Retail layut o ofTianlin (E) Rd precinct 图 田林东路地区零售业态分布 田林(东)路商圈业态分布Ratio of retail types in Tianlin (E) precinct美发按摩Hair salon&massage专业卖场Specialized5%market便利店convenience2%西餐Westernstorerestaurant15%5%中餐Chinese品牌店brand storerestaurant31%42% Resource: CBRE 资料来源: 世邦魏理仕 Specialized store: Haoshijia Light Eent quipmstore (6000 square ters moperation area) 专业卖场：好饰家灯具市场（6000平方米营业面积）。 Middle-scale supermarkt: eJiadeli Supermarket, Lianhua Supermarket (2), Watson Store. 中型超市：家得利超市、联华超市（2家）、屈臣氏。 Convenience store: Lawson, Kedi, Fmilya Mart, Lyangiou. 便利店主要包括：罗森便利，可的便利、全家便利、良友便利等。 Brand store: Garentm:Valentino, DB, EGO, Gujin, Polo, E,tam Daffany, Manifen. Cetics:o smMiddle-end randbs such as Jialong, Anvo and Baicaoji. 品牌专卖店主要包括：服装品牌专卖：华伦天奴、DB服饰、EGO服饰、古160
Chapter 8 Retail Market Analyiss商业市场分析 今内衣、POLO服饰、ETAM服饰、达芙尼、曼尼芬内衣等中档品牌服饰。 化妆品品牌专卖：家隆名妆，AVON，佰草集等中档化妆品品牌。 Restaurant: Recretioanal Chinese restaurant: Bifengtang, Yuanyynuuaan. 餐饮类主要有：避风塘、圆缘园茶吧等休闲中式餐饮； Middle-end chained Chinese restaurant: Shanghai R,aenji Tan Hotpot, Miyngianangxtia, Tne umBBQ, Xianheng. 上海人家、谭火锅、名羊天下、图门烧烤、咸亨饭店等中档中式连锁餐饮； Low-end chained Chinese restaurant: Zhending Chicken, Fengyu shengjian, Wyuue 振鼎鸡、丰裕生煎、吴越面馆等低档连锁中式餐饮； Special flavor Chinese restaurant: Xinggan, Xiangcaiguan, Tianjunge, Xinjiang, Chuancaiguan. 湘赣餐饮、湘菜馆、田君阁餐饮、新疆餐厅、川菜馆等地方特色风味餐饮； Western restaurant: Pizzar’ sHut, Brazil BBQ, KFC. 必胜客、巴西烤肉、KFC等西式餐饮； J lewe:erots Kberliemy Dond,iam Laofengxi angG oldStore. 金银饰品店主要有：金伯利钻石、老凤翔银楼等。 There are also some other retails in the precinct such as: pharmayc store, pastry store, efurniturstore, teleco mstore, o photshop, real estate agency, etc. 其他商业还包括医药商店、美容美发店、糕点店、眼镜店、家居饰品店、通讯器材店、房产置换、文化用品店、音像店、照片冲印店等。 Pecinct rradius商圈辐射范围 Tianlin (E) recipnct focuses on ydail ing consumneeds of local residents along Tianlin (E) Rd. The nrge tailiyulta ois communal type. 田林（东）路沿线商业以满足周边住宅区居民日常消费为主，地域辐射范围非常狭窄局限。商业业态具有社区性。 161
Chapter 8 Retail Market Analyiss商业市场分析 Guilin Kangjian precinct桂林康健商圈 Oeirevw概况 Guilin Kangjian precinct covers the area along Guilin Rd and large residential area of Kangjian due to similarity of consumer behaviors and tioanal locadjacency of the both. Part of Caobao Rd (west to Guilin Rd and east to Coxai Rd) is also included in e thprecinct. 桂林康健商圈以桂林路为核心，尤以田林路以南桂林路段为重点，根据地理位置的接近及消费内容的近似性把康健地区纳入本商圈、同时涵盖西起桂林路、东至漕溪路的漕宝路段沿线。 Retails in Kangjian ntial residearea are focused o ttaisfys ydail inogn sumcneeds and leisure nad demof the local residents. Shan ghaiNal ormUniversity pcamus locates besid eGuilin Rd, so the retails in this area are featured as typical pcamus Most retails are low-iddle mlevel in the precinct. 康健小区一带业态以地区性满足居民生活消费、休闲娱乐的零售业态为主，同时配合上海师范大学及附属单位的需求，其零售业态需求具有一定的行业特征（满足学校师生消费需求）。桂林路因穿越上海师范大学校区，并且沿线分布附属于该校的业余培训学院、附属小学、附属中学等，其沿线商业布局具有显著的校园经济（校园消费）特征。总体而言，商业发展成熟，消费档次为中低档（以低档居多）。 Market positioning市场定位 Guilin Kangjian precinct is located in one ofhe tearliest developed ge larresidential area and pus camarea, where population density is high and residents’average income is equal to Shanghai vaerage income. Therefore the precinct is positioned as low-iddle mprice level mainly o tsatisfy ydail ing umconsneeds of the residents. Restaurants and entertai tnemn seitilicaf erao tsmCihn 桂林康健商圈位于上海较早发展起来的、较为成熟的高校区及大片住宅区内，商圈内中档住宅密集，以旧式小高层或多层为主，典型的如康健园；新开发的楼盘很少，主要有漕河景苑、中星城、古北国际花园等。区域内居民收入水平与上海市居民总体收入水平持平，相应的桂林路、康健小区商圈内主要以中低档日常消费为主。餐饮、休闲娱乐等项目以中式为主导，其商业体量以满足区域内消费需求为主。 业态分布 162
Chapter 8 Retail Market Analyiss商业市场分析 Chart Retail layut oof Guilin n akangjiprecinct 图 桂林康健地区零售业态分布 桂林康健商圈业态分布Ratio of retail types in Guilinkangjian precinct美发按摩Hair salon&专业卖场Specializedmassage大卖场Supermarketmarket5%2%5%西餐Westernrestaurant便利店convenience9%store16%中餐Chineserestaurant63% Data resource: CBRE 资料来源: 世邦魏理仕 Supermarket: Haoy uodouSuaprekremt. 大卖场：好又多量贩。 Specialized store: Yongle Electric Appliance, Hongtusanpao IT store. 专业卖场：永乐家电、宏图三胞电脑手机专卖。 Middle-scale supermarket: Hualian 中型超市：华联超市。 Convenience store: Lawson, Haode, Filyam Mart, C-Store. 便利店：罗森便利，好德便利、全家便利、C-STORE便利等。 Brand store: No brand store. Only esomsallm low-end ent garmstores. 品牌专卖店：无知名服装品牌专卖。只有少量小规模低档服装店。 Restaurant: Recretioanal Chinese restaurant: Bifengtang, Yuanyynuuaan. 163
Chapter 8 Retail Market Analyiss商业市场分析 餐饮类主要有：避风塘、圆缘园茶吧等休闲中式餐饮； Middle-end Chinese (chained) restaurant: Tanyou,ut Sanjianyuan, Qiandaohu Fish, Pujiawan, Fengs houriSeafood, Jdinian Seafood, Xiaofeiyg 谭鱼头、三涧院、千岛湖鱼味馆、普家湾酒楼、丰收日宁波海鲜大酒店、金殿海鲜楼、小肥羊火锅等中档中式（连锁）餐饮； Low-end Cneseh i(chained) restaurant: Yangchunrenjia, Fengyushengjian, Yyianu Chicken, Cnaxhiuang Sy picFdo,o Xninialai, Tiango nshifu, X’ anipyantr. 阳春人家、丰裕生煎、一元鸡、川香麻辣烫、天工食府、喜年来、西安小吃永乐餐厅等低档连锁中式餐饮； Western restaurant: Macdonald, Weiqian Noodle, Mster iDonald’s KFC. 麦当劳、味千拉面、美式唐纳滋、KFC等西式快餐； There are also esomother retails in the precinct such as pharmacy, hair salon, pastry, ,telecom real estate agency, o otphshop, Xerox shop, inteetr nbar, a ssamgeparlor, etc. 其他商业还包括医药商店、美容美发店、糕点店、眼镜店、成人保健店、通讯器材店、房产置换、文化用品店、音像店、照片冲印店、复印店、网吧、按摩保健等。 Pecinct rradius商圈辐射范围 Guilin Kangjian precinct mainly attracts local residents and university The radius of the precinct is ited limand the retailing siore mcommunal ytpe. 桂林路沿线商业以满足周边住宅区居民日常消费和高校学生消费娱乐需求为主，地域辐射范围非常狭窄局限。商业业态具有社区性。 Hie mongXiuxian Seettr虹梅休闲街 Overview概况 Hei ongmXiuxian Street locates between Changgnin district and Minhang rdiicstt, starting from No. 3338, Hei ongmRd to , Hongxu Rd. The street is 100 meter slong and -22 meter swide with many estaurants rand leisure places along it o tsatisfy enteerntmta inand ngd ininda demof the residents .nearby 地处长宁和闵行两区间的"虹梅休闲街"（虹梅路3338号至虹许路797号），位于延安西路高架虹许路交界处往南100米,长约500米，宽～22米，为164
Chapter 8 Retail Market Analyiss商业市场分析 周边高档住宅提供了娱乐休闲餐饮配套设施。 Market positioning市场定位 There are high-end ntreieasli dprecincts near Hongmei Xiuxin Street, such as Gubei new district, Mandarin ,city Hqoinago Golf a,vill etc. along Hongxu R d andJianian villa, Hongmei villa, Hongqiao villa, Huaguang villa and Hongqia xyinu analgo nHeio ngmRd. 虹梅休闲街四周聚集了高层次的高级住宅别墅、住宅群，虹许路附近有：古北新区、名都城、虹桥高尔夫别墅等，虹梅路沿线有：嘉年别墅、虹梅别墅、虹桥别墅、华光花园、虹桥新苑等许多高档住宅。 The residents with high c oienmare the get tarraket mof Hei ongmXiuxin Street. C,orrespyongdinl Hei ngmoXiu xinSeet tris designed as t quieand netl egaentv ironmmixed with modern Epueraon style 虹梅休闲街以周边众多较高收入的白领阶层为主要消费对象，以清静、雅致的环境为背景，以现代欧陆建筑为特色，融国际多元化经营特色。 Retailing layout业态分布 Hei ongmXiuxin Street is designed as European style nteigrated with entse lemsuch as modern statue, spring, artificial watrfaell, miniature garden and potted plants. There are versatile restaurants, ,bar café, club and ybe autsalon along the road, which can be divided into four functional groups: Chinese restaurant, Foreign restaurant, bar & café and recreation & There are 32 chained retail of ous fambrands. 虹梅休闲街采用欧陆风格设计，环境优雅，品位高雅，蜿蜒曲折树木葱茏，是条闹中取静的休闲通道，街区内有现代雕塑、喷泉、小山瀑布，各种名贵花卉、盆景、乔木遍布其中，是集各国餐饮、酒吧、咖啡吧 、会所、美容美发融为一体，全街分为中餐、异国风味、酒吧茶座、休闲娱乐四大功能区，加盟的著名品牌商家就多达32家,以各自传统或现代的设计装璜突出特有品165
Chapter 8 Retail Market Analyiss商业市场分析 位。 Chart Retail layut oof Hei ongmXiuxian Street 图 虹梅休闲街业态分布 虹梅休闲街业态分布Ratio of retail types in Hongmei Xiuxian Street棋牌娱乐Chess&Cards3%健身Gym3%美发Hair salon中式餐饮Chinese3%restaurant28%酒吧Bar31%日韩料理Japanese&Korean西式餐饮restaurantWestern19%restaurant13% Resource: CBRE 资料来源: 世邦魏理仕 Chinese restaurant: Heyn arestaurant, Xin Shanghai Qingqingqing restaurant, Ynbaian cold noodle restaurant, Guchuan noodle restaurant, Jiashanting, Shuzgh,sohnu Jyuuan Dgboeni restaurant, Bop rersatnatu, Daposhaguo restaurant. 中式餐饮：和宴酒家、新上海菜请请请餐厅、延边冷面馆、谷川面馆、嘉膳庭、蜀中蜀、聚缘东北菜、波普酒家、打破砂锅珍品。 Japanese & Korean restaurant: Jugeng grill restaurant, Xinlayuan, Orchid Japanese Barbecue, Hexianyng,a Xuncaiting, Korean Tufang Barbecue. 日韩风味：桔梗铁板烧、辛拉园、兰日式炭火烧肉、和献洋日餐厅、旬彩亭日本料理、韩国土房烧烤。 Western restaurant: American restaurant, Bastiaan B,kerya Fh rencP,astry J ialosBBQ. 西式餐厅：美国西餐厅、BASTIAAN BAKERY，法式糕点屋、佳洛斯烤肉餐166
Chapter 8 Retail Market Analyiss商业市场分析 厅。 Bar: Sandu art ,bar Ns ancy’bar/café, Lavender ,bar German country ,bar Bpi bo,bar Guuxiha ,bar Urban Fresto ,bar Jatt ,bar Si qing,bar Heaven .bar 酒吧：三度艺术酒吧、NANCY’S BARC/AFÉ，熏衣草酒吧、德国乡村酒吧、BIBOP酒吧、古西华酒吧、都市森林酒吧、杰特酒吧、思清酒吧、HEAVEN酒吧。 Recreation & entertainment: P almSpring beauty salon, Zhuoer Fitness club, Tijai ssehc &sdrac. 休闲娱乐类：棕榈泉美容美发院、卓尔瘦身坊、泰吉棋牌娱乐中心。 Pecinct rradius商圈辐射范围 Due to the otrem elocation and late deveent,lopm Hongmei Xiuxia Rd t hasn’been popular to ople pe fromother parts of the city. Tget raraket mis confined to claol residents of high eincomlevel in Gubei area. 由于地理位置较偏及发展时间较晚，目前虹梅路休闲街在上海其他城区的知名度尚不高，地域辐射范围主要局限于古北商圈内的居民。目标顾客群非常狭窄局限。定位中高档，以高档为主。商业业态具有一定社区性。 Rengailo daemnd analysis区域市场需求分析 Demand analyis sof the local retiliang market is carried out fromto wperspectives: First, demand for retailing properties in the area is analyzed by investigating rents of thecommercial real estate in ome srepresentative streets. Second, ocal consumers’behaviors and preference are raesedehcr. T eh tsrifylana sis sulp ehtnda demanalyis of he twhole ycit ovidepsr s uspportfor financial viaybilit of the subjected project; while the second analyiss ves gisupport forsuggestions to commercial layut oand ilaing 对于本项目研究所界定的区域市场零售商业的需求分析从两个角度展开：一个是对本区域有代表性的零售商业店铺的需求行情分析；一个是对该地区终端消费者的需求偏好分析。对于零售商铺行情的分析，加之上述对上海市总体零售商铺行情的分析，为本项目零售商业部分的开发定位和财务可行性分析等提供决策依据；对于该地区终端消费者的需求偏好分析，为本项目零售商业部分的业态选择、结构规划提供了决策依据。 eprteail roperty prnte rin the eaar本区域有代表性的零售商铺市场行情 167
Chapter 8 Retail Market Analyiss商业市场分析 Tblea Representative retail property rent in the area 表本区域有代表性的零售商铺市场行情 样本方位 Splam elocation 面积（平日租金（元/方米） 平方米） A aerDaily rentqs)(m (y)u an/sqm虹桥路——延安西路 10 （程家桥路） 20 Hongqiao R-dYan’an Rd C(hengjiaqiao Rd) 70 3-4 水城南路——古北路 15 10-13 （黄金城道） 50 8-15 Shuicheng (S) Rd-Gubei Rd 80 9-12 (Huangjinchengdao) 120 8-10 170 -9 仙霞路——虹桥路 20 （水城路） 30 Xianxia Rd-Hongqiao R d40 (Shuicheng Rd) 60 -5 100 3-4 120 4-6 漕宝路——沪闵路 20 -4 （桂林路） 40 3-6 Caobao Rd-Hin umRd (Guilin Rd) 漕溪路——钦州路 20 8-9 （田林东路） 40 8-9 Caoxi Rd-Qinzhou Rd 50 6-16 (Tianlin (E) Rd Data resource: CBRE 资料来源: 世邦魏理仕 Given the ntes rin the above representative local market, we can coe mto conclusion that the demands for rtaeiling real estate vary with location, ent,environm ing consumlevel in the area, etc. Rntse for the retailing real estate are high in Gubei, Hao qoingprecinct which have aturem coercial mmospheartme and are intensive with high-end residence; while rents are umch lower in Guilin, Tianlin (E) Rd precincts where the residents have lower income. 从区域市场零售商铺的租金情况来看，对商铺的需求根据地理位置和周边商务环境、居住档次的不同而存在很大的差异：虹桥、古北等商业氛围浓厚、高档居住区密集以及商圈辐射范围较广的地段零售商铺租金价格居高不下，零售商业业态及定位档次都处于高位；而对于桂林路、田林东路等主要以服168
Chapter 8 Retail Market Analyiss商业市场分析 务于周边居民区的社区型商业在业态和档次上都与前者存在一定差距。 Local consumers’ence eferpranalysis区域市场消费者需求偏好分析 A rkaet msurvey on umers’consdemand structure and preference in Caohejing area is conducted inAugust 2004 in order tohave ede tailand precise understanding oflocal erconsusm. T ehraeser hc tluser semocorf m957 questionnaires, covering all kinds andall levels of local consumers. Dem andstructure and preference of the local ma tekr erasuiramm deza s eht gniwollofcharts. 为了对消费者复杂的需求情况进行准确把握，对漕河泾开发区区域市场的消费者需求偏好结构和需求水平进行了实证研究。对区域市场在2004年8月进行了问卷调查，样本容量为957人，有效覆盖了区域市场各种类型各种层次的消费者，科学的统计样本规模及样本结构保证了统计结果的准确性和全面性。下面是统计结果概要： Dining adnedm对于餐饮方面的需求： Market capacity: Lge armand deof ndgi ni outis unsatisfied in Caohejing Irnidaulst Park. 在市场容量方面，在开发区内存在大量未被满足的外出用餐需求，平均而言外出用餐的频率适中，因此在餐饮方面存在着一个很大的潜在市场； Chart Restaurant demand fyr equenc 图 饭店用餐需求频率 社交型外出用餐需求restaurant demandof social intercourse6005004003002001000 Resource: CBRE 资料来源: 世邦魏理仕 169 units:persons1-2 timesweekly 每周1－2次3-4 timesweekly 每周3－4次>5 timesweekly每周5次以上seldom 很少
Chapter 8 Retail Market Analyiss商业市场分析 Preference of restaurant types: There is ost mdemand for Chinese fast food with fast service and low-iddlme price. There is esomdemand for high-level western or Chinese restaurants because of the business activities in the Park. Other types of restaurants like business lunch, cheap Chinese restaurant, Cantonese restaurant and western fast food, etc are all ndademed to certain extent. 在餐饮类型及档次偏好方面，对中式快餐、西式快餐、商务套餐、廉价小饭店、中档饭店、高档餐厅、美食广场、茶餐厅等均存在不同程度的需求，其中，以对中式快餐、美食广场等服务快速、价格适中的餐饮需求最多，可见区域内存在大量的针对广大开发区员工工作午餐的市场需求。同时，开发区内企业商务活动也产生了部分对高档餐厅、西式餐饮的需求。上述需求信息对项目制订零售餐饮部分各类型各档次餐饮服务的结构、比例规划提供了重要的决策依据。 Chart Restaurant choice preferenc e 图 饭店选择偏好 饭店选择偏好restaurant preference6005004003002001000best choice 最佳选择better choice 较好之选择good choice 不错的选择 Resource: CBRE 资料来源: 世邦魏理仕 Entertainment demand对于休闲娱乐方面的需求： There are ge larnds ademof diversified ntertainent emactivities in the local rkamet, for ple,exam friends eetimng, leisure shopping and tness fiare the omst choices. For ore mdetil,a fee cof,bar café, open-air ,bar teahouse and western bar are the places omst consumers will choose. Aong mthese choices, teahouse is most 170 units:personschinese stylefastfood 中式快餐westen stylefastfood 西式快餐business suits套餐smallrestaurant 小饭店standardrestaurant 普通餐馆luxuryrestaurant 高档餐馆food center美食广场restaurant withopen-space 露天餐厅tea restaurant茶餐厅
Chapter 8 Retail Market Analyiss商业市场分析 popular due o t ercso’nsumfinancial ability and habits. 对样本空间娱乐类型选择的调查统计显示，区域市场存在着丰富多样的娱乐需求，如朋友聚会、休闲购物、健身、休息等等。其中下班后的时间内对健身、娱乐和购物的偏好最多。更具体而言，聚会的场所以咖啡吧、咖啡馆、露天吧、茶坊、酒吧等为主，其中，由于近几年类茶坊类市场的培育和消费者消费能力的制约和消费习惯的影响，茶坊为最主流的休闲聚会场所。 Chart Leisure entertainent mpreference 图 休闲地点偏好 休闲地点偏好leisure entertainmentpreferencegood700choice 不600错的选择500better400choice 较好之选择300best200choice 最100佳选择0coffeecafé 咖啡bar withtea shopbar 酒吧bar 咖啡馆open-茶坊吧space 露天吧 Resource: CBRE 资料来源: 世邦魏理仕 Fitness and sports are focused on G,ym siwmming and ball egas mwith high ,frequency hile wthere is some denda mfor KaraOK (not frequent). 健身娱乐需求以健身房、游泳和各种球类为主（规律性较强），同时也存在少量的卡拉OK等聚会需求（不规律）。 171 units:persons
Chapter 8 Retail Market Analyiss商业市场分析 Chart Entertainent/exmrcise choices 图 健身娱乐选择 健身娱乐选择excercise/entertainment choice6005004003002001000best choice 最佳选择better choice 较好之选择good choice 不错的选择 Resource: CBRE 资料来源: 世邦魏理仕 Shonpgp idemand对于购物的需求： Since there is no shopping facilities for selective commodity and few coummnal stores for daily needs, et gtarconsumers are used to do shopping in central retail precincts and where they live. Therefore there is high nd ademfor arket,superm middle scale superstore and convenience store in the area. There is no nda demto develop bdr anstore and netd epartmstore. But the raket mdemand fromthe consumer survey ya mbe not consistent with potential rketa Financial viyabilit willbe the y kepoint o tchoose retailing ytpes for he tdevelopment scenario. 由于区域市场、尤其是开发区附近没有成熟的提供选择性消费的商圈，很少社区配套商业设施，所以区域市场消费者基本上都到市级商业中心进行选择性消费和到居住地附近进行日常生活消费。他们对本项目开发大卖场、中型超市、便利店等业态需求旺盛，对在本区域开发专卖店、综合性百货等选择性消费场所需求不大。但是，由该统计样本提供的购物零售业态需求偏好与最终实际存在的市场需求容量可能存在较大差异，对此需要结合其他方面研究谨慎提出规划建议。 172 units:personsgym 健身房disco 歌舞厅karaokay 卡拉OKswimming pool游泳池small-ballexercise 小球类运动big-ballexercise 大球类运动tea bar 茶坊chess andpoker playing棋牌室
Chapter 8 Retail Market Analyiss商业市场分析 Chart Retail types preference 图 零售业态偏好 零售业态偏好retail types preference8007006005004003002001000supermarket 超facility storehypermarket 大speial市便利店卖场authorizedstore专卖店best choice 最佳选择better choice 较好之选择good choice 不错的选择 Resource: CBRE 资料来源： 世邦魏理仕 Regional taeil rmand deecast forin terms of shop types and GFA区域市场需求业态组合及总体量预测 Considering the questionnaire survey as well as the potential reviienwts results, the best fit retail shop ytpes as well as their GFA suggested by the taeil rexpects of CBRE are listing as ,below综合开发区内此次消费人群问卷调查统计结果及CBRE潜在中高档消费群访谈结果显示，W19地块能够支撑的商业业态组合及据CBRE商铺专家分析建议合适体量如下表所示： The suitable The Market Shop Types F sucoC remusnoGFA Positioning 业态 针对人群 适宜体量 档次定位 Ofice fpersons 4,000 usaqre Cyit美食surrou nngdiretem sMid中档 城 周边写字楼人群 4,000平方米 Hotel, Apartments, Ofice Mid to High-paid persons 2,500 usaqre Mid to High中Food & Braegeevsurrou nngdiretem s高档 休闲餐饮街 周边写字楼、酒店、公2,500平方米 寓中高收入人群 Hotel, Apartments, Ofice ,ra Teh emHigh-paidpersons 5,600 usaqre R,stnaruatse .ctesurrou nngdiretem sHigh高档 酒吧、主题餐厅周边写字楼、酒店、公5,600平方米 等娱乐 寓高收入人群 173 units:persons
Chapter 8 Retail Market Analyiss商业市场分析 Hotel, Apartments, Ofice fHigh-paidpersons 8,000 usaqre CnteerMid to High中surrou nngdiretem s休闲运动中心 高档 周边写字楼、公寓中高8,000平方米 收入人群 Hotel, Apartments, Ofice Mid to High-paid persons 9,000 usaqre Mid to High中Shnogp piPazalsurrou nngdiretem s高档 休闲购物广场 周边写字楼、酒店、公9,000平方米 寓中高收入人群 A,stnetrapm Oecif f6. Mid 500 uasrqe persons surroungdin Supermarket中型retem sMid中档 周边写字楼、公寓中人超市 500平方米 群 A,stnetrapm Oecif f7．Sllam persons surroungdin 100 uasrqe each Mid to Low中Convenience 周边写字楼、公寓中人100平方米/个 低档 Store小便利店 群 Market Conclusions小结 • The demands for selective oditycomm in eht detcejbus aera si deifsitasyb Shanghai mmerccoial centers like Xujiahui precinct. • 本案项目地块的选择性零售商业需求由以徐家汇为代表的市级商业中心(商圈)满足。 • Near the subjected are,a there are sverel alocal retail precincts to satisfy daily needs of the local residents. These precincts are positioned as ferent diflevels based on the ing consumability of residents. • 本案地块附近区域的几个典型性商圈均以社区型商圈为主，以满足附近住宅区居民的日常生活娱乐休闲需求为主；根据住宅区的档次形成相应的商圈主流消费档次。 • Lge arnadedm for daily ing consumneeds is unsatisfied in the subjected area because the site locates away fromthe above ucommnal retail precincts. These precincts do not have clear es,them with cprovides chance for the subjected project to develop retailing with clear theme. • 本案地块因距离上述社区型商圈有一定距离，存在相当数量未被满足的日常生活消费娱乐休闲性需求。本案周边区域已形成的商圈主题性缺失，为主题商业区域的发展提供了机会，同时可以弥补本案开发商业部分存在的地理、环境等劣势。 • Considering the questionnaire survey as well as the l potentiainterviews results, the best fit retail shop ytpes as well as their GFA suggested by the retail expects of CBRE are listing as ,below综合开发区内此次消费人群问卷174
Chapter 8 Retail Market Analyiss商业市场分析 调查统计结果及CBRE潜在中高档消费群访谈结果显示，W19地块能够支撑的商业业态组合及据CBRE商铺专家分析建议合适体量如下表所示： The suitable The Market Shop Types F sucoC remusnoGFA Positioning 业态 针对人群 适宜体量 档次定位 Ofice fpersons 4,000 square oCyit美食surrou nngdiretem sMid中档 城 周边写字楼人群 4,000平方米 Hotel, Apartments, Ofice Mid to High-paid persons 2,500 square Mid to High中Food & Beveragesurrou nngdiretem s高档 休闲餐饮街 周边写字楼、酒店、公2,500平方米 寓中高收入人群 Hotel, Apartments, Ofice ,ar Te hemHigh-paid osns per5,600 square Restaurants, nngdiretem sHigh高档 酒吧、主题餐厅周边写字楼、酒店、公5,600平方米 等娱乐 寓高收入人群 Hotel, Apartments, Ofice fHigh-paid osns per8,000 square CerentMid to High中surrou nngdiretem s休闲运动中心 高档 周边写字楼、公寓中高8,000平方米 收入人群 Hotel, Apartments, Ofice Mid to High-paid persons 9,000 square Mid to High中Shopnpgi Pazlasurrou nngdiretem s高档 休闲购物广场 周边写字楼、酒店、公9,000平方米 寓中高收入人群 Aents,partm Ofice f6. Mid 500 uasrqe persons surroungdin Supermarket中型retem sMid中档 周边写字楼、公寓中人超市 500平方米 群 Aents,partm Ofice f7．Sall mpersons surroungdin 100 uasrqe each Mid to Low中Convenience 周边写字楼、公寓中人100平方米/个 低档 Store小便利店 群 175
Chapter 9 Cpometition Analyiss 竞争分析 C hapter9 Competition Analysis 第九部分 竞争分析 Service apartment market酒店式公寓市场 The potential copetitive mprojects to the subjected service apartentm服务式酒店公寓潜在竞争项目 总建面 地址 Total 入住率 月租金（美金/平方楼盘名称 Address constructOccupancy 米） Na em ion etarRent($,/sqmonthm) 2)(aeram 瑞峰公寓 延安西路1066号 Ruifeng 40,000 , Yan’an Xi 70 % apaernt mRd 温莎公寓 虹桥路2290号 Wensha 30,000 No. 2290, Hngoqiao 100 % apaernt mRd 西郊公寓 虹许路1151号 Xijiao 7,820 90 % No. 1151, Hng oxuRdapaernt m华园大厦 荣华西道39弄 Huayuan 8,500 , Rhnugao Rd 100 % apaernt m(W) 泰古酒店公寓 荣华东道19号 Taigu hotel 18,000 No. 19, Rhnugao Rd 90 % apaernt m(E) 名都城酒店公寓 虹许路788号 15,000 75 % Mandarine No/ 788, Hgoxnu Rd ecivresapaernt mThe considered area for the subjected service apartemnt project is confined to the area north to Yan’an Xi Rd, south to Huin mRd, east to Zhongshan Xi Rd and Caoxi R dand west to Huanxi Rd, overincg part of Xuhui district, Changn ingstrdiict and Minhang istdrict. 对本项目酒店式公寓市场的潜在竞争项目研究范围划定为北至延安西路；南至沪闵路；东至中山西路与漕溪路；西至环西大道的围合区域，区域内共涵盖了长宁、闵行和徐汇三大区的一部分。 176
