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1、ChinaApril 2023ResearchMarket Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market OverviewQuarterly Report Q1 202301China Macroeconomic Overview02Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market OverviewGDP
2、 Grew by 4.5%with Economic RecoveryExceeded Expectation in Q1 2023Source:National Bureau of Statistics of ChinaChinas GDP,2019-Q1 2023(Billion RMB)QoQ actual growth,Q1 2023+2.2%Growth vs Q1 2022YoY actual growth,Q1 2023+4.5%Growth vs Q1 202221,71720,57324,79927,01828,50024,15024,89928,15329,24625,10
3、526,49828,99230,76327,68029,63032,42433,994200222023Q1Q2Q3Q403Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market OverviewConsumption,Investment,and International Trade All Gained Greater Impetus in Q1 2023Components of Chinas GDP Growth,20
4、10-Q1 2023Source:National Bureau of Statistics of ChinaFinal consumption expenditure pulled up Chinas overall economic growth by 3.0 percentage points in Q1 2023+3.0pp.Final consumption expenditures contribution to Chinas GDP in Q1 202366.6%-20%0%20%40%60%80%100%120%20001620172
5、002120222023Q1Final Consumption Expenditure(%)Gross Capital Formation(%)Net Export of Goods and Services(%)04Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market OverviewConsumer Market Continued in Due to Weaker Impact from COVID-19 in Q1 2
6、023Retail Sales of Social Consumer Goods(Trillion RMB)&YoY Growth,2019-Q1 2023Retail Sales of Social Consumer GoodsYoY GrowthSource:National Bureau of Statistics of ChinaYoY nominal growth,Mar.2023+10.6%Growth vs Mar.2022YoY nominal growth,Q1 2023+5.8%Growth vs Q1 2022200222023-30%-20%-10
7、%0%10%20%30%40%02468101214Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Retail Sales of Social Consumer Goods(Trillion RMB)YoY Growth 05Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market OverviewPer Capita Consumption Expenditure Grew Faster than Disposable Inco
8、me in Q1 2023 Quarterly Per Capita Disposable Income and Per Capita Consumption Expenditure in China and Their YoY Growth Rates,2019 Q1 2023Per Capita Disposable Income/Per Capita Consumption ExpenditureYoY Nominal Growth RateSource:National Bureau of Statistics of ChinaYoY actual growth of per capi
9、ta disposable income in Q1 2023+3.8%Growth vs 2022YoY actual growth of per capita consumption expenditure in Q1 2023+4.0%Growth vs 2022-10%-5%0%5%10%15%20%25%02,0004,0006,0008,00010,00012,000Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Per Capita Disposable Income(RMB)Per Capita Consumption Expenditure(RMB)Per
10、 Capita Disposable Income YoY Growth Rate Per Capita Consumption Expenditure YoY Growth20022202306Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market OverviewWillingness for Consumption and Employment Expectations Both Increased Remarkably
11、in Q1Willingness of Residents for Consumption,Saving and Investment in China,2019-Q1 20232002220230%10%20%30%40%50%60%70%80%90%100%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1More ConsumptionMore SavingsMore InvestmentSource:Peoples Bank of China Survey Statistics DivisionQoQ growth of willingness
12、for consumption in Q1 2023+0.5pp.QoQ growth of employment expectations in Q1 2023+9.4pp.07Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market OverviewE-commerce Expansion Continued in Q1 2023,Driving Logistics DemandOnline Sales of Physical Goods and
13、Its Share in Total Retail Sales,2014-Q1 2023Online Sales of Physical GoodsShare of Total Retail SalesSource:National Bureau of Statistics of ChinaYoY actual growth of online sales of physical goods in Q1 2023+7.3%Growth vs Q1 2022Share of online sales of physical goods in total retail sales in Q1 20
14、2324.3%Share vs Q1 20220%5%10%15%20%25%30%024680002120222023Q1Online Sales of Physical Goods in Q1(Trillion RMB)Online Sales of Physical Goods(Trillion RMB)Share of Total Retail Sales08Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics
