China`s City Winners

Transcription

WORLD WINNING CITIES
Global Foresight Series 2012
China’s City Winners
Qingdao City Profile
2 China’s City Winners
China’s City Winners: Qingdao
Jones Lang LaSalle’s View
Lying across the Shandong Peninsula and overlooking the Yellow
Sea, Qingdao is one of mainland China’s most important trade
gateways. In particular, the city benefits from longstanding and
healthy bilateral trade and economic exchanges with Japan and
South Korea, which are only a relatively short distance away.
Qingdao offers a robust manufacturing base and competitive port
facilities that both act as a bedrock for the economic development of
the city. Sound fundamentals in trade, the city’s strong association
with the marine sector, and a growing tourism sector have enabled
Qingdao to stand out among China’s Tier 2 cities.
Given the city’s successful indigenous enterprises and the growing
momentum in marine research, we remain particularly favourable
towards the future of the industrial real estate and business park
sectors in Qingdao over the long term. The retail property market is
another opportunity; for example, community retail in the suburbs
remains underprovided as the city’s population continues to shift in
the direction of more affordable areas.
Demand for high-end residential, a segment which has been
underperforming over the last two years since the introduction
of ‘Home Purchase Restrictions’ regulations, is also expected to
recover should the policy loosen. Moreover, Qingdao’s inherent
attractions, in terms of its picturesque landscape and appealing
lifestyle, will ensure that strong demand is maintained, especially
from high-net-worth individuals from across Shandong Province.
In the offices sector, 2012 has marked one of Qingdao’s largest
deliveries of Grade A supply to date, providing the city with a
significant amount of high-quality office stock that has overwhelmed
demand. This has, however, created very favourable conditions for
Grade A office occupiers, with potentially softening occupancy costs
and an increasing choice of accommodation.
Over the next five years, Qingdao will maintain the expansion
of its core urban area. To the west, a new economic zone – the
West Coast Economic New Area - will continue to attract large
investments in the development and expansion of Qingdao Port
and other related industries; to the east, a planned ‘Blue Silicon
Valley’ will be built to accelerate growth of the wider marine science
research sector (reinforcing the city’s dominant position as a major
marine research centre); and to the north, high-end manufacturing
and emerging industries will be the main development focus.
Drawn by Qingdao’s strong growth potential, an increasing number
of well-known national developers, such as Vanke and China
Resources Land, have entered the market, along with international
players; Singapore’s CapitaMalls Asia has recently acquired land to
build its first shopping centre in the city, while IKEA has selected a
site for its first Qingdao outlet. Meanwhile, numerous international
hotel brands, including Ritz-Carlton, Conrad, Park Hyatt, Sheraton,
Four Seasons and Hyatt Regency, are also planning their entry into
the city.
Qingdao City Profile 2012 3
Economic Dashboard
Economic Dashboard
Size
Population (million 2011)
7.7
GDP (RMB billion 2011)
661.6
Employment (million 2011)
Openness
FDI (USD billion 2011)
5.29
Exports (USD billion 2011)
5.5
40.06
Wealth
GDP/Capita (RMB 2011)
75,563
28,586
Growth
Population (% pa 2001-2011)
0.76%
Urban Disposable Income per Capita (RMB 2011)
GDP (% pa 2001-2011)
17.5%
Education and Labour
Higher Education Institutions (2011)
Infrastructure
Port Traffic (000s tons 2011)
379,710
Container Traffic (000s tons 2011)
Enrolments in Institutions of Higher Education (2011)
13,020
Air Freight (000s tons 2011)
22
Social Employment (million 2011)
166.5
5.51
Average Wage (RMB 2011)
32,763
Source: Qingdao Statistical Bureau, 2011
See Definition of Terms
Tier 1 Core
Tier 1.5 Transitional
Tier 2 Growth
HEILONGJIANG
JILIN
Shenyang
XINJIANG
LIAONING
HEBEI
Beijing
Tianjin
INNER MONGOLIA
Jinan
QINGHAI
GANSU
Chengdu
SICHUAN
JIANGSU
HENAN
HUBEI
CHONGQING
Nanjing
Hefei
ANHUI
Wuhan
JIANGXI
HUNAN
FUJIAN
Taipei
Xiamen
GUANGDONG
Guangzhou
GUANGXI
Wuxi
Suzhou
Shanghai
Hangzhou
Ningbo
ZHEJIANG
Chongqing
Changsha
GUIZHOU
YUNNAN
Qingdao
Zhengzhou
Xi’an
SHAANXI
TIBET
Dalian
HEBEI
SHANXI
SHANDONG
NINGXIA
Dongguan
TAIWAN
Shenzhen
Hong Kong
Macau
HAINAN
291,453
City Overview
Demographics
A major port and marine research centre
Qingdao is a major port city on the Bohai Economic Rim in
Shandong Province and has a total population of 7.7 million (2011).
Rapid urban expansion
The total population of Qingdao is approximately 7.7 million, and this
has increased by nearly 560,000 over the past 10 years at an annual
average growth rate of 0.76%. Among China’s northern cities,
Qingdao has the third largest population which makes up about 9%
of the population of Shandong Province.
Home to several global brands
Qingdao is home to some of China’s best-known brands, including
Haier, Hisense, Tsingtao Beer and a subsidiary of CSR. Tsingtao
Brewery Co Ltd, founded in 1903, was the earliest brewery in China
and it is now responsible for over 50% of China’s total beer exports.
Haier is the world’s third largest manufacturer of white goods,
with a sales turnover of more than RMB 122 billion. These highly
successful indigenous brands have played an important role in the
economic development of Qingdao and will continue to be a key
driver of future growth.
Events boost
The sailing events of the 2008 Summer Olympic Games held in
Qingdao brought new vitality to the city’s economy, and the eyecatching sailing centre has subsequently become a popular area
for retail and residential development. Qingdao is hosting the 2014
International Horticultural Exposition which is already bringing about
rapid redevelopment in Licang District, where it is due be held. The
government is currently undertaking a number of massive urban
regeneration projects in preparation for the event.
25
3.8%
4%
20
3%
2.1%
15
1.5%
10
1.2%
1.3%
2%
1%
5
0
Population Growth
With 863 kilometres of coastline and an abundance of marine
resources, the city is positioned as China’s key marine research
centre, accounting for 30% of the country’s total marine specialists.
