Hangzhou Wangjiang Unit Plot - 杭州望江單元地塊
Director ： KEITH YUNXI ZHU 朱耘希
Supervisor ： N/A 不可用
Co-Authors ： Jinwei Chen, Junkai Fang, Runzhou Chen, Yichang Lu
PURPOSE OF DOCUMENT
文檔目的
This proposal is written for the "Hangzhou Wangjiang Unit Plot" project plan by THE KEITH & EVEN GROUP in April 2021. This document is not the final contract of the project. The proposal mainly includes the Quotation, Transaction Operation Scheme, Authorization of participating negotiators, General Information of Suppliers, other supporting documents (other supporting materials and qualification certificates to be provided in the competitive negotiation documents section), etc. Through this document, we hope to show the client our goodwill towards cooperation, our proposed solutions and staffing for the project, and our strategies and tools for consultation and system implementation.
本提案是由奕資諮詢於2021年4月為「杭州望江單位地塊」項目計劃編寫的。本文件並非項目的最終合同。該提案主要包括報價、交易操作方案、參與談判代表的授權、供應商的基本信息、其他支持文件（在競爭談判文件部分提供的其他支持材料和資格證書）等。通過本文件，我們希望向客戶展示我們合作的誠意、為項目提出的解決方案和人員配置，以及我們諮詢和系統實施的策略和工具。
If we are lucky to win the bid and cooperate with the client, the right to publish, use and copy the data in this document will be clearly stated in the signed contract. This restriction does not apply to situations where authorization for using the data contained in this document can be obtained from other legal channels.
如果我們有幸贏得投標並與客戶合作，本文件中的數據發布、使用和複製權將在簽署的合同中明確規定。本限制不適用於可以從其他合法渠道獲取使用本文件中所包含數據的授權情況。
COMPANY STATEMENT
公司說明
THE KEITH & EVEN GROUP proposes a project plan for the Hangzhou Wangjiang Unit Plot. The proposal includes information on the location, opportunities, and risks of the project, as well as a return on investment forecast. The proposal is not the final contract of the project and is intended to show the client the proposed solutions and staffing for the project, as well as the strategies and tools for consultation and system implementation.
奕資諮詢為杭州望江地塊提出了項目計劃。該提案包括有關項目位置、機會和風險的信息，以及投資回報預測。該提案並非該項目的最終合同，旨在向客戶展示項目的擬議解決方案和人員配備，以及諮詢和系統實施的策略和工具。
1
Introduction
簡介
Hangzhou in Brief
杭州簡介
Hangzhou, the capital city of Zhejiang Province, is located on the southeast coast of China and is home to Alibaba, China's largest e-commerce company. With a total area of 16,596 square kilometers, Hangzhou's economy is dominated by the private and digital sectors. In 2019, the private sector accounted for 61% of the city's GDP, while the digital sector accounted for 24.7% [1].
杭州是浙江省的省會城市，位於中國東南海岸，是中國最大的電子商務公司阿里巴巴的總部所在地。杭州總面積為 16,596 平方公里，經濟以私營和數字化部門為主導。2019年，私營部門佔該市境內生產總值的61％，數字化部門佔24.7％[1]。
Hangzhou's success in the digital sector is partly due to the presence of Alibaba, which has its headquarters in the city. The city has also been actively promoting the construction of Wangjiang Financial Technology City, which has attracted leading companies such as the Zhejiang Branch of the Iron Tower and the headquarters of Cisco Greater China. Hangzhou is considered to be China's e-commerce hub, with growth in related sectors like cloud computing and big data exceeding 100 billion CNY in added value [2] [3].
杭州數字化部門的成功部分歸功於阿里巴巴的存在，該公司總部設在該市。該市還積極推動望江金融科技城的建設，吸引了諸如鐵塔集團浙江分公司和思科大中華區總部等領先企業。杭州被認為是中國的電子商務中心，相關領域的增長，如雲計算和大數據，已經超過了1000億元人民幣的附加值[2][3]。
Hangzhou Wangjiang Unit Plot in Brief
杭州望江單元地塊簡介
(2019年望江新城重點地塊推介丨浙江線上-住在杭州網)
The Wangjiang unit covers an area of 75,000 square kilometers[4] and is situated in Shangcheng District, Hangzhou, near the Hangzhou East Railway Station. The surrounding area is intersected by Metro Line 1, Line 7, Line 5, and the Wujiang Road tunnels. There are 11 key plots, including residential, commercial, cultural facilities, rail transit, and other functions, with a total land area of 278.4 acres [5]. In June 2019, Shangcheng District and the Hong Kong Trade Development Council Zhejiang Representative Office signed a memorandum of cooperation to create the Hangzhou-Hongkong High-end Service Industry Demonstration Zone following the launch of China's "One Belt One Road" initiative.
望江元佔地面積為75,000平方千米[4]，位於杭州上城區，靠近杭州東站。周圍地區被地鐵1號線、7號線、5號線和吳江路隧道交叉。有11個關鍵地塊，包括住宅、商業、文化設施、軌道交通和其他功能，總用地面積為278.4英畝[5]。2019年6月，上城區和香港貿易發展局浙江代表處簽署了一份合作備忘錄，以創建杭州-香港高端服務業示範區，這是中國「一帶一路」倡議啟動後的一項舉措。
Among the key plots, the SC0402-B1/B2/S2/S41/S42-17 plot and the SC0402-R21/B/S2-07 plot have a combined land area of 75.9 acres [5]. They are located on the central axis of the industrial economic belt, with Wujiang Road as the central axis, and are adjacent to the East Square of Hangzhou East Railway Station.