15、Real Estate Market OverviewSecondary Sector Played Fundamental Role in Economic Recovery in Q1 Value Added of Chinas Secondary Sector(Trillion RMB),2019-Q1 2023Source:National Bureau of Statistics of ChinaYoY actual growth,Q1 2023+3.3%Growth vs Q1 2022Manufacturing PMI has been in expansionary range
16、 in the past three months51.9%8.06 7.24 9.24 10.62 10.79 9.59 9.75 11.43 12.25 9.64 9.99 11.35 12.16 10.77 11.37 13.06 13.26 200222023Q1Q2Q3Q409Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market OverviewManufacturings Share in Chinas GDP C
17、ontinued to Rise,Its Role in Chinas Economic Growth to Remain ImportantShare of Manufacturing Value Added in Chinas GDP,2010-Q1 2023Source:National Bureau of Statistics of ChinaShare of manufacturing value added in Chinas GDP,Q1 202327.9%YoY growth of hi-tech manufacturing fixed asset investment in
18、Q1 2023+15.2%Growth vs Q1 202210%15%20%25%30%35%200000222023Q110Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market OverviewInternational Trade Showed Resilience in Q1 2023,Yet Subject to Complex Intl Situat
19、ion Chinas Goods Import&Export Volume(Trillion RMB)andYoY Growth,2016-Q1 2023Source:National Bureau of Statistics of ChinaChinas trade surplus,Q1 20231.4Trillion RMBYoY growth of Chinas import&export volume,Q1 2023+4.8%Growth vs Q1 2022-5%0%5%10%15%20%25%055404520002
20、22023Q1Export Volume(Trillion RMB)Import Volume(Trillion RMB)YoY Growth of Import&Export Volume11Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market OverviewCity ClusterCityCity TypePopulation(2021,Million)Population Change,2020-2021Retail Sales (2022
21、,Billion RMB)Retail Sales Change,2021-2022The Yangtze River Delta(YRD)City ClusterShanghaiTier 1 City24.89+0.04%1,644.2-9.06%JiaxingSatellite City5.52+1.94%234.3+2.98%HangzhouTier 2 City12.20+2.00%729.4+8.16%HefeiTier 2 City9.47+1.01%502.2NingboTier 2 City9.54+1.32%489.7+5.33%SuzhouTier 2 City12.75-
22、0.01%910.2+0.78%NanjingTier 2 City9.42+1.11%783.2-0.85%WuxiTier 2 City7.48+0.21%333.8+0.95%ShaoxingTier 2 City5.34+0.87%258.6+4.40%NantongTier 2 City7.73+0.06%395.7+0.54%The Pearl River Delta(PRD)City ClusterShenzhenTier 1 City17.68+0.27%970.8+2.21%GuangzhouTier 1 City18.81+0.72%1,029.8+1.73%FoshanS
23、atellite City9.61+0.99%359.4+1.04%HuizhouSatellite City6.07+0.15%204.1+3.11%DongguanSatellite City10.54+0.51%425.5+0.37%JiangmenTier 3 City4.84+0.65%130.9+2.42%ZhaoqingTier 3 City4.13+0.31%111.7-3.77%ZhongshanTier 2 City4.47+0.81%159.3+4.14%The Beijing-Tianjin-Hebei(JJJ)City ClusterBeijingTier 1 Cit
24、y-0.02%1,379.4-7.22%LangfangSatellite City5.54+0.95%141.0+0.50%TianjinTier 2 City13.73-0.98%357.3-5.2%BaodingTier 2 City9.20-0.51%172.2+1.3%The Chengdu-Chongqing(Chengyu)City ClusterChengduTier 2 City21.19+1.17%909.7-1.68%ChongqingTier 2 City32.12+0.11%1,390.0-0.30%MeishanTier 3 City+0.10%64.0+1.6%2
25、1.89Overall Population Attractiveness of YRD&PRD Grew Continuously,while JJJ Facing Population OutflowSource:ZhenLiang Academy based on publicly available information12Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market Overview02Chinas LogisticsMarke
26、t13Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market OverviewStock as of Q4 2021New Supply Added in 2022Note:1)The range of each city cluster when calculating economic data is as follows:YRD includes Shanghai municipality and Jiangsu,Zhejiang,Anhui
27、provinces;JJJ includes Beijing&Tianjin municipality and Hebei province;PRD includes Guangzhou,Shenzhen,Zhuhai,Foshan,Dongguan,Huizhou,Zhongshan,Jiangmen,Zhaoqing cities in Guangdong province;Chengyu includes Chongqing municipality and Sichuan province.2)The range of each city cluster when calculatin