Qingdao’s advanced marine research facilities have, over time,
acted as a stimulus for maintaining and growing the city’s marine
economy. For example, Qingdao’s has been ranked as the No. 1
aquatic products processing and trade centre in China for the past
two decades. The city’s government is also keen to develop wider
marine-related opportunities, in sectors such as the manufacture of
ocean engineering equipment, the marine chemical industry, modern
logistics and coastal tourism.
Population of North China Cities (2010)
Population (Million)
It is one of China’s five largest trading ports and is the seventh
busiest port in the world; its container, crude oil and iron ore
terminals rank among the largest domestically. Qingdao has built
trading connections with more than 130 countries and 450 ports
across the globe.
0%
Beijing
Population
Tianjin
Qingdao Shenyang
Dalian
Population Growth Y-o-Y (2010)
Source: Municipal Statistics Bureaus, 2010
The city comprises seven urban districts and five county-level cities,
with around 36% of the population living in the urban districts.
Shinan District is the administrative and commercial centre, and this
is where most of the city’s office and retail space is located.
Over the past 10 years, Qingdao has seen rapid urban expansion
towards the west in Huangdao, the east in Laoshan and the north
in Jiaozhou Bay. The eastern coastal area currently serves as the
centre for modern service industries, while the coastal area in the
west is the marine economy zone.
Economic Background
Regional hub for Shandong
Competitive advantages in manufacturing, modern service industries
and abundant marine resources - along with its status as the
shipping and marine research centre of north-east Asia - have
established Qingdao as the regional economic hub for Shandong
Province.
Qingdao’s Districts (2011)
Laixi
Pingdu
Since 2001, Qingdao’s economy has grown by an average of
17.5% per year to reach RMB 661.6 billion in 2011, making it
the largest economy in the province. Qingdao’s primary industry
production increased by 5% y-o-y in 2011 to RMB 30.6 billion, while
secondary and tertiary industries rose 11.6% y-o-y and 12.4%
y-o-y respectively. 2011 was notable for being the first time that
the tertiary sector (RMB 315.9 billion) had overtaken the secondary
sector (RMB 315.1 billion) as the largest contributor to the city’s
economy.
Jimo
Chengyang District
Jiaozhou
Laoshan District
Licang District
Huangdao District
Sifang District
Shibei District
Jiaonan
Shinan District
Area
(sq km)
Population
Density
(person/
sq km)
Shinan District
30
548,467
18,276
Shibei District
29
494,844
17,290
Sifang District
36
372,070
10,199
Licang District
98
309,744
3,161
Laoshan District
389
249,130
640
Huangdao District
274
314,663
1,148
Chengyang District
553
482,011
871
Subtotal
1,410
2,770,929
1,966
Jiaozhou City
1,324
807,140
610
Jimo City
1,921
1,131,794
589
Pingdu City
3,176
1,376,204
433
Jiaonan City
1,822
841,222
462
Laixi City
1,568
736,323
470
Subtotal
9,811
4,892,683
499
District
Core
Suburban/
Periphery
Source: Qingdao Statistics Bureau, 2011
Fixed-asset investment for the city increased by 23.4% in 2011 to
end the year at RMB 350.3 billion, while property investment grew
by 30%. This was largely driven by the start of a number of new
social housing projects, following an overall decline in ‘starts’ for
commercial residential projects as a result of the ‘Home Purchase
Restrictions’ regulations.
Qingdao’s pillar industries
Qingdao’s seven pillar industries are home appliances,
petrochemicals, vehicles, ocean engineering, textile processing,
food processing and machinery – which, together, contribute to 86%
of the city’s industrial output. At over RMB 1 trillion, Qingdao has
China’s tenth largest industrial economy (based on data from the
EIU).
As well as supporting these vital industries, Qingdao’s government
is also focused on the development of a modern services sector,
including tourism and hospitality, financial, logistics, business
process outsourcing and IT. In 2011, service industries accounted
for 47.8% of total GDP; at the same time, retail sales hit RMB 230.2
billion, an increase of 17.4% y-o-y, which is a faster growth rate than
many of China’s other large coastal cities.
Despite the subdued demand from Europe and the US, foreign trade
saw an impressive 27% growth in 2011 to reach US$71.3 billion.
Exports to emerging markets have, unsurprisingly, expanded at a
much faster rate than exports to traditional markets.
Total tourist income for the city was around RMB 68.1 billion in 2011,
an increase of 17.5% y-o-y. The robust and sustained growth in both
tourism and business in Qingdao has attracted a number of major
international operators, including InterContinental, Starwood, Hyatt,
Kempinski and Accor.
Strong economic performance has also improved the quality of life in
the city, with urban per capita disposable income doubling from
RMB 12,920 in 2005 to RMB 28,567 in 2011.
GDP of North China Cities (2011)
1,800
RMB Billion
1,200
1,000
12.3%
16%
13.5%
11.7%
8.1%
800
12%
8%
600
400
GDP Growth
1,400
20%
16.4%
1,600
4%
200
0
Shenyang Dalian
0%
Qingdao
Tianjin
Beijing
GDP Growth Y-o-Y (2011)
GDP (RMB Billion)
800
700
18.7%
17.4%
17.4%
17.5%
600
RMB Billion
500
400
300
200
10.8%
100
0
Dalian
Qingdao Shenyang Tianjin
Retail Sales
(RMB Billion)
Beijing
Retail Sales Growth Y-o-Y
(2011)
20%
19%
18%
17%
16%
15%
14%
13%
12%
11%
10%
Retail Sales Growth
Retail Sales of North China Cities (2011)
Planning and Infrastructure
Strategic location boosted by transport improvements
Qingdao’s position as a key transport hub in north-east Asia
has largely been driven by its strategic location and geographic
proximity to, and close working relationship with South Korea and
Japan. Abundant port resources and government-led infrastructure
investment, which is focused on improving transport connectivity, is
expected to reinforce Qingdao’s position as a leading international
transport hub.
World’s seventh largest port
Established in 1892, Qingdao is the world’s seventh busiest seaport
by cargo tonnage and the world’s eighth busiest container port.