Chapter 9 Cpometition Analyiss 竞争分析 The sellable apaerntts min the precinct are substitutable to the tecd subjeservice apartentsm and are considered as potential pcometitors. The rkaet mperformance of the representative apartments projects in the area are listed in the table below: 区域内一般住宅的供应与本案可能开发的产权式酒店公寓构成需求的替换关系，因此在此把一般住宅作为潜在的竞争项目进行分析。以下为代表性楼盘去化情况： 单价均价 平均去化速度 楼盘名称 地址 销售率 Average A egarevlasse Na emAddress S selatar eprice speed 华丽家族.古北 古北新区黄金城道555弄 套/月 Huali , Hngjiuna Cahgoed n18000 % osnetth/ Rd, Gubei trict dis长发虹桥公寓* Changfa 虹桥路1165号 套/月 14000 88 %Hongqiao , Hngoqiao Rd osnetth/ meanptasr*tm 中友嘉园 古美路1458弄 111套/月 Zhoyn ogu8600 % Gmeiu Rd 111 osnetth/ mJiayuan The disadvantages of the subjected service apartment 本案项目酒店式公寓部分的劣势 • Relatively sall mmarket radius of the project: Most srviece apartents mare located in the downtown areas (predominantly n iJing’n,a Huangpu and Pugd onnew districts) owing to the ilars imfunction as hotel. A few service apartents mlocate in relatively ote remplace butw ithnvceonient transportation. The subjected service apaerntts mlocate on the e gverof the downtown t howuitconevnetn itransportion tafacilities, which nceosn fiits market radius. • 辐射范围小：目前上海市绝大多数酒店式公寓项目都位于交通便利的市中心地带，尤其集中在黄浦、静安、浦东新区等三个区域。还有一小部分酒店式公寓位于较远但交通方便的地方。本案项目处于市区中心的边缘地带，目前交通不甚方便，这使得本案项目的酒店式公寓辐射范围相对狭小局限。 • Industrial entv:i ronmThe subjected service enta partmis located in Caohejing Idusntrial Park, where high-tech copmanies and factories 177
Chapter 9 Cpometition Analyiss 竞争分析 inate domand there is no turea mcommercial oatmsphere and leisure Therefore, the subjected service apartents mt can’attract the custoers mwith commercial and leisure oatspheres ma sindividual preference. • 产业环境： 本案项目处在漕河泾高科技开发区内，周边环境以高科技研发和工业性企业为主，缺乏成熟的商业氛围和生活氛围。因此，对于某些以浓厚的商业休闲生活氛围为首要个人偏好的客人而言，本案项目的酒店式公寓缺乏吸力。 The advantages of the subjected service apartent m本案项目酒店式公寓部分的优势 • Market adend: mThe subjected service apeanrtt mproject has very precise get tararketm, . ployees emof paniecso mnearby nd aiddle-mlong ter mbusiness customers generteda by the business activities inlay min the industrial The precise get tarmarket helps ifiyd entrkaet mstructure and aetset immarket .cpaciaty • 市场需求： 本案酒店的目标市场具有准确的定位（主要以来自于开发区内企业商务活动的中长期商务客人为主），可以对目标市场容量及类型结构进行准确的把握和预测。 • Location advantage: The subjected land plot is adjacent to the ain mroad Hei ongmRd in thisarea, witch connects to he tarteries such as Yn’an aX iRd, Zna ghsohnXi Rd and Wiahuan Rd of Sia This location assures fast and convenient road transportation fromthe subjected service ent apartmto other parts of the .city Above all, the subjected service apaerntt mhas the onopolistimc position to the iddle-mlong termbusiness custoers mand ployemees generated by Caohejing park due to the locational advantage. • 地理优势：本案地块毗邻区域主干道虹梅路，道路交通便利，可以很快接入延安西路、中山西路、外环等城市主干道。此外，对于漕河泾开发区内企业相当数量的中长期商务客人和员工需求具有垄断性的市场优势地位。 • Syg ynerct: feefAs one part of the overall project, the subjected service apeanrtt mcan take advantage of the mand degenerated yb fice fonbuigldi and of the commercial ambience cultivated by gated aggrefect efbased on all parts of the overall project. The y gsynerfect fewill ize minim178
Chapter 9 Cpometition Analyiss 竞争分析 uncertainty of the service aepnatr tm sproject’performance and reduce the risk. • 协同效应：本项目可以通过整体设计定位各功能物业功能配比，发挥协同优势，例如办公楼部分可以为酒店式公寓提供大量潜在的中长期商务客人，零售商业部分可以为酒店式公寓提供更加完善的商业娱乐休闲配套设施，增强商业氛围，提高酒店式公寓的吸引力。 • Price advantage: Due to the coparmative lower cost of land grade rent, the subjected service eapartnt mproject h sa eht ecirp egatnavda revo eht senolocated in ous famdowntown which have uch more mland cost. • 价格优势：由于土地级差成本较低，本项目酒店式公寓部分相比于市中心同档次酒店式公寓而言，具有显著的价格优势。 • Later Cos mer’advantage: The existing service apents artmin the area were built long e timago and the facilities are deteriorating. As a later cro emwith latest facilities, the ected subjservice apaernt mhas the advantage over copetitors mon hardware. • 后发优势：区域内现存的酒店式公寓由于建成时间较早，现在大多已经相当陈旧。这为本案酒店式公寓在硬件设施上具有显著的优势提供了机会。 • Resources share: The subjected service apaerntt mwill be developed and start operation at the same eti mas the subjected hotel, which make the resources share of the both possible. This will help priove mthe service quality of the entsapart m(esp. thesellable service apartments) to gain copetitive madvantage r oveother service apartent m fromservice aspect. • 资源共享：本案酒店式公寓与中高档酒店项目同期开发，同期投入运营，届时通过与酒店的管理合作和资源共享提升酒店式公寓部分的服务水准，使得本案酒店式公寓（尤其是产权式酒店公寓）在服务方面领先于同类竞争者。 The opportunities of the subjected service apartment 本案项目酒店式公寓部分的机会 • Aggregate demand: F romperspectives of aic croecmonomagents such as the internantailoization ofShanghai d anthe events such as inte’l Expo held inSghhaani, etc. theaggregate mand deof Snghai ha mouristmarket will keep growing as tourismwill bec oemthe supnpgo rtiydusntri in 179
Chapter 9 Cpometition Analyiss 竞争分析 Shanghai. Tere his still a gap between the demand and he ty supplin he tcurrent raket,m pnrgo viida favorable acro menveinrto nmfor the subjected service apartemnt. • 总体需求：上海经济发展的诸多宏观因素，如建设国际化一级城市的规划目标、世博会等将促使上海旅游市场的总体需求在未来持续增长，旅游业将成为上海市的支柱产业之一；同时上海将成为世界经济中心，大量的国际国内商务往来将使上海的中长期商务客人数量持续快速增长。而目前上海的酒店式公寓存量与结构同预期需求还存在一定差距，这将为本案酒店式公寓提供良好的宏观环境。 • Local nadedm: The existing a few (sellable) servic eapartent min the considered area have sustained hihg occupancy tea r(above 90 %on average), which tells hhig nda demin the area and ising prommarket prospect of e thsubjected service apartment project .respocynodringl • 区域需求：区域内现有的为数不多的几家酒店式公寓现有销售（产权式酒店公寓）及入住率居高不下，市场存量与预期需求之间存在一定差距，可见区域内对酒店式服务公寓需求旺盛，使本案酒店式公寓具有很好的可行性。 • L ong termmunicipal pnlianng:The nspotrrtaat ionsy stemconnecting tothe subjected land will be very convenient in the future according to the unicipalm planning, which will facilitate the accessibility to the subjected land resulting in the enhancement of market capacity of the subjected service • 远景规划机会：按照上海市远景道路及轨道交通规划，本案项目地块未来将具有非常便利的交通条件，届时将在地理范围上大大扩大本案酒店式公寓的辐射范围。 • Commercial oatsphere mbuildup: The retail commerce part of the project will priove mthe commercial oatmsphere of the area and a favorable ent environmfor the subjected service apaernt mwill be created. • 环境培育：本案综合商务项目建设发展成熟后，尤其是零售商业部分开发完善后，将有利于本案地块商业休闲氛围的培育，届时本酒店式公寓的外部环境将更具有吸引力。 The ats ethrof the subjected service apartment 本案项目酒店式公寓部分的威胁 180
Chapter 9 Cpometition Analyiss 竞争分析 • Current competition: According o tthe analyiss of the local hotel & residence market, there are already considerable nuber mof hotels (including five ,star four star and three star hotels), some service apaernts mand ge larbnumer of high-end residence projects that will copete mwith the subjected service apartentsm for potential • 现有竞争：从区域分布来看，地块周边现有酒店分布较为密集，五星级、四星级和三星级酒店都有布局；同时还有少量酒店式公寓和大量的高档住宅项目，将对本案项目酒店式公寓部分产生显著的竞争分流作用。 • Syatic stemrisk: The operational revenue of the subjected service aparetnts mwill be yh ighlcorrelated to the ancpe rformof her otparts of the overall subjected project like fice ofbuigl,din retail and hotel. Therefore the subjected service apartentm project is exposed to the systematic risk. M,oreover the future deveenlto pmtrend of Caoheji ngHi-tech Industrial Park is the decisive nte indepenvariable tothe sustainable development of the subjected service aparent mproject. • 系统性风险：本案酒店式公寓部分的未来收益与项目整体的其他各组成部分的成败与否有很高的相关度，受到项目整体系统性风险的影响。另外，漕河泾开发区的未来发展趋势将成为决定本案酒店项目可持续发展的决定性外部环境。 Suggestions to the subjected srevice apartment 本案项目酒店式公寓部分的建议 • Developentm scale: The entdevelopm scale will be suggested to the subjected service apartment, based on the market positioning and quantitative nalyais sof mand The scale ratio to other parts of the whole project such as fice ofbung ildiand retail as well as the trend and future cale sof the industrial k parwill be considered as relative variables. • 开发规模：根据本案项目酒店式公寓目标市场需求容量分析，制订酒店式公寓部分的开发规模，同时将与其他物业（如办公楼、酒店式公寓、餐饮等）的规模配比和开发区的未来发展趋势和规模纳为影响变量因素。 • Developent mphasing: In light of the eaturefs of ferent difparts of the whole project and financial nda,dem the traditional service enta partm181
Chapter 9 Cpometition Analyiss 竞争分析 project is suggested to be crraied on in the third phase (at the same etima sthe fice ofponents) comwhile the strata-titled service apartments to be carried in Phase 3 and 4.. • 开发分期：鉴于本案项目各物业形态的特点和要求、各物业的功能配比以及项目开发的财务要求，建议本项目的服务式酒店式公寓部分开发在第三期进行（与办公楼部分同期或略微延后进行），产权式酒店公寓在第三、四期进行。 • Layut: oThe ,accessibility the layut oof real estates in the adjacent area, and funlc tionacooperation with other parts of the whole project are taken into nsicdoeration tok worno youtlaarrangement. As a lrte,su thesubjected Strata-titled service apartment is suggested to locate in the southest of plot in order o tfacilitate the transportation nce conveniof being adjacent to regi onalarteries like Hei ongmRd and Caobao Rd and separate fice ofbuilding fromthe residential area to the south of the subjected land. • 空间布局：在对本案项目酒店式公寓部分进行空间布局决策时，应将地块各部位的地理便利度、周边物业分布情况、与项目内其他物业功能配比要求等纳入考虑。比如建议将产权式酒店式公寓项目放在地块西南部靠近漕宝路和古美路的位置，以便享有毗邻虹梅路、漕宝路等干道的交通优势，最大限度靠近地块内的办公楼和各零售商业，并与地块南边的成熟住宅区相呼应等。 • Rent/sale ratio: Rent/sale ratio of the service apartents mwill be suggested on the basis of nd ademanalyis s(capacity and structure of the geted tarmarket) and copetitionm analyiss (incuding lynewl developed residents’apaerntts,m service apartentms and hotels), incorporated with project financial demand and resources share ,possibility etc. • 租售类型配比：根据对目标市场需求情况和需求结构的深入调查，结合来自区域内新开发住宅、酒店式公寓、酒店等的竞争情况和客源分流情况，纳入项目开发财务要求、公寓服务管理的资源共享条件等其他考虑因素，决定开发服务式酒店公寓还是产权式酒店公寓的数量配比问题。 • Mnteanage mg roup:The subjected service apaerntt mwill be velopedd eand start opertiaon at the sea meti mas the subjected hotel, so we suggest the both e sharresources such as naagnte memand part of the facilities. To be managed yb necxepde rieinternational hotel& service apentart m182
Chapter 9 Cpometition Analyiss 竞争分析 management group will lp heprovei mthe service quality of the eanptasr tm(esp. the sellable service apents).artm • 管理机构：鉴于本案酒店公寓项目与酒店项目同期开发、同期运营，建议二者实现充分资源共享。借助共享富有经验的国际酒店管理集团，可以提升酒店式公寓的服务水准。 • Afixed ffacilities: The fixed affacilities of the service apartent,m as one coponent mf othe whole project, sho uldcoordinate with fun ctsionof the other parts of the project such as retail commerce in order to realize the holistic u mmoptiy gsynerfect efand to reduce he twaste by avogidinrepeated functions. • 配套设施：本案酒店式公寓部分作为该地块综合商务开发项目的有机组成部分，在设计酒店式公寓本身的配套服务设施时，应考虑与酒店、餐饮等其他物业项目功能相协调，达到整体最优化协同，避免重复设置和浪费。 183
Chapter 9 Cpometition Analyiss 竞争分析 Office Market办公市场 The fice ofbuildings that ill wbe lp otentiapetitcorms to thefice ofnbgu ildiin the subjected project: 与本项目办公楼部分形成竞争的办公项目： Ofice fngbsu ildiwithin e htconsidered area(north to Yna’an Xi Rd, south o tHuin mRd, east to Zhahno ngsXi Rd and Caoxi Rd, west to Huanxi Rd) 区域内办公楼项目（北至延安西路、南至沪闵路、东至中山西路和漕溪路、西至环西大道） Pu erO eciffBdlnisug纯写字楼 楼层数 平均租金/售价 写字楼名称 地址 总建筑面积 Nub remaverage 2Na emLocation GFA(m) of floorsprice/rent 新业大厦 田林路388号 $ 24,000 2 Xinye gu , Tina nlRd $,/m新茂大厦 西区二期地块 28,000 伊犁南路111号（古钱江商务广场 羊路口 20,500元/平方Qianjiang 19 25,710 , Yili South 20,500米y,/dambusiness square Rd, Guynga Rd 兆丰环球大厦 中山西路1800号 $ , Zonhgshan 28 58,600 2$ Huanqiu Plaza Xi Rd 大众大厦 中山西路1515号 $ No. 1515, Zonhgshan 19 18,620 2$ builndgi Xi Rd 光大会展中心内写字楼 Office building 漕宝路 $ N/a 2of Everbr ightCaobao Rd $ exhibition center 华鼎大厦 中山西路2368号 $ , Zonhgshan 30 27,000 2$ Building Xi Rd 华一实业大厦 莲花路1555号 $ ialn dustri14 24,906 , Lnhuai aRd$,/m builndgi 184
Chapter 9 Cpometition Analyiss 竞争分析 虹梅商务大厦 Hei ongm沪闵路8075号 N a/N a/N a/Business , Hminu Rdbuilndgi 开发区科技楼 Technolyo g宜山路822号 $ 36,000 2buinlgd i , Yains hRd $ industrial k par新漕河泾大厦 漕宝路桂平路 $ Caohejing Caobao Rd, Guiping 20 22,455 2$ Building Rd 新银大厦 宜山路888号 $ 24,500 2Xinyn iubinlgd , Yains hRd $ 明申商务广场 漕宝路虹漕路 10,000元/平方Mingshen Caobao Rd, Hongcao N/a 25,000 210,000米y,/dambusiness plaza Rd 和信商务大楼 漕宝路36号 N a/Hexin ss busine9 13,500 , Co aobaRd builndgi RD& O eciffBudlgini研发类厂房写字楼 楼层数 平均租金/售价 写字楼名称 地址 总建筑面积 Nub remaverage 2Na emLocation GFA(m) of floorsprice/rent 虹梅大楼 虹许路宜山路 $ ongmHongxu Rd, Yishan 4 3,000 2$ builndgi Rd 西区一期厂房 西区一期地块 N/a 52,000 N/a 西区二期（1）厂房 部分西区二期地块 N/a 17,000 N/a （不包括新茂） 西区二期（2）部分西区二期地块 N/a 38,000 N/a 厂房 田林大楼 田林路300号 $ 5,000 2Tianlin nbgdu , Tina nlRd $ 漕河泾老开发区 N/a 877,045 N/a 老区厂房 The disadvantages of the subjected office building 本案项目办公楼部分的劣势 185
Chapter 9 Cpometition Analyiss 竞争分析 • Copaniesm intend o tbe ocalted in shitk ind ofCBD in der orto ubild better business image and reputation and be resolc ot eht The subjected project is located in hi-tech industrial rka pthat t do’esnhave the commericl aoatspherem of CBDs. • 当企业为塑造企业形象和在地理上接近客户源时更倾向于选择这些知名度高、定位高的成熟商务圈。本案地块地处高科技开发区内，缺乏配套齐全的商务环境。 • Inconve nientlocation: Te hsubjected project is located in the duisntrial park that is on the ge verof city ,center where people fic trafis low and public transportation ysstem has not developed well. The accessibility to the subjected l andwo uldduece rber num fo ehtg teratp seinamocth ta lliwconsider cshionog the tceds ubjefice ofilbduing. • 地理位置：本案项目处于市区中心的边缘地带，位于人流量较小、商务活动少的漕河泾开发区内，公交、轨道等交通系统不发达，制约了本案办公楼项目的目标企业范围。 The advantages of the subjected office building 本案项目办公楼部分的优势 • Resources advantage: T hefice ofbuilding in the subject project has the unique resources advantage of the industrial park, such as environmental spill-over fect efof the adjacent garden of Technology Green Land, advanced hardware facilities of telecom and data processing in the high tech digital industrial park, ideal inetv estmenveinrto nmthat has ISO 9001 & ISO 14001. The subjected fice ofbuil dingcan integrate these resources advntage into the function sign deand otion • 资源整合：本项目办公楼享有开发区内独特的资源优势，如国际最先进花园型科技绿洲的环境溢出效应、高科技数字园区先进的电信、数据处理等硬件环境、符合国际标准的投资环境（ISO9001，ISO14001）等。办公楼项目在功能定位、招商引资等方面可以充分享用和整合高科技园区平台提供的这些独特资源优势。 • Sy gynerfect: efAs one part of he toverall ent opmdevelproject, the subjected fice ofbuilding can take dvantagae ofthe prehceonmsive facilities and clustered fect efthrough asonabrlee cooperation offerent fdifunctions fmrooverall designi ngand istoiopning. 186
Chapter 9 Cpometition Analyiss 竞争分析 • 协同效应：本项目可以通过整体设计定位各功能物业功能配比，发挥协同优势，使办公楼部分具有完善的配套设施，提高办公楼部分招商的吸引力。 • Industrial ent: ireonnvmThe subjected fice of buigldinproject is located in well developed Caohejing high tech industrial park, where enterprises in such hi-tech industries as electrics, teleco mand puter mcoscience, etc cluster .together This generates industrial aggregate fect efand attracts orm eenterprises in se theindustries, esp. he tR&D center and adinistratimve fice ofto be located in this favorable industrial • 产业环境：本项目办公楼部分位于发展成熟并且具有很好上升空间的漕河泾高科技产业园区内，聚集了电子、电信、计算机等产业高科技企业，有很显著的产业聚集效应。对于上述类型企业（尤其是研发中心及行政办公功能）入驻本园区具有很强的吸引力。 • Price advantage: Due to the coparmative lower cost of land grade rent, the subjected fice ofbuilding project has theprice advantage over the fice ofbuniglsd itaed locin ous famCBDs which has uch mmore land cost. • 价格优势：由于土地级差成本较低，本项目相比于市区知名商务区而言，具有显著的价格优势。 The opportunities of the subjected office building 本案项目办公楼部分的机会 • Dferentiation ifcopetitionm: The existing fice ofbuildings in CBDs and in the subjected area are all traditional fice ofbuildings with ohomgeneous copetitiomn in both fiaecsi litand clients. The oygeneithom of current copetitimon gives chance for the subjected fice ofbnugi ldito develop ferentiateddi fpositnigo nind • 差异化竞争：市区著名商务区及区域内现有传统意义上的办公楼最大的特点是同质化。这种同质化主要体现在办公楼硬件设施的同质化、办公楼基本客户的同质化等。这种现存竞争的同质化为本案办公楼部分的开发提供了差异化竞争的机会。 • Location: Te hsubjected lnda plot is adjacent to the ina mroad Heiongm Rd in his tarea, witch leads to the ianm seiretracush saY’na naX iR,d Zhongshan Xi Rd and Wihauan Rd ofShanghai .ycit This location assures 187
Chapter 9 Cpometition Analyiss 竞争分析 fast and convenient road transportation romfthe subjected fice ofbuild ingto other parts of the .city Besides, as to the current copanies malready in Caohejing Prak who ed neexpand or upgrade fice offacilities, the subjected fice ofbuilding has the onmyopol power of rkaet mposition owing to the adjacency • 地理位置：本案地块毗邻区域主干道虹梅路，道路交通便利，可以很快接入延安西路、中山西路、外环等城市主干道。此外，对于漕河泾开发区内企业的拓展需求或欲入驻该开发区的企业需求，本案办公楼项目由于空间上的优势具有垄断性的市场地位。 The ates throf the subjected offic ebuilding 本案项目办公楼部分的威胁 • Future y:s upplThe foreseeable ysuppl of fice ofngsd biuilin the subjected area such as Technoylog Green Land, International Commerce C,enter etc. will be potential copetitors mto the subjected fice ofng buildiand distract s oempart of the get tarmarket in the r neafuture. • 未来供应：目前区域内可预见的未来办公楼供应如科技绿洲、国际商务中心等有可能对本项目办公楼部分产生分流客户的竞争威胁。 • Syatic stemrisk: The operational revenue of the subjected fice ofbuilding will be highly correlated to the performance of other parts of the overall subjected project like l,hote retail and rviece sapartentsm. Therefore the subjected fice ofbuilding isexposed to the yaticsste mrisk. M,oreover the future depvmeelnot t rendof Caohejing Hi-tech Industrial Park is the decisive independent variable to the sustainable endevelopmt of thesubjected fice ofbuilding. • 系统性风险：本案办公楼部分的未来收益与项目整体的其他各组成部分的成败与否有很高的相关度，受到项目整体系统性风险的影响。另外，漕河泾开发区的未来发展趋势将成为决定本案办公楼项目可持续发展的决定性外部环境。 Suggestions to the subjected office building 对本案项目办公楼部分的建议 • Dferentiated ifpositioning: In the nitensively pcometitive real estate market for fice ofbuilding, the diferentiated fpositioning based on the special industrial environment can assure the subjected fice ofdbiunigl ot188
Chapter 9 Cpometition Analyiss 竞争分析 attract get tarrket amregrdlessa of the disadvantages such as otreme location and lack of commercial oatmsphere of CBD. W esuggest to position the subjected fice ofbuilding as high-iddle mlevel fice ofbuilding (grade A/B) designed as specialized rof-hgih hcetpmoc seinaocca gnidr otthe features of get tarrkeat,m requests of ,developer market competition and posnigt ioniget taras sybolic mdbiunigl of the overall project. • 差异化竞争：在竞争激烈的办公楼物业市场上，本案办公楼开发只有结合产业环境需求进行差异化定位才能克服地理位置偏僻、不具有成熟商务圈规模效应等劣势，赢得目标市场。如根据开发区客户需求设计为专业性办公楼、根据目标市场的特性和竞争情况及项目整体需求（如地标型定位）定位为中高档办公楼等。 • Rent/sale ix:m The potimal rent/sale ratio is sted suggeto the ubjecteds fice ofdbiunigl, based on he tthorough and prechoemnsive tuannddeirnsg of the preference and requests of t getarclients, loepmdeenvt sing phaof the whole jescutbed project and financial demand. • 租售选择：详细了解目标客户对办公楼物业的租售需求，结合项目整体的开发规划和财务要求，制定只租不售的营销策略。 • Developentm scale: The entdevelopm scale will be suggested to the subjected fice ofbuilding, based on the rkamet positioning and quantitative nalyais sof mand The scale ratio to other parts of the subjected project such as hotel, service apaernts mand retail as well as the trend and future scale of the industrial park will be considered as relative variables. • 开发规模：根据本案项目办公楼定位和目标市场需求容量分析，制订办公楼部分的开发规模，同时将其他物业（如酒店、酒店式公寓、餐饮等）的规模配比和开发区的未来发展趋势和规模纳为影响变量因素。 • Developent mphasing: In light of the eaturefs of ferent difparts of the whole project and financial nda,dem the fice ofbuilgd inis suggested to be carried on in he t2nd and 3d rphase. • 开发分期：鉴于本案项目各物业形态的特点和要求以及项目开发的财务要求，建议本项目的办公楼部分开发在第2、3期进行。 • Layut: oThe ,accessibility the layout of real estates in the adjacent area and funlc tionacooperation with other parts of the whole project are taken 189
Chapter 9 Cpometition Analyiss 竞争分析 into nsicdoeration tok worno youtlaarrangement. As a lrte,su thesubjected fice ofbuilding is suggested to locate in the easten plot of the subjected land in order to facilitate the transportation conevnecnei of being adjacent to regional arteries like Hei ongmRd and Caobao Rd, to be close to other copaniesm in the irnidauls tpark and to be separated by hotel and service apartments in the southern of the land from the residential area to the south of the subjected land. • 空间布局：在对本案项目办公楼部分进行空间布局决策时，应将地块各部位的地理便利度、周边物业分布情况、与项目内其他物业功能配比要求等纳入考虑。比如建议将办公楼项目放在地块东面，以便享有毗邻虹梅路、漕宝路等干道的交通优势，靠近园区内其他企业，通过地块南部的酒店或酒店式公寓等与地块南边的住宅区相分隔等。 • Marketing tegay str:To emphasize the unique positioning and ures featas a specialized fice ofbuilding for high-tech copanies mwill ghitg hlithe attractiveness of the subjected fice ofbuilding to get tarclients. To focus on attracting industrial leading panicomes such as Luncent, HP, 3M, etc. to be the clients ofthe fice ofnbuigl diat the bnegg inniof otion promwill be the favorable strategy to upgrade the holistic image and achiev ethe aggregative fect efof the fice ofbuilding. • 招商策略：在进行办公楼开发规划时就将未来目标客户的特殊需求纳入考虑，并以此作为日后招商的主要亮点。另外，首先吸纳行业领袖级明星企业入驻（如HP、朗迅、3M等），以便提高办公楼物业整体的档次、形象和行业号召力。 • Afixed ffacilities: The fixed affacilities of the ice fofbuilding, as one coponent mf othe whole project, sho uldcoordinate with fun ctsionof the other parts ofthe project ke lihotel andtaeil rcommerce in order torealize the holistic u optimmyg syrnefect efand to reduce the waste by avoiding repeated functions. • 配套设施：本案办公楼部分作为该地块综合商务开发项目的有机组成部分，在设计办公楼本身的配套服务设施时，应考虑与酒店、餐饮等其他物业项目功能相协调，达到整体最优化协同，避免重复设置和浪费。 Hl oteMarket酒店市场 Potential competitors to thesubjected el hotproject 潜在竞争酒店 190