28、g logistics market data:YRD includes Shanghai municipality,Nanjing,Suzhou(incl.Kunshan,Taicang,Changshu,Zhangjiagang),Wuxi,Nantong cities of Jiangsu province,Hangzhou,Ningbo,Jiaxing(incl.Pinghu),Shaoxing cities of Zhejiang province,Hefei city of Anhui province;JJJ includes Beijing and Tianjin munici
29、palities and Langfang,Baoding cities in Hebei province;PRD includes Guangzhou,Shenzhen,Foshan,Dongguan,Huizhou,Zhongshan,Jiangmen,Zhaoqing cities of Guangdong province;Chengyu includes Chongqing municipality and Chengdu,Meishan cities in Sichuan province.Non-bonded Grade A Logistics Stock in Key Cit
30、y Clusters(Million sqm.)Source:ZhenLiang Academy14Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market OverviewAverage Rent of Key City Clusters,Q1 2022-Q1 2023(RMB/sqm/day)Average Occupancy Rates of Key City Clusters,Q1 2022-Q1 2023Q4 2022Q1 2023After
31、 the epidemic,logistics demand was also fully released due to the GDP growth beyond expectation,and the occupancy rates of all four major city clusters recorded a slight increase,except for the YRD city cluster,where occupancy rates remained unchanged.In particular,the PRD city cluster occupancy rat
32、e fell below 90%in the last quarter,and then quickly returned to the level of more than 90%,leading the four major city clusters.The YRD city cluster and Chengdu-Chongqing city cluster remained stable.JJJ city cluster recorded a 4 percentage points increase,but still below 80%occupancy rate and sign
33、ificantly behind the other three major city clusters,which means that the logistics market in the JJJ city cluster is still under greater pressure.It is worth focusing on the fact that the rental levels in the four major city clusters,except for the Chengdu-Chongqing city group that remained unchang
34、ed,recorded a slight decrease in average rents in the rest of the city clusters,showing a significant stalemate.This indicates that the logistics market in China is still in a relatively balanced state of supply and demand,despite being under greater supply pressure.Operators need to pay close atten
35、tion to local market trends and policy changes when establishing rental strategies and adopt a more prudent and flexible approach to remain competitive in the market.1.221.311.250.841.211.281.240.84YRDPRDJJJChengyu84.7%89.9%73.8%84.0%84.7%91.7%77.8%84.1%YRDPRDJJJChengyu15Market Stalemate Calls for P
36、rudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market OverviewBaodingBeijingTianjinLangfangNanningNanchangXiamenXianyangHarbinDalianXiaoganChengduKunmingWuhanShenyangQuanzhouJinanMeishanFuzhouXianGuiyangZhengzhoEzhouChongqingChangchunChangshaQingdaoShanghaiNanjingNantongHefeiJiaxi
37、ngNingboWuxiHangzhouShaoxingSuzhouKunshanTaicangChangshuZhangjiagangDongguanZhongshanFoshanGuangzhouHuizhouJiangmenShenzhenZhaoqing0.00.30.60.91.21.51.82.140%45%50%55%60%65%70%75%80%85%90%95%100%Comprehensive Leasing Performance Continued to Diverge across Cities in Q1 2023Average Rent(RMB/sqm/day)A
38、verage Occupancy RateExceptional Market PerformanceGood Market PerformanceFair Market PerformanceKey Cities in Other City ClustersJJJ CitiesYRD CitiesPRD Cities*Note:Suzhou data are exclusive of Kunshan,Taicang,Changshu,Zhangjiagang.Source:ZhenLiang Academy16Market Stalemate Calls for Prudent Observ
39、ationsChina Non-bonded Grade A Logistics Real Estate Market OverviewSource:ZhenLiang AcademyCity Rents Showed a Stalemate in Q1 20230.00.20.40.60.81.01.21.41.61.82.0BeijingShanghaiShenzhenGuangzhouSuzhouHangzhouZhongshanXiamenNingboWuxiFuzhouShaoxingKunmingNanjingXianZhengzhouJinanTianjinNanningChan
40、gshaHefeiGuiyangQingdaoQuanzhouWuhanBaodingChengduNantongHarbinNanchangChongqingShenyangDalianChangchunDongguanKunshanHuizhouLangfangTaicangFoshanChangshuJiaxingZhangjiagangQ4 2022 Average RentQ1 2023 Average RentKey Tier-2 CitiesSatallite MarketsTier-1 CitiesQ4Avg.0.95Q1Avg.0.95Q4Avg.1.64Q1Avg.1.63