Trading with 450 ports in more than 130 countries, Qingdao Port
has developed into one of the Pacific west coast’s most important
transportation hubs. In 2011, the total throughput of the port was
nearly 380 million tons, an increase of 8.5% y-o-y. The number
of container (TEUs) handled was around 13 million, similar to the
volume of Dubai or Rotterdam. The rapid growth of Qingdao Port
has created numerous employment opportunities and provided fertile
ground for the growth of related industries – such as manufacturing/
processing, logistics/trading and finance/insurance - which have all
helped to strengthen Qingdao’s competitiveness. The shift of these
Qingdao Port has five harbour districts - Old Port, Huangdao Oil
Port, Qianwan New Port, Dongjiakou Port and Aoshan Bay Port.
Over the next five years, the government will put more focus on the
construction of Dongjiakou Port so it can reach its full potential. It
will also develop Qianwan New Port into an international deep-water
facility for container transportation, and convert the Old Port into a
modern harbour capable of accommodating cruise ships.
An international air hub
Qingdao Liuting International Airport is Shandong Province’s main
international airport, currently handling nearly half of all scheduled
international flights in and out of the province. The airport carried
11.7 million passengers in 2011, making it the 15th largest hub in
mainland China. Located around 23 km from the city centre, it is
served by 95 domestic routes and 13 international routes, which
reach 59 cities. In 2011, air freight traffic totalled 89,300 tons,
ranking the airport 14th in China by volume of freight handled.
According to the 12th Five-Year Plan, there are plans to build a
new international airport in Qingdao in order to serve more areas in
the eastern part of Shandong Province, and to open up more direct
routes to Europe, North America, Japan and South Korea.
industries up the value chain will unlock the potential for Qingdao to
raise its ‘major international port’ status even higher.
Qingdao’s Railways and Expressways
Laixi
Pingdu
7
2
3
Weifang
1
5
6
1
Gaomi
Jimo
Jiaozhou
3
2
Zhucheng
1
QINGDAO
2
4
Jiaonan
204
Source: Jones Lang LaSalle Research
Haiyang
204
1
2
3
4
5
6
7
1
2
3
1
2
National Highway 204
Qingdao – Yinchuan Expressway
Qingdao – Xinhe Expressway
Jiaozhou Bay Expressway
Qingdao – Lanzhou Expressway
Shenyang – Haikou Expressway
Weihai – Qingdao Expressway
Weifang – Laiyang Expressway
Qingdao – Jinan Railway
Qingdao – Xinyi Railway
Qingdao – Yantai Railway
Jiaozhou Bay Bridge
Jiaozhou Bay Tunnel
A focus on the port rail network
Over the next five years, Qingdao will also pay particular attention to
the development of its port rail network and to link its existing major
transportation hubs to both Dongjiakou and Aoshan Bay Ports. Rail
connections with the Yangtze Delta region will also be strengthened
in order to increase traffic capacity.
A well-developed highway network
Qingdao has a well-developed highway network, including three
major expressways within the city core and two over-water
highways. At 41.6 km in length, Qingdao Jiaozhou Bay Bridge is the
longest over-water bridge in the world, substantially shortening travel
time between Huangdao and Qingdao. This has helped create a
‘one-hour economic ring’ - the area within an hour’s drive of Qingdao
city proper. Jiaozhou Bay Undersea Tunnel, which is 7.8 km long,
has reduced commuting time between Shinan and Huangdao by 30
minutes and improved the development of the western coastal areas
of Jiaozhou Bay.
Ambitious metro plans
Qingdao’s Metro plan was announced in 2009 and currently there
are five lines proposed under Qingdao’s 12th Five-Year Plan.
The M3 line, with 22 stations, is under construction and due for
completion in 2014; the line will link the old town of western Shinan
and the business district in eastern Shinan, running through Shibei
CBD and terminating in the Licang core area. Construction of the M2
line is expected to start in 2013; it will run through Laoshan business
district and also end in Licang District. The completion of these lines
will improve connectivity between the aforementioned districts and
lead to an increase in real estate activity in areas close to Metro
stations. The remaining three lines are still at the design stage, but
with plans to link downtown Qingdao with areas in Huangdao, as
well as the suburbs of Chengyang, more downtown residents may
be encouraged to move to the urban periphery.
Qingdao’s Metro
Northern Railway Station
Line M3
Licun Park
Licun
Line M3 (2014 Completion Date)
Line M2 (2012 Start Construction)
Planned
Shuangshan
Taishan
Line M2
Railway Station
Taidong
Dunhua Road
Wusi Square
Beer City
Key Development Areas
West Coast Economic New Area
The newly-planned West Coast Economic New Area combines the
existing Qingdao Economic and Technological Development Zone,
Free Trade Zone, West Coast Export Processing Zone, SinoGerman Ecological Park, Jiaonan and some areas of Jiaozhou;
it covers a total land area of over 2,096 sq km and a sea area of
over 5,000 sq km. The primary function of this ‘New Area’ project,
which is currently under construction, is to link the Yangtze River
Delta Economic Zone in the south with the Beijing-Tianjin-Hebei
Economic Zone in the north to form a contiguous economic
development zone from north to south. Upon completion in 2020,
Qingdao’s New Area is expected to rank alongside the Tianjin-Binhai
New Area and Chongqing’s Two Rivers New Zone as a key national
economic zone, with a clear aim to demonstrate China’s high-quality
marine industry infrastructure.
With the objective to position itself as a port-based economy,
Qingdao expects that more than half of the city’s total investment
will be directed towards the New Area. The Chinese and German
governments are already collaborating on the development of a
10 sq km Ecological Park, located in the New Area, to attract
German investment in sectors such as renewable energy, energy
reduction and environmental protection. The government has also
just announced plans for a Sino-Japanese-Korean Innovation
Park to boost co-operation between the three countries through
investment in high-end industries.
Dongjiakou Port, which is also located within the New Area is a
deep-water facility which is both silt and ice-free; this enables
365-day operations for both the port and its dependent industries.
With an exceptionally-functional port, the creation of the New
Area and the amalgamation of adjacent economic zones, the port
district stands to directly benefit those businesses already in the
area, namely automobile, shipbuilding, marine engineering, white
goods manufacturing and petrochemicals. Furthermore, as well as
speeding-up and growing trade volumes, both tourism and financial
services are expected to see increased business levels.
