内容摘要：Without a return to property price appreciation via a significant policy reversal by the central government, developers’ over-investment in the inflationary boomperiod has left them facing sub-cost of capital returns due to falling developmentmargins, low asset turns and highly leveraged balance sheets. To improve theirreturn on capital - and the multiples on which their shares are valued – developersneed to change their business models in our view. We believe this will not be easy inthe near term.

内容摘要：The regional economy continues to enjoy broad-based growth in both domestic and external sectors. Stronger domestic conditions are feeding through to employment growth in a number of countries including Hong Kong, Singapore, South Korea and Australia, while in China, urban employment increased by around 5 million in 1H10.On the other hand, labour market conditions remain weak in Japan, where a quarter of a million jobs have been lost in the first half of this year. On the external front, world trade volumes have continued tostrengthen, and in May were just 3% below the peak level reached in April 2008, according to CPB Netherlands Bureau for Economic Policy Analysis.

内容摘要：Shanghai government’s promotion on regional HQ economyLagged effect of World EXPO 2010Shanghai becomes the “two centers” of China by 2020Insurance companies allowed to invest directly in real estatesREITs

内容摘要：Demand for commercial property in Asia continued to grow in the first quarter of 2010as the improving economic environment encouraged companies to revive expansionaryplans and actively search for new premises. Numerous occupiers in the office sector tookadvantage of the lengthy downward correction in rents - which has lasted over a yearin most markets - to upgrade their premises to Grade A facilities while a rise in leasingactivity was recorded in key shopping districts in major Asian cities as retailers, particularlyfast fashion and F&B chains, displayed a renewed willingness to expand. In the industrialsector, a jump in demand for industrial property drove increases in rents in several majorcities across China, while buyers and investors in the luxury residential sector exhibiteda more cautious stance following a shift in real estate policy settings implemented byvarious governments looking to clamp down on speculative activity and rein in the rapidescalation of capital values.

内容摘要：Major acquisitions in China fell 5% from the previous quarter to US$4.3 billion. Acquisitionsin the residential sector fell 69% with only one major transaction recorded, while no majorinvestment transactions were completed in the industrial property sector. The decreasedlevel of investment in China was due to a number of factors including the higher levelsof activity recorded in the fourth quarter of 2009, the traditionally quiet period duringthe Chinese New Year and investors turning more cautious in light of the stricter rulesand controls governing real estate investment. It should further be noted that the US$4.3billion worth of transactions was partly inflated by the US$2.2 billi

内容摘要：We believe total bank deposits are a more straightforward and intuitive indicator of a country’seconomic prowess. Bank deposits can be readily translated into purchasing power and make forhighly transparent statistics. Instead of being compiled by statistical agencies through sampling,bank deposit figures are closely monitored by commercial banks and regularly submitted toregulators for independent auditing. Generally speaking, total bank deposits—the size of whichis proportional to trade surplus, net capital inflows and bank credit—provide a good gauge of acountry’s economic strength.

内容摘要：In Q2 2010, no new grade A office buildings came on to the market, leaving total stock at 360,600 sq m. The average availability ratio dropped by 5.69 percentage points quarter on quarter (q-o-q) to reach 11.59%, the lowest in the recent nine quarters. The overall monthly rental increased in Q2, by 7.11% q-o-q to reach RMB 114.97 (US$16.83) per sq m. Both rent and price are expected to rise in the next five years (Figure 1).

内容摘要：内部控制是一个由公司董事会,管理层以及其他员工共同作用的过程,此过程在以下的三个方面对公司实现其经营目标提供合理保证:Internal control is the process of combined action by company's board of directors, management and other staff. This process provided reasonable guarantee to operating target of company by the following three aspects :行之有效并且富有效率的经营过程effective operating process可信赖的财务会计报告reliable financial accountant reports对法律法规的遵循to follow rules and regulations

内容摘要：Property market fundamentals continue to improve across Asia Pacific, underpinned by stronger economic conditions andbusiness confidence. Take up of space is strengthening and more markets have moved to the upturn phase of the rental cycle.Capital values started to recover earlier than rentals and are now increasing in most markets.

