2022年冷库投资与选址策略（英）

IntelligentInvestmentChinaColdStorageSiteSelectionandInvestmentSpecialReport ChinaRealEstateCBREResearchMay2022IntelligentInvestment IntelligentInvestment ChinaColdStorageSiteSelectionandInvestment CBRE ©2022CBRE,INC.EvaluationsystemofcoldstorageinvestmentCBRErecommendsinvestorsevaluatepotentialcoldstorageacquisitionsbasedonfourkeyfactors:economicandconsumergrowthtrendsoftargetcities(Economy),demandprofile(Client),infrastructure(Infrastructure),andpeeranalysis(Competitor).SiteSelectionPrinciplesconomics•RegionalMacroAnalysisClientDemandandMarketScale01.MaximumRangeAmaximumrangeofupto300kmtosurroundingcities.•EconomicEvaluationInfrastructure•ComprehensiveInfrastructure•IncomeandConsumptionCompetitor•TotalStockandFutureSupplyMatchingofDemandandFacilitiesMarketSurvey02.MinimumDeliveryDistanceIntra-citydeliverydistanceoflessthan30km,nofartherthan50km.03.ConvenientTransportationWithin5kmofexpresshighwaysand railwaystations,airports,andportsthatenablemultimodaltransport.04.SufficientEnergySupplySufficientsupplyofelectricityandwater.•Sufficientamenities•Peercompetition05.GoodEnvironmentalConditions•Analysisoflocation,productandpricing•Analysisoflocation,productandpricing•Locatedintrafficnodesandalignedwithlocalplanning•NetworkEffectAwayfromharmfulgases,dustandotherpollutionsources.Awayfromresidentialareasdueto24hoursrefrigerationSource：CBRE,April2022The14thFiveYearPlanonColdChainLogisticsInDecember2021,China'sStateCouncilissuedthe14thFive-YearPlanonColdChainLogistics.TheplanoutlinedthatcoldchainlogisticsisessentialtoChina'sindustrialupgradingandexpandingdomesticdemandandputforwardthetargetofbuildingacold-chainlogisticsnetworkconnectingproductionandsalesareas,coveringurbanandruralregionsandlinkingdomesticandinternationalmarketsby2025.CBREbelievesthatthelaunchoftheplanwillcreatesignificantopportunitiesforcoldstorageinvestment,withinvestorsadvisedtofocusondistributionanddeliverycentresinmajorcityclusters,transportationhubsandlargeconsumptionmarkets.Thankstotheirstrongeconomiesandlargeconsumptionmarkets,thesecitiesplayakeyroleinthenationalcoldstoragenetwork.Morepolicysupportislikelytobeprovidedforlandpurchasesandelectricitysupplyinthesemarkets,whiletheywillalsobenefitfromtheconstructionofnewportsandroads.CBRE's2021ChinaColdStorageInvestmentGuidealsoproposedthatregionalandurbandistributioncentersaresuitableinvestmentobjectsconsideringtheirfunction,demand,andstoragecapacity.Figure14:SupplychainofagriculturalproductsPre-cooling,gradingandstorageofraw

materialsColdchainofprocessed

agriculturalProductsDistributionEnduserFruit&MeatAquaticProductsColdStoragefororigin禽PortColdStorageDairy(Storageandprocessing)(Storageandprocessing)ColdstorageforproductionRegionalDistribution/CentralDistributionCityDeliveryColdstoragefortradingRestaurantsOnlinegroceriesPre-cooling,gradingandstorageofraw

materialsColdchainofprocessed

agriculturalProductsDistributionEnduserFruit&MeatAquaticProductsColdStoragefororigin禽PortColdStorageDairy(Storageandprocessing)(Storageandprocessing)ColdstorageforproductionRegionalDistribution/CentralDistributionCityDeliveryColdstoragefortradingRestaurantsOnlinegroceriesSource：CBRE,April2022Keycitiesforinvestment&StrategiesRegionalBaseCityDeliveryGatewayKeyPortCentralChinaWuhanNorthChinaDalianJinanQingdao★BeijingBeijing*ShenyangCBREhasidentifiedthesecitiesasbeing