Blue Silicon Valley
Another development zone worthy of note is the recently announced
Blue Silicon Valley development zone. According to official releases,
Blue Silicon Valley will consist of ‘One Zone, One Corridor and One
Park.’
• ‘One Zone’ will be the core of Blue Silicon Valley’s operations, and
will envelop two existing towns in Jimo City. In total it will cover
218 sq km of land and 225 sq km of sea area.
• ‘One Corridor’ will lie to the south of ‘One Zone’ and will stretch
from Binhai Road to Laoshan Science and Technology City.
This 50-km-long stretch of ‘industry’ will form a marine science
and technology corridor.
• ‘One Park’ is the new business park to be situated within a
63 sq km area located to the north of Jiaozhou Bay.
Blue Silicon Valley will focus on marine science and technology
R&D, as well as related marine industries. 300 enterprises have
already signed up - a total investment of over RMB 66 billion.
Key Development Areas
Blue Silicon Valley – One Zone
Blue Silicon Valley – One Park
Blue Silicon Valley – One Corridor
West Coast Economic New Area
Business Environment
Key Industries/Sectors
A strong trading tradition
Over the past five years, the city’s key enterprises, together with a
number of high-end projects, have helped to drive a comprehensive
modernisation of Qingdao’s traditional industries. A significant
volume of major projects have been completed or commissioned,
and new technological breakthroughs have allowed industries to
advance both their capabilities and capacities.
An important manufacturing centre
Qingdao is an important manufacturing centre in China, with a total
industrial output value of RMB 1,266.3 billion in 2011. Its seven pillar
industries - machinery and steel, petrochemicals, home appliances,
food and beverage, textiles and clothing, vehicles and locomotives,
and ships and ocean engineering - together comprise 86% of total
industrial output.
In 2011 the city’s focus on strategic emerging industries helped to
achieve an added-value of RMB 55 billion, capturing 8.5% of total
GDP. At the same time, the development of the marine economy
has fostered the growth or establishment of a number of associated
industries, creating an added-value of about RMB 66 billion in 2011,
an increase of 20% y-o-y. In total, Qingdao’s 415 marine-related
enterprises realised an annual income of more than RMB 250 billion
in 2011.
Pillar Industries in Qingdao (2011)
Its closest and strongest trading partners are South Korea and
Japan. Qingdao’s strategic location made it the first city to develop
trading activities with the countries, after China opened its doors to
trade in the 1980s. The strong commercial relationship continues
today; each now has a consulate in the city and, in 2011, Japan and
South Korea were two of Qingdao’s top three trading partners, both
in terms of the imports and exports and investment.
Industrial Output
(RMB Billion)
Percentage
Total Industrial Output Value
1,266.3
100.0%
1
Machinery and Steel
292.2
23.1%
2
Petrochemicals
203.9
16.1%
3
Home Appliances
152.7
12.1%
4
Food and Beverage
150.3
11.9%
5
Textiles and Clothing
139.3
11.0%
6
Vehicles and Locomotives
100.6
7.9%
7
Ships and Ocean
Engineering
49.4
3.9%
Other Industries
178.0
14.1%
Source: Municipal Statistics Bureaus
Industrial Output in North China Cities (2010)
1,800
1,600
1,400
1,200
RMB Billion
As a city dedicated to foreign trade, Qingdao has concentrated on
developing every facet of its international trade - from stabilising
robust export levels, to expanding import capacities, to building
trade links with emerging markets. In the process it is transforming
Qingdao into a fully-functional world-class trading hub.
Industry
Rank
1,000
800
600
400
200
0
Tianjin
Beijing
Source: Municipal Statistics Bureaus
Qingdao Shenyang
Dalian
Labour and Education
Renowned for marine science and technology
In 2011, Qingdao’s total employment reached 5.5 million, an
increase of 2% y-o-y. Secondary and tertiary industries employed
about 2.3 million and 2.2 million respectively, while primary
industries employed around 1.1 million. The manufacturing sector
employs by far the largest number of people at 1.4 million.
To support the growth of its marine economy, Qingdao is
particularly focused on attracting and developing more research
and technical personnel. It is already renowned for an outstanding
education infrastructure in marine science and technology, with 28
oceanological research institutions, 20 key laboratories and the
Ocean University of China. On a broader academic front, the city
also has a number of high-profile universities including Qingdao
University, Qingdao University of Science and Technology, Qingdao
Technological University and Qingdao Agricultural University.
Qingdao’s Employment by Industry (2011)
Primary
Industries
19%
Tertiary
Industries
40%
Secondary
Industries
41%
Source: Qingdao Statistics Bureau, 2011
Major Employers
Haier
Qingdao Iron and Steel Group
Founded in 1984, the Haier Group has grown into an international group
with more than 70,000 employees working across the globe and a
turnover of RMB 135.7 billion (2010). It has risen to become one of the
world’s top consumer appliance brands and has been selected as one of
the 10 most innovative companies in the world by USA’s Newsweek. The
company is located in Haier Industrial Park and occupies a total area of
490,000 sq m.
Located in Licang industrial area, Qingdao Iron and Steel Group is one
of the top 500 domestic enterprises in China, employing around 10,700
people.
Hisense
From its origins as Qingdao No.2 Radio Factory in 1969, Hisense has
developed into a global conglomerate, with two listed companies, three
famous trademarks and a wide range of products and services including
multimedia, home appliances, telecommunications and information
technology. With 60,000 employees around the world, Hisense positions
its business within the ‘high end’ of its industries through the quality of its
technological research. The company’s sales revenue reached US$9.5
billion in 2010, including US$1.4 billion from overseas markets.
LIUHE Group
Founded in 1995, the LIUHE Group is engaged in the production of
animal feed, meat processing, poultry and livestock breeding, import
and export trade and livestock financing. The Group has more than 265
subsidiary companies nationwide and its total employee numbers
exceed 50,000. In 2010, the LIUHE Group ranked 157th among the top
500 domestic enterprises in China with a total sales revenue of
RMB 50.7 billion.