内容摘要：presents propertydata compiled by Rating and Valuation Departmentat the end of each year. Information on completions,take-up, vacancy, prices and rents is reported in textand tables.

内容摘要：君爵豪廷:举办Baby健身大赛

内容摘要：【慧朴管理培训课件】企业绩效考核管理 part2of3

内容摘要：• Our prediction on office rental remains unchanged at 20% over the next 12 months.• Luxury rentals will edge up by another 15% over the next 12 months.• 預測未來12個月辦公樓租金升幅仍然維持在20%

内容摘要：Market has felt the impact of mortgage tightening measure:Primary sales have dropped by 45% in She

内容摘要：What share of Taiwans two-wheel vehicle market was held by bicycles in 1994?

内容摘要：GZ has double digit increase in GDP growth rate over the past 10 years. Tianhe ranked 1st in GZ. Tianhe is CBD of GZ and is estimated to have 2 million sqm grade A office area by 2009

内容摘要：Theory of persuasion which proposes that the influence exerted by various communications elements wi

内容摘要：Product concept is difficult to communicate by advertising alone

内容摘要：During the first quarter of 2012, Shanghai office market was characterized by rising activities in

内容摘要：跨國連鎖式商務型旅館幾乎全球各地一式一樣,一推門走進lobby、便當下渾然忘卻此時身在何地何國。

内容摘要：Thorough identification and accurate measurement of credit risk, supported by strong risk management can help improve the bottom line

内容摘要：March 8, 2012 Beijing — The CBRE Global Office Rent and Global Capital Value Indices held steady in Q4 2011, increasing by only 0.48% and 0.44%, respectively. Compared with year-end 2010, the indices measured increases of 5.0% for Global Rent and 8.2% for Global Capital, reflecting stronger growth in the first half of 2011

内容摘要：To assist PMI candidates for completing the PMI certification exam administered by the Project Management Institute

内容摘要：Quality by Inspection - SamplingQuality by Prevention - SPCQuality by Design - EngineeringQuality by Process - QFDQuality by System – TQM, ISOQuality by Project – 6σ

内容摘要：Standbye迎客:首先应在门口欢迎客人前来参观(对在门外徘徊,犹豫不决的客户应主动邀请其进入售楼部参观),并递上楼盘资料及自己的名片,礼貌地问候并询问客人的尊称。

内容摘要：In Q2 2010, no new grade A office buildings came on to the market, leaving total stock at 360,600 sq m. The average availability ratio dropped by 5.69 percentage points quarter on quarter (q-o-q) to reach 11.59%, the lowest in the recent nine quarters.

内容摘要：4A公司关于品牌营销的经典讲义,对珍视品牌的人而言奥美是最值得重视的代理商To be the agency most valued, by those who most valued brands.

内容摘要：Stocks within the China property sector have fallen by around 20% from their peaks partlybecause of market concerns over the tightening of government economic policy and theslowdown of property sales volumes. The sector NAV was lowered from a 2% premium or18x FY10E PER at its peak in March 2009 to a 24% discount and 13x FY10E PER now.

内容摘要：Projects, by definition, have specific start and end dates. Other characteristics of a project include a defined scope, finite budget, specific end results (or deliverables), and assigned resources.

内容摘要：Lowering target prices to reflect near-term tightening riskWe lower our 12-month target prices across our coverage group by 0%-32% after increasing our target price discounts to NAV by 0-20 percentagepoints (to within a range of 10%-40% from our prior 0%-30% range). Thisreflects our concern of greater uncertainty arising from recent governmentmacro tightening. Although we believe its purpose is to slow, rather thanreverse, China’s economic recovery, we believe the tightening could affectthe pace of developers selling properties or realizing their land bank valuein the near-term and could therefore weigh on share price performance.