Chapter 9 Cpometition Analyiss 竞争分析 竞争范围 地理位置 酒店名称 星级 客房数平均房价入住Copetition marea Location Na emStar （间） （RMB/率 etarbern um天） Oucc of Average pancy s room roomrate etar(RMB/day)市中心高档酒店（选静安区 波特曼丽嘉 *** *564 2088 100%取代表性酒店） Jing’an Portman High-end les thoin city District Ritz-Calton center(representative) 黄浦区 和平饭店 *** *380 1044 100%Huangpu P ecaeHleto District 浦东区 金茂君悦 *** *555 2601 100%Pudgo nG dnarHy ttaDistrict 区域周边高档酒店 长宁区 喜来登豪达太*** *578 1466 100%High-end lse thonear Changni ng平洋 the considered area for District Sharaton the subjected project P cifica徐汇区 华亭宾馆 *** *770 1785 100%Xuhui Huating Hotel District 区域内酒店 长宁区 世博会议大酒**** 385 1728 - Hotels in the Changni ng店 considered area for the District Inte’l Expo subjected project Conference Hotel 万豪虹桥 **** 316 1909 100%Marriot Hongqiao 徐汇区 光大国际酒店 **** 790 580 - Xuhui Everbright It’nl District Hotel 华美达兴园宾**** 115 880 90 %馆 Ramada Xygniu naHleto永田大酒店 *** 95 318 - Yongtian Hleot 锦辉宾馆 *** 200 580 - Jinhui H otel田林宾馆 *** 288 440 - Tianlin Hotel 191
Chapter 9 Cpometition Analyiss 竞争分析 华夏宾馆 *** 390 660 70 %Huaxia Hotel The disadvantages of the subjected hotel 本案项目酒店部分的劣势 • Market segments: The subjected hotel can not attract such rkeatm sengtse mas high level business custoers mwho intend to choose the ous famfive star hotels in city center according to the consumer survey weconducted. • 细分市场：本案项目酒店部分对一部分细分市场不具有吸引力，如高级别商务客人倾向于选择市中心著名五星级高档酒店。 • Location: Te hsubjected land locates on the ge verof odwonw,nt nocommercial oatsphere,m no ics economof scale for business, commerce and restaurant. C,onsetqluyen the rkamet radius of he tsubjected hotel is confined to ithin wthe ocal area, esp. within Caohegj inIndustrial Prka. • 地理位置：本案项目处于市区中心的边缘地带，缺乏浓厚的商业氛围和办公楼商务、商业中心购物、餐饮娱乐等的规模效应，因此本案酒店的辐射范围仅限于区域内需求，尤其是漕河泾开发区的商务活动产生的需求。 Aagdevsa ntof the subjected hotel 本案项目酒店部分的优势 • Market capacity: T hesubjected hotel h sa yrev esicerpg teratramk,te . the business custoers mgenerated by eht ssenisub seitivitcalniaym ni ehtindustrial The precise get tarmarket helps ifiyd entrkaet mstructure dna etaitsem • 市场容量： 本案酒店的目标市场具有准确的定位（商务客人主要来自于开发区内企业商务活动），可以对目标市场容量及类型结构进行准确的把握和预测。 • Sy gynerfect: efAs one part of he toverall ent opmdevelproject, the subjected hotel can take advantage of e thnda demgenerated by r eothparts of the whole project like fice ofbuild ingand of the commercial biencea mcultivated by aggregated fect efbased on all parts of the overall project. The y gsynerfect efwill iinizmem uncertainty of the hotel project performance and reduce the risk. 192
Chapter 9 Cpometition Analyiss 竞争分析 • 协同效应：本项目可以通过整体设计定位各功能物业功能配比，发挥协同优势，例如办公楼部分可以为酒店提供大量潜在的商务客人，零售商业部分可以为酒店提供更加完善的商业娱乐休闲配套设施，增强商业氛围，提高酒店的吸引力。 • Industrial ente:n vironmThe subjected hotel project is located in well developed Caohejing high-tech industrial park, where enterprises in such -ih hcet seirtsudni sartcelei,sc ocelet mand puter comscience, etc cluster .together T shigenerates industrial regagtge fect efand attracts ore menterprises in these ries,indust esp. the R&D center and inistardamtive fice ofto be located in sthifavorable industrial More andorm ebusiness activities will bring customers to the subjected hotel. • 产业环境：本项目酒店部分位于发展成熟并且具有很好上升空间的漕河泾高科技产业园区内，聚集了电子、电信、计算机等产业高科技企业，这些企业存在着大量的商务往来活动。随着园区长期可持续发展，由园区企业产生的潜在商务客人将稳定上升。 • Price advantage: Due to the coparmative lower cost of land grade rent, the subjected hotel project has the price advantage over the hotels teda locin ous famCBDs which has umch ore mland cost. • 价格优势：由于土地级差成本较低，本项目酒店部分相比于市中心同档次酒店而言，具有显著的价格优势。 Opportunities of the subjected hotel 本案项目酒店部分的机会 • Aggregate demand: F romperspectives of aic croecmonomagents such as the internantailoization ofShanghai d anthe events such as inte’l Expo held inSghhaani, etc. theaggregate mand deof Snghai ha mouristmarket will keep growing as tourismwill bec oemthe supnpgo rtiydusntri in Shanghai. Tere his still a gap between the demand and he ty supplin he tcurrent raket,m pnrgo viida favorable acro menveinrto nmfor the subjected hotel. • 总体需求：上海经济发展的诸多宏观因素，如建设国际化一级城市的规划目标、世博会等将促使上海旅游市场的总体需求在未来持续增长，旅游业将成为上海市的支柱产业之一，而目前上海的酒店存量与结构同预期需求还存在一定差距，这将为本案酒店提供良好的宏观环境。 193
Chapter 9 Cpometition Analyiss 竞争分析 • Location: Te hsubjected lnda plot is adjacent to the ina mroad Heiongm Rd in this area, witch connects to the arteries such as Yn’aan Xi Rd, Zhongshan Xi Rd and Wihauan Rd ofShanghai .ycit This location assures fast and ceonnivent road anspotrtation fromthe subjected hotel to otherparts of the .city The subjected hotel also locates within the ficient efradius of Everbright Expo Center and Hongqiao nbeussi precinct. Above all, the ectseudb jhotel has the onopolistimc position o the tbusiness custoers mgenerated by Caohejing park due to the locational advantage. • 地理位置：本案地块毗邻区域主干道虹梅路，道路交通便利，可以很快接入延安西路、中山西路、外环等城市主干道。因此本案酒店在光大会展中心及虹桥商务圈的有效辐射距离内。此外，对于漕河泾开发区内企业相当数量的商务客人需求具有垄断性的市场优势地位。 The ats ethrof the subjected hotel 本案项目酒店部分的威胁 • Current competition: According o t theanalyiss of he tlocal hotel rkaet,m there are already considerable ber numof hotels ud iinncglfive ,star fourstar and e threstar hotels that will compete with thesubjected hotel for potential customers. • 现有竞争：从区域分布来看，地块周边现有酒店分布较为密集，五星级、四星级和三星级酒店都有布局。将对本案项目酒店部分产生显著的竞争分流作用。 • Future ysupp l:The -underconstruct ionproject of International business center in the industrial k parwill probably prisec omhotel .item This will be a significant peticomtor to the ubjected shotel and increase the uncertainty of the performance of the hotel due to the high ilaritys im ofthe both in caltoion and get tarmarket. • 未来供应：园区内自行开发建设的国际商务中心项目可能含有酒店功能，可能对本项目酒店部分产生分流顾客的竞争威胁，使酒店未来运营预期产生不确定性。 • Syatic stemrisk: The tiaonal operrevenue of the subjected hotel will be yh ighlcorrelated to the rformapnece of other parts ofthe overall ubjectesd project like fice ofbuilding, retail and srveice apartentsm. Therefore the subjected hotel is exposed to the ysstematic risk. M,oreover the future denvte lopmtrend of Caohej ingHi-tech In dustrialPark is he tdecisive 194
Chapter 9 Cpometition Analyiss 竞争分析 indep endentvariable to he tsustainable entd evelopm ofthe bjescuted hotel. • 系统性风险：本案酒店部分的未来收益与项目整体的其他各组成部分的成败与否有很高的相关度，受到项目整体系统性风险的影响。另外，漕河泾开发区的未来发展趋势将成为决定本案酒店项目可持续发展的决定性外部环境。 Suggestions to the subjected hotl e本案项目酒店部分的建议 • Positigonin: In order o tvoercoem the disadvantages fromlocation and eennvti,ronm the suebdj ecthotel issuggested to be ponseidt ias middle-high level (preferable four star) business hotel to attract business custoers mof the industrial park, based on the analyis sof customer features, copmetition situation and s developer’goal as local sybolic mproject. • 酒店定位：在竞争激烈的酒店物业市场上，本案酒店开发只有结合产业环境需求进行准确的市场定位才能克服地理位置偏僻、不具有成熟商务圈规模效应等劣势，赢得目标市场。如根据开发区商务客人种类及需求、根据目标市场的特性和竞争情况及项目整体需求（如地标型定位）定位为中高档四星级酒店。 • Developentm scale: The entdevelopm scale will be suggested to the subjected hotel, based on the rkaet mpositioning and quantitative analy isof nda The scale rtiao to other parts of the wholeproject such as fice ofbuilding, rvice seapartments and retailas well as the trend and future cale sof the industrial k parwill be considered as relative variables. • 开发规模：根据本案项目酒店定位和目标市场需求容量分析，制订酒店部分的开发规模，同时将其他物业（如办公楼、酒店式公寓、餐饮等）的规模配比和开发区的未来发展趋势和规模纳为影响变量因素。 • Developent mphasing: In light of the eaturefs of ferent difparts of the whole project and l financiademand, e thhotel jepcrto is suggested to be carried on in the first phase (at the s eamtime as the fice ofbuilding project). • 开发分期：鉴于本案项目各物业形态的特点和要求、各物业的功能配195
Chapter 9 Cpometition Analyiss 竞争分析 比以及项目开发的财务要求，建议本项目的酒店部分开发最先进行。 • Layut: oThe ,accessibility the layut oof real estates in the adjacent area, and funlc tionacooperation with other parts of the whole project are taken into nsicdoeration tok worno youtlaarrangement. As a lrte,su thesubjected hotel is suggested to be close to Tianlin, Hei ongmRoad so as to facilitate the tiotnr ansportaconvence nieof being adjacent to regional arteries and to be separated by the retail part fromthe strata-titled service apaerntt mare ato the south of the subjected land. • 空间布局：在对本案项目酒店部分进行空间布局决策时，应将地块各部位的地理便利度、周边物业分布情况、与项目内其他物业功能配比要求等纳入考虑。比如建议将酒店项目放在田林路靠近虹梅路位置，以便享有毗邻虹梅路干道的交通优势，最大限度靠近地块内的办公楼和各零售商业，通过商业带与地块南边的住宅区相分隔等。 • Hotel naagnte: memIn respect that the subjected hotel is positioned as four star and geted tarat the business customers in the precinct a sinam market, we suggest experienced international ohtel management gr oup tobe adopted toguarantee the service .quality • 酒店管理：鉴于酒店定位为中高档四星级酒店，并且酒店将以区域内企业商务客人为主要目标市场，建议酒店采用国际酒店管理集团进行管理，以确保服务水准与其定位相一致。 • Afixed ffacilities: The fixed affacilities of the hotel, as one copmonent of the whole ojectp,r sho uldcoordinate with funcntsi oof the her otparts of the project such as retail commerce in order to realize the holistic u optimmyg synerfect efand to reduce the waste by avoiding repeated functions. • 配套设施：本案酒店部分作为该地块综合商务开发项目的有机组成部分，在设计酒店本身的配套服务设施时，应考虑与酒店式服务公寓、餐饮等其他物业项目功能相协调，达到整体最优化协同，避免重复设置和浪费。 196
Chapter 9 Cpometition Analyiss 竞争分析 Retail Market商业市场 The commerial cprecinct sin the considered area that would be potential copetitors mto the subjected project 周边形成竞争的商圈 商圈名称 Name of the 主要分布业态 辐射范围 commercial Dominant retailing typesScope tcnicerp以徐家汇商圈为代表的市级购物休闲中心、大型百货、专业性满足上海市区及郊县居民商业中心 卖场、餐饮聚集区与沿街店铺相结的选择性消费需求 Co laicremm合，业态齐全 to satisfy selective centers in ocipsnehervm eyt sep hcus saicnogn sumneeds with h ighShanghai yc itshopgpin lla,m department store, nad demelasticity of such as specialized store, restaurant cluster, residents in Shanghai t(hboXujiahui roadside shop, etc. town center and suburb) Precinct 大卖场、餐饮休闲广场、便利店、满足区域居民日常生活需沿街店铺（以小型食品店、美容美求为主（大卖场吸引部分其发、保健、服饰店、社区服务等为他城区居民需求） 主） to satisfy he tlow demand 古北商圈 saurpkert,m restaurants & leisure elasticity daily needs of theGubei Precinct square, convenience store, roadside local residents in the area shop such as all smfood store, (the Carrefor esuaprekret mbarber’,s asmsage parlor, egnatr m stcarttaos em stnediser morfstore, y laundrservice, etc. other area) 满足古北居住区居民餐饮中式、西式餐饮，酒吧，美发健身、娱乐需求为主 虹梅休闲街 棋牌休闲 to satisfy high end catering Hei ongmChinese, western, Japanese, Korean and entertainment needs of L erusieSteert restaurants, bar, café, hair salon, gy,m the residents in Gubei chess& cards club District 满足区域需求为主，主要满大卖场、专业卖场、中型超市、便足桂林路及康健地区周边利店、中式餐饮、美发保健及其他住宅区居民日常生活需要，桂林康健商圈 社区配套服务商业 非选择性消费 Guilin Knaa ngjisuaprekret,m specialized store, to satisfy ow ldemand Precinct convenience store, Chinese restaurant, elasticity daily needs of barber’, ssaage mparlor, etc. local residents in Guilin Kangjian district 田林（东）路商专业卖场、中型超市、便利店、品满足区域消费为主，主要满197
Chapter 9 Cpometition Analyiss 竞争分析 圈 牌专卖店、中式餐饮、美发保健及足田林路周边及内环线以Tianlin (East) 其他休闲娱乐及社区配套商业 西更大范围内居民日常生Rd precinct specialized store, nccoen veniestore, 活消费需求及部分选择性brand store, Chinese restaurant, hair 需求 salon, entertainment & leisure club to satisfy ow ldemand elasticity daily needs and part of selective commodity of the local residents in the The disadvantages of the subjected tail erce commer本案项目商业部分的劣势 • Capacity of nda: demCpomared to the above competitive commercial precincts, there are no well developed, ge ralscale residential areas around the subjected land. Therefore, there is no enough capacity of mand defor g eral delacsr liateocremm ec • 需求容量：与上述竞争商圈相比，本案地块周边不具有成熟的、大容量的居民区。因此，由大量居民产生的日常生活消费需求和部分选择性需求容量非常有限，缺乏培育规模商业市场的消费需求容量。 • History ulaccumtiona: Cpomared to the mature commercil aprecincts like Xujiahui commercil a,center Gubei, Tianlin a ndGinukialngjian ecipnrcts, the subjected retail commerce t doesn’have the reputation and need some time to be recognized yb • 历史路径：与发展较早、影响力强的徐家汇市级商业中心和发展成熟、配套完善的古北、田林（东）路、桂林康健等区域性商圈相比，本案商业项目缺乏市场知名度，需要一定时间培育消费者认可度。 • Location: The subjected retail commerce has the accessibility disadvantage over the above petictoimve precincts to attract get tarconsumers within radius of these cpreincts, inaly mdue to thefurther distance and fewer facilities of • 地理位置：对于上述商圈所针对的目标市场而言，本案地块在地理位置上与上述商圈相比具有劣势，表现为空间距离更远和可选择的交通工具更少。 • Industrial entv:i ronmCparedo mwith the copetitimve precincts with erutamocicremm lataom,erehps ehts detcejbuiaterl occremm elo setacni 198
Chapter 9 Cpometition Analyiss 竞争分析 the hi-tech industrial zone where ge laruploaption fravbole tocommercial bience amlacks and R&D and industrial prodounc tiare inated dominstead of commercil aactivities. • 产业环境：与上述商圈相比，本案地块的产业环境相对而言不利于商业环境的培育。上述竞争性商圈均位于成熟的大规模的居住区内或位于交通要道汇集、商务居住密集的市级中心；本案地块位于高科技产业园区，以工业、研发等为主，区内居住人口密度低，不利于商业氛围的形成。 • Litatiion mof the retailing types choices: The needs for esomcertain types of commerce like supermarket and some specialized stores are already saturated in the considered area. Soe mretailing types are excluded fro mthe options • 选择局限：由于区域内某些商业业态（如大卖场，某些专业性卖场）的辐射范围已经存在饱和状态，本案项目在零售商业业态选择上，将具有一定局限性。 • Confine of he tretailing design: The detailed retailing design ncliud ingprice level, positioning, capacity and s emitmix, etc. is confined to be consistent with the e,them positioning and yg synerfect efof the whole project, which narrows down the available choices for the design. • 设计局限：本案零售商业项目作为整个地块商业综合开发的一个有机组成部分，在档次、定位、体量、业态选择上将必须与项目整体规划主题、定位及各物业协同效应相一致，这在一定程度上限制了本案零售商业的设计选择范围。 Advantages of the subjected teail rce commer本案项目商业部分的优势 • Later s croem’: advantageSystematic positioning and enodpemvetl phasing inrtaetged with understanding and applicatni oof enviernmotnal features and rkaet mtrend will assure the long termsustainable deveenlto pmof the tc projeby iinizminmg the ri skof spointtya neand reducing the repeated waste. • 后发优势：本案商业项目在现有环境基础上，通过对整个地块的系统科学的定位和开发，配合周边及区域的环境特点和需求，充分考虑未来环境及市场的发展趋势，可以通过准确的策划获得后发优势和可持199
Chapter 9 Cpometition Analyiss 竞争分析 续发展，减少自发积累的盲目性和浪费。 • Sy gynerntaaagdev: As one part ofe thoverall loepdmevnt jepcrto, the subjected retail commerce can take advantage ofthe nda edmgenerated yb other parts of the whole project like hotel, service apaerntts mand fice The yg synerfect efwill ize inimmunceyrtaint of theproject performance and reduce the risk. • 协同优势：本项目可以通过整体设计各物业功能配比，发挥协同优势，最大化项目效益预期的可控性，减少不确定性和风险。 • Industrial ent environmadvantage: The subjected project has a special industrial ente nvironmthat is ferent dif fromthe ones of the pcometitive commercial precincts. The subjected project is within the ous famhi-tech industrial park, which will poyssibl velop deinto orld wclass industrial park and attract first class copanmies, techenso logiand talents. This provides hhig level, ninatteironal and uniqueuindstrial platformfor the real estate • 环境优势：本案项目具有不同于上述竞争性商圈的产业环境。本案商圈存在于上海知名的电子类高科技开发区内，随着中国及上海经济的发展和招商引资的推进，该园区有可能发展成为世界知名的电子科技园区，具有世界一流的企业、技术和人才入驻。将为本案商业的发展提供独特的、高级别的、国际性的产业环境和平台。 Opportunities of the subjected etail rce commer本案项目商业的机会 • Exi stingrkaet mchance: There are ge larnda demfor estaurantrs, shgoppin and entertainment by the ployemees in the industrial park and residents in new developed residential area nearby. No retail commerce facilities exist to satisfy these nd ademyt ein the area. • 现有市场机会：本案项目所处的高科技园区内存在大量来自园区内员工及周边新开发住宅区居民的未得到满足的餐饮购物娱乐休闲等需求。 • Future rkaet mchance: The other parts of the whole project will ng brinew get tararkemt and demand for the subjected retail commerce part. Therefore, the nda demcapacity will be increasing, enhancing potential to sustainable development of the subjected retail commerce. 200
Chapter 9 Cpometition Analyiss 竞争分析 • 未来市场机会：本案其他物业规划项目将为本案商业带来新的目标市场和商业需求。因此，本案需求空间具有很大的潜力和可持续发展机会，需求容量处于上升趋势。 • Dferentiated ifpositioning: The subjected retila commerce can get copetitive madvantages over competitors through precise rkamet positnigo nind aferentiated • 差异化定位机会：本案有可能通过准确的市场定位获得相对于上述竞争性商圈的差异化竞争优势。 • Chance for a market of selective commodities with high demand elasticity: The copetitive mcommercial precincts in the area are ostlym eted gtarto satisfy daily needs of necessities for local residents with low ndadem .elasticity Market for selective commodities with high nda demelasticity t doesn’exist, which provides chance for the subjected retail commerce to develop some retailing types and mmocdoity ix mto get tarat this unsatisfied market. • 选择性需求机会：区域内竞争性商圈多为满足周边住宅区居民的日常生活必需品及休闲娱乐需求，选择性需求的商业提供量不多，为本案商业项目发展满足选择性消费需求的业态、商品等组合提供了发展空间。 • Monopolistic market position: The ectseudb jproject has the onopolistimc market position for ployemees and business guests in Caohejing industrial park. • 垄断性市场机会：对于高科技开发区内针对企业员工、商务客人等的特有消费需求具有独占性的市场地位。 • L ong termperspective of unicipalm an nipnlg:The ranspotrtat ionysste mconnecting o tthe subjected land will be very convenient in thefuture according to the unicipal mplanning, which will facilitate the accessibility to the subjected land and ng briore mpeople fic ftraresulting in he tent enhancemof market capacity of the subjected retail commerce. • 远景规划机会：按照上海市远景道路及轨道交通规划，本案项目地块未来将具有非常便利的交通条件，届时将在地理范围上大大扩大本案商业的辐射面积，为本案商业带来更大的市场容量。 The ats ethrof the subjected taiel rce commer201
Chapter 9 Cpometition Analyiss 竞争分析 本案项目商业的威胁 • Silriiamty of nda: demMany daily needs for necessities of residents in the area can be satisfied by the copetitive mcommercial precincts, especially the supermarkets and specialized stores that can reach ercosn sumin ger lararea. Therefore, the subjected retail commerce will be faced with the threats fro mthese copetmitive precincts when it develops retailing types that get tarat the isliar mdemand. • 相似需求：本案商业项目的现有市场容量和结构不具备支持大量居民日常生活消费的条件。区域内其他竞争性商圈已经具有发展得非常成熟完善的配套商业，其中现有大卖场、专业性卖场的辐射范围包括本地块所属区域，因此，本项目商业如要发展某些日常消费需求将受到来自上述商圈的威胁。 • Syatic stemrisk: The tional operarevenue of the subjected retail commerce will be highly correlated to the performance of other parts of the overall subjected project like hotel, fice ofbuilding and service Therefore the subject retail commerce i sexposed to the systemati crisk. M,oreover e thfuture ednetv elopmtrend of Cnago hejiHi-tech Indu strialPark is the ecisidve independent variable to the sustainable entdevelopm of the subjected retail commerce. • 系统风险：本案项目零售商业的未来收益与项目其他物业发展的成败与否具有很高的相关度，因此，零售商业未来发展的不确定性影响因素复杂而多样，受到整个项目系统性风险的影响。 • Eentaln vironmchanges: The subjected retail commerce is planned on the basis of current nd ademcapacity and structure of the get Any changes that may happen to these features will bring risk and possibly negative pimact on the subjected retail commerce project. • 环境变化：本案项目零售商业是在对选定目标市场的现有需求数量及结构基础上作出的规划，如果目标市场在未来需求结构偏好或需求数量有所变化，有可能给本项目零售商业带来不可控风险和负面影响。 Suggestions to the subjected teail rce commer对本案项目商业的建议 • Market positioning: The subjected retila commerce will be developed within the skeleton of the whole project, whose positioning strategy will 202