Tsingtao Brewery
Tsingtao Brewery, one of the oldest beer producers in China, was
founded in 1903 by German and British merchants. With over 35,000
employees, the company now has more than 50 breweries in 18 different
regions and exports to over 70 countries. In 2010 its revenue and net
profit reached new record highs of RMB 19.6 billion and 1.5 billion
respectively, making Tsingtao the top Chinese beer producer among the
world’s top 500 brands.
Hiking Group
Founded in 2002, Hiking Group is a major business consortium with
interests in areas such as trade, financial investment, real estate
development and elderly care services; it owns 132 subsidiaries and has
over 17,900 employees.
Qingdao Port Group
With 16,000 employees, Qingdao Port is the world’s seventh busiest
seaport by cargo tonnage and the world’s eighth busiest by container
numbers.
Alcatel-Lucent
Located in Qingdao International Innovation Park in Laoshan District,
Alcatel-Lucent – the telecommunications equipment multinational occupies a site area of around 150,000 sq m and employs 1,200 people;
its chief export markets are India, Australia and North America. Its
facilities also host one of Alcatel-Lucent’s six major system integration
centres around the world, with the design centre reporting directly to the
company’s global design headquarters.
Major Investments
SAIC-GM-Wuling (SGMW)
Sinotruk
Qingdao is the major manufacturing base of SGMW in northern China.
SGMW opened its plant for the manufacture of vehicles and engines in
2005. 2011, the second phase of the facility was completed with a site
area of 324,000 sq m and a total investment of RMB 1.14 billion. The
expansion is expected to increase production capacity of the plant by
300,000 to 510,000 vehicles.
In 2011, Sinotruk opened a new factory in Qingdao National High-tech
Industrial Development Zone with a site area of around 533,000 sq m.
The new plant, with an investment of RMB 800 million, has the capacity
to produce 15,000 special purpose motor vehicles, 100,000 fluid cylinders
and 5,000 excavators annually. Sinotruk plans to expand the investment
to RMB 2 billion to create China’s largest manufacturing base for special
purpose motor vehicles.
Shandong Hi-Speed Group (SDHS)
Qingdao Jiaozhou Bay Bridge, which opened to traffic in 2011, was
constructed by Shandong Hi-Speed Group with a total investment of
around RMB 9 billion. In 2011, SDHS invested RMB 5 billion to set up the
Shandong Hi-Speed Logistics Group; located within Qingdao Economic
and Technological Development Zone, it is expected to become the
leading logistics enterprise in Qingdao.
Towercrest Group
In 2010, Towercrest Group invested RMB 18 billion to build a lightemitting diode (LED) industry base (including the entire production chain
and R&D facilities) in Jiaozhou City. The project is under construction and
will be completed in three phases.
First Automobile Works (FAW)
FAW has invested RMB 2.46 billion to build a new commercial vehicle
production base in Jimo city. The project, with a site area of 1.5 million
sq m, has been separated into two phases. The first phase is under
construction and will be completed by the end of 2013; it will enable the
annual production capacity of 100,000 vehicles, and help to generate
sales revenue expected to be in the region of RMB 20 billion.
China Merchants Group
In 2009, China Merchants Group and Qingdao Port Group established a
joint venture to build and operate the nine-berth Qingdao New Qianwan
Container Terminal, with a total investment of around RMB 6.2 billion. In
2011, China Merchants Group, COSCO Group, IMC Group and Qingdao
Port Group set up another joint venture to manage the ore terminal in
Dongjiakou Port, with two berths and a site area of around
1.2 million sq m.
CapitaMalls Asia
CapitaMalls Asia invested RMB 1.46 billion in 2012 to acquire a site in
Qingdao to be developed into a six-storey mall with a total GFA of 89,700
sq m. The project is expected to be completed in 2015.
Huaqiang Group
Huaqiang Group invested RMB 2 billion to build a ‘Fantawild Dreamland’
theme park, covering an area of 700,000 sq m. The park, with various
entertainment facilities, is now open to the public and has added to the
growth of Qingdao’s tourism sector.
Real Estate Overview
Key Transactions
Real Estate Dashboard
Market Size
Investors
Offices Grade A (sq m)
223,097
Number of Hotels (Five Star)
8
CR Land invested RMB 15 billion in the development
China
of an urban complex project on the Shandong Road
Resources Land
in 2009.
Market Activity
Office Construction Grade A (sq m)
335,347
Office Vacancy Grade A
Greentown
In 2010, Greentown acquired a 34,924 sq m land site
in Hong Kong West Road for RMB 4,041 million.
HNA Retailing
In 2011, HNA Retailing bought HNA Centre
(previously known as “Agora”), a 216,000 sqm
(around 150,000 sqm saleable) project on Hong
Kong Road for approximately USD 720 million. The
project, a trophy asset in the CBD area and offering
water views, consists of a retail podium (GFA: 38,000
sqm), 51-storey office tower (GFA: 82,000 sqm), and
30-storey residential tower (GFA: 30,000 sqm).
CapitaMalls
Asia
In July 2012, CapitaMalls Asia acquired a 23,700
sq m site in Sifang District to house a six-storey
shopping mall with a GFA of 89,700 sq m. The total
development cost (including land) is expected to be
RMB 1.46 billion.
48.1%
Benchmark Values
Offices Grade A – Rents (RMB per sq m pa)
1,633
Retail – Rents (RMB per sq m pa)
3,710
Industrial – Rents (RMB per sq m pa)
259
High-end Residential Prices (RMB per sq m)
19,305
Offices Grade A – Indicative Yields (%)
5 - 6%
Data as at Q2 2012
Key Players
Occupiers
Investors
IKEA
IKEA rented 5,312 sq m in the Shangri-La Centre in
2008.
KPMG
KPMG leased 1,635 sq m in the Inter Royal Building
in 2009.
Residential
Hisense, Haier, SIIC, Vanke, China Overseas Land
& Investment, Poly, Greentown, Lushang, Hutchison
Whampoa, China Resources Land
Offices
COSCO, Shangri-La, Sunny World, Farglory, HNA
Retailing, Excellence
Industrial
Global Logistic Properties, COSCO, Sinotrans, Zehan
Logistics, Yurun Group
Hotels
Shangri-La, InterContinental, Starwood, Hyatt,
Kempinski, Accor
PwC
PwC rented around 3,760 sq m in the HNA Centre in
2011.