在關鍵地塊中，SC0402-B1/B2/S2/S41/S42-17地塊和SC0402-R21/B/S2-07地塊的總用地面積為75.9英畝[5]。它們位於工業經濟帶的中心軸線上，以吳江路為中心軸線，毗鄰杭州東站東廣場。
Opportunities
機遇
In recent years, the Hangzhou government has vigorously renovated the old city in Wangjiang block, located in the city's core area, and actively promoted the construction of Wangjiang Financial Technology City. The Science and Technology City has attracted leading companies, including the Greater China headquarters of the world's top 500 companies, Cisco, and the Zhejiang Branch of the Iron Tower. More than 4,000 digital economy and financial enterprises have settled in the park, with a total output value exceeding 10 billion CNY.
近年來，杭州政府積極改造了城市核心區域的望江坊老城區，大力推進了望江金融科技城的建設。科技城吸引了包括世界500強企業思科在內的領先公司，以及鐵塔公司的浙江分公司。超過 4,000 家數字經濟和金融企業已經入駐該園區，總產值超過100億元人民幣。
This project leverages Hangzhou's rapid economic development and TKEG's knowledge and offers significant investment opportunities for investors. By taking advantage of TKEG's expertise and understanding of the local market, investors can make informed decisions to maximize returns and achieve their investment goals. TKEG has outlined these opportunities, the associated risks, and the estimated return on investment in this report.
該項目利用杭州快速經濟發展和奕資的知識，並為投資者提供了重要的投資機會。透過利用奕資在當地市場的專業知識和了解，投資者可以做出明智的決策，最大程度地實現回報並實現其投資目標。奕資在本報告中概述了這些機會、相關風險和預計的投資回報。
2
Hangzhou Wangjiang Unit Plot
杭州望江單元地塊
Supporting Residence
配套住宅
Over the past few years, the Wangjiang community has significantly improved living conditions, from the urban-rural fringe area to the innovative transformation community. Since launching a large-scale relocation in 2015, more than 12,000 households have been relocated, saving over 2,500 acres of land for the better development of the Wangjiang District [6]. Additionally, high-end communities such as Feicui Haian and Binjiang Jindi Yupin have emerged in the Wangjiang area, with the average price per square meter of a new house close to 70,000 yuan.
在過去幾年中，望江社區的居住條件得到了顯著改善，從城鄉結合部到創新轉型社區。自2015年啟動大規模搬遷以來，已經搬遷了超過12,000戶家庭，為望江區更好的發展節省了超過2,500畝的土地[6]。此外，諸如翡翠海岸和濱江金地玉品等高端社區已經在望江地區崛起，新房每平方米的平均價格接近70,000元。
The Wangjiang area is located in the Shangcheng District of downtown Hangzhou. The average housing price per square meter in Wangjiang reflects the improvement of the residential environment, the emergence of high-end communities, and the advantageous geographical location in the area, compared with the average housing price per sqm in adjacent districts.
望江地區位於杭州市中心的上城區。與相鄰地區每平方米的平均房價相比，望江的平均房價反映了該地區居住環境的改善、高端社區的出現以及優越的地理位置。
Supporting Business Facilities
商業配套
Since 2015, Wangjiang Street has constructed numerous commercial and cultural industry projects, including 152 like Lingdi Digital Commercial Center, Jinjiang Science and Technology Building, and Xinghe Wangjiang Center. These projects have attracted a group of world-renowned enterprises and elite Internet talents. For example, Cisco, one of the global top 500 companies, has settled its headquarters in China in Wangjiang New City. Great companies such as Zheneng Capital, China Power Data, Wahaha, and Zhejiang Tower have also selected Wangjiang [Hangzhou Municipal People's Government, 2021].
自2015年以來，望江街道建設了眾多商業和文化產業項目，包括152個項目，如靈迪數碼商業中心、錦江科技大廈和星河望江中心。這些項目吸引了一批世界知名企業和精英互聯網人才。例如，全球500強企業之一思科已在望江新城設立了總部。振能資本、中國電力數據、娃哈哈和浙江大廈等優秀企業也選擇了望江[杭州市人民政府，2021年]。
According to the site planning conditions of the Wangjiang New City project, the residential volume of Wangjiang New City is about 150,000 square meters, accounting for 39% of the total construction area. The remaining part will have commercial and business buildings, including a more than 20,000 square meters hotel and more than 100 social public parking spaces [Zhou, 2019].
根據望江新城項目的規劃條件，望江新城的住宅容積約為15萬平方米，佔總建築面積的39%。其餘部分將是商業和辦公樓，包括一個面積超過2萬平方米的酒店和100多個社會公共停車位[周，2019年]。
In 2019, Hangzhou Shangcheng District and the Hong Kong Trade Development Council signed a memorandum of cooperation, and the Hangzhou-Hong Kong high-end service industry demonstration zone settled in Wangjiang. The planned area of the Demonstration Zone is approximately 9.5 square kilometers. The Hangzhou New World Project, currently under construction, has a total investment of roughly 23 billion yuan (3