Chapter 9 Cpometition Analyiss 竞争分析 be correlated to the overall positioning, to some extent, even the dependent riable vato the .ttaerl If the whole project sipositioned as high level business & commercial precinct, positioning of the retail commerce part is supposed to be consistent with he toverall gh hilevel tpioosngiin. Therefore, middle-high vel leretailing ytpes and cooditymm mix are suggested. • 市场定位：本项目零售商业定位处在项目整体定位的框架内，直接受到项目地块整体定位的影响，在相当程度上是后者定位的因变量。如果项目整体定位为开发区内配合开发区产业需求的高档办公商务区，则本项目的零售商业部分定位必须与上述整体形象相一致，如中高档零售商业（业态及价位）。 • Clear inthemg: Dferent ifparts of the subjected retail commerce should be systematic and integrated into one clear thee mso as to highlight the ferentiation difstrategy of market For stiannce, the the emof “business leisure” could be an unique topicin the area to attract get tarcustoers mand enhance the radius of thesubject retail coerce mmprecinct. Likewise, there is no feasibility for arskuepte rmin the subjected project because s it’not yatisste cmwith the “business leisure” thee,m failing to avoid iinvtelnys ogehnoomus pcometition and overlapping of the precinct radius by quuen iopict. • 明确主题：本项目的零售商业部分必须具有相当的系统性，有明确的主题来突出自己的差异化竞争定位，在区域内众多商圈的同类竞争中找到生存空间。例如，可以通过该区域所缺乏的独特的“商务休闲”主题来获得目标顾客，扩大辐射范围。又如，由于本项目定位、过度的同类竞争及有效辐射范围限制等因素，大卖场在本案商业规划部分不具有可行性。 • Retailing etsy pand comymodit ix: mAs an integrated part of the function layut oof he twhole project, the subjected retail commerce should de velopthe retailing types and mmcoodity ix mthat are coordinated h witother parts of the project. For instance, the retailing ytpes and coodities mmshould be tablseu ito the get tarrkamet generated by four star hotel and middle-h ighend fice ofdb uiinlg inthe If theovaeb ixm contradicts with the iety varof hte market, the mix strategy for the main streampositnigo nihould sbe argaunteed. At the same time, the contradiction can be solved to esomextent by the ial spacearranntg:e mfor ple,exam when the needs of esomemyolp see rof wol levelstnaruatser 203
C hapter10 Delnotp meevSoaricen备选开发方案评估 mid to senior nagaementm as wll eas the wealthy residents in the nearby service apartents mor the guests in the nearby hotels. 娱乐，考虑建造主题餐厅，如宝莱纳等，KTV娱乐城， 6-7个酒吧，休闲吧等等。布置的位置考虑沿街分布，和餐饮交错分布。这部分商业以吸引漕河泾高科技开发园区中欧美、日韩、港台等外籍人士及中高层管理人员、附近高级酒店、公寓中住客工作之余的休闲娱乐生活为主。 Recommended Sports Cer ent运动休闲中心 One huge ures leisport ,center a otal tGFA of 8,000 square teers mto be developed in two development phases. The Sports ntre cis geted tarat themediu-mto-high rkaet mand will comprise of a specialized ”Racquet Club” indcliung doionrtennis, squash and diantbon mcourts. The gynasium mwill include a fitness ,center swimming pool, spa/sauna and an aroatheraphmy centre. There will be a Health bar and sports shop. T hesports center is projected to attract 1-2 nchor aclients, such as Megfit fitness group, Phyal icsfitness group, etc. which are already quite a ar populfitness center in Shanghai. The nad edmfor this recommended center is projected to anateem fromthe id mto senior f stafworking in he tCaohejing Hi-Tech park and weyalth nyearb 大规模的运动休闲中心：消费档次中高档，8000平方米，分2期推出。可容纳室外网球场，室内游泳池、篮球场、壁球馆、羽毛球场，健身中心，美容设施，配套餐饮等。布置的位置考虑放在虹梅路附近的地块。运动休闲中心以吸引1-2家关键住商为关键，例如Megfit, Phyicals 等已经在上海较有知名度的连锁健身中心，满足开发区内员工及周边高档住宅人群运动休闲健身的需求。 2. Service Apartment 服务式酒店公寓 The recommended Serviced Aentpsa rtmshould be w loto medium esri fo13 floors, with 12 standard floors and a dulex concept on the top T heaverage apartment size is about 60 s The Serviced Aenpartmts should be anagemd yb the same professional operator of the 4 star Hotel, ngp rovidioperational yg synerand .profitablity The Serviced Apaernttms sho uld ceaptur roomandde m omfrthe Caohejing ice ffooccupants, whoare visitning he tHi-Tech park for a dieummto longer term,stay such as a specific technical project or specific training programs. The Serviced Apaerntt mwill provide aflow-over or f the hotelto better match themediu mto ongerl term roomndadem emanating romfthe fice ofmarket 211
Chapter 9 Cpometition Analyiss 竞争分析 conflict with the iddle-mhigh level overall positioning, the yoriptri is suggested tobe gi ven toe thoverall opsitiognin ande,emth but idecro ns tosolve the conflict by technical arrangement of spacial layut oof the low end restaurants and high-iddle mend restaurants. • 业态组合：本项目零售商业是项目整体物业配比布局的一个有机组成部分，因此，必须在零售商业业态选择上与其他主体物业相协调，同时兼顾目标市场的消费需求：如与中高档办公楼和四星级酒店所产生的目标市场的消费需求相一致的零售业态。当业态选择与目标市场的多样化需求产生矛盾时，则以主流业态定位及类型的协调为首要原则，同时可考虑从空间布局的角度解决或弱化矛盾：如当开发区内部分员工存在的低档餐饮需求与项目可能的中高档整体定位相矛盾时，以满足整体定位为首要原则，同时考虑通过合理的空间布局缓和上述矛盾。 • Developent mscale: Devenlt opmscale of the ted csubjeretail commerce is suggested according to the generated nda demcapaitcy by other parts of the fice project(ofbuilding, hotel, service apartemnt, etc) and adjacent area(residential are).a The possible growth of the market capacity n i thefuture is also taken into consideration to decide the extendable scale of the subjected retail commerce. • 开发规模：本项目零售商业部分的开发规模由项目其他部分如办公楼、酒店、酒店式公寓、开发区其他部分、周边住宅等未来总体商业需求量（在本项目商业定位框架内的有效需求）所决定。同时，为未来消费需求可预计的增长幅度预留拓展空间。 • Developent mphasing: Te hphasing ntea rrangemof the subjected retail commerce will be nt dependeon he tedevlopment timing of other parts of eht tcejorp ecnis ehtliater oc ecremmrely on the get tarmarket generated yb other So we uggest s tostart the dpemveenlto of e htretail commerce prt aafter development of the hotel, service apartent mand fice ofbuilding is closing so as to assure eht tekramcyticapa rof ehtliater part when it starts operation. • 开发分期：鉴于本项目其他部分直接为商业部分提供市场容量，本项目零售商业部分的开发和运营直接受到其他物业（如写字楼、酒店或酒店式服务公寓等）开发状态的影响。因此，建议商业部分的规划部分与项目整体其他部分的规划分期进行，建设开发及招商部分确保在项目其他部分完工时完成，确保来自项目其他部分的目标市场存在204
Chapter 9 Cpometition Analyiss 竞争分析 时，商业部分已经开始运营。 • Spacial layout: W esuggest to locate the retail commerce part in the subjected land where the get tarcustomers fro mfice ofbuilding, hotel, residence and other parts of the l aindustripark will be within the precinct radius with eat grconvenience and .accessyibilit • 空间布局：在空间分布上，商业部分应与地块内将开发的办公楼、酒店、酒店式公寓、开发区其他部分及附近住宅区等各自的消费需求在辐射距离、可达性和便利性等原则上相一致。 • Marketing strategy: Aggressive marketing strategy and otiopnr omactivities are suggested to enhance the precinct radius and build rueptation of the subjected retail part for potential custoers,m especially focus on theselective ,cooditymm ithnegm commerce and entertainment. • 营销策略：建议本项目商业部分采取积极的营销和市场推广工作扩大其有效辐射范围和提高其对潜在消费者的影响力和知名度。尤其对于选择性消费部分、主题商业、特色餐饮和健身娱乐休闲中心等具有一定需求弹性的日常生活消费需求内容。 • Afixed ffacilities: Coprehensimve and extendable facilities in support of the retail commerce are suggested to construct for future market growth, like spacious parking ot,l transportation facilities within theindustrial park (to proviem accessibility to thesubjected t cprojeof ers customfrom other parts of the industrial park), etc. • 配套设施：如要实现既定的市场容量目标，拓展商业部分的辐射范围，必须建设或预留完善的配套设施，如满足区域商务发展所需的停车场；改善区域内交通设施以便提高开发区内其他部分员工到达本案地块的交通便利性等。 205
Chapter 9 Cpometition Analyiss 竞争分析 Samymru小结 • Copared mwith potentialpetitocom,sr eht detcejbus ecivresnetrapamt project has some disadvantages on ligv inenenvnimrot, precinct radius, etc. and s oemadvantages on price, potential market accessyibilit and ,capacity resources share, etc. Strong acro mecoic nomin Shanghai and iipnrsgo mfuture of Caohejing Park bring chances for the endtevelopm of the subjected service apartemnt project, which is also faced with the threats fromcopmetition of the xisting eilar simresidential projects and service Based on the SWOT analyiss, we give suggestions on ent developmscale, phasing, yutl,ao rent/sale ratio, etc. for the subjected service apartent mproject. • 通过与潜在竞争项目的比较，发现本案发展服务式公寓项目在居住环境和辐射范围方面存在劣势，在价格、潜在目标市场接近度、市场容量、资源共享等方面存在优势，此外，上海市的宏观经济环境和漕河泾工业园区的发展潜力等为本案发展服务式公寓带来机会，同时也面对一些类似竞争项目的威胁。根据以上SWOT分析对本案服务式公寓项目在开发规模、分期、布局、租售组合等方面提出建议。 • Copared mwith potential petitcoorms, the subjected fice ofbuilding project has s oemdisadvantages on location, reputation, etc. and some advantages on y gysnerfect,ef resources integration and indulas trienveinrto,nm etc. The isliaritmy of existing fice ofbuildgs niand ge larunsatisfied demand in local rkaetm provide ncesc hato develop the tecd subjefice ofbuilding project, which also has to face to the threats fromcurrent and future y suppl oflocal Based on the SWOT analyiss, we ve gisome suggestions on denvte lopmscale, phasing, positioning, yulta,o etc for the subjected fice ofbuilding ojecptr. • 通过与潜在竞争项目的比较，发现本案发展办公楼项目在知名度、地理位置等方面存在劣势，在资源整合、协同效应和产业环境等方面存在优势；此外，现有绝大多数办公楼的同质化和开发区内旺盛的需求为本案开发办公楼项目带来了机会，同时也面临着现有和未来办公楼市场供应增加的潜在威胁等。根据以上SWOT分析对本案办公楼项目在开发规模、分期、定位、布局等方面提出了建议。 • Copared mwith pote ntialcopetitomrs, the subjected hotel ecptr ojhas s oemdisdvantages on location and s oemsegmented rkaet,m etc. and so emadvantages on rnegioal market capacity andrice,p etc. The strong 206
Chapter 9 Cpometition Analyiss 竞争分析 macro economic of Shanghai and glare nad demin the indiuaslt rpark provide chances for the ent developmof the subjected hotel project, which also face up threats fro mcopetition mof some hotels that can reach the local market. Based on the SWOT naalyis,s we give suggestions on posnigt,ioni cale,s phasing, layut oand management, etc. for the subjected hotel project. • 通过与潜在竞争项目的比较，发现本案发展酒店项目在地理位置和高档商务客人细分市场上具有劣势，在区域内市场容量、价格等方面存在优势；此外，上海良好的宏观经济环境和开发区内旺盛的需求等为本案开发酒店项目带来了机会，同时也面临周边现有酒店激烈竞争的威胁。根据以上SWOT分析，对本案酒店市场项目开发在定位、规模、分期、布局、管理等方面提出建议。 • Copared mwith pot entialpcometitors, the subjected retail ectp rojhas s oemdisdvantages on potential rkamet ,capaitcy location, commercial oatsphere,m choices itli,m etc and some advantages on yg synerfect,ef market cultivation, ntegirated development, etc. The residential precincts and fice ofbuildings yn ewlor to be developed ardo unthe subjected site will expand potential market capacity for the subjected retail. F uturetransportation sy stemipmrovement and ferentiation difng opnoisitiwill also bring chances for the subjected retail, which at the esamtime has to face up the threats fro mseveral ture amretail precinct snear the site. Based on the SWOT yanaliss, we give suggestions on positinogn,i inhge,tm retail and commodity ixm, scale and phasing, etc for the subjected retail • 通过与潜在竞争项目的比较，发现本案发展零售商业项目在潜在市场容量、地理位置、商业氛围、设计局限等方面存在劣势，在整体开发、协同效应、市场培育等方面具有优势；此外，项目周边及项目本身新开发和将开发的住宅和办公楼等为本项目扩大潜在市场容量带来机会，差异化定位及未来地区交通规划等也为零售项目提供了良好的机遇，但同时项目受到周边若干成熟商圈的竞争威胁。根据上述SWOT分析，对本案项目发展零售商业在定位、树立主题、业态组合、开发规模、分期等方面提出建议。 207
C hapter10 Delnotp meevSoaricen备选开发方案评估 C hapter10 Development Scenario 第十部分 备选开发方案评估 In this ,chapter we will provide three feasible schemes. Option one is on the basis of to the rkeat macceptance degree of each pr ytrepo ni eht aera fo S echemTo wis base on utilizing all the land resource and phasiemzing on the fice ofbuildings in Caohejing Hi-Tech Park. Option T hreeis a revised schee mwith based on the esamproypert ix mwith option neo but of erenft difphasing in consideration fothe ficient insufinitial funds that the developer has. 在本章节，我们将给出三个可行性方案。方案一是基于对各个产品在项目整体区域市场可接受度的考虑。方案二主要考虑充分利用所有的土地资源，并且充分利用漕河泾高科技园区的写字楼群落需求旺盛的特色。方案三是充分考虑开发商初期资金支持不足，而在方案一的物业组合基础上，进行开发顺序的调整，而得出的改进方案。 In Option one, the size of each kind of products is the acceptable in view of the market digestion ,yabilit ifthe suggested size is too big, it ya mcause the rkaet min which the supply succeed the nd adema lot in later period of sale or lease, hence influence the operation ofthe whole rojepct. At ise premof close total eprrtoipes sizes, we ake m corresponding ments adjustof each sypro’pertsize, so as to make the products can support each other .在方案一中，每种产品的体量都是目前市场上可以承受的消化量，如果体量过大，在后期的销售租赁中，可能出现供远大于求的现象，而导致整体项目的操作受到影响。在总量相接近的情况下，我们在根据各产品进行相当的调配，以使得产品间可以互相产生最大的支撑作用。 In Option To,w apart from the proper GFA of retail and residential, we mainly addthe GFA of fice ofbuildings , as wlle as discussing the two ferent diftime she cdulesof putting outthe added ice fofbuildings, in s termof built up nwithithe year of2010 and built up after 2010 step by step. Then by Financial Analysis, we come out a better way of putting out dded aoffice building areas of e schemtwo. 在方案二中，除了方案一建议的各种市场可接受的商业、住宅体量之外，主要增大写字楼的建筑体量，并分别讨论增加部分写字楼体量在2010年前建造完成及2010年后分期完成两种不同情况。最后通过财务分析得出这两种不同情况的优劣评选。 Then we will make ents assessmbetween option one and two and give outthe izaotpitoinm scheme of this project, . option one.接着将方案一和方案二中的财务更优方式进行对比分析与评估，从而给出本项目的推荐方案，即方案一。 Considering he tficient insufinitial fundsof the ,developer we have a option 3, . ferent difing phas fromon optinoe ubt ofthe same property Te hmain ference difof phasing tween beoption one and n ooptithree lies hat tthe strata-titled apartments 208
C hapter10 Delnotp meevSoaricen备选开发方案评估 are developed during se phaone and phase two, while the hotel is developed during phase n fourthewe ke amassessments beteen woption one and option three.考虑到开发商初期资金可能不足的情况下，在与方案一物业组合建议相同的基础上，设置不同的开发顺序，得出方案三。与方案一主要的不同之处在于开发顺序的不同，出售型的产权式酒店公寓在第一，第二期中开发完成，酒店在第四期中开发完成。从财务角度和地块定位角度两方面做出方案一和方案三的比较分析，留待开发商自行选择。 Base on market research and analyis,s CBRE fer ofthree options as follows.基于市场研究分析的结果，世邦魏理仕为本案项目提供三个可选方案具体内容如下： Option one方案一 Serviced ApartmentI服务式酒店公寓IIIFour-star Hotel四星级酒店I+IIISports Center运动休闲中心IFood City 美食城Food and Beverage Streetscape green space休闲街（包括餐饮、娱乐、绿化）Twin Office TowersIIII+III标志型写字楼IIIThree storey Shopping plazaIII+IV休闲购物中心III+IVStrata-titled Serviced Apartment产权式酒店公寓 Distribution of areas功能面积配比 Above the floorunderground 地上(建筑面积)地下(建筑面开发时间 pryopert物业 2（M2） 积) （m） 2006-2007 Hotel酒店 41,6002,400502%007-2008 office写字楼 110,000 10,000 502%008-2009 2008-2009 SA rof()esael服务式40,000 3,000 酒店公寓（出租） Strata-tilted SA(for 502%008-2009 502%009-2010 )elas产权式酒店公寓96,000 7,000 （出售） Retail/retail services502%008-2009 9,000 休闲购物广场502%009-2010 22800 m 2006-2007 Retail/entertainment5,600 22800 m 2007-2008 209
C hapter10 Delnotp meevSoaricen备选开发方案评估 娱乐 2 4000 m 2006-2007 RF/liateB&餐饮（包7,000 2 3000 m 2007-2008 括个中型超市） 502%006-2007 Sports center运动休8,000 502%008-2009 闲 Car parking停车场 Sum总计 1．Retail nclude( iRetail Sghop pinPa laz, F&B , Entertainment and Sport C) eentr 商业（包括休闲购物广场、餐饮、娱乐和运动休闲） W erecommend a Retail Snhgo ppia plazconcept pricsoimng of 2 shoppgin centers of 3 storeys each, with a total GFA of 9,000 square meters in which there is a high-end supermarket like Ws,tsona’ several specialised shops, and other general merchandise like hairdressing, bookstores, and service oriented facilities such as banks, post fice,of dental and medical clinics and a .acinem 休闲购物广场，建造环绕式的2幢3层楼购物广场，其中包括特色超市，如Wtaosn等，专卖店、零售、美容美发、电影院等。在环绕的中心，建造休闲市民广场。总建筑面积为9000平方米，单层面积为1500平方米。 Three F&B Dveleopment Concepts 餐饮共分3种形式： a. Food Cyit (food court): mid level get tarmarket, 2 storey ungbi ldiw ith2,000 square meters each, there is a mid size supermarket, . There are various countries and regional flavor foods, as well as several featured restaurants in the ft elareas. The food urcto is de aimto satisfied the persons working .a中档美食城，2层特色建筑，单层面积2000平方米，建议底层拥有1个中型超市，如雅客多超市等，其余面积汇集各国各地风味，以快餐为主，辅以若干特色餐厅。以满足周边厂房办公楼职工就餐需求为主。 b. Food and Streetscape: in which people can eynjo cafes, bistros andother fashion snacks as well for business or friend get-together purpose, 2,500 GFA. The Caohejing leisure street is ferent dif fromthe general F&B streetscape by the excellent gsunrroundi green view as well as the garden ent environmwith ge laropen space. b.漕河泾休闲街，以休闲茶吧、咖啡吧、时尚小吃为主，档次中高档，以满足商务、朋友聚会需求为主。 面积共计2,500平方米，餐饮错落210
C hapter10 Delnotp meevSoaricen备选开发方案评估 有致的分布在有绿地景观的街边，利用开放式花园的用餐环境来区别于一般的餐饮街。 c. Food Streetscape includ ing Entertainment 娱乐 The projected Entertainment outlets should indclue e themrestaurants, . P,aulauner etc. KTV, 6-7 bars etc. These entertainent mfacilities should be dispersed within the F&B streetscape precinct. The get tarclients of thisentertainentm specialty would be foreigners working in the Caohejing Hi Tech Park fromall parts of the world, such as Aericma and Europe, Japan and Korea, Hong Kgon and Tiwaan. This get tarmarket is inanptrleydom mid to senior nagaementm as wll eas the wealthy residents in the nearby service apartents mor the guests in the nearby hotels. 娱乐，考虑建造主题餐厅，如宝莱纳等，KTV娱乐城， 6-7个酒吧，休闲吧等等。布置的位置考虑沿街分布，和餐饮交错分布。这部分商业以吸引漕河泾高科技开发园区中欧美、日韩、港台等外籍人士及中高层管理人员、附近高级酒店、公寓中住客工作之余的休闲娱乐生活为主。 Recommended Sports Cer ent运动休闲中心 One huge ures leisport ,center a otal tGFA of 8,000 square teers mto be developed in two development phases. The Sports ntre cis geted tarat themediu-mto-high rkaet mand will comprise of a specialized ”Racquet Club” indcliung doionrtennis, squash and diantbon mcourts. The gynasium mwill include a fitness ,center swimming pool, spa/sauna and an aroatheraphmy centre. There will be a Health bar and sports shop. T hesports center is projected to attract 1-2 nchor aclients, such as Megfit fitness group, Phyal icsfitness group, etc. which are already quite a ar populfitness center in Shanghai. The nad edmfor this recommended center is projected to anateem fromthe id mto senior f stafworking in he tCaohejing Hi-Tech park and weyalth nyearb 大规模的运动休闲中心：消费档次中高档，8000平方米，分2期推出。可容纳室外网球场，室内游泳池、篮球场、壁球馆、羽毛球场，健身中心，美容设施，配套餐饮等。布置的位置考虑放在虹梅路附近的地块。运动休闲中心以吸引1-2家关键住商为关键，例如Megfit, Phyicals 等已经在上海较有知名度的连锁健身中心，满足开发区内员工及周边高档住宅人群运动休闲健身的需求。 211
C hapter10 Delnotp meevSoaricen备选开发方案评估 2. Service Apartment 服务式酒店公寓 The recommended Serviced Aentpsa rtmshould be w loto medium esri fo13 floors, with 12 standard floors and a dulex concept on the top T heaverage apartment size is about 60 s The Serviced Aenpartmts should be anagemd yb the same professional operator of the 4 star Hotel, ngp rovidioperational yg synerand .profitablity The Serviced Apaernttms sho uld ceaptur roomandde m omfrthe Caohejing ice ffooccupants, whoare visitning he tHi-Tech park for a dieummto longer term,stay such as a specific technical project or specific training programs. The Serviced Apaerntt mwill provide aflow-over or f the hotelto better match themediu mto ongerl term roomndadem emanating romfthe fice ofmarket occupants of Caohejing Hi-Tech park. 13层小高层，12层标准层，顶层复式，地下一层车库。建筑物沿着田林路附近地块分布。这样的产品以出租为主，能给本案带来人气，形成部分的消费客源，并弥补四星级酒店房源紧张，长租客源流失的不足。建议酒店式公寓与四星级酒店由同一家国际酒店管理集团管理。 3． Office Buildings 办公 Tinw yth irtoor flfice ofildbiungs are coremmended o t ebecomthe Iconic Symbol of the Caohejing, the South-West region of Shanghai. Tse heTiwn fice ofBuildings are tedc projeto be for lease. The footprint of the fice oftowers is recommended to be 2,000 square The Tin wTowers will share a coon mmarea for the fice ofcarparking area. There is projected to be 10,000 sq..m of grnodu 2幢30层标志型纯办公楼，单层面积在2000平方米，可自由分割，全部租赁。办公区和旁边的住宅区、商业区独立区隔，以保证办公环境。底层为10,000平米车库。 4. Strata-Titled Service Apartment 产权式酒店公寓 CBRE recommends 3 strata-titled Service Apartents mof 12 floors low and mediu mrise for sale. This product achves ihigh nte veisntmreturns. The recommended apartments’occupiers d shoulalso generate consumer nda demfor the subject ent’velopmderetail. The subject land is ssified claas commercial lnd awith a50 year lease .term W erecommend, that the strata titled serviced apartments be developed in phases three and four to ismea ximthe land value. 3幢可出售类酒店公寓，12层左右的小高层。这样的产品具有较高的投212
C hapter10 Delnotp meevSoaricen备选开发方案评估 资价值，公寓类产品还能给本案带来人气，形成部分的消费客源。同时由于本地块是50年的商业用地，因此不作纯住宅产品的考虑。由于对地块预期较好，该方案建议产权式酒店公寓等到其他物业推出后的第三、四期推出，这样可以最大程度的利用地价升值空间。 5． H sleto 酒店 The recommended F-ourtasr yluxur hotel, ds houlbe managed yb a professional international hotel nte managemgroup. T hehotel isrecommended tobe 25 oors flwith a 1,700 square meters foot print. T he s’hotelfacilities should include conference facilities with break-out s,room a yluxur ess nfitcentre equipped o tattract senior nte managemand wealth esticdso mincluding a gynasiu,mm indoor swimming pool. Other facilities should ncluide high quality F&B, in hich wsuggested to be one Chinese Restaurant and otahner Western food restaurant and 2 bars. U dgunrondercarparking of2,400 square meters i srecommended. 四星级豪华酒店，聘请国际专业酒店管理公司进行管理，25层，每层约1700平方米。配套设施包括高档健身，设置顶级会员制健身房、游泳池等设施；辅以高档餐饮，设置一个中餐厅、一个西餐厅及1-2个酒吧。地下为2400平米车库。 Oreht其他： There are the reserve lnda of 30,166 square meters in this schee mand to bedienteedr mthe use and developing direction after the lifted value of 在该方案中预留了30,166平方米的土地面积，作为整个地块提升价值后再决定用途和开发方向。 Poject randtvage 项目优势 • Sybol mfice fonbgusi ldie arytotall rent fedif fromthe open R&D fice ofbuilding likeShanghai Business Park. The site where it located can help to be close to the ianm arterial highway of Hgnmei oroad and the future 9th etro mline in the future at most which in addition iftaactiel the accessibility of it. I st’located near the -fourstar hotel and sit’helpful to ake ma whole high-end business iage mof the W19 site as well as forming a step by step visual fect efof dibnugisl fromGumei road to Hgonmei road. The fice ofbuilgd incan bring pleeo pand ptcioonns umgr oup for theretail part ofthe project. The sdbguiinlfor lease only kea mthe rty properight of the whole buildings unified and easy to be nagaed,m and also kea mhigher quality and good agime 213