Retail
Liqun Group, JUSCO, Mykal, Hisense, Wanda, China
Resources, ZenDai
Yum
Yum rented 2,662 sq m in the Shangri-La Centre in
2012.
Occupiers
Retail
Louis Vuitton, Prada, Hermès, ZARA, H&M, Uniqlo,
JUSCO, Carrefour, Walmart, Metro, IKEA
Service Firms
PwC, KPMG, HSBC
Logistics
Kerry Logistics, Pantos Logistics, Expeditors,
Maersk, MSC
CR Land leased 2,656 sq m in the Shangri-La Centre
China
Resources Land in 2010.
Jones Lang LaSalle’s View
Industrial
Offices
As the headquarters of several world-renowned consumer
brands and home to some of China’s largest food processing and
oil refining businesses, the logistics sector has become a key
component of Qingdao’s industrial property market.
A well-developed road network, port facilities and international
airport are also helping the city to maintain its position as one of
the most important logistics centres in China. The government
policy of encouraging Qingdao to develop its high-tech industries,
a sustainable energy sector and its market-leading marine
industry, should ensure strong demand for the city’s industrial real
estate.
With several Grade A office buildings recently completed and
more expected to be delivered over the next couple of years,
Qingdao has seen a sharp increase in the availability and
quality of its office space. Whereas the city once had almost no
international Grade A office buildings, there are now several at a
standard comparable to that found in China Tier 1 cities.
With a significant volume of new supply, an oversupply situation
has emerged, especially in the prime Grade A office sector. As a
result, rents are expected to soften and more incentives are likely
to be on offer to tenants. However, given the strong cash-flow
position enjoyed by most owners and developers, a significant
rental correction is unlikely. Even so, lower occupation costs and
an increasing choice of accommodation is creating a much more
positive environment for tenants and also helping to improve the
competitiveness of the city as a business location.
We believe that the manufacturing, institutional research and
service industries’ sectors will continue to be the key drivers of
demand in Qingdao. In particular, the growth in the service sector
will ensure that demand for office space continues its upward
trend in the near future; nevertheless, it will still take several years
to redress the market’s current oversupply. With the government’s
focus on developing marine research, the demand for low-rise
office space, R&D centres and business parks might become a
new opportunity for developers.
Residential
Retail
With its attractive natural scenery and appealing lifestyle,
Qingdao has successfully developed a string of high-end
residential developments along its surrounding coastlines. These
developments have not only attracted local high-net-worth
individuals but also many from elsewhere in Shandong Province
and China’s other northern cities.
The Qingdao government’s strategy to develop the cultural sector
into a major pillar of the local economy should continue to ensure
that tourism expands at a healthy pace, helping to boost retail
spending. As host of the 2014 World Horticultural Exposition, the
city is expecting a significant hike to its tourist numbers, evidenced
by the growth associated with the 2008 Summer Olympics’ events
held in the city.
Although transaction volumes are currently low compared to
the 2008 to 2010 period - primarily due to the ‘Home Purchase
Restrictions’ regulations - Qingdao, with its relatively good air
quality, established tourism sector and its seafront developments,
should be able to attract strong demand for its luxury residential
properties over the long term. Many developers of high-end
developments with sea views have therefore been reluctant
to lower their prices, unlike the mass market residential
developments of the city’s inland areas.
Qingdao will witness a significant increase in its retail offer as
more than 1.2 million sq m of retail space will be completed over
the next three years. We anticipate that some of the older malls,
strata title retail space and less well-located malls will face a
serious challenge from newly-completed malls in the long term.
High-end malls catering to the tourism sector, and department
stores with well-established membership systems and huge
catchment areas, are likely to continue to fare well in a highlycompetitive retail market.
Importantly, increased retail spending from tourism is expected
to provide a major foundation to support the expansion of retail
space supply. Although local retail consumption is forecast to grow
as well, not all of this increase is predicted to flow into the local
retail sector; many local consumers are now spending a significant
portion of their monthly purchase on internet shopping.
Industrial
Strong demand drivers
Qingdao’s industrial and logistics market is supported by a
combination of world-class manufacturers, strategic industries and
well-established international connectivity:
• H
isense and Haier, two of the world’s leading white goods
manufacturers, are based in Qingdao, as is China’s iconic beer
producer - Tsingtao. Other important manufacturers include
the leading rail vehicle maker CSR and numerous auto truck
manufacturers.
• T
he city’s other major industries include oil refining and food
processing, which are among the largest in China.
• Q
ingdao Port is the world’s eighth busiest container port.
The presence of an international airport and a strong road
infrastructure also ensures that the city will continue to consolidate
its position as a major logistics centre for northern China.
The key industrial zones
Qingdao’s major industrial zones are:
• Qingdao Economic and Technological Development Zone
located in Huangdao. The zone also includes Qingdao Port and
is the base for many world-renowned shipping and logistics
companies, such as P&O, Maersk and COSCO.
• H
igh-Tech Industrial Development Zone - comprising the
Qingdao Hi-Tech Industrial Park in Jiaozhou Bay, Shinan Software
Park, Hungdao Experimental Industrial Development Zone for
New Technologies, and Shibei Science Park - is targeted towards
Qingdao’s developing technology sector. Many universities are
located within the zone, including Qingdao University and the
Ocean University of China.
• F
ree Trade Zone (FTZ), based within the Qingdao Development
Zone (QDZ), has been mainly developed by domestic companies,
e.g. China Merchants Group and Jin An Bang. Foreign
developers, such as ProLogis, have also established logistics
centres in the zone.
• Export Processing Zone (EPZ) in Chengyang concentrates on
serving the bonded logistics trade, new materials and biomedicine
industries.
Export Processing Zone (EPZ)
High-Tech
Industrial Development Zone
Qingdao Economic
and Technological
Development Zone
Free Trade Zone
(FTZ)
Dongjiakou Economic Zone
• D
ongjiakou Economic Zone, located near the border of Qingdao
and Rizhao, is currently being developed into one of Qingdao’s
key ports. Once completed, it will cover a land area of 284 sq km.
There are numerous other economic development zones located in
each of the suburban districts. Together these economic zones are
helping Qingdao to maintain its position as one of China’s fastest
growing cities.