optimallocationsforWestChina/Xi'AninvestmentChengdu§§®SouthChinaShenzhen*XiamenEastChinaX<4GuangShanghai*NanjingWuxiSuzhouJiaxingngbofeief©盃帝Beijingmetropolitanarea：Beijing,Langfang,TianjinShanghaimetropolitanarea：Shanghai,Kunshan,TaicangGuangzhoumetropolitanarea：Guangzhou,FoshanShenzhenmetropolitanarea：Shenzhen,DongguanKeycitiesforcoldstorageinvestmentInternationalGateways:Strongdemandforcoldstorageandhighoccupancywithlong-termgrowth.CBREadvisesinvestorstotargetinvestmentopportunitiesinBeijing,Shanghai,Guangzhou,Shenzhenandsatellitecities,aswellasdevelopingnewprojectsandupgradingexistingschemes.NationalTransportationHubs:Continuousupgradingineconomiccapacityandtransportationcapabilitywillincreasecoldstoragedemandinthesecities.CBRErecommendsInvestorsfocusonwell-locatedfacilities.RegionalEconomicHubs:Whiletheselocationshaverapidlygrowingpotentialforconsumptionandcoldstoragedevelopment,rentalgrow比andoccupancyisvolatile.CBREsuggestsinvestorspartnerwithfoodcompaniesandimporterstojointlydesignanddevelopfacilitiesandlockintenantsforthenextthreetofiveyears.Figure15:Keycities▲*Beijingmetropolitanarea：Beijing,Langfang,TianjinShanghaimetropolitanarea：Shanghai,Kunshan,TaicangGuangzhoumetropolitanarea：Guangzhou,FoshanShenzhenmetropolitanarea：Shenzhen,DongguanNationalTransportationHubZhengzhouXi'AnHangzhouN^pjingInternationalGateway*BeijingmetropolitanareaShanghaimetropolitanWuhanChengduChongqingSupplyCase1:FoodcoldchainparkinShanghai(foreigndeveloper)•City:AsChina'slargestconsumermarket,biggestportandmostimportantlogisticshub,Shanghaiisamajorcoldchainmarket.ThisfacilitywillservetheconsumermarketinShanghaiwhilealsocateringtoSouthandCentralJiangsu,SouthAnhuiandNorthZhejiang..QingpuDistrict40kmtodowntown;LocatedattheconjunctionofQingpuNewDistrictandSongjiangNewDistrict;WithlogisticscompaniesclusteredinWestShanghaibutmanyCategoryCfacilitiesbeingshutdown,coldstorageisinshortsupply.Thiswillmakeiteasierforthenewfacilitytosecurelong-termcustomersandfavorablerents.门•Scale:40,000sq.m.Acomprehensivefoodcoldstoragefacilitywithmultipletemperaturezonestoenablefoodstorageandfoodstorage.n上海浦东■n国际机场南^莉城镇Tobedeliveredin2022Q3.Location:targetingcoreareasinWesternShanghaiCase2：Fooddistributioncentrein(domesticdeveloper)Positioning:Multiplefunctions;LongquanyiDistrictBroaderclientbase25kmtodowntown;-8%;Rent:higherthansimilarpropertiesinthesameregion.•ParkScale:30,000sq.m.FoodDistributionCentre•Form:Double-storeyQuickturnaroundforfooddistribution.•LeasingDeliveredinQ32021withasign-uprateofover90%.Comprehensivecoldstoragefacilitywithmultiplefunctionsincludingsortingandprocessingandtemperaturecontrols.ThefacilityprovidesfooddeliveriestoSichuanandChongqingandasfarasYunnanandGuizhou.Case2：Fooddistributioncentrein(domesticdeveloper)Positioning:Multiplefunctions;LongquanyiDistrictBroaderclientbase25kmtodowntown;-8%;Rent:higherthansimilarpropertiesinthesameregion.•ParkScale:30,000sq.m.FoodDistributionCentre•Form:Double-storeyQuickturnaroundforfooddistribution.•LeasingDeliveredinQ32021withasign-uprateofover90%.Comprehensivecoldstoragefacilitywithmultiplefunctionsincludingsortingandprocessingandtemperaturecontrols.ThefacilityprovidesfooddeliveriestoSichuanandChongqingandasfarasYunnanandGuizhou.servingagriculturalproductsinSouthwestChina.CategoryAfacilitiesinChengduarelimited.CategoryBandCfacilitiesdominateandfeaturesandqualityareinlinewithnationalstandards.• handlinginflowsandoutflowsofagriculturalproductssuchasmeat,fruit,vegetables,anddairyproductsinSouthwestChina.• chainstores,restaurants,andclientsinChengdu.ConclusionsandRecommendationsDemandoversupplyAcceleratingconsolidation会LocationiskeyTargetcitiesWithcoldstoragestillinshortsupplyinChina,CBREbelievescoldstorageinvestmentwillbeahighlyattractivepropositionoverthenextfiveyears.Developmentandinvestmentwillfocusoninvestmentgradecoldstorage.Asdevelopersandinvestorstapgrowingdemandforcold-storagefacilities,thecorrespondingincreaseintransactionswillaccelerateindustryconsolidation.Leadingenterpriseswilllooktobuildnationalcoldstoragenetworksthroughdevelopment,renovationsandacquisitionstoexpandtheirmarketshare,leverageeconomiesofscaleandcreateanetworkeffect.Locationwillbekeytoachievingstableoccupancyandrents.CBRErecommendsinvestorsevaluatepotentialcoldstorageacquisitionsbasedonfourkeyfactors:economicandconsumergrowthtrendsoftargetcities(Economy),demandprofile(Client),infrastructure(Infrastructure),andpeeranalysis(Competitor).ColdstoragedevelopmentandupgradingopportunitieswillprimarilylieinBeijing,Shanghai,Guangzhou,Shenzhenandsatellitecities.Otherinvestmentopportunitieswillbelocatedintransportationhubs.CBRErecommendsinvestorspursuejointdevelopmentofcoldstoragewithfoodenterprises,importersandexporterstosecuretenantsforthenextthreetofiveyears.ContactsBusinessLineSamXieHeadofResearchSamXieHeadofResearchResearchSam.xie@MollyHuAssociateDirectorResearchMolly.Hu@HeadofCapitalMarketsandA&TIndustrial&LogisticsChinaHYPERLINK"mailto:C