C hapter10 Delnotp meevSoaricen备选开发方案评估 formation. The suggested location can be close to标志型的办公楼产品区别于科技绿洲这样开放式研发类厂房写字楼，因此将办公楼设置在此处可以最大限度的接近未来轨道交通9号线的出入口和虹梅路主干道，便于办公人群的进出。标志型办公楼设置在四星级酒店边上，为整个商务地块打造了一个完整的高端商务形象，并成功构造整个地块由古美路到虹梅路建筑高度逐渐递增的视觉感受，形成层次感和建筑美感。办公楼为周围商业项目带来一定的人流和消费群。考虑整体租赁可以为使大楼产权统一，便于管理，提升品质和形成良好的对外形象。 • The strata-titled service ent apartmcan gather big poyp ularit for thiscase , attracting the consuming groups and take k bacthe oney mfast, so as to realize the development of other parts. T hecurrent location can fully zuet iliview so as to ote promthe entvailr onmqyualit of the enta partmand be ferent diffro mexisting products n othe 产权式酒店公寓可以为本案聚集大量的人气，带来消费群体。另外还可以提供大量的回笼资金，实现项目其他部分的开发。设置在此位置，也可以充分利用景观，提升了公寓的环境品质，区别于市场现有的产品，实现快速的销售。 • Service apartents mlocated in this zone lie with the-fourstar el hotto the east and the phase two low density R&D fice ofbuildings of west part of Caohejing Hi-Tech Park. Ty heget close at omst not only thehotel so that they can ehavthe esamhotel nagementm gr oupand butalso R&D fice of buildingsso that ythe will better satisfy he tmediu mand long- mterdemand for hotels of the key erciaclo mmclients. A boveall, the properties will bring ers consumgroup orfthe surrounding mediu-mto-high grade F&B too.服务式酒店公寓设置在此处，东面靠近四星级酒店，便于与四星级酒店由同一家酒店管理集团共同管理。西临西区规划的二期低密度厂房办公楼，一方面最大限度的接近和满足了有中长期酒店使用需求的关键商务客源的，另一方面，也为周围中高档餐饮带来了消费群。 • Lge arvarsi oukinds of ption scuomgrade and rent fedifretail forms lifted the whole value of the sites aro undof this area, including he t hadrelated retail of nearby p-tograde hotel and fice ofbuilgdsi nafter theentipnlige mmof the scheme, also a sport leisure center that serves all white collars of the whole western part of Shanghai as well as middle-grade F&B and retailing segrvin the dinsugun rrofs staf nithe 214
C hapter10 Delnotp meevSoaricen备选开发方案评估 caohejing denvte lopmzone. Therefore the retil apart has made the utual msupport funct ionand be of the great balance for ethocpisnehervm e eulav fo eht 设置大面积的各种消费档次和各种业态的商业提升周围办公地块的整体价值，地块在实施方案以后，既有高档的酒店和写字楼配套商业，也有服务于整个上海西部白领的运动休闲中心，还有服务于最近的科技园区内员工的中档餐饮和零售，可以说为整个地块的综合价值作出了极大的平衡的相互支撑作用。 • The location of hotel is close the relatively quiet street of Tianlin, as well as to the north-east corner of the whole W19 ,site which is helpful of making e thfirst-sight pimact of high-end bsu Hotel has yfull utilized the advantages of view and geographical position, it is high-stand ardand the omst yluxur -urfostars hotel of the western region of Sanghhai. At e thsame e timit is also a rising point ofthe long termgaining n i eufrutof the 酒店位置北面靠近了相对幽静的田林路，同时处于整个地块的东北角，便于整体地块高端商务形象的打造，同时充分利用了景观和地理位置的优势，做到高标准，可成为上海西部地区最为豪华的四星级酒店，同时也是本项目未来长期盈利的增长点。 Option otw方案二 215
C hapter10 Delnotp meevSoaricen备选开发方案评估 Serviced ApartmentIV+III服务式酒店公寓Office Buildings写字楼组团later phasesFood City 美食城ISports Center运动休闲中心I+IIIIV+…Food and Beverage Streetscape green spaceII+III休闲街（包括餐饮、娱乐、绿化）Twin Office TowersII标志型写字楼III+IVIIIThree storey Shopping plazaStrata-titled Serviced Apartment休闲购物中心产权式酒店公寓III+IV Distribution of easar功能面积配比 Above Floor地上Underground地下(建筑pryopert物业 2(建筑面积)（M2）面积) （m） Oeciff写字楼 272,264 27,000Serviced Apaerntt m(for )esael服务式酒店公寓40,0003,000 （出租） Strata-titled Aent(fopartmr sale)产权96,000 7,000 式酒店公寓（出售） Retail/retail services休闲9,000 购物广场 Retail/entertainment娱乐5,600Retail/Food and Bev.,餐7,000 饮（包括个中型超市） Sports Center运动休闲 8,000Car Parking停车场 Total总计 437,864 37,000 Retail 商业 No change to opt ionone. 基本同方案一 216
C hapter10 Delnotp meevSoaricen备选开发方案评估 Service Apartment 服务式酒店公寓 No change to opt ionone. 基本同方案一 Office Buildings 办公 The total GFA has increased to 272,264 square meters, which includes opt ion s’oneecormmendation of 110,0002m of twin fice ofbui ldingsas well as another 5 fice ofgs nbuildieach of 20 storeys, 162,264 square metres. We have assessed two options for plecomting the additional GFA for the fice ofgs,nbuildi . beforethe year of 2010 d anafter the year of 2010.增加体量到272,264平方米，除了同方案一中一样的2幢标志型写字楼外，其余162,264平方米分别打造成5幢20层左右的纯写字楼群落，分别考虑在2010年前和在2010年后分阶段完成这162,264平方米纯写字楼。 Strata-titled Service Apartment 产权式酒店公寓 No change to opt ionone. 基本同方案一 H sleto酒店 In Scheme Tow the hotel endte velopmis taken out n iconsideration of hets developer’lack of hotel management experience.在此方案中，取消了酒店物业，主要是考虑开发商没有酒店操作的实践经验。 Geen rea/landscapingar绿化 No change to opt ionone.与方案一基本相似 217
C hapter10 Delnotp meevSoaricen备选开发方案评估 Cpoamrison oanmg iono ptone and option two 方案一、方案二的优劣比较 Notes: the following afnicnial ysiasn alis based on earning ebefortax, the equity/debit ratio of n opti1,opt ion2 si75%. （注：以下比较基于税前比较，假设方案一、方案二、方案三开发商融资比例75%） Cpaormison of Option 2 awith Option 2b:方案2a和2b的比较 Financial Comparison财务角度 F romthe financial point of,view we have two scenarios in Option Option 2a is the copletimon of the 110,000 by 2010 and the inader remof the fice ofspace, 162,264 uasrqe trees mafter 2010. Oion pt2b is the copletiomn of the total ficefospace, 272,264 square metres by 2010. 从财务的角度评估方案二中两种写字楼推出方式，这里称为方案2a和方案2b，其中方案2a指在2010年后分阶段推出万平方米写字楼，方案2b指在2010年前完成推出万平方米写字楼。（注：以下比较基于税前比较，假设方案融资比例为75%） • The IRR of option 2a is ,% which is higher than that of the option 2b at .%方案2a的内部回报率为%，高于方案2b的%。 • The NPV of option 2a is 469,656,800 RMB while that of option 2b is 116,424,450 RMB. 方案2a的净现金流量为469,656,800元，比方案2b的净现金流量116,424,450元多了353,元。 • W econclude, that option 2b has significant fice ofspace, which themarket will have yfi cultdifin absobingr. This d woulthen generate a significant vacancy rate. This dyic namof unrented fice ofspace would also have a negative pact imon the surrounding re tailand entertainentm 原因是方案2b中在2010年前推出了161,262平方米写字楼，这样引致了市场上的过度竞争，同时也给周边商业和娱乐消费带来了一定的负面影响。 218
C hapter10 Delnotp meevSoaricen备选开发方案评估 Auluacdct emCh asFlo wof Oip otn2 anda Otnip o2b 累计项目现金净流量 Unit: 100 million Yuan 单位：亿元 年2006年2007年2008年2009年2010年2011年2012年2013年2014年2015年2016年2017年Option 2a方案2a（第四期及以后推出）Option 2b方案2b（四期内全部推出）Resource: CBRE 资料来源：世邦魏理仕 F romthe chart above, ono pti2b ureqires a higher eisntvment, ore mthan RMB billion, hant option 2a. Option 2a achieved a positive cash flow two year in advance of Option 2b.从上面的图中可以看出，在方案2a和方案2b的累计项目现金净流量的比较中，方案2b最大需要投入的资金额大于方案2a约亿人民币，对于发展商的资金要求较高；从回报的角度看，方案2a的静态投资回收期是10年，比方案2b早两年就可以实现正的现金流。随着年份的增长，差距逐渐拉大； • Based on our financial analyis sof Option 2a and 2b, the preferred Option wdo ulbe Option 2a.由此，从现金流量的比较中，我们也可以明显看出，方案2a要明显优于方案2b。 219
C hapter10 Delnotp meevSoaricen备选开发方案评估 Cpaormison of Option e onwith Option 2a:方案一与方案2a相比较： Financial Comparison财务角度 由于方案一和方案2a所推荐建造的总建筑面积不同，因而不能做累计净现金流量的对比。以下只从内部收益率和净现金流量的角度作比较分析。 • The IRR of option one is %, which is a little lower than that of opti on2a at ; % • NPV of option one is RMB boinl,li which is higher than hatt of opt ion2a at RMB e venutghho oonp tineo t do’esnkea muse of all the available subject site. • The main reaon sthat option one achieves the best financial results as outlined above, is that in Option One he ttype and quantumof project ednetv elopmponentcso mfor the bjseuct devpemleont and their recommended phasing is market srutppoable. This sireflected in the incorporat ion ofa tehlo ponentc om inOpt ionOne, which isarketm supportable versus the e glar quantumof fice ofspace incorporated into Option 2a and 2b, which is not stroyn glraket msupported.资金回报较差：在用地面积没有用足的情况下，方案一的内部收益率为%，比方案2a的内部收益率%只略低%，方案一的净现值为亿元，比方案2a的净现值亿元高出约亿元，原因是方案一最合理的利用了市场适合的物写字楼推出量与速度，同时拥有长期收益较高的酒店物业。 • Option One queires rinvestment of RMB llionb,i while Oon pti2 arequires nietn vestmfunds of RMB billion. Option 2a has a ginallymar lower funding requirement than option noe, oftealapproxiym RMB billion. 方案2a拥有较小的最大需要投入的资金量，即亿元，比方案一需要投入的最大资金量亿元少投入亿元左右，对开发商的资金要求较低。 Cpaormative Market Positioning of Option One and Option Tow 整体项目定位角度的比较 • The overall pos itnigoniof Opt ion2a and 2 bcreate an fice “ofprecinecntt/”d evelopmwith ore mthan 60% of thetotal GFA being fice ofspace. This development positioning for the subject site creteas little if any ferentiation fdifor P lotW19 romfother sites surrounding in 220
C hapter10 Delnotp meevSoaricen备选开发方案评估 the Caohejing Hi-Tech Park. In Oon pti2 aand 2b the Retail and Service Aent partmcomponents would ply simbec oemayuxil iarextensions to the eficofbuildin,sg rehtar naht alaicremmoc fogcnuaest/ mfor the greater are aof Caohejing Hi-Tech Park. W econclude, at hOption 2 aand 2b would ont ote moprthe desired oc“icremmla ” egami gnitareneg a lacof tniop rof ehtC gnijehoaHi-Tech Park and therefore would not enhance the surronugn dinad lvalue. 按照方案2a，写字楼的建筑体量超过总量的60%，整个商务地块是一个纯写字楼集中区域，与周边现有的高科技办公楼群以及研发类厂房办公楼的差异性不大，地块内的商业和服务式公寓成为辅助写字楼群的物业，建成后漕河泾将增加一个写字楼聚集群，但不会大幅度提高周围办公区域的土地价值，也不会形成漕河泾的商贸中心腹地。另外方案2a由于物业较单一，各物业协同性较差。 • Option One has four development phases. Aftr ethese four phases, there is a residual of 30,166 square meters of land, which is still available for This r esidualland oulsdhyenjo a premium due to the provedm ivalue of the surrounngd ildeoepved land on thesubject site. Option One also allows the greatest development fleyxibilit th withis residual land. T heendevelopmt of his tr esidualland can be adjusted to be incorporated earlier or later according to the market demand at that Option 2a and 2b od notfer ofsuch .flexiybilit在方案一中尚留有30,166平方米的土地面积有待后期灵活运用，一方面按照方案一的四期土地开发计划推出后，整个地块的形象和价值都得到较好的认可，这样剩余的土地价值可以得到最大化的体现；同时由于一开始土地就留有余地，开发进程中可以根据各物业市场的具体发展状况进行开发量的增减调整。对比之下，方案2a将土地的用途确定下来，并完全用完，不利于整个计划的弹性调整。 221
C hapter10 Delnotp meevSoaricen备选开发方案评估 O ptionTee hr方案三 The ina mference difof phasing between ono ptione and on optithree lies that the strata-titled eanptasr tmare developed during ephasone and phase two, while the l hoteis developed during phase .four与方案一主要的不同之处在于开发顺序的不同，出售型的产权式酒店公寓在第一，第二期中开发完成，酒店在第四期中开发完成。 Recommendd eDevelopment Components 物业 2004200520062007 2008 20092010Hotel 酒店 Twin Office Towers写字楼 Serviced Apaenrtt m服务式酒店公寓（出租） Strata-tilted Apaerntt m产权式酒店公寓（出售） RR/liatete liaS secivre休闲购物广场 Retail/Entertainment 娱乐 Retail/F&B/Supermarket餐饮（包括1个中型超市） Sports Center 运动休闲 Car Parking 停车场 222
C hapter10 Delnotp meevSoaricen备选开发方案评估 Cison paormwith Option one and Option eethr比较方案一和方案三 Financial Comparison财务角度 Chart Cash Flow of Option 1 and Option 3 累计项目现金净流量 Unit: 100 illiomn Yuan 单位：亿元 年2006年2007年2008年2009年2010年2011年2012年2013年2014年2015年2016年2017年Option 1方案一（推荐方案）Option 3方案三 Resource: CBRE 资料来源：世邦魏理仕 • The IRR of option three is ,% which is higher than that of opt ionone at ;%方案三的内部收益率为%，比方案一的内部收益率%高出约 %• NPV of option three is RMB billion, which is gher hithan that ofoption one atRMB billion. 方案三的净现值亿元，比方案一的净现值为亿元高出约亿元。 • The reason is that in Option Three, theaepnatr tmfor sale is released first so that the developer can take back the investment in very early stage. Also in Option Three the Hotel is proposed to be released in 223
C hapter10 Delnotp meevSoaricen备选开发方案评估 phase four so that the fund nt erequiremin early stageis not so short of hand. 原因是方案三首先推出了能迅速回笼资金的产权式酒店公寓，最后推出了对资金要求较高的酒店物业。 Option One requires ntei nvestmof RMB ,l while Option 3 re quiresnietn vestmfunds of RMB Opnt io3 has a eh uglower fund ingnter equiremthan ono ptione, of apprtoexaliym RMB 方案三拥有较小的最大需要投入的资金量，即亿元，比方案一需要投入的最大资金量亿元少投入亿元左右，对开发商的资金要求较低。 F romthe point of Pioonsngiti：in Oon ptiThree, the irst fsite agime will be fected afto a certain extnt ebecause the residential is supposed to be release in the first and second phases and the hotel is postponed to the fourth phase. It would not easy otgain the good age imof commercial gateway as phasing schedule in option one. At the same time, the fected afcommerialc age imwould fect afthe leaing sand planned price stratgies of the proposed fices ofand retail in and around W19 site to some extent. Cdoenrsing the earnby paoltenti commercil azone in Guiping Road, we conclude that s it’possible of the focus of commerialc development be distracted fromthe W19 site and not easy to attract back again. 地块定位角度：方案三由于考虑到资金的可操作性，将可售型的物业最先推出，将酒店最后推出，对地块的前期商务形象的打造和周边及地块上写字楼、商业的招商带来一定程度的影响，也为使这些写字楼和商业未来可能达到的档次收到一定限制，同时考虑到桂平路未来商务组团的推出因素，很可能将2007年以前的商务发展重心转移出W19地块。 The dilemma between good financing esult rand good positioning is of .objetcytivi It should be selected by the developer mselhif according to his n owprofit This report here just fer ofthe two choices-option one t besin positioning and option three best fromfinancing angleand ore meroaptional for the d eveloperto select a better one for 以上定位和资金实际操作的矛盾是客观存在的，要由开发商在实际操作过程中根据自身的利益最大化的目标自行取舍，本报告仅将方案一和方案三的利弊均可观的陈述出来。 224
C hapter10 Delnotp meevSoaricen备选开发方案评估 Cash Fow lB eeforTax of Op tionone, Tow d anTeehr各方案税前净现金流量表 Total Cash Flow (in 100,00 RMB) 总体方案（单位：万元） Yae rOption 1 Option 2a Option 3 年份 方案一 方案二A 方案三 2004 2005 2006 2007 2008 2009 2010 60872 2011 2012 2013 2014 2015 2016 2017 PS: The Cash Flows in the year 2004 d an2005 are land cost, From the year of 2006, he tFirst unit oypeprrt is developed. 注：其中2004，2005年发生的是土地成本，2006年开始发生的是第一个单体项目的开发动工。 225
C hapter10 Delnotp meevSoaricen备选开发方案评估 Cash Flow ebefortax of Unit Poperty rType F omrthe Y areof Develeonptm各可行方案中各个项目从各自启动开始5年内年税前净现金流量列表（单位：万元） Option One方案一： Yaer年 2006 2007 2008 2009 2010 Hotel酒店 Retail/Entertainment娱乐 Food and 餐饮 Sports Center运动休闲 Yaer年 2007 2008 2009 2010 2011 Oeciff写字楼 年 2008 2009 2010 2011 2012 Serviced Apartment 服务式酒店公寓（出租） Strata-titled apartment 产权式酒店公寓 Retail/Retail Services 休闲购物广场 Option 2a方案二A Yaer年 2006 2007 2008 2009 2010 Retail/Entertainment娱乐 Food and 餐饮 Sports Center运动休闲 Yaer年 2007 2008 2009 2010 2011 Oeciff写字楼 Yaer年 2008 2009 2010 2011 2012 Serviced Apartment 226
C hapter10 Delnotp meevSoaricen备选开发方案评估 服务式酒店公寓（出租） Strata-titled apartment 产权式酒店公寓 Retail/Retail Services 休闲购物广场 Option 3方案三 Yaer年 2006 2007 2008 2009 2010 Strata-titled apartment 产权式酒店公寓 Retail/Entertainment娱乐 Food and 餐饮 Sports Center运动休闲 Yaer年 2007 2008 2009 2010 2011 Oeciff写字楼 年 2008 2009 2010 2011 2012 Serviced Apartment 服务式酒店公寓（出租） Retail/Retail Services 休闲购物广场 Yaer年 2009 2010 2011 2012 2013 Hotel酒店 227
C hapter11 Fln ciainAysniasl财务分析 C hapter11 Peliminary rFinancial Analysis 第十部分 初步财务分析 Base on the above opertpyr ix mand floor area suggestion in option one, we ve haa further analysis by setting financial odemls. During the ,study we focus on thecash ,flow financial risks and nte vesitnmreturn, etc. The ise premof this part is the cost ofsite land, . 5997RMB r pesquare .term 这里的财务分析以方案一为基础。本部分将按照前文建议的物业的功能组合及规模，进一步运用财务分析模型，分析本项目发展过程中的现金流量和财务风险，以及投资回报。本次财务分析假设土地成本为400万/亩。 . The undamentafl parameterand scheme项目开发基本参数及建设方案 Apart fromtwo pluibc ne greland, o therconstruction teparars emare as follows:本案除去两块公共绿地外，其他建筑指标如下： Construction indexes建筑指标 Construction Land Above U rednRatio(construction area area ground groundconstruction area) 比例 占地面建筑面积合construction Property物业 2area m) 地下 2(建筑面积) 计area m) 地积 (建筑面积 22(m) （上(建筑面积m） Hotel酒店 10,400 41,600 41,600 2,400 % Office Building 13,750 1100,00 1100,00 10,000 % 写字楼 S ecivreapeanrtt m16,000 40,000 40,000 3,000 % 服务式酒店公寓 Strata-titled ecivresapeanrtt m32,000 96,000 96,000 7,000 % 产权式酒店公寓 Retail Shopping Pa azl6,000 9,000 9,000 / % 休闲购物广场 F&B餐饮 10,000 7,000 7,000 / % Entertainment 5,600 5,600 5,600 / % 娱乐 Sport Center 16,000 8,000 8,000 / % 运动休闲 Total总计 1097,50 3172,00 3172,00 22,400 % Note: The construction ea arof every part is the estiatedm ea ar afteradjustment. The specific date will be given by e chitecturardesign. 228
C hapter11 Fln ciainAysniasl财务分析 备注：各地块物业建筑面积为调整后的估计数，具体数据将根据建筑设计确定 Development phasing项目开发进度 Note: Dnt eiffercolors stand forent differphases.备注：图中同一种颜色代表同一期开发 Recommendd eDevelopment Components 2004200520062007 2008 20092010物业 Hotel 酒店 Twin Office Towers写字楼 Service apartment 服务式酒店公寓（出租） Strata-tilted Apartment 产权式酒店公寓 （出售） Retail/Retail Services 休闲购物广场 Retail/Entertainment 娱乐 Retail/F&B/Supermarket餐饮（包括1个中 型超市） Sports Center 运动休闲 Car Parking 停车场 Dnempoleve ttsoc项目发展成本 一、Land Cost土地成本 Land cost土地成本tLand cost (10 (10 outshand RMB thousand RMB)2Land area (m) Pyropert物业 every 667 square 土地成本（万占地面积（平方米） retem )s(万人民币/元） 亩) Hotel酒店 6,23710,400Office Building 16,49227,500 写字楼 S ecivreapeanrtt m9,59516,000服务式酒店公寓 Strata-titled ecivres19,19032,000 400 apeanrtt m 产权式酒店公寓 Retail Shopping Pa laz3,5986,000休闲购物广场 F&B餐饮 5,99710,000 Entertainment 3,358 5,600娱乐 Sport Center 9,595 16,000 运动休闲 Total总计 74,063 1235,00 229
C hapter11 Fln ciainAysniasl财务分析 二、Early stage construction cost前期工程费 Early stage construction 建安成本（万元） Equaling percentage cost(10 Construction and of construcnt ioand Pyropert物业 thousand RMB) instaelnlt mcost (10 instaelnlt mcost 前期工程费（万thousand RMB) 占建安成本百分比 元） Hotel酒店 2,0387% 29,120 Office Building 4,235 7%60,500写字楼 S ecivreapeanrtt m1,400 7% 20,000 服务式酒店公寓 Strata-titled ecivres2,016 7% 28,800 apeanrtt m产权式酒店公寓 Retail Shopping Pa laz126 7% 1,800 休闲购物广场 F&B餐饮 49 7% 700 Entertainment 787%1,120娱乐 Sport Center 224 7% 3,200 运动休闲 总计total 10,167 / / 三、Infrastructure cost基础设施费 Infrastructure Construction cost per 2cost (10 Construction area (m) square teer mthousand RMB) Pyropert物业 建筑面积（平方米） 每平方米建筑费用 基础设施费（万 元） Hotel酒店 1,24830041,600 Office Building 3,300 300 1100,00写字楼 S ecivreapeanrtt m1,200 300 40,000 服务式酒店公寓 Strata-titled ecivres2,880 300 96,000 apeanrtt m产权式酒店公寓 Retail Shopping Pa laz270 300 9,000 休闲购物广场 F&B餐饮 210 300 7,000 Entertainment 1683005,600娱乐 230
C hapter11 Fln ciainAysniasl财务分析 Sport Center 240 300 8,000 运动休闲 总计total 9,516 / / 四、Construction & instaelnlt mcost建筑安装费 Construction & installent mConstruction cost per cost(10 square teer m建筑面积（平方米） thousand Pyropert物业 2每平方米建筑费用 GFA (m) RMB) 建筑 安装费（万元） Hotel酒店 29,1207,000 41,600 Office Building 60,500 5,5001100,00写字楼 Service apartment20,000 5,000 40,000 服务式酒店公寓 Strata-titled service apartentm28,800 3,000 96,000 产权式酒店公寓 Retail Shopping Pa laz1,800 2,000 9,000 休闲购物广场 F&B餐饮 700 1,000 7,000 Entertainment 1,1202,0005,600娱乐 Sport Center 3,200 4,000 8,000 运动休闲 总计total 1452,40 / / 五、Indirect endte velopmcost & nte managemcost开发间接费及管理费 Indirect deevnetl opm tsoc &Equaling percentage Construction & management of construcnt ioand insetnatl lmcost建安成Pyropert物业 tsoc开发间接insetnatl lmcost占建本 费及管理费 安成本百分比 (10 otuhsand RMB)（万元）Hotel酒店 3% 29,120 Office Building 18153%60,500写字楼 S ecivreapeanrtt m600 3% 20,000 服务式酒店公寓 Strata-titled ecivres864 3% 28,800 apeanrtt m产权式酒店公寓 Retail Shopping 54 3% 1,800 231
C hapter11 Fln ciainAysniasl财务分析 Pa laz休闲购物广场 F&B餐饮 21 3% 700 Entertainment %1,120娱乐 Sport Center 96 3% 3,200 运动休闲 总计total 4,357 / / 六、Unexpected Fee不可预见费 Indirect deevnetl opmEqualing Pcentaegre tsoc &Construction & of construnc tio& management insetnatl lmcost建安成instaelnlt mcost Pyropert物业 tsoc开发间接本 占建安成本百分比 费及管理费 (10 otuhsand RMB)（万元）Hotel酒店 1,456 5% 29,120 Office Building 3,0255%60,500写字楼 S ecivreapeanrtt m1,000 5% 20,000 服务式酒店公寓 Strata-titled ecivres1,440 5% 28,800 apeanrtt m产权式酒店公寓 Retail Shopping Pa laz90 5% 1,800 休闲购物广场 F&B餐饮 35 5% 700 Entertainment 565%1,120娱乐 Sport Center 160 5% 3,200 运动休闲 总计Total 7,262 / / * W e aessumthat the nd lacost is 5997RMB per esquar emterin the bovea afinalncianalysis.*本次财务分析假设土地成本为400万/亩。 232
C hapter11 Fln ciainAysniasl财务分析 出租/出售价格设定RtneS/la elaP ecirAuss emAverage rental/price平Pyropert物业 Unit单位 均售价/租金 Hotel酒店 525（元/天，标准间）(RMB/day, Satarnd Ro)omOffice Building （美金/天，平方米）($/day, GFA m) 写字楼 Service apartment 220 （美金/月，平方米）($/month, GFA m) 服务式酒店公寓 Strata-titled service （元/平方米建筑面积，带装修） apeanrtt m11,000 2(RMB/ GFA m, With Decoration) 产权式酒店公寓 Retail Shopping Pa laz(元/天，平方米建筑面积) 2休闲购物广场 (RMB/day GFA m) (元/天，平方米建筑面积) F&B餐饮 2 R(MB /GFA m) Entertainment (元/天，平方米建筑面积) 8 2娱乐 R(MB /GFA m ) Sport Center ((元/天，平方米建筑面积) 1 2运动休闲 RMB/ GFA m) Main Operation Cost主要经营成本 Rate/Ratio比率/税For Sale出售 率 Sales Expenses销售费用 5% operation x taand sur % 营业税及附加 Rate/Ratio比率/税For Lease租赁 率 Rent Expenses租赁费用 10% Operation Tax and Surtax % 营业税及附加 Real Estate Tax房产税率 12% Hotel Opeatiron Cost酒店运营成本 Direct Cost直接成本 Ratio to Room Direct Operation Cost of I emocn30% Rosom客房直接经营成本占酒店客房收入 Direct Operation Cost of Ratio to Food & Food & Beverage Beverage Inecom65% 餐饮收入直接经营成本 占酒店餐饮收入 Direct Operation Cost of Ratio to 65% Telephone Telephone 233