Offices
Rapid market evolution
The city’s office market has undergone significant changes over the
past decade. Since the Qingdao government moved the City Hall
from the western part of Shinan to the Hong Kong Middle Road in
the early 1990s, the eastern part of Shinan (especially along the
Hong Kong Middle Road) has undergone a period of very rapid
urbanisation. As a result, this new CBD has established itself as
a popular location for the financial, institutional, commercial and
service sectors. Most Grade A office buildings and MNCs with bases
in Qingdao are located here.
In general, occupier demand for office space in Qingdao is
relatively small compared to that in China Tier 1 cities. Most large
domestic companies’ and MNCs’ offices in Qingdao only comprise
representative office and back office operations, with occupiers
being highly sensitive to price in the context of their overall
occupational costs. Furthermore, the market practice of selling strata
office units means that most domestic occupiers with larger space
requirements usually choose to purchase their own space, rather
than negotiating with multiple landlords. This has led to sale prices
appreciating at a faster rate than rents in recent years, serving to
compress investment yields from 10.6% in 2005 to 5.7% in 2011.
Total Stock of Grade A Offices in Qingdao
An occupier’s market
The Qingdao government is simultaneously developing two new
CBD areas in the Laoshan and Shibei districts. Although most of the
new supply in these areas will not be prime Grade A quality, it will,
however, have the potential to collectively add more than 700,000
sq m of gross floor area to the market over the next three years. This
space will be in direct competition with buildings in the Shinan CBD.
As of Q2 2012, the prime Grade A office vacancy rate stood at 48%
and will take several years require a few years for the market to
absorb the vacant stock. Occupiers are therefore expecting to see
some downward pressure on rents in the coming months; and with
more supply expected in the next couple of years, Qingdao is likely
to remain an occupier’s market for the foreseeable future.
Grade A Offices in North China Cities
2010
2012E
70%
7,000
60%
6,000
43.3%
5,000
40%
4,000
1,000
0
23.0%
18.7%
9.1%
200
400
'000s sq m (GFA)
600
19.1%
14.3%
22.0%
20%
18.5%
4.6%
Beijing
-
30%
29.2%
3,000
2,000
2014E
50%
10%
0%
Dalian
Shenyang Tianjin
2011 Total Stock
2011 Vacancy Rate
Qingdao
2012-2014 New Supply
2012 Vacancy Rate
Vacancy Rate
'000s sq m (GFA)
2008
8,000
Residential
Olympics boost
Since hosting the 2008 Summer Olympics sailing events,
Qingdao has been able to capitalise on its new-found fame and
attractive natural scenery to launch a number of prime residential
developments. Although there are many cities in China that can
boast either a sea view or a mountain view, Qingdao is endowed
with both in the Laoshan area. Many Chinese believe that a house
is endowed with good fengshui if it has its back to a mountain and a
wide ocean view to its front.
Most of Qingdao’s high-end residential developments are
concentrated in the Shinan and Laoshan coastal areas with seaview developments being the most sought-after. In the past, villa
developments constituted a significant proportion of the market, but
as developable land becomes scarce, high-rise apartment blocks
have replaced villa and low-rise apartment developments. Recent
super high-end luxury developments include Inmost Palace, The
Cullinan and China Bay, all located along Hong Kong Road.
Qingdao attracts high-net-worth individuals
Qingdao has attracted many high-net-worth individuals from other
parts of Shandong Province; Laoshan District with its mountainous
terrain and proximity to the sea is particularly popular, with many
choosing this area for their retirement or vacation homes. The city’s
milder winters and summers are also appealing, drawing residents
from other northern Chinese cities, such as Beijing and Shenyang,
to be prominent buyers in the high-end residential market. Koreans
were significant buyers of high-end properties up until the 2008
Global Financial Crisis; although their numbers have reduced
considerably, there are still many properties owned by Koreans.
Since the introduction of the ‘Home Purchase Restrictions’
regulations in early 2011, the number of sales transactions in the
high-end residential market has reduced markedly. However, these
are temporary measures that the government has enacted to help
curb housing price inflation over the short term and are not expected
to be a permanent feature. Once the regulations are lifted, the
quality of the city’s landscapes (and seascapes) and lifestyle will
continue to attract many high-net-worth individuals.
Retail
While per capita income in Qingdao is lower than in Shandong’s
provincial capital Jinan, a vibrant port economy and strong tourism
have enabled Qingdao to register higher retail sales. The city’s
relatively open economy has traditionally contributed to its ability
to be the first ‘point of entry’ for luxury international brands looking
to enter the Shandong Province market.
Liaoning
Province
Shandong
Province
Population and Retail Sales of North China Cities
Tourists are having a positive effect on retail performance
Qingdao’s shopping centres are generally divided into two
categories:
• M
alls catering to mid- to high-end consumers, such as Hisense
Plaza, JUSCO, Sunshine Department Store, Mykal and Marina
City; these are mainly concentrated on the Hong Kong Middle
Road and in the Olympic Sailing Centre area.
• C
ommunity shopping centres in the city’s sub-markets, with a
mass- or mid-market positioning for local residents; for example:
numerous Liqun department stores, CBD Wanda Plaza in Shibei,
Metro in Sifang and Powerlong Shopping Centre in Lichang.
Qingdao
Jinan*
Shenyang*
Dalian
0%
10%
20%
30%
City's share of provincial population (2010)
City's capture of total retail sales in its province (2010)
*Provincial Capital
Source: EIU; Municipal Statistics Bureaus, 2010
40%
As Qingdao has a relatively well-developed tourism sector, spending
by visitors has had a noticeable effect on retail performance. Many
department stores have reported higher than average sale volumes
during the peak tourism period in the summer months, with malls
located near luxury hotels registering the strongest sales, and rental
growth as a consequence.
Malls in high-density residential enclaves, such as the Taidong
Pedestrian Street, which are targeting value-conscious local
consumers, have also performed well.
• M
ykal, owned by Dashang Group, opened its 110,000 sq m
shopping centre in Shinan in 2006. Mykal’s shopper membership
volume is the largest in Qingdao.