41、Q4Avg.1.25Q1Avg.1.2417Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market OverviewSource:ZhenLiang AcademyCity Occupancy Rates Stalled in Q1 202345%50%55%60%65%70%75%80%85%90%95%100%ShenzhenBeijingGuangzhouShanghaiZhongshanWuxiSuzhouHefeiChangshaQingd
42、aoGuiyangChengduJinanXiamenShaoxingFuzhouKunmingNingboHarbinXianNanjingNantongQuanzhouChongqingBaodingNanchangHangzhouZhengzhouTianjinNanningShenyangWuhanChangchunDalianFoshanHuizhouKunshanTaicangDongguanChangshuJiaxingLangfangZhangjiagangQ4 2022 Average OccupancyQ1 2023 Average OccupancyKey Tier-2
43、CitiesSatellite MarketsTier-1 CitiesQ4Avg.82%Q1Avg.83%Q4Avg.89%Q1Avg.88%Q4Avg.80%Q1Avg.82%18Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market OverviewThe Rental Market is Stagnant and the Investment Market is on the SidelinesTransaction Volume of Ch
44、inas En-bloc Logistics Transactions(Billion RMB)Source:ZhenLiang AcademyTransaction volume in Q1 2023 totaled RMB 7.6 bn7.6Billion RMBDown by 37.2%compared with Q1 2022-37.2%15254253 3020202120222023Q119Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real
45、 Estate Market OverviewLogistics Market Key Transactions in 2022From Q4 2022,a slowdown in Chinas logistics grade A warehouse leasing market was caused by increased supply and decreased demand.In addition,uncertainties have slowed down investors decision-making and lengthened the decision-making pro
46、cess,resulting in a 41.9%YoY decline in logistics key transactions in 2022.In 2023,with the steady economic recovery and the liberalization of epidemic control,market uncertainties gradually became clearer,and demand for logistics leasing in China began to recover gradually.However,leasing parties g
47、enerally believe that supply exceeds demand in most regional logistics markets and have lower rental expectations;meanwhile,owners are not yet willing to take the initiative to decrease rents,leading to a stalemate in the leasing market.This situation is driving investors to take a wait-and-see atti
48、tude and is the main reason for the overall sluggishness of large transactions in Q1 2023.DateNameLocationNo.of AssetsGFA(sqm)Volume of Transaction(RMB mn)SellerBuyerCap RateMar.2022Portfolio of high-quality logistics industrial assets in the YRDYRDN/A450,0002,300Overseas well-knowndevelopment compa
49、nyGaolu6.00%+Feb.2023NWS acquires a 90%stake in Suzhou Industrial ParkSuzhou175,000Leasable Area513ZhongjiNWSN/AJul.2022ESR GIC Prime Logistics and Industrial PortfolioDongguan,Wuhan,Changsha,Chongqing,Nanjing,Wuxi,Shenyang,Tianjin9873,000Balance Sheet4,900ESRGIC/ESR JV5.30%-5.80%Jun.2022SC Capital
50、Morgan Stanley PortfolioNantong,Taicang,Jiaxing3210,770850SC CapitalMorgan Stanley5.30%May 2022Goodman NWS Logistics PortfolioChengdu,Wuhan6531,0002,290GoodmanNWS5.50%-6.00%May 2022Dongbai Link Logistics PortfolioChangshu,Jiaxing3192,144947DongbaiGroupLink5.10%-5.50%Mar.20222 Logistics Parks of Chin
51、a South CityHefei,Zhengzhou2405,7001,710China South CityShenzhen IntlN/AFeb.2022DLJ Greater Shanghai Logistics PortfolioShanghai,Suzhou,Kunshan,Taicang,Hangzhou11558,3344,500DLJGIC/ESR JV4.50%Source:ZhenLiang Academy based on publicly available information20Market Stalemate Calls for Prudent Observa
52、tionsChina Non-bonded Grade A Logistics Real Estate Market OverviewQ1 2023 China Grade A Logistics Real Estate Capitalization Rate Reference(I)Note:The scope of the study includes 1,556 grade A logistics properties across China.Cap rates are calculated with self-developed algorithm by Zhenliang Rese
53、arch Institute,with the consideration of the NOI,market values and past rental growth of logistics projects of mainstream developers served by JLLs Valuation Advisory Services,together with Chinas 10-year treasury bond interest rate,and the risk premium of each logistics market.Zhenliang Platform()r
54、eserves the right of final interpretation.Source:ZhenLiang Academy based on publicly available informationCityCity Type2022Q1(%)2023Q1(%)YoY ChangeGuangzhou Beijing Shanghai Shenzhen Kunshan Dongguan Taicang Foshan Langfang Changshu Jiaxing Huizhou Zhangjiagang SuzhouWuxiTianjin Xiamen Zhongshan Han
55、gzhou Fuzhou Chengdu Ningbo Nanjing Nanning HefeiTier 1 City Tier 1 City Tier 1 City Tier 1 City Satellite City Satellite City Satellite City Satellite City Satellite City Satellite City Satellite City Satellite City Satellite City Tier 2 City Tier 2 City Tier 2 City Tier 2 City Tier 2 City Tier 2 C
56、ity Tier 2 City Tier 2 City Tier 2 City Tier 2 City Tier 2 CityTier 2 City4.60 4.63 4.64 4.55 N/A 4.93 N/A 4.99 5.19 N/A 5.17 5.29 N/A 4.96 5.32 5.24 5.49 5.32 5.39 5.37 5.42 5.41 5.52 5.44 5.494.63 4.66 4.69 4.80 4.83 4.86 4.96 5.03 5.14 5.16 5.17 5.23 5.30 5.01 5.23 5.27 5.38 5.38 5.40 5.42 5.44 5
57、.45 5.49 5.50 5.5133525 N/A-7 N/A 4-5 N/A 0-6N/A5-93-1161524-36221Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market OverviewQ1 2023 China Grade A Logistics Real Estate Capitalization Rate Reference(II)Note:The scope of the study includes 1,556 grade
58、 A logistics properties across China.Cap rates are calculated with self-developed algorithm by Zhenliang Research Institute,with the consideration of the NOI,market values and past rental growth of logistics projects of mainstream developers served by JLLs Valuation Advisory Services,together with C
59、hinas 10-year treasury bond interest rate,and the risk premium of each logistics market.Zhenliang Platform()reserves the right of final interpretation.Source:ZhenLiang Academy based on publicly available informationCityCity Type2022Q1(%)2023Q1(%)YoY ChangeShaoxing Changsha Nantong Qingdao Zhengzhou
60、JinanXian Wuhan Nanchang Kunming Quanzhou Chongqing Changchun Shenyang Harbin Baoding Dalian Guiyang Zhaoqing Xiaogan Xianyang Meishan Jiangmen EzhouTier 2 CityTier 2 CityTier 2 CityTier 2 CityTier 2 CityTier 2 CityTier 2 CityTier 2 CityTier 2 CityTier 2 CityTier 2 CityTier 2 CityTier 2 CityTier 2 C
61、ityTier 2 CityTier 2 CityTier 2 CityTier 2 CityTier 3 CityTier 3 CityTier 3 CityTier 3 CityTier 3 CityTier 3 City5.49 5.54 5.54 5.53 5.59 5.58 5.60 5.67 5.62 5.64 5.70 5.70 5.74 5.74 5.74 5.74 5.74 5.74 5.49 5.74 5.68 5.74 5.74 5.805.52 5.55 5.55 5.60 5.61 5.63 5.64 5.65 5.67 5.67 5.73 5.74 5.77 5.7
62、8 5.80 5.80 5.84 5.86 5.46 5.55 5.69 5.80 5.80 5.853117254-2 533434661012-3-19 166522Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market Overview03Summary&Outlook1 MacroWith the prevention and control of COVID-19 entering a new phase of Class B,Chinas
63、 liquidity gradually normalized in Q1 2023,high-frequency economic indicators such as retail consumption rebounded rapidly,production demand stabilized and rebounded,GDP growth exceeded expectations,and economic operation made a good start.The consumer market growth rate in Q1 2023 hit a six-quarter
64、 high YoY,contributing to a significant rebound in economic growth;In addition,industrial production continued to recover in Q1,with the official manufacturing PMI returning to the expansion range from January.The continued faster recovery of the consumer market and industrial production provided a
65、strong boost to the growth of Chinas logistics real estate market demand.3 Leasing PerformanceThe demand for logistics leasing is steadily releasing in 2023 as the economy steadily recovers and the epidemic control is liberalized.The rental market,however,entered a stalemate as most cities remained
66、in a state of supply exceeding demand.The overall occupancy rates of the four key city clusters and all classes of cities recorded varying degrees of increase or remained unchanged in the first quarter of 2023.Meanwhile,rental levels all recorded varying degrees of decline or remained unchanged.Land