C hapter11 Fln ciainAysniasl财务分析 电话收入直接经营成本Operation 占酒店电话收入 Indirect Cost间接成本 Ratio to Hle otOperation Promotion Expenses推广5% Revenues占酒店费 业务收入 Ratio to Hle otOperation Equipment Maintenance Revenues占酒店8% Expenses设备运营维护费业务收入 Ratio to Hle otOperation Administrational 8% Revenues占酒店Expenses一般行政管理费业务收入 Ratio to Hle otOperation Energy Cost能源费 8% Revenues占酒店业务收入 Mneanagetm Cost管理费 Ratio to Hle otFixed Management Operation 2% Revenues占酒店Expenses管理固定费用 业务收入 Ratio to Hle otOperation I ecnarusna dnOsreht保1% Revenues占酒店险及其他 业务收入 234
C hapter11 Fln ciainAysniasl财务分析 . FINANCIAL ANALYSIS RESULT of Hotel 酒店产品财务分析结果 Important Parameters主要参数设定 Third Fifth Year and First Second Forth Y raeA retfYear in Y raeY rae Operation第三第五年及以次年 第四年 投入首年年 后 Occupancy Rate入住率 70% 80% 95% 85% 80% Increas eof Room Rate房费增长率 4% 4% 3% 3% Room Rate Standard (RMB/ro/odmay)酒店客房房费标614 准（人民币/间/天） R mooNbmu reU()tin客房总数520 （套） Operation Rveenues of Hotel酒店业务经营收入 Ratio to Whc hiHotel Rooms Income Ratio I tem酒店客房收入 比例 所占份额 Ratio to Talo tFood & Beverage InecomRoom Income % 酒店餐饮收入 占酒店客房收入 Ratio to Talo tTelephone Income Room Income % 酒店电话收入 占酒店客房收入 占酒店客房收入O rehtN teIn % Ratio to Talo t酒店其他净收入 Room Income Cash Flow of Hotel酒店现金流量 unit: 10 stahnodu RMB单位：万元 Item项目 Total总计 Hotel Operation Revenues酒店业1,224,139 务经营收入小计 Room Income酒店客房收入 9183,34 Food & Beverage Inecom酒店餐2139,72 饮收入 Telephone Income酒店电话收入 61,528 O rehtN teInemoc酒店其他净收入30,305 minus: Development Cost of Hotel40,973 减：酒店开发成本小计 1. Land C ost土地成本 6,237 2. Early Sage tConstruction Cost2,038 前期工程费 235
C hapter11 Fln ciainAysniasl财务分析 3. Infrastructure Cost基础设施费1248 4. Construction and Istallmnent 29,120 Ctso建筑安装费 Dveleopment Cost and Mannateg emCost 开发间接费及管理费 6. Unexpected Cost不可预见费 1,456 minus: total direct cost 4545,75 减： 直接成本小计 Direct Operation Cost of Room 2755,00 客房直接经营成本 Direct Operation Cost of Food & 1390,82 Beverage餐饮收入直接经营成本 Direct Operation Cost of 39,993 Telephone电话收入直接经营成本 minus: Total Indirect Cost 3550,00 减：间接成本小计 Portoimon Cost推广费 61,207 Equipment Operation Cost 97,931 设备运营维护费 Aindimstration &Manangete m97,931 Ctso一般行政管理费 Energy Cost能源费 97,931 minus: Total Management Cost 36,724 减：管理费小计 Fixed Management Cost 24,483 管理固定费用 Insurance & Others保险及其他 12,241 minus: Operation Tax 2185,09 减：经营税费支出 Operation Tax and Saxurt营业税71,612 附加 Real Estate Tax房产稅 1468,97 Total: Net Cash Flow of Hotel Operation (BIT)合计：酒店业务现1183,58 金净流量(息税前) 236
C hapter11 Fln ciainAysniasl财务分析 Financial dexin财务指标 IRR内部回报率 IRR B(T ) % 所得税前 NPV净现值 NPV(Discount Rate at 10%, 10 atnhdo usRMB) 负21, (折现率10%，万元) -21, Invenstet mReturn Trme投资回本期 Investment Return Tre(exemmpt from Income Tax 25 years impact) 25年 投资回本期(未考虑所得税影响) 237
C hapter11 Fln ciainAysniasl财务分析 . FINANCIAL ANALYSIS RESULT of Office Building办公产品财务分析结果 Important Parameters主要参数设定 2012及以后各年 2009 2010 2011 2012 & after Occupancy Rate入住率 40% 90% 85% 80% Increas eof Rent租金增0% 6% 5% 5% 长 2Rental (RMB/day,m) 租金（元/天，平方米） Total Construction area 2(m)总建筑面积（平方1100,00 米） Cash Flow of Office Building办公楼现金流量 unit : 10 thousand RMB单位：万元 项目I tem总计Total Total Operation Revenue of Office Building写字楼业2,144,947 务经营收入小计 minus: Total Development Cost of Office Building减：89,367 写字楼开发成本小计 1. Land C ost土地成本 16,492 2. Early Stage Construction Cost前期工程费 4,235 3. Infrastructure Cost基础设施费 3300 4. Construction and Installment Cost建筑安装费 60,500 Dveleopment Cost and Management Cost 1,815 开发间接费及管理费 6. Unexpected Cost不可预见费 3,025 minus: Total Rental Cost减： 租赁成本小计 2144,95 minus: Operation Tax Epensesx减：经营税费支出 3828,73 Operation Tax & Surtax营业税附加 1254,79 Real Estate Tax房产稅 2573,94 Total: Net Cash Flow of Office Building (BIT) 1,458,212 合计：写字楼业务现金净流量(息税前) 238
C hapter11 Fln ciainAysniasl财务分析 Financial dexin财务指标 内部回报率(IRR )IRR B(T ) % 所得税前 净现值(NPV) NPV(discount rate at 10%, 10 atnhdo usRMB) 37, (折现率10%，万元) Invnetse tmreturn term投资回本期 Investment return term (xemept from income tax impact) 11 years 投资回本期(未考虑所得税影响) 11年 239
C hapter11 Fln ciainAysniasl财务分析 . FINANCIAL ANALYSIS RESULT of Service apartment服务式酒店公寓产品财务分析结果 Important Parameters主要参数设定 2013及以后 2010 2011 2012 2013 and retfaOccupancy Rate入住率 85% 90% 80% 80% Increas eof Rental 3% 3% 3% 租金增长 2Rent (RMB/day, m) 租金（元/天，平方米） Total Construction 2Area (m)总建筑面积40,000 （平方米） Cash Flow of Service apartment服务式酒店公寓现金流量 unit: 10 stahnodu RMB单位：万元 Item项目 Total总计 Total Rental Income总租金收入 6962,69 minus: Total Development Cost of Service 33,795 apeanrtm减：服务式酒店公寓开发成本小计 1. Land C ost土地成本 9,595 2. Early Stage Construction Cost前期工程费 1,4003. Infrastructure Cost基础设施费 12004. Construction and Installment Cost建筑安装费 20,000 Development Cost and Management Cost 600 开发间接费及管理费 6. Unexpected Cost不可预见费 1,000 minus: Rental Cost减：租赁成本 69,627 minus: Operation Tax & Surtax减：营业税及附加40,732 minus : Real Estate Tax减：房产税 83,552 total: Net Cash Flow of Service apartent m(BIT)合4685,63 计：服务式酒店公寓现金净流量(息税前) 240
C hapter11 Fln ciainAysniasl财务分析 Financial dexin财务指标 内部回报率(IRR )IRR B(T ) % 所得税前 净现值(NPV) NPV(discount rate at 10%, 10 atnhdo usRMB) 12, (折现率10%，万元) Invnetse tmreturn term投资回本期 Investment return term(exempt from income tax impact) 10 years 投资回本期(未考虑所得税影响) 10年 241
C hapter11 Fln ciainAysniasl财务分析 . FINANCIAL ANALYSIS RESULT of Strata-titled Service apartment产权式酒店公寓产品财务分析结果 Important Parameters主要参数设定 2009 2010 2011 2012 Sales Ratio出售率 25% 45% 25% 5% increase of Pice r0% 3% 3% 3% 售价增长 2P ecirR(MB/m)销售价 格（元/平方米） 2Total Area (m)销售面96000 积（平方米） Cash Flow of Strata-titled Service apartment产权式酒店公寓现金流量 unit: 10 stahnodu RMB单位：万元 项目I tem总计Total Total Sales Amounts of Money总销售额 95,901 minus: Total Development Cost of Strata-ledtit Service apartment减：产权式酒店公寓开发成本小55,190 计 Cost土地成本 19,190 Se tagConstruction Cost前期工程费 2,016 Cost基础设施费 2880 and Installment cost建筑安装费 28,800 Development Cost and Management 864 Ctso开发间接费及管理费 Cost不可预见费 1,440 minus: Sales Expenses减：销售费用 4,795 minus: Operation Tax& Surtax减：营业税及附加 5,610 total: Net Cash Flow of Srata-ttitled Service apeanrt m(BIT)合计：产权式酒店公寓现金净流量71,135 (息税前) 242
C hapter11 Fln ciainAysniasl财务分析 Financial dexin财务指标 内部回报率(IRR )IRR B(T ) % 所得税前 净现值(NPV) NPV(discount rate at 10%, 10 atnhdo usRMB) 18, (折现率10%，万元) Invnetse tmreturn term投资回本期 Investment return term(exempt from 3 years income tax impact) 3年 投资回本期(未考虑所得税影响) 243
C hapter11 Fln ciainAysniasl财务分析 FINANCIAL ANALYSIS RESULT of Retail Shopping Palaz休闲购物广场产品财务分析结果 Important Parameters主要参数设定 2013 And 2007 20082009201020112012 A retfOccupancy Rate出租率 0% 0% 25%60%75%85% 90% Increas eof Rent 0% 3% 3% 3% 3% 3% 3% 租金增长率 Rental (RMB/day/GFA 2m) 租金（元/天/平方米建筑面积） 2Available Area (m) 9,000 可出租面积（平方米） Cash Flow of Retail Plaza休闲购物广场现金流量 Unit: 10 thousand RMB单位：万元 Item项目 Total总计 Operation Revenue of Retail 1620,28 商业业务经营收入 minus: Total Development Cost of Retail 5,938 减：零售商业开发成本小计 Cost土地成本 3,598 Se tagConstruction Cost前期工程126 费 Cost基础设施费 270 and Installment cost 1,800 建筑安装费 Developent mCost and 54 Mantae gemCost开发间接费及管理费 Cost不可预见费 90 minus: Operation Cost ofRetail 16,203 减：商业业务经营支出 Promotion Expenses商业业务推广费16,203 Mantae gemCost经营管理成本0 minus: Operation Tax Epensesx 28,922 减：经营税费支出 Operation Tax & Surtax营业税附加9,479 Real Estate Tax房产稅19,443 Total: Net Cash Flow of Rent/Sales ofRetail 1113,61 合计：零售商业租售现金净流量(息税前)244
C hapter11 Fln ciainAysniasl财务分析 Financial dexin财务指标 内部回报率(IRR )IRR B(T ) % 所得税前 净现值(NPV) NPV(discount rate at 10%, 10 atnhdo usRMB) 4, (折现率10%，万元) Invnetse tmreturn term投资回本期 Investment return term(exempt from income tax impact) 8 years 投资回本期(未考虑所得税影响) 8年 245
C hapter11 Fln ciainAysniasl财务分析 . FINANCIAL ANALYSIS RESULT of F&B 餐饮商业产品财务分析结果 Important Parameters主要参数设定 2012 and 2007 20082009 2010 2011 retfaOccupancy Rate出租率 30% 65%75% 85% 83% 75% Increas eof Rent租金增长率 0% 3% 3% 3% 3% 3% 2Rent (RMB/day/ GFA m) 租金（元/天/平方米建筑面积） 2Available Area for Lease (m) 7,000 可出租面积（平方米） Cash Flow of F&B 餐饮商业现金流量 unit: 10 stahnodu RMB单位：万元 Item项目 Total总计 Operation Revenue of Retail 72,409 商业业务经营收入 minus: Total Development Cost of F&B 7,012 减：餐饮商业开发成本小计 Cost土地成本 5,997 Set agConstruction Cost前期工程49 费 Cost基础设施费 210 and Installment cost 700 建筑安装费 Developent mCost and 21 Manateg emCost开发间接费及管理费 Cost不可预见费 35 minus: Operation Cost ofRetail 7,241 减：商业业务经营支出 Promotion Expenses商业业务推广费7,241 Manateg emCost经营管理成本0 minus: Operation Tax Epensesx 12,925 减：经营税费支出 Operation Tax &236 Surtax营业税附加4, Real Estate Tax房产稅8,689 Total: Net Cash Flow of Rent/Sales ofF&B 45,360 合计：餐饮商业租售现金净流量(息税前) 246
C hapter11 Fln ciainAysniasl财务分析 Financial dexin财务指标 内部回报率(IRR )IRR B(T ) % 所得税前 净现值(NPV) NPV(discount rate at 10%, 10 atnhdo usRMB) -1, (折现率10%，万元) Invnetse tmreturn term投资回本期 Investment return term(exempt from income tax impact) 15 years 投资回本期(未考虑所得税影响) 15年 247
C hapter11 Fln ciainAysniasl财务分析 . FINANCIAL ANALYSIS RESULT foEn tnemniatret娱乐商业产品财务分析结果 Important Parameters主要参数设定 2012 and 2007 2008 2009 2010 2011 retfaOccupancy Rate出租率 30% 65% 80% 85% 85% 80% Increas eof Rent租金增长率 0 3% 3% 3% 3% 3% 2Rent (RMB/day/ GFA m) 租金（元/天/平方米建筑面积） 2Available Area for Lease (m) 5,600 可出租面积（平方米） Cash Flow of Entertainment娱乐商业现金流量 unit: 10 stahnodu RMB单位：万元 Item项目 Total总计 Operation Revenue of Retail 1392,58 商业业务经营收入 minus: Total Development Cost of Entertainment 4,814 减：娱乐商业开发成本小计 Cost土地成本 3,358 Set agConstruction Cost前期工程78 费 Cost基础设施费 168 and Installment cost 1,120 建筑安装费 Developent mCost and 34 Manateg emCost开发间接费及管理费 Cost不可预见费 56 minus: Operation Cost ofRetail 13,926 减：商业业务经营支出 Promotion Expenses商业业务推广费13,926 Manag te emCost经营管理成本0 minus: Operation Tax Epensesx 24,857 减：经营税费支出 Operation Tax & Surtax营业税附加8,147 Real Estate Tax房产稅16,711 Total: Net Cash Flow of Rent/Sales ofEntertainment 95,783 合计：娱乐商业租售现金净流量(息税前) 248
C hapter11 Fln ciainAysniasl财务分析 Financial Index财务指标 内部回报率(IRR )IRR B(T ) % 所得税前 净现值(NPV) NPV(discount rate at 10%, 10 atnhdo usRMB) 6, (折现率10%，万元) Invnetse tmreturn term投资回本期 Investment return term(exempt from income tax impact) 6 years 投资回本期(未考虑所得税影响) 6年 249
C hapter11 Fln ciainAysniasl财务分析 . FINANCIAL ANALYSIS RESULT of Sport Center运动休闲商业产品财务分析结果 Important Parameters主要参数设定 2012 and 2007 2008 2009 2010 2011 retfaOccupancy Rate出租率 30% 35% 73% 78% 85% 85% Increas eof Rent租金增长率 0 3% 3% 3% 3% 3% 2Rent (RMB/day/ GFA m) 租金（元/天/平方米建筑面积） 2Available Area for Lease (m) 8,000 可出租面积（平方米） Cash flow of sport and e leisurcentre运动休闲商业现金流量 unit: 10 stahnodu RMB单位：万元 Item项目 Total总计 Operation Revenue of Retail 84,935 商业业务经营收入 minus: Total Development Cost of Entertainment 13,515 减：娱乐商业开发成本小计 Cost土地成本 9,595 Set agConstruction Cost前期工程224 费 Cost基础设施费 240 and Installment cost 3,200 建筑安装费 Developent mCost and 96 Manateg emCost开发间接费及管理费 Cost不可预见费 160 minus: Operation Cost ofRetail 8,494 减：商业业务经营支出 Promotion Expenses商业业务推广费8,494 Manateg emCost经营管理成本0 minus: Operation Tax Epensesx 15,161 减：经营税费支出 Operation Tax & Surtax营业税附加4,969 Real Estate Tax房产稅10,192 Total: Net Cash Flow of Rent/Sales ofEntertainment 48,230 合计：娱乐商业租售现金净流量(息税前) 250
C hapter11 Fln ciainAysniasl财务分析 Financial Index财务指标 内部回报率(IRR )IRR B(T ) % 所得税前 净现值(NPV) NPV(discount rate at 10%, 10 atnhdo usRMB) -5, (折现率10%，万元) Invnetse tmreturn term投资回本期 Investment return term(exempt from income tax impact) 20 years 投资回本期(未考虑所得税影响) 20年 251
C hapter11 Fln ciainAysniasl财务分析 Fnciinaal A snalysiof The Whole Pojectr整体项目财务分析 Cash Flow of The Whole Poject re (befortax) 整体现金流量（税前） 10 thousand RMB万元 Item项目 Total总计 Total Development Cost of Hotel酒店开40,973 发成本小计 Total Development Cost of Office 89,367 Building写字楼开发成本小计 Total Development Cost of Strata-itled t Service apartment产权式酒店公寓开发55,190 成本小计 Total Development Cost of Service apaerntm服务式酒店公寓开发成本小33,795 计 Total Development Cost of Retail Shopping Paazl休闲购物广场开发成本5,938 小计 Total Development Cost of R&B餐饮商4,814 业开发成本小计 Total Development Cost of Entertainment 7,118 娱乐商业开发成本小计 Total Development Cost of Sport Center13,515 运动休闲商业开发成本小计 Total Development Cost开发成本合计 2507,11 Net Cash Flow of Hotel (BT)酒店现金净97,834 流量（税前） Net Cash Flow of Office Building (BT)写1,340,314 字楼现金净流量（税前） Net Cash Flow of Strata-titled Service apartment(BT)产权式酒店公寓现金净流 53,865 量（税前） Net Cash Flow of Service apartment 4164,25 B(T)服务式酒店公寓现金净流量（税前） Net Cash Flow of R etailSghopp inPalaz 1002,26 B(T)休闲购物广场现金净流量（税前） Net Cash Flow of F&B (BT)餐饮商业现 40,509 金净流量（税前） Net Cash Flow of Entertainment (BT)娱 85,452 乐商业现金净流量（税前） Net Cash Flow of Sort pCenter (BT)运动 41,625 休闲商业现金净流量（税前） Total Net Cash Flow (BT)现金净流量合2,191,364 计(税前) 252
C hapter11 Fln ciainAysniasl财务分析 Financial Index财务指标 Capital needed需要投入的资金 需要投入的资金(人民币，万元 202,158 ) capital needed (RMB, 10 thousand RMB) 内部回报率(IRR )IRR B(T ) % 所得税前 Invnetse tmreturn term投资回本期 Investment return term(exempt from 11 years income tax impact) 11年 投资回本期(未考虑所得税影响) 253
C hapter11 Fln ciainAysniasl财务分析 . Sensitivity isalyasn敏感性分析 Construction cost建筑成本 变动幅度variation IRR 30%%25%%20% % 15%%10%%5% % 0% % -5%%-10%%-15% % -20%%-25%%-30% % Rent/sale priec租金/销售价格 变动幅度variation IRR 30%%25%%20% % 15%%10%%5% % 0% % -5%%-10%%-15% % -20%%-25%%-30% % Land cost土地成本 变动幅度variation IRR 30%%25%%20% % 15%%10%%5% % 0% % -5%%-10%%-15% % -20%%-25%%-30% % 254
Chapter 12 Potiono mrstrategy市场推广策略 C hapter12 Pomotion rstrategy 第十二部分 市场推广策略 It is essential of plemenimting the otipromon strayteg for the e wholdevelopment ofthis project. Potion romneeds to take fdiferent way saccording to every developingstages and market situation.本案项目的市场推广策略对本项目整体的开发成功与否来说是非常重要的一个方面。市场推广需依据不同的开发阶段和市场情况采取不同的推广方式。 . operty prright dlhiang产权处置策略 Fulation ormof pyropert right g nhandli(lease or sale) should take s developer’retrieval of fund inrespect of bho tnlgo remtand short 项目产权处置策略（租售策略）的制定既要考虑发展商短期回收资金的要求，又要考虑项目长期经营的需要。 On the whole, we find that no ttear msuccessful hotels and commercil afacility of Asia or the world all require the single yp ropertrights. Under this condition, developers will not merely have those properties built, but also have themmangead or trusted. 总体来说，目前我们发现无论国际还是亚洲成功的酒店和商业设施，都要求项目具有单一的产权。在这个条件下，就要求发展商不仅要建设这些物业，而且在之后还应该拥有和管理这些物业或委托。 The advantage of the vitality for he tsingle owner yng liin :项目整体为单一业主能够使项目保持生命力的优势在于： • Easy tonnaet gaemmand operating. 各部分物业控制在发展商或者是发展商任命的管理公司手中，这样非常便于管理和经营。 • Unified nmeta nagemstandard 由于商场是单一的产权拥有者，所以可采用统一的管理标准。 • Higher rtyp ropeand excellent service standard 整个项目统一管理，容易保持较高的物业和服务水准。 • Help to k eepthe rkaet mimage of the pryopert on he twhole, d ankea mgreat forts efto obtain the steady yent repamthrough this.有利于整体上保持物业的市场形象，并通过此努力获得稳定的回报。 • Long- terment developmstrtegay realizing, the scale of assets and value of he tcopanym reasingi ncand strength keeping 完全持有物业和经营可以实现公司的长远发展战略，增加公司的资产规模和价值，整体保持比较强的实力。 255
Chapter 12 Potiono mrstrategy市场推广策略 • Commercial respect, customer ix mhelping making the greatest sleas achievement. The istoptimic sales situation can kea mthe tenant would like to pay higher nt re. Because of this, the developer is confident of nt inevestmin otiopnr om totake better 商业方面，客户组合的维持可以帮助零售商取得最大的销售业绩。乐观的销售情况可以使租户愿意支付更高的租金。基于这种情况，发展商更有信心通过在商场的推广和宣传方面的投资，给发展商带来更好的投资回报。 Sell the rkamet for the petty proprietor to can receive the quite attractive cash income in a short time, but will ng brithe udnaavoible question to the rkaet mon later stage , include:将商场出售给小业主会在短期内得到颇具吸引力的现金收入，但会在后期为商场带来不可避免的问题，包括： • Dferent ifsuggestion of petty p psrorietor'ferent difsource of tenant make disuni onaennatg\ emmstandard.由于小业主意见的不同和小业主租户来源的不同，造成物业管理标准的不统一。 • Petty toro pripert ’wony trto upgrade whole value of pryo pertfrom whole interests of project. 小业主都力求最高的租金回报，而不会从整个项目的利益去考虑从而使得整个物业的价值提升。 • Another vorabluen fafactor is that petty proprietors e arunwilling to intaain mthe proypert hc whikae mproperty grade go down.另外将项目出售给小业主的不利因素是小业主不愿意出资金去维护物业，所以使物业的档次降低。 Most operators of inotnearln atihotel think , nagemenmt of ulti-mownership hotels is quite troubles,oem the management persons are unwilling o tget viendv olo t thedispute between developer and ypett rp,oprietor he tmain mprobleincludes:大部分国际酒店运营者认为，多业主的酒店管理是比较麻烦的，管理人不愿意介入到原本是发展商同小业主之间的纠纷中去，主要的问题包括： • The ypett pprorietor is dissatisfied with renting soint uatiof his .pproerty小业主对自己物业的出租情况不满。 • The petty proprietor often has suggestions on the expenses ging eermin regular maintenance.小业主对日常维护产生的费用时常有意见。 • The petty proprietor knows because various kinds of questionsquery to the aybilit of thenagementm .copanym小业主会因各种问题对管理公司的能力提出质疑。 Coparativelmy speaking, we have the strata-titled service apartment to sell, which 256
Chapter 12 Potiono mrstrategy市场推广策略 help the lopedre veto take back part of und fn ithe orsth .term相对而言，本案项目的产权式酒店公寓采取销售策略，对项目日后的经营和管理影响较小且可以帮助发展商短期回收部分资金的需要。 In view of theabove reason鉴于以上原因， • Retail in thi sproject is suggested for lease to keep the whole grade and balancing of other pproerties. If the developers needs fund ,ybadl heyt can havea few of relatively ndedpeneint retails for sale to take back the cash.建议本项目商业物业以出租为主，以保持物业的整体档次和与其它物业的协调性。如果发展商因为回收资金需要，可考虑售出少量相对独立的商铺。 • Hotel is expected to be held by the deve,loper also inviting the iaclized spehotel management copanym o tmanage.建议项目的酒店部分由发展商持有，并聘请专业的酒店管理公司进行管理。 • Strata-tilted service apartment suggested to be sale.建议项目的产权式酒店公寓采取销售方式，帮助发展商短期回收部分资金。 . ootmion prtactics 推广策略建议 W ewill consider the rkeating mstrategy of this case project ,wholly the rkeatinmg of the recommendations can be divided into two phases, phase one phasized emin thewhole promotion of the project and phase two centralized in contracting and discussing with theusers f oretail and fice fo nsbuigldipart of ourproject.我们将整体考虑本案项目的市场推广策略，建议项目的市场推广可以分为两个明显的阶段，推广的第一阶段将主要着重在项目的整体推广上，项目的第二阶段推广主要集中在完成与商业和办公楼使用者的谈判以及合约的签署方面。 The whole otion omprcontents includes: 项目的整体推广阶段内容将包括： 1. advertisement stage: making ostm extensive potential user know thisproject as umch as possible.项目的广告包装阶段，尽可能地使最广泛的潜在使用者认知本项目。 • Distribute the tearials mof the project ong amthe purpose users of the ce fiofnbgu ildid annbgu ildior fcommercial use.将项目的资料在办公楼和商业用房的意向使用者中散发。 • Send therkaet motionp romtearials mof the ojectp ror fthe pourpse customer of the fice ofldbiunig and ldbiunig for 给办公楼和商业用房的意向客户递送项目的市场宣传资料。 • Contact main er customof the purposeand d worltaeiler rand fice fobn uilgdi257
Chapter 12 Potiono mrstrategy市场推广策略 .otsurcem有目标地与意向主力客户和国际零售商以及办公楼客户联系接洽。 2. After finishing he toupsr evirkameting ayctivit at his tstage, we propose g nduri theearlier stage of the project, , he tdeveloper ds houlmake a price strategy for thepotential user based on test and feedback of the rkameting in nce adva.完成这个阶段的前期市场推广活动后，我们建议在项目的前期发展阶段，基于事先的市场推广测试反馈，发展商应该为潜在的使用者制定一个价格策略。 This project can adopt the ollofwing theods min tactics:本项目在策略方面，可以采用以下的方法： • In the stage of desiggnin and develop,ing s’itsuggested tofer ofsoem preferential clauses to some poirtant mmain custoers,m attratincg themto enter this project. Cing onfirmsome in amcustoers min earlier stage in order to kaem project design meet those main custome rs'demands. These custoers musually put their specification nrtee quiremin the design of theproject yb way of nsigingthe letter of intent with ,veloperde.在项目的设计和开发阶段，为一些重要主力客户提供一些优惠条款，吸引他们进入此项目。该项目将尽量在开发前期确定一些主力客户，以便能够使项目设计满足这些主力客户的需求。这些客户通常是通过与发展商签定意向书的方式，将他们的技术要求反映在项目的设计中。 • The rent in initial stag should be r loweto attract those good clients. Later the goal of he tcommercial part is to liftthe level of therent after sthiproject was ripe day yb yad so as to letthe developer obtain ore mrent incomes.我们建议商业面积的租金在项目初期应该相对比较低，目的是能吸引好的商户。之后商业面积的目标是在此项目日渐成熟后，提升租金水平，使开发商获得更多的租金收入。 • W ethink , oughh tthis nd kiof tactics makes the rent income lower on he tinitial stage of the project , but it can help he tlong-term repayent mof the project , making ore mrent esi ncomwithin the range of long- 我们认为，虽然这种策略使得项目在发展初期的租金收入比较低，但它可以帮助项目的长期回报，最终使项目在长期范围内赢得更多的租金收入。 F ro eciffo gnidliub trap, s’ti detseggus otfocus on the big er customor -diuemmizesd custoer min the area of caohejing ent odpemvelzone as soon as possible, ulat sitnigm themto ove min with efinquyalit andfavorable price. Though he tbig sceur ms'toprice negotiates ability is ,stronger the easel or purchase of the big custoer mhelp to form gathering and onstdreamtion fect,ef driving the marketing of the whole project. 258