Supply competition increases
Government efforts to increase domestic consumption will ensure
healthy growth in the city’s retail sector, while continued efforts
to develop tourism with help boost retail spending in the highend shopping centres. With more than 1.2 million sq m of retail
space currently under construction, this will ensure that there
is no excessive and unhealthy upward pressure on rents as a
consequence of strong growth in retail consumption. New supply will,
in turn, put pressure on older retail shops and malls to both renovate
and reposition their tenant mix in order to remain competitive.
• H
isense, one of the biggest local developers, is also represented
with the only high-end retail property in the city, Hisense Plaza.
Retail Real Estate Markets in North China Cities
• L iqun is the largest retailer in Qingdao with 11 department stores
located throughout every district. Taidong Liqun enjoys the highest
footfall among its stores.
6,000
19.9%
19.4%
5,000
4,000
'000s sq m
Foreign retailers in Qingdao include Carrefour, Walmart, Metro, Lotte
and JUSCO. ‘Big box’ warehouse-type retailing is currently limited,
with only B&Q and Metro represented, but we expect more ‘big box’
centres to be developed in the near future.
25%
7,000
• W
anda is also well represented with three shopping centres, in the
Taidong area, the Shibei CBD and Licang District.
3,000
15%
13.5%
10%
10.0%
2,000
1,000
0
20%
4.9%
4.8%
5.7%
5.6%
4.3% 5.5%
Beijing
Dalian Shenyang Tianjin Qingdao
2011 Total Stock
2012-2014 New Supply
2011 Vacancy Rate
2012 Vacancy Rate
5%
0%
Vacancy Rate
Market dominated by domestic developers
Qingdao’s retail market continues to be dominated by domestic
retailers and developers:
Definition of Terms
Economic Dashboard
Real Estate Dashboard
Population: Population refers to the total population as at 31 December.
Unless specified otherwise, population refers to permanent residence
population, i.e. those who actually reside permanently in a location, usually
longer than one-half year.
Offices Grade A Stock: Refers to the total completed Grade A office space
(occupied and vacant) as defined by Jones Lang LaSalle REIS China.
GDP: Refers to the gross domestic (i.e. regional) product of a location.
Employment: Refers to the number of persons engaged in labour and
receiving remuneration payment or earning business income, including fullyemployed staff and workers in state-owned, collective-owned or other kinds
of economic sectors and otherwise employed persons.
Population Growth: Refers to the compound annual growth rate over the
stated period.
GDP Growth: Refers to the annual GDP growth rate over the stated period.
Freight Traffic Refers to the volume of freight transported by various means,
measured in millions of tons.
FDI: Foreign direct investment refers to investments made inside China by
foreign enterprises and economic organisations or individuals (including
overseas Chinese, compatriots in Hong Kong and Macau, and Chinese
enterprises registered abroad).
GDP/Capita: Refers to total gross domestic product divided by the
registered population.
Disposable Income (China): Refers to income after tax and national
insurance payments have been paid.
Higher Education Institutions: Refers to the number of higher education
institutions providing higher education courses and training for senior
professionals. They include full-time universities, colleges, higher
professional schools, higher professional vocational schools and others.
Higher education institutions are set up according to the central government
evaluation and approval procedures.
Average Wage: Refers to salary that is pre-tax and comprises all kinds of
income, including bonuses, allowances and payments-in-kind as reported by
the local statistics bureau.
Industrial Output (China): Refers to the total volume of final industrial
product produced, and industrial services provided during a given period.
Retail Stock: Represents prime retail stock, includes department stores and
shopping malls.
Number of Hotels: Refers to the number of five-star hotels.
Office Construction Grade A: Refers to the total amount of Grade A office
space in properties under construction as of date of publication.
Office Vacancy Grade A: Refers to Grade A office floor space (as a % of
total Grade A stock) in existing properties that are physically vacant and
ready for occupation.
Benchmark Rents: Refers to the typical open-market rents that would
transact. Office rents are quoted on a GFA basis, while retail rents are
quoted on the NLA basis.
Grade A Office Rents: Includes management fees.
Residential Prices: Refers to typical prices (within a range) for high-end
residential projects in US dollar per square metre.
Grade A Offices – Indicative Yields: Refers to the best (i.e. lowest) gross
(pre-tax) yield estimated to be achievable for a notional en-bloc stabilized
Grade A property. Indicative yields represent Jones Lang LaSalle’s ‘market
view’, based on a combination of market evidence where available and a
survey of expert opinion.
Jones Lang LaSalle Research – Asia Pacific
Contacts:
Dr Jane Murray
Head of Research
Jones Lang LaSalle, Asia Pacific
+852 2846 5274
[email protected]
Michael Klibaner
Head of Research
Jones Lang LaSalle, Greater China
+86 21 6133 5707
[email protected]
Jones Lang LaSalle is the number one real estate research provider
in Asia Pacific. A team of 100+ researchers are committed to
providing best-in-class market knowledge that enables clients to
optimise real estate strategies and mitigate risks. Our award-winning
research includes the flagship Asia Pacific Property Digest (APPD)
and industry-leading Real Estate Intelligence Service (REIS).
http://www.ap.joneslanglasalle.com/researchhub
World Winning Cities
Jones Lang LaSalle’s World Winning Cities programme is a
multi-year research initiative designed to draw together the essence
of contemporary city competitiveness and to predict the future city
winners and losers across the globe. The programme examines
trends that will impact on the business and economic landscape and
how they are coalescing to create the rising urban stars of the next
decade. It is unique in assessing the contribution of real estate to
sustainable competitive advantage and the implications for investors,
developers, corporate occupiers and city governments. World
Winning Cities Research goes beyond description to uncover the
‘why’ of city real estate market dynamics.
www.joneslanglasalle.com/Pages/WorldWinningCities.aspx
www.joneslanglasalle.com/China50cities
Rosemary Feenan
Director of Global Research Programmes
Jones Lang LaSalle
+44 20 3147 1198
[email protected]
Jeremy Kelly
Global Research Programmes
Jones Lang LaSalle
+44 20 3147 1199
[email protected]
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To find out how Jones Lang LaSalle can assist you in making real estate decisions in China, contact:
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COPYRIGHT © Jones Lang LaSalle IP, INC. 2012
This publication is the sole property of Jones Lang LaSalle IP, Inc. and must not be copied, reproduced or transmitted in any form or by any means, either in whole or in part, without the prior written
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China`s City Winners

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