67、lords need to keep an eye on market changes and adopt a more prudent and flexible approach when formulating rental strategies in order to remain competitive.2PolicyThe government work report of the National Peoples Congress in 2023 mentioned the logistics industry several times,which especially ment
68、ioned accelerating the construction of a modern industrial system and improving the modern logistics system,which once again pointed out the direction for the development of the industry.On March 27,the Ministry of Finance and the State Administration of Taxation issued a notice on the continued imp
69、lementation of preferential urban land use tax policies for logistics enterprises for bulk commodity storage facilities,specifying that from January 1,2023,to December 31,2027,urban land use tax will be levied on logistics enterprises own(including self-use and rental)or leased bulk commodity storag
70、e facilities at a reduced rate of 50%of the applicable tax rate for the land class to which they apply.4InvestmentLogistics real estate bulk transactions slowed down significantly in the second half of 2022 due to the impact of the epidemic overlaid with the lengthening of investors decision-making
71、cycle.Entering the first quarter of 2023,investors remained on the sidelines due to the stalemate in the leasing market.A total of$7.6 billion of logistics bulk transactions were recorded in the first quarter,accounting for 17%of the overall market.With the gradual clarification of Chinas logistics
72、real estate leasing market,the activity in the investment market is expected to improve significantly in the second half of 2023.However,as the fragmentation pattern of the logistics market continues to deepen,the selection of suitable investment targets remains an important issue for investors.As t
73、he first private enterprise warehouse REITs,the listing of Harvest Jingdong Warehouse REITs is undoubtedly of great significance to revitalize the stock of warehouse and logistics assets,provide capital support to more logistics enterprises and form a virtuous cycle of investment;it can also provide
74、 investors with a reference for anchoring prices.23Market Stalemate Calls for Prudent ObservationsChina Non-bonded Grade A Logistics Real Estate Market OverviewScan&subscribe to stay tunedAbout ZhenliangDeveloped by JLL Valuation team,ZhenLiang Platform based on more than 30 years of real estate val
75、uation practice and over 300 valuers,helping real estate professionals gain insight into the business environment and grasp market opportunities.Our team has experts from various fields such as real estate,data analysis,financial analysis,software engineering,design and Internet.The team continues t
76、o promote the rapid development of proptech with professional technology and innovative ability.Disclaimer:All materials presented in this report,unless specifically indicated otherwise,is under copyright and proprietary to Shanghai Jialiang Digital Technology Co.,Ltd.(Shanghai Jialiang).Information
77、 contained herein,including projections,has been obtained from materials and sources believed to be reliable at the date of publication.We have not verified it and make no guarantee,warranty or representation about it and provide it out of good will.Readers should not rely on the contents in this re
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79、blication.All rights to the material are reserved and none of the material,nor its nor any copy of it,may be altered in any way,transmitted to,copied or distributed to any other party without prior express written permission of Shanghai Jialiang.If need to repost or quote this report,please cite the source and include this statement in its Contact UsAuthorGeorge XiongJones Lang Lasalle Zhenliang Asset Management PlatformSpokespersonJSigrid ZhouJones Lang Lasalle Zhenliang Asset Management PlatformDirector,Head of Zhenliang AcademyS