Chapter 12 Potiono mrstrategy市场推广策略 At the same e tim, we can consider th e giburemotsc s' laicepsificeps noitacrneetq uiremearlier in designing .对于办公楼部分，建议尽早针对漕河泾开发区区域内的大客户或中型客户进行推广，以优良的品质和优惠的价格刺激其入住欲望。尽管大客户的价格谈判能力强，但大客户的租赁或购买有利于形成聚集和示范效应，带动整体项目的营销。同时可以在设计方面及早考虑大客户的特殊技术要求。 Considering he treliance on software and hardware facilities of hotel ypro pertand the expecrei enof the ,veelopedr s’itsuggested o tkege pinn iucht oh wit themanagerial ybod of ohtels as soon as possible, tryng ito get oinvlved in or foerebplanning design phase.考虑到酒店物业对于软硬件设施的依赖和发展商的经验情况，建议尽早同酒店管理集团接触，并争取其在规划设计阶段或之前介入。 Utilizing good transponr taticonditions and ge lartche strof green land nearby , thecoprehensivme advea ntagof logc atinin cianogh ejenmtd evpelozone, s’itsuggested to expand stable custoer'sm channel, imprgovin the occupancy te raof hotels ; yngp aiattentni oo t ofdoand vebrage of ohtel and aemnuts emand other property facilities so as to increase incomes.充分利用交通便利及周围大片绿化的环境，发挥本案所处漕河泾的综合优势，拓展稳定的客户渠道，提高酒店的入住率；注重酒店餐饮、娱乐方面与其它物业设施的配套经营，增加收入。 Pootmion rways市场推广通路 Suggestions safollows:建议在此项目的市场推广中采用一系列的销售通路。 The counterpart oducesintr同行介绍 In order to expand the sales network of the project and reach the rketa msensational fect,ef s it’suggested to otep romproject age,im expand uployap ritand boost ingthe project by ssing pathe onrmatfion iamong counterparts. Selecting no less n tha20 agencies of moderate size, extensive customer network in Sh gahnaito otpi rnogm thisproject by visiting directly or presentation.为扩大项目销售网络，达到市场轰动效应，通过同行之间的信息传递，达到提升项目形象，扩大知名度，促成交易之目的。选定上海市不少于20家规模适中，客户网络广泛之代理行，通过直接拜访，进行演示的形式推广本项目。 Dect irselling直销 Straight rakmeting can help keeping close relationship with theer custom,directly thus achigevin the ogal ofmaking a 直效行销可以更为直接地与客户保持近距离的联系与接触，从而达到迅速成交的目的。 Ioduction ntreetming of special ojectpr专案推介会 Oganize rthe atitch emintroduction eetimng to the potential ,customer prt oiapnagg259
Chapter 12 Potiono mrstrategy市场推广策略 project tqyu ali, niesntghr engt sc’lientunderst andof the jpercot, establishing custoer'sm confidence of buying and achieving the goal of kinag ma deal at last.针对潜在客户组织专题推介会，宣传项目品质，加强对项目了解，奠定客户购买信心，达到成交的目的。 Exhibition展会 I st’suggested to propagate the agie,m quality and progress of the project on a ge larscale, collecting the customers and expanding rkaet mpoypularit so as to making adeal.大规模宣传项目形象品质及进展状况，收集客户，扩大市场知名度，促进潜在客户达成成交。 Potoem rand sell促销 Utilize ferent difrkeatingm toolsand ,yactivit irritate he ter customto take up.利用不同促销手段及活动，直接刺激客户达成认购。 Establish the public praise耳语口碑 Establish odg oojecptr image , cooperating with proper to opapgrate to ote rompproject paorpiutly yb aens mof ittr ansmproject aitnifonr mbetween custoerm a ndcounterpart .树立良好项目形象，配合适当宣传，让客户和同行以彼此间传播的方式，间接传递项目信息，促进项目知名度。 Post邮寄 Make the propaganda aterimal of refined DM , , itrtainnsgmt project information .directly hugrho tposting o tthe get 制作精制DM宣传品，通过有针对性的邮寄，将项目信息直接传递至目标客户以达到一定来电、来访的目的。 The custoemroductionintr客户介绍 Through developer , sales representative and the tomercus's influence on those who have already made a deal, s it’ggseusted to kea m thempopularize and e oduicntr forthis project conscienytio usl, us thget hte result of making deals again in one's own social 通过发展商、销售代表及宣传之综合力度对已成交客户的影响，使其在自身社交层面中，自觉为本项目进行推介，从而达到再次成交的效果。 Media ootmionpr媒体宣传 I st’he tost mdirect carrier of the project ation informand age imand the un damentaflyaw fo 项目信息与形象的最直接载体，促进销售工作正常运转的最基本途径。 Eo cinrtcelnkrowte电子网络 I st’essential of the odern motion promix mto fer ofthe progress trends of the property to the potential ,custoerm and realize the two-way communication ongam those whove haalready made a deal ornot by way of swiftest , mutual exchange.向260
Chapter 12 Potiono mrstrategy市场推广策略 潜在客户提供物业的进展动态，并以最快捷、互动的交流方式实现与已成交客户、潜在客户之间的双向沟通，是现代推广组合中不可或缺的重要环节。 261
Chapter 13 Designing Brief设计要点 C hapter13 Designing Brief 第十三部分 设计要点 PRINCIPLES设计原则 • To establish the posigtin oniof W19 site “Significant Iage/Bmranding ‘Pla tinumBase’”. Provide products nd aservices which are rkamet driven. 充分体现“上海西南综合商贸门户，漕河泾开发区综合商贸白金腹地”的市场定位，以市场需求为导向，提供适合市场需求的产品和服务。 • To focus velodpment upon a ypathsetmic binactoimon of commercial deevnetlopm and landscaping, yngp aiattention to intelligent design and use ofresources, maintaining a althyhe and preserved environment. The development is to incorporate a cultural, omdern, fully functional and pathetiecm mix of commercial and natural 突出生态与商贸的标志性结合，注重智能设计，资源利用，健康环保，将项目建设成既富有文化底蕴，又富有现代气息；既功能完善，又能将商贸与生态完美结合。 To concentrate on the integration and plicommentary nature of the various psedprocommercial and residential uses of the development to create a holistic environment supported by ed themlandscaping and outdoor streetscape retila.注重商业设施各业态的相互协调和互补，以及商业设施和整体项目以及周边环境的协调，发挥综合协同效应，塑照具有生态主题和户外街景商业的整体氛围。 • To design the integrated endte velopmwith flexibility, allowing for necessary andtj uestmto ost meffectively cater towards existing and future arket mdemand. 设计应有灵活性和发展余地，应具有较强的应变能力，适合市场现有及将来发展需要。 • To dper ovia reasonably nvestied, hliygh occupied integrated project thro ughcareful slecetion based on full consideration of the structure, sys,stem services, management and the teirnal relationships of the Control thecost reasonably; nd fithe uximam mcommercial value of the retail accommodation so as to reclaimthe capitals as soon as ssipbole and to support he tconstruc tion danoperation of he tentire 应对建筑的结构、系统、服务、管理以及其内在联系全面考虑，优化选择，提供一个投资合理，使用效率高的建筑综合体。合理控制成本，充分挖掘商业设施的最大商业价值，以利于尽快回收资金，支持整体项目的成功建设和经营。 262
Chapter 13 Designing Brief设计要点 Layout整体布局 Serviced ApartmentI服务式酒店公寓IIIFour-star Hotel四星级酒店 I+IIISports Center运动休闲中心 IFood City 美食城Food and Beverage Streetscape green space 休闲街（包括餐饮、娱乐、绿化）Twin Office TowersIIII+III标志型写字楼 IIIThree storey Shopping plazaIII+IV休闲购物中心 III+IVStrata-titled Serviced Apartment 产权式酒店公寓 Distribution of areas功能面积配比 Above GroundUnderground 地上(建筑面积)地下(建筑面开发时间 Pyropert物业 2（M2） 积) （m） 2006-2007 Hotel酒店 41,6002,400502%007-2008 Oeciff写字楼 110,000 10,000 502%008-2009 2008-2009 SA rof()esael服务式40,000 3,000 酒店公寓（出租） Strata-Tilted SA(for 502%008-2009 502%)elas产权式酒店公寓009-2010 96,000 7,000 （出售） Retail/retail services502%008-2009 9,000 休闲购物广场502%009-2010 2Retail/entertainment2800 m 2006-2007 5,600 2娱乐2800 m 2007-2008 2 4000 m 2006-2007 RF/liateB&餐饮（包7,000 2 3000 m 2007-2008 括个中型超市） 502%006-2007 Sports Center运动休8,000 502%008-2009 闲 Car parking停车场 Sum总计 263
Chapter 13 Designing Brief设计要点 Oartgiaonni zof Tnsrpaortation交通组织 • Access onto and around the subject site needs to consider efficient road and footpath design to odatacco mmedisturbance free pedestrian and vehicular traffic flow. Disturbance free traffic flow will establish an portant imand positive age imfor the target markets towards the subject site and ictoannctom dvelopments. The detailed esstuigogns are as follows. 地块中及地块周围通道设计需考虑道路使用的有效性及人行道以避免建筑综合体多种人流、车流的相互干扰，这也为项目目标市场和后续发展提升形象做出贡献，具体建议如下。 Map :Setckh Map of Transportation Organization 图：交通组织示意图 酒店功能入口 商业功能入口一 写字楼功能入口 商业功能入口二 产权式酒店公寓 功能入口 Source: CBRE 资料来源：世邦魏理仕 • Access to and fromthe hotel and ced serviapaerntmts coplexes mwill be from the hno rtak ingm fulluse of Heingmo Road (Middle Ring Rd) oaas well as therelatively quiet road, Tianlin Road. Access fro mthese two roads will inizie mmthe unrelated traffic pacit mon the retail and the offices areas. 264
Chapter 13 Designing Brief设计要点 酒店及服务式酒店公寓主出入口设置在地块北部，以充分利用虹梅路（中环线）交通便捷条件及田林路相对幽静的环境；同时将商业、办公人流对酒店物业的影响减到最小程度。 Access to and fromthe office building area is recommended fro mthe east, facing Hei ongmRoad to allow direct access to the office bnugi ldiarea and inizie mm theunrelated traffic paicting mon the retail and residential areas. 写字楼的主出入口设置在东部，面向虹梅路，使写字楼人流对商业、住宅人流的影响最小化。 • Access to and fromthe retail sector is fromthe west so as to take advantage of the high volume of consumers accoodatmdm ein the g neinghbourioffices off Giue mRoad. This access will also be convenient for the surrounding res identialcounities mmnear Caobao Road to access the retail and at the same etiminimizem any n egativepact im fromtraffic flow to the subject office buildings, hotel and serviced 商业入口设置在西部，以充分利用古美路周边办公楼内众多消费人群，也方便漕宝路以南住宅小区居民的抵达，同时将众多消费人群对写字楼和酒店、服务式酒店公寓的负面干扰最小化。 • Access to the strata-titled apaerntts mshould be fromthe southwest to avoid and separate traffic flow to the office area. 产权式酒店公寓的入口设置应以西南部为主，将住宅人群和办公、酒店人群有效隔离。 • The subject site’s road frianstructure should be well designed, incorporating clearly d defineand separate vehicle and pedestrian circulation Reaso nableand efficient circulation would ensure imln aimtraffic jamand provide a p ositivemarket image of the whole 道路系统应清晰流畅，车行与步行系统分开，还应合理安排不同功能区的人流、车流，既能使交通拥堵的可能性降到最低，也能给整个区域带来良好的开发形象。 Laanpdesc绿化景观 Map : Sketch Map of Landscape图：绿化景观示意图 265
Chapter 13 Designing Brief设计要点 绿化轴线 绿化轴线 绿化核心 绿化轴线 Source: CBRE 资料来源：世邦魏理仕 It is popsreod, that he tCaohejing Liseure Street is incorporated into the corelandscaped area. There are two landscaped arcs, which forma north-south and -tsaew tse’sixa. T eseh owt scrataerc ea rg“een belt” corridor structure and enhance the retail facilities environment. 建议利用现有规划中的绿地面积，以漕河泾休闲街为绿化核心，同时拥有两段优美的生态绿化弧向南北和向西打造两条绿化景观轴线，这两段绿化弧共同打造了城市绿化走廊，增强西部商业设施的景观优势。 • Integrate and coordinate the the pedestrian and vehicle infrastructure including the roads, ftpoaoths, inodroand ouotodr awning/roof tructusres through gh hiquya litetdh emlandscaping. 将周边的道路景观绿化、步道绿化及小品设计、楼宇室内/室外遮阳绿化、商业裙房顶部绿化、景观营造等加以综合协调考虑，打造本项目高品质、立体化的绿化景观，体现人文特色和提升项目品质。 The recommended retail facilities (food and beverage streetscape) would beenhanced ough thrthe landscaping of the ped nairtse steerts sallew sa eht noitalatsniof street items such as novel street signs, ed themstreet awnings and public seating 266
Chapter 13 Designing Brief设计要点 areas benches to create an enentallvironmy pleasant and user-friendly leisure/shopping area. 通过建造拥有新奇街边招牌，主题街边遮阳蓬及公共休息区，如长凳等的生态步行街，营造一个优雅环境及人性化的休闲及商业区域。。 The office and hotel ty oulaand des ignshould lizcea pitaon yan ttractivae views of greenery no and ardo un thesubject site. 在写字楼、酒店的平面布局和户型设计方面，应充分考虑对室外绿化景观的观赏视角，加强人与自然的沟通。 Builgd inStyle建筑风格及造型 • The overall deenvelopmt style ld ushobe odern,m bhrti,g igovrous, danonhiaorums. In addoint,i it shdo ulbe distinctive or f thet csubjearea, fresh danoriginal inyle stcreating an unparalleled architectural statement in the area. 整体建筑风格定位于现代风格，以明快、活力、动感、和谐为诉求，并具有地域特性，造型手法应新颖，富有创造性，在区域内营造一种卓越超群的感觉。 • Attention ushold be p aido s thatthere siarchitectural ony harm rotouhugth theentire project. This ony,harm does notnecessarily ean marchitectural ityuniform, butore ma building ystle of architectural petmahy inagl lowuvindadli buniglsd iwit hinthe project to differ but plciomment each other. The rule is to form a ohnairomus and holistic denvte lopmcomprising of many differing functions set in an ,attractive copnotreary,m landscaped 应注重整体项目的建筑上的和谐。同时，项目各单体间建筑风格可有适当变化，应方便识别；但应有一根主线贯穿全局，但也拥有个性建筑物的感染力，形成极具吸引力、现代、和谐怡人的景观空间。 • The architectural design needs to orporiantce technology, h whicis easy otoperate and maintain at an affordable price. 要求造型设计的构造技术合理稳妥，易于施工和维护，工程造价适中。 Establish a relationship between the indoor and door outareas through landscaping. This flow o ughthrrelhaitspi onus holdcreate a feeling ofnature nd awell-gb ein rfothe visitors and dwellers of the indoor 准确把握大的景域空间与小的景观空间（入口、室内绿化等）之间的尺度差异与转换，创造出从城市空间向室内空间过渡的自然良好的感觉。 • Establish the difference btweeen the public contsictornu i(cp ublleisure centre of retail shopping plaza) and other commercial construction in terms of function, facilities, layout, space eeling fand riterion ccorrectly, to create a on harmiousrelationship between the two uses. 267
Chapter 13 Designing Brief设计要点 应准确把握公共建筑（休闲购物广场中的市民休闲广场）与其他商贸建筑在功能、设计、布局、空间感和尺度感上的差别，创造出有效的过渡空间以达成两者之间的和谐。 • The space and renovation standard should be well understood when preparing the design of the lobby, lift ,room and public passageayws. The design shall not only bodyem he tyluxur d anspecial space but also meet the naddems of cofort m andconstruction cost. 对大堂、电梯间、公共走廊等公共空间的设计，应把握良好的空间尺度和装修标准，既体现大空间应有的豪华和开敞感，又能满足人们对于舒适尺度和建造成本的要求。 Design Brief of Hotel酒店设计 The subject hotel is mmernedceod to be aptpaerloyxim 41,600 square ters mand aptpaerloyxim 520 This roomcapacity should be ficient sufto satisfy h botthe current and future arkemt 本案酒店规模约为41,600平方米，客房为520左右，兼顾目前的市场需求状况及未来发展的需要。 Recommendd eHotel oom rtypes 客房配置建议 数量 比例 房间面积(平方米) 客房类型Ro omtype 2NebmurRatio R oomarea (m) 标准间 Stan355 64 %65-66 dard room 行政间Exec9020%70utive room 套房Suite 55 12 %80 豪华套房Lu153%100xurious suite行政套房Ex5 1 %120 ecutive suite 合计Total 520 100 %41,600 • It is ed,propos that a professional hotel management group be contacted regarding the design, so t thatheir operational requirements can be considered. 在酒店设计方面，建议与专业酒店管理公司接触，考虑他们的具体需求。 • Lobby :with a height not less than 8 emters to phasize ema natural and elegant style. A café and western restaurant should be leodc aton Level 1 with full lhengtwindows on one side to ovidper natural light. 大堂：高度不低于8米，通过精美的装修、照明及绿化设计来强调酒店的自然特点和高雅格调。在首层沿窗位置设置拥有单面落地窗，自然采光良好的咖啡厅和西餐厅。 • Restaurant: 1 or 2 iddle mh ighend restaurants offering different cuisines are 268
Chapter 13 Designing Brief设计要点 located on Lveel 2 to serve the hotel clie stn salewl sa eht ecnerefnocekramt. T ehproposed area for each restaurant is taalpyperoxim 250 square meters. 餐厅：在二层设置1~2家不同风味的中高档餐厅，既可以服务于酒店客人，又能接待大型会议用餐。考虑到同商业高档中餐厅的协调，可以偏重于西餐等其它风味（每家餐厅面积建议为250平方米） • Provide a large conference room(or multi-functni o roomand banquet ),room tocater for ness busiconferences fro mthe surrng oundicopanies,m including company annual conference, product issue, research and discussion conference. The conference facility should be aapprtoexli m1000 – 1,500 square metres. In addition, 8- 10 bre-akout s roomshould be rovpided. Each break- out roomsdh oulbe taeaplpyr oxim30 uasrqe metres in size. 提供设施完备的大型会议室(或多功能厅、宴会厅)，服务于周边企业的商务会议接待，包括企业年会、产品发布会、研讨会等，面积应在1000-1500平方米以上。另外可考虑设置8~10个休息室。每个30平方米左右。 • The ’hotel sguest facilities should include a yqualit itness fcentre and businesscentre. As the leisure and entertainent mfacilities in the vyicinit will be ple ntifuland offer a broad variety, duingi nclswimming, tennis, opsgphin, dfoo and beverage, the hotel ds houlavoid doubleprovision. The necessary accommodation d coulopen otthe public to increase the occupancy rate of the facilities and reduce the running cost of the hotel. 酒店配套的客人使用设施还应包括一个高档健身中心、商务中心等。由于本项目周边配套休闲娱乐设施（包括游泳、网球、购物、餐饮等）相当齐全，酒店内应减少重复设置，酒店内必需的配套设施也可能考虑对外开放，从而提高配套设施的使用效率和降低酒店运营成本。 • It is projected, that the top floor of the hotel could be an executive club to make full use ofhe the ight ofthe arlka ndmibludgi nnd aits nodsui unrgrviews. T hisexecutive club could establish or enhance the hotel’ simage and attraction to its target 建议对酒店建筑的顶层可设置一个行政酒廊，以充分利用项目地标性建筑的高度优势及景观优势，并营造和提高酒店形象和对目标客户群的吸引力。 269
Chapter 13 Designing Brief设计要点 Table : Recommended Hotel Facilities and Services 表：推荐酒店配套设施及服务建议 Recommendd eHotel Facilities and Services推荐酒店配套设施及服务建议 Classified 分类 Facilities and Services配套内容 • Doestic mappliance, teleco mequipment: 110-220ge,oltav IDD telephone andvoice mail, IDSN, free self-service coffee-tea pot, intellectual light, refrigerator, inibar,m hairdryr e• 电器、电信设施：110-220伏双电压，IDD电话及留言信箱，高速宽带互联网接口，免费自助咖啡/茶设备，智能灯光，冰箱及迷你酒吧，吹风机 Ro om• Air-conditioner and video y: sstemindependent central air-conditioner facilities sy,stem satellite TV channels, ote remcolor TV 房间设施 • 空调及视听：独立控制空调系统，卫星电视频道，遥控彩电 • Other equipment: desk with plam, electric safe-box, amended baby bed, amended bed, deipnendent closet, /sbatehpraoomrate shower room• 其它设施：带台灯办公桌，电子保险箱，可配婴儿床，加床，闹钟，独立衣橱，浴室/独立淋浴间 • Large conference : roomseparable into 3 allers mroos mor banqnuge tihall with a l atotarea of 1000 – 1,500 reas qumeters • 大会议室：可分割为3间的大会议室或宴会厅，面积1000-1500平方米 Conferenc e• The divisible conference rooms: 3 iddlme size conference rooms with facilities area of approximately 300 – 500 square meters each 会议设施 • 可分割的会议室：3间，面积300-500平方米 • Break-out s:m roo8 – 10 omrso with area of ampaptreolxyi 30 uasrqe retem sae hc• 休息室：8-10间，每间面积30平方米左右 • Cusa ladini n:goc eeffb,ra olbyb b,ra ybbol éfac • 休闲餐饮：咖啡厅、大堂酒廊、大堂酒吧 • Chinese/western dinning: Italian/French cuisine; Cantonese, Hunan, F&B facilities Sichuan or Huaiyg nanceu isi餐饮设施 • 中/西正餐：意大利或法国风味；粤、湘、淮扬、川风味； • Special restaurant: Japanese or Korean restaurant or BBQ • 特色餐饮：日、韩氛围的餐厅或烧烤吧 • Sports and erecxises: Well equipped andmanaged ngymasiu m• 运动健身：设备和经营高档的健身中心 • Beauty parlor: beauty salon, hair dresser, sauna, ahi,ckum SPA SL/stropusie er• 美容洗浴：美容美发厅，桑拿浴室，按摩池，SPA Facilities • Entertainment: Karaoke, club, MacaRnhgj/ooads/chess, electonic 休闲/运动设es gamroo m施 • 休闲娱乐：卡拉OK，俱乐部，电子游戏机室，麻将棋牌室 • Others: BBQ area, children’s entertainment area • 其它娱乐：烧烤区，儿童娱乐场 O reht• Floor and oom: rexecutive floor, executive bar, barrier-free roo,m S secivrenooknisnmg loorf 270
Chapter 13 Designing Brief设计要点 其它设施 • 楼层及房间：行政楼层，行政酒廊，无障碍房间，无烟楼层 • Shops: giftshop, business center, concierge, flower shop • 店铺配套：精品礼品店，商务中心，礼宾处，鲜花店 • Others: clinic, layu,ndr kpianrg ot l• 其它：医务室，洗衣房，停车场 • Ordinary isceer:v ylaundr, shoe-shining, wake-up call, newspaper delivery, 24 ourhs meal delivery, airport pickup, electronic ordl,ock baby sitter service, currency exchange, ockerl at check-in counter, car park, credit caRoad • 普通服务：干洗/洗衣，擦鞋，叫醒，送报，24小时送餐，机场接送及出租，电子门锁，托婴服务，外币兑换，前台保险箱，泊车，信用卡 • Business service: conference and banquet service, conference video, S secivretourist guide, coputer m& internet, Xerox, express delivery, fax and 服务配套 printing, translation service • 商务服务：会议及宴会服务，会议视听、传译设备出租，订/售票服务，24小时秘书，礼宾服务，旅游顾问，电脑及互联网服务，复印、快递、传真打印服务，翻译服务 • Special regulations: pet forbidden, fast check in & out, free gy,m free swimming pool, service for disables • 特殊规定：严禁带宠物，快速登记及退房，免费健身、泳池，残疾人服务 Source: CBRE 资料来源：世邦魏理仕 Design Brief of Office Space写字楼空间设计 Scale and Location规模及位置 The Ofice fbuigl dinpcomonent has the yoppnoirttu o tbec oeman Icon in the subject market area. The fice ofilbduing/s ust mbe poracroyntem and vnantoive iin terms of design. The building will ttract aclients by creating a odern mand fortable comfice ofenevnitr onmand gain a ogdo reputatni oyb vnpgr oidivalue-added service. 本项目有机会成为项目区域的标志型建筑物，其产品设计方面应具备一定的前瞻性。通过整个项目所营造的氛围及现代、舒适的办公环境吸引目标客户，通过办公楼项目内提供的增值服务提升办公楼物业的品质与客户口碑。 The total construction area is about 110,000 square meters. Construticon area of each buinlgd iis ptpaerloayxim 55,000 rseq uaemters and the tf/pofrolionotr latpe shouldbe approxiamtely1,800 reas The contrucnt iosdh oulbe nc olumfree. T herecommended floorplate size lends itself to be divisible into allresm units suitablefor middle to small sized companies. 271
Chapter 13 Designing Brief设计要点 总建筑面积约110,000万平方米。建议每单体建筑面积为55,000万平方米，标准层建筑面积为1,800平方米左右，可以灵活分割成小单元，主要面向于中小企业客户。 • The separate office buiglsd inshould keep their ndeinncdee pein design so as to be managed independently. Appropriate scale, coplmxity eand flexibility of their functions will provide convenience for leasing. 各栋独立式塔楼在设计中保持各自的相对独立性，便于独立管理，规模合适，使用功能的复合性和灵活性为整栋建筑的整租创造了条件。 • Pedestrian and vehicular rculatciion ushold be considered carefully. The office circulation should ina remseparated from the retail circulation. The location f othe entrance to the underground carparking space should not nterfiere with the drop off point at he tfice oflyobb. 对人流（办公人员流线、来访者流线、使用商业服务设施外来人员流线、大厦管理人员流线等）及车流（租户私车流线、出租车流线、货车及垃圾车流线、消防车流线等）作充分考虑。商业物业顾客流线应避免干扰写字楼办公人流；地下车库出入口设置应避免与大堂前广场车辆发生拥堵。 • The standard and design ofthe office ilbduings should be enhanced by the use of natural ghtingl,i good landscaping, which has a flow through indoor-o utdoorconcept. 写字楼应充分利用自然采光条件、良好的自然景观，以及增加楼内绿化（建议在商业裙房顶部布置绿化景观平台，写字楼客户既可以在办公室远观又可以在休息之余步入平台，贴近自然），提升物业品质。小尺度的建筑体量、良好的采光条件、怡人的绿化景观、独特的办公形象、较低容积率的环境规划，将显得更加人性化。 • Allowance for corporate ing anmrights sho uldbe orpoirnacted o tinthe design of the office bnugi ldicomponents. 写字楼涉及重要考虑到便于用户独立冠名的因素。 Office Building Façade nd aLayout写字楼立面及布局 • It is recommended, that the façade is mainly decorated with ss glawall and granite slab, so as to bodyem the odermn, fashei,onabl viugoros and ple simstyle and enhance the yqualit and age imof the ice offbuildings. 楼宇外立面建议采用以玻璃幕墙为主，底层采用中高档石材，以体现现代、时尚、动感和简洁的风格，并突出楼宇品质和形象。 • Fe ramstructure with n columspacing of 8×8m mis suggested, tak ing ointaccount the eedn for odni visi ofthe office area, construction cost nd aerequnitr em foundergurnod carparking. 272
Chapter 13 Designing Brief设计要点 采取框架加核心筒（电梯井）结构，柱距8×8米左右，柱网设计应综合考虑租区划分的灵活性、建筑综合造价的经济性和地下停车的要求。 • The layout ofthe dbuiinlgssho uldbe flxiblee, and re theshould be no ncosl umin the office area. The condition of naaturl lighting is good and dark sr oomshould beavoided. T hedistance beteewn a typical wall and core wall should be less than 15 平面布局应便于办公空间空间灵活划分，办公区内无柱；自然采光条件良好，避免出现黑房间，外墙距离核心筒的距离不宜超过15米。 O eciffAaer办公区 • Office suite should be nifsuhred with main door ofglass, soundproof ceiling, ps lamand lanterns, air diffuser, sprinkler and oke smdetector. 办公套间配优质玻璃大门，内部提供活动隔音天花吊顶，连同照明灯具、送风口、自动喷淋头和烟感探测头。 • Cement gnrdo,u wall and ns columare painted white. The clients can fit out ethspace according to their n owrequirements. 水泥地面，柱面及墙体找平刷白，客户可按各自的布局进行室内装修。 • The ceiling of blpiuc area sho uldbe designed tomake it ceonnivent for e htclients’ rveantoion. The hole for inatenancme should be densiged to kea m itattractive. 公共区域天花设计应方便租区客户二次装修，避免拆改并便于检修，同时检修口的设计应考虑美观。 • The office area can be divided flexibly and take the conditions of natural ventilation and nlgi,ghti as well as outside landscaping into account. 办公区可灵活划分，并充分考虑自然通风、采光条件及外部景观。 • The ceiling height of standard floor should not be less than 标准层净高（吊顶到地面）不低于米。 • The sp roblemof noise and glare should be avoided. 考虑声学效果，避免噪声；考虑照明系统，避免眩光；考虑室内景观绿化设计。 • The visible ents equipmsuch as yh,drant fire bell, switch and esto ckshould bedesigned carefully to keep their façade haonrious mwith the overall interior design. 消火栓、警铃、巡更开关、插座面板等室内可见装置，应保证其外观和室内设计协调一致。 Public Area公共区域 • Ceiling heit ghof the yb lboshdo ulbe higher t han8 metres. The walls and soorflare decorated with granite. The grade of the office can be strengthened yb tiucon nf273
Chapter 13 Designing Brief设计要点 zoning, fitout design and nteliligent facilities. 首层大堂挑高8米以上，大堂墙身及地面均采用优质花岗石。注重通过合理的功能划分、装修风格、智能化设施配置等方面突出写字楼档次。在大堂内预留入住企业铭牌位置。 • The corridor width of ipcu blarea should between and etrems. It can be decorated with wall paper and carpet of high quyalit, souonodfp rceiling and plams. It should be convenient or fwalking and yconvenace, well 公共走廊宽度宜在～米，采用优质墙纸与地毡，配以吸音天花板吊顶及照明系统。方便行走、运输，并保证良好照明。 • Wall and floor in oiltets should be coderated with tiles of high yqualit, with sufficient sanitary enequiptm. 洗手间墙体及地台均以优质瓷砖铺砌，高级盥洗设备齐全，洁具数量达到甲级写字楼标准。 • Water supply and drainage should be ovidperd at certain locations, which will make it convenient for the clients to establish a separate ypantr. 在指定位置设置上下水的安装，方便客户建立独立茶水间。 Car Parking停车场所 • Car parking siprimarily ndeurgnrdo;u he tentrance and exit of thecar park ingsho uldbe istdinctive. The design ofcarriageway andcar park ingdivis ionslhdo u ebconvenient tofor car drivers. 以地下停车为主，车库出入口便于识别，并考虑美观，车道设计及车位划分应方便驾驶员使用。 • Provide a special road for passengers to be dropped off fromtaxis/ cars. 提供出租车/汽车上下客专用车道。 • Make use of the corner and edge of the car parking undedr ugnroto set up a stock roomfor the use of oyperptr nagnetm emand leasing. 利用地下车库边角地带设置库房，供物业管理或出租使用。 E & M SYSTEM机电系统 • The elevator can be d divideinto a high and low zonelift bank, with access to each zone being fromboth sides of the lobby. The speed of the elevator should befaster than metres per second, and the waiting time of the elevator ds houl beitedl imto 30 seconds. LCD TVs can be installed in the first floor elevator loyb,b and play ads or ortsh to relax isitvors who are waiting. 大写字楼电梯可以分高、低两区，且两个区域的电梯入口分别在大堂两侧，可以为大面积用户提供相对独立的空间、提高其便利性。电梯速度在米/秒以274
Chapter 13 Designing Brief设计要点 上，电梯等候时间小于45秒。首层电梯大堂设壁挂式液晶电视，播放广告或短篇以舒缓客户等电梯时可能出现的急躁。 • The air dconitnigo ni ytemssshould satisfy the andsatrds of ennvtiarlo nemprotection. The peratutemre and fresh air should be adjustable yb clients in rder o tosatisfy their requests of 24-hour working. In addition, a bnumer of o penablewindows should be incorporated in the design, so that natural air ventilation can be achieved. 空调系统应体现健康环保要求，便于客户自由调节房间温度和充足的新风量，满足客户24小时办公的需要。另外，设计时可增加可开启的窗户数量，考虑绿色办公楼自然通风的因素。 • Intelligent communications Broadband should be ctecdo nneinto each office area. Presently broadband in grade A office can achieve gigabit standard. Considering he tfuture development trend in e-commerce, the dveloper ecan refer to this standard in pryopert esidgning. T heconvenient network portdesign inside the office areas is portant imas well. There should be ffiscuient PABX resources in the Mbiloe onpehs sho uldbe able usinside he tdb uiinlgand therefore it is poritant,m that there are no blind areas. For those large office area dwellers, especially those with a significant IT denptae,rtm a facility room for IT equipment should be considered in the design. In adodni,ti e-card intelligent nagnetm emsystems, onidmirec tionalonitor msystems, background usic msystems, internal telephone ystems,s and other ninte lligeysstems can be d einstallinto theoffice buinlgdsi. 通讯智能化等5A：宽带接入每个办公区，建议参考千兆入户的标准。充足的交换机资源，移动电话信号强，不存在盲区。方便的网线入户接口。对于潜在的大型客户，特别是其自身有IT部门的公司，应有满足其机器设备安置和自行布线的空间。此外，写字楼楼宇内可考虑设有一卡通智能管理系统、全方位监控系统、背景音乐系统、内部电话系统等智能化系统。 • The n lightisy stemshould inocroartpe an eynerg saving d annsecrovational design. Eergencym g linghtisdh oulbe ncoirporated ntoi the densig. 照明采用节能、环保设计，并设计相应的紧急照明。 • Eent,quipm which needs to be regularly onitormed and repaired should ont be nidellats niot ht epubybbol/cil .aera 尽量避免在大堂和其他公共区域安装经常需检修的设备。 Office Building Ancillary Facilities办公区辅助配套设施 • Business facilities and services should include: banks, cafés, business restaurant, and business center (provides services of office facilities renting, copy, tion,transla 275
Chapter 13 Designing Brief设计要点 etc.), post office, air service cnteer, and T ehes secivrra eyliramirp rofeciffo tenants. 建议写字楼的底商配套设置银行营业厅、咖啡厅、商务餐厅、商务中心（包括办公设备租赁、复印、翻译等服务）、航空服务中心、接待室、洽谈室等设施。底商配套以服务于写字楼客户为主，有别于商业部分主要针对大众消费。 Design Brief of Serviced Apartment Complx eand Strata-Titled Apartment Buildings酒店式公寓联合体及产权酒店公寓部分设计 Location d anLayout 位置及布局 • The endte mveloprecommendations in this section include both the Serviced Apaerntt mplex comand the Strata-Titled Service Apaerntt mdbiunigls.这里的酒店公寓建议包括服务式酒店公寓联合体和产权式酒店公寓。 • Given the ssite’significant green belt/landscaped area, we recommend, that both a Serviced Aepnatr tmcomplex as well as Strata-Tilted Serviced Apaerntts m(for sale) would ebin W erecommend a site area of apmpartoexliy 10,667 sq..m for the entd evelopmof the Strata-Titled Se ervicApaerntt The GFA for the Strata-Tilted Service Aents partmshould be ateamlpyproxi 96,000 square W ealso recommend, the development of a Serviced Apartemnt coplex m(not for sale, but professional managed. Based on our mand deanalyis we recommend a GFA of 40,000 esquarmeters.由于有大面积的公共绿地可以做景观优势，我们认为无论是服务式酒店公寓联合体或者是产权式酒店公寓都是由市场需求的。建议可售的产权式酒店公寓的容积率为3，按照每幢产权式酒店公寓占地10,667平方米计算，共建议建造3幢，项目的总建面积应该在万平方米。建议只租不售，拥有专业管理团队的服务式酒店公寓的容积率为，项目总建筑面积为4万平方米。 • There are still some houses remaining on the subject site, whih cneed to betaken into onsidecration when working on he tconstruction schedule of e thsubject 目前地面上尚有待拆迁的平房，要动工要先考虑到拆迁的大体进程安排。 • According to our recommended entd evelopmplan, the facilities around hetServiced Apaerntt mcomplex will befice ofbuildings, a food and beverage precinct, a sport and entertainent mcenter and the tehlo. The gh hirise builgd,in the fice ofbuildings and the hotel will act as a fer bufzone ocking blinsiout/mng fic trafnoise. There will be a significant green belt area .nearby All these factors will enhance the iddle mto high end positioning of the Service Apaerntt mplex comby creating a pleasant and well facilitatd eimmediate 276
Chapter 13 Designing Brief设计要点 surro 根据我们的方案，未来周边会有的设施主要为办公区域和餐饮、运动休闲商业及酒店区域。办公、酒店区可以将中环线车流量较大的不利影响阻隔掉，为住宅项目带来较为良好的环境，保证周边人流不会太过混乱；商业区建设将为住宅项目提供有力的支持，满足住宅项目的生活需要；另外这些酒店式公寓的周边均有大面积的公共绿地做为独特的景观优势。以上的几点将支持本项目的中高档定位。 • The Serviced Apartment roomcopositionm o uslhdyroadbl be kbroen odwn nithe following ration: 服务式酒店公寓的内部房型配比如下所示： - 20 %Sot udiAenptasr tmwith a unit ze siof 45 . - 20%的小间，单间面积45平方米 - 50% One B edroomApartentms with a unit size of 60 sq..m - 50%的一房，单间面积60平方米 - 25 %Tow rboeodmApartments with a itu nsize of 85 sq..m; - 25%的二房，单间面积85平方米 - 5 %Three bedroomApartments with a unit size of 120 sq..m - 5%三房，单间面积120平方米 In regard to facilities in the Serviced Aepnatr tmplecxo mthere should be ailn immservices. W erecommend, that a sall mand well stocked “Mini-mart” be provided .for T hisarea would be GFA including storage space approximately 80 sq..m The get tarmarket for this development will be inapnrteldyom generated fro mthe businesses/corporations located in Caohejing Hi-Tech Park. These businesses/corporations may have specialists travel to Shanghai or fning traisessions, working on short t ermassigntes mand being relocated. These generates a mediu mter,m 2 weeks to 6 onths maccommodation The Serviced Aent partmcoplex mwould satisfy this mand desengetm. 关于服务式酒店公寓的配套设施要尽量简化。建议有一个小而精的迷你吧，包括仓储面积约80平方米。服务式酒店公寓主要服务对象是漕河泾高科技开发区的商务人士，包括来上海接受短期培训人士，短期海外工作人士和重新定居于上海的人士。这些需求组成了一个中期的公寓需求，大约在2周到6个月之间。 Strata-Titled Service Apatmernt Buildings产权式酒店公寓： Landscaping生态景观： A significant green andbseclatp/eld area of land snugrsr oundithe proposed Service 277
Chapter 13 Designing Brief设计要点 Apaerntt mbuilding, which is rare in urban areas. W erecommend taking advantage of such an ent onemnviras an advantage toprove imthe yqualit of thewhole 主要体现周围的绿地景观的优势，在靠近中环线区域中，这 样大面积的景观绿地并不多见，我们建议充分利用这样的生态环境，可以提升整体的档次。 Service Apartment服务式酒店公寓： Modern现代： T ehtcetihcra eruytsl e sah neebircsedbde .reilrae G ssal dna latemlairetam erasuggested to bodyem theodern mstye lto be onihoaursm with the whole of thes deevnetl’opmplanning. 主要指建筑风格，多利用玻璃及金属等有质感的材质以体现现代感，还要和整体规划相配合，和周边的酒店以及办公楼形成统一的风格，以利于整体形象的包装。 Target market - white collarcommunity知识型白领社区： The subject site is located in Caohejing Park, where educated people gather In close ityproxim there are five ousfam universities nearby. The get tarmarket should be myainl de aimat the hyi ghluceadted people. 由于项目所处的漕河泾开发区属于知识型人才的汇集地，也属于上海居住层次和品位相对较高的一个区域，周围有5所上海市著名大学，因而这里的产权式酒店公寓将是未来很受知识型人才欢迎的白领社区。 Design Brief of Retail Develeonptm Cponments商业部分设计 Location d anLayout 位置及布局 The recommended retail entd evelopmcoponentms of the subject escheminclude thefollowing:推荐的商业包括以下几个部分： - Retail Sng hoppiPlaza – GFA 9,000 sq..m休闲购物中心，9000平方米建筑面积 - Food Cy it(Court) Con cept– GFA 5,600 sq..m美食城，5600平方米建筑面积 - Retail Streetscape – GFA 8,100 .漕河泾休闲街及娱乐部分，8100平方米建筑面积 • A Retail Shopping Plaza with a total GFA of 9,000 re squameters is recommended in which there is a high-end supermarket like Ws,tsona’ several specialty shops, and other general merhacndise like hairdressing, bookstores, and service oriented facilities such as banks, post fice,of dental and diecal mclinics and a .acinem The Retail Plaza will be built in two phases, each phase should be taearlopyxpim GFA 4,500 sq..m 278
Chapter 13 Designing Brief设计要点 • 休闲购物广场，包括特色超市，如Wotsan等，专卖店、零售、美容美发、电影院等。在环绕的中心，建造休闲市民广场。总建筑面积为9000平方米，单层面积为1500平方米。休闲购物广场分二期进行，每期完成4500平方米建筑面积。 • The first floor net height is proposed to not less than 5 tree,sm that of L2 and L3 not less than 4 treesm. The net height of B1 should not be less than 建议首层净高不低于5米，二层、三层净高不低于4米，地下一层净高不低于米。 • The lnigg htishould ensurethe retail centre sufficiently bhrti,g pirdoivng houegnaccess contributing o tthe re-renovation and unpgg radiof the retail centre. It is proposed thatthe lighting effect should be vivid, changeable, a ndonhiaorums o tillustrate the es themof sports and health relating to the retail centre. • 灯光设置应保证商场的充足照明度，配备充足的接入口将有利于满足商户二次装修和未来商场升级的需要。建议在公共部分营造出动感、变幻、和谐的灯光效果以体现商场的运动、健康主题。 • With regard to int eriornishfeis it is ropopsed to doptandu enifsihstandard o tsave cost and be beneficial to the individual fit .out In the cpubliareas, it is proposed to pplya stone, glass, steal and so on to cooperate with the planning of the public ea,ar to illustrate the odernm, vigorous, cofortablem, and top grade characteristics of the scheme. • 室内装修方面，建议采用毛坯形式以节省成本，且有利于商户的个性装修；公共部分建议采用石材、玻璃、钢构件等材料，配合公共空间的规划，营造出时尚、活力、舒适、高档的气息。 • The wi dth ofcor ridorushold eet mthe nad demof erso nsumcin rush ourh. Te hcorridor design sdh oulalso eet mthe nads demof directing circulation a ndincreasing the efficiency te arof retail area. The ce choiof floormaterials should balance the grade of the centre and demand of cleaning and • 走廊的宽度应充分考虑到高峰期消费者舒适购物的需要，同时走廊动线的设计应满足引导人流，充分提高商业面积实际利用率的需要；地面材料的选择应兼顾档次和实际清洁、维护的需要。 • A/C sy stemwith large wer pois recommended. The e volumof new air should be considered carefully to eet mthe nadedm of large-sized retail areas. • 机电系统方面，空调建议采用大功率冷暖空调，新风量和空调风口应仔细加以设计以满足大面积商业空间的高效空气调节需要。 • The escalator is recoenmmded as main delivery eamns for the population in the shgoppin centre. Large capacity lifts should also beprovided forgoods. S eom279
Chapter 13 Designing Brief设计要点 all smlifts can be added to prove imthe penetrative rate of the consumers to F&B, entertainentm facilities on the 2nd and 3rd The location and bers num oflifts should ebconsidered carefully in rdero to eet mthe nda demof consumers, as well a siprove mthe efficiency ratio of the retail • 电梯方面，建议采用自动扶梯作为商业主要客运工具，设置大载重直梯满足货运需要；可设置小型客用直梯提高客流对二层、三层餐饮娱乐的渗透。客、货梯的摆放和数量应仔细加以考虑以求满足客流需要的同时提高商业面积利用率。 • The design ho uldsreflect the signage nd aadvertisements in on uniso td avoihe tadvertisements being ddiesrolry. 在设计中考虑为商家统一预留单位铭牌及广告位，避免广告铺设的随意性而对整体物业价值的影响。 • F oodCy it(f oodc ourt):There are various odfouotlets reflecting ayvarie ofnational and regional cuisines, as well as several featured restaurants. The food s’truocg terattekra m siinyllaiti ehtmid to high end ployemes within the Caohejing Hi-Tech Park. In later phases the build-p uof on-site residents and fice ofdwellers will be included in he tget tarmarket. • 中档美食城，汇集各国各地风味，以快餐为主，辅以若干特色餐厅。以满足周边厂房办公楼职工就餐需求为主。 • The kitchens of F&B should beequipped with ialc speunloading passage and flue to avoid disturbing theor clients. Meanwhile, the arrangement of water, power, gas, drainage, toilet, kitchen space and ceiling height dshoulbe carefully considered. • 餐饮厨房应分别配备专用卸货通道和排烟风道，避免货流和废气对其他用户的干扰；而水电、煤气、上下水系统、洗手间和厨房空间、层高的安排等方面都需要加以重视。 • Food and Beverage Streetscape: in which peoplecan enjoy cafes, bistrosand other fashion snacks as wll eas for business or friends’get-togethers. 2,500 GFA. The Caohejing leisure street is dierent ff fromthe general F&B streetscape due to the xcellenet sunrgr oundilandscaped green belt area as well as the landscaped garden setting. • 漕河泾休闲街，以休闲茶吧、咖啡吧、时尚小吃为主，档次中高档，以满足商务、朋友聚会需求为主。 面积共计2,500平方米，拥有与众不同的开放式花园的开放式用餐环境 • Considering hat tthe site is relatively far fromone end to he to,ther ecrosn sum280
Chapter 13 Designing Brief设计要点 may find thestreet to be too long, it isproposed t tha1-2 accesse sadded from east to west to divide the retail sector into 2 or 3 pendiendte sectors with alsml landscapes and leisure facilities. Though s oemretil aarea may be sacrificed, the increase of street frontage can ke amup for this loss. In addition, it will kea mthe transportation convenient or fthe visitorsto the east and west street. 考虑到地块南北向过长，消费者沿街购物可能感到乏味，可以设置1~2条东西向通道将商业空间分割成相对独立的2~3部分，同时拥有小品景观和休息设施，虽然会损失部分商业面积，但可以通过增加商业空间的临街面来弥补，另外这样考虑也方便了东西两条街道游客的交通。 • Food and Streetscape including The projected entertainentm outlets sdh oulinclude edm therestaurants, . P,auanuelr etc. KTV, 6-7 bars etc. These entertainment facilities should be dispersed within he tF&B streetscape precinct. The get tarclients of this entertainent mspecialty would be foreigners working n ihe tCaohej ingHi Tech Park fromall parts of the world, such as Aerica mand Europe, Japan and Korea, Hong Kgon and Tiwaan. This gettarmarket is inparnetdloym mid to senior nagaement mas well as the wealthy residents in the nearby service apartments or the guests in the recommended on-site hotel. • 娱乐，考虑建造主题餐厅，如宝莱纳等，KTV娱乐城， 6-7个酒吧，休闲吧等等。布置的位置考虑沿街分布，和餐饮交错分布。这部分商业以吸引漕河泾高科技开发园区中欧美、日韩、港台等外籍人士及中高层管理人员、附近高级酒店、公寓中住客工作之余的休闲娱乐生活为主。 Design Brief of Sports C eentrCpoonment运动休闲中心部分设计 • The recommended S portsCenter has a total GFA of 8,000 square meters. The Sports centre is geted tarat the dieu-mmto-high d enmarket. The Sports Centre will coprise mof a specialised ”Racquet Club” including ndoor inneis,t squash and inton badmcourts. The gynasium mwill include a fitness ,center swimming pool, spa/sauna and an omathearraphy centre. There will be a Health bar and sports shop. The sports center is projected to attract 1-2 anchor ients,cl such as Megfit fitness group, Physical fitness group, etc. which are already quite a popular ssf itnecenter in Shanghai. T henad demfor this recommended center is projected to anateme from the id mto senior f stafworking in the Caohejing Hi-Tech park and wealthy nearby 281
Chapter 13 Designing Brief设计要点 大规模的运动休闲中心：消费档次中高档，8000平方米，分2期推出。可容纳室外网球场，室内游泳池、篮球场、壁球馆、羽毛球场，健身中心，美容设施，配套餐饮等。布置的位置考虑放在虹梅路附近的地块。运动休闲中心以吸引1-2家关键住商为关键，例如Megfit, Phyicasl 等已经在上海较有知名度的连锁健身中心，满足开发区内员工及周边高档住宅人群运动休闲健身的需求。 General Design Cmoments总体项目配套设施 • The construction ystle of all the subject deenvelopmts should be coordina tedwith the ng oundisurrent ronmenvito create a psilm e, pathic emand aestyheti callpleasing eennvti ronmgenerating a feeling of well-being. To tcah mand plimecnotm green belt ea,ar the ent developmprojects should have an elegantfaçade displaying quyalit. 建筑风格与周边环境协调一致，外观设计简约明快富有活力，配合以大面积的绿化景观，营造出本项目的高尚品质。 • The design and tearials mshould phasize emenvironmental conservation, enyerg saving, and 设计和材料强调环保、节能与科技特色。 • The landscape design should r consideabout the ecological and landscape results, integrate with the planting associated with the project, and handle ongm astreet, afforest, and construction well. While designing the afforest and cape,lands attention ushold be p aid tothe integrant iobetween indoor 绿化设计考虑生态效益和景观效益，并与整体项目绿化景观有机地联成一体，且处理好道路、绿化、建筑的关系。绿化和景观设计应考虑室内室外的有机交融。 • The road sytemsshould be clear and a separate vehicle and walking ysstem should be created. Arrange the vehicle and people stream reasonyabl which would ensure the efficient conjunction ong amareas and avoid the utual mdisturbance. 周边道路系统设置应清晰流畅，车行与步行系统分开，还应合理安排不同功能区的人流、车流，既能保障不同区域的有效连接，又要避免相互干扰。 • Keep integral relations between the sports facilities and the other uses. The uses would be gratiendt eht uhgropedestrian ootpafths, gardens, andnsigs, conntugr ibti otthe uncommications ong amclients, he tshare offacilities. And roadswill be designed to istdinct fromthe outside clients orderly. 注重休闲运动中心等体育设施同各物业建筑之间的有机联系，通过内部通路、园林、标识等将各物业有机连接，以方便客户间交流以及设施共享，并通过道路设计与外来客流有序区分。 • We recommend, that echanicmal and electrical facility s areas/roombe put 282
Chapter 13 Designing Brief设计要点 underugnrdo, to reduce the occupancy to the grdo aubnoveretail area. We further recommend, that the gruonudnedr car parking, staff estaurantr and facility s roombe developed as a core area undergn,rou which is beneficial to naagemenmt and should prove imefficiency and reduce e thcost. 各种设备用房尽可能设置在地下，减少对地上商业面积的占用。地下停车、员工餐厅、设备用房等配套设施尽量统一考虑，便于统一管理，以提高使用效率和降低成本。 • The Electrical & Mechanical, A/C of hotel, office bnugi,ldi andnte departmstore should be separated so as to ensure indep endentoperation of these development projects. 酒店、写字楼和商场的机电、空调设施应合理区分，以保证独立运营的需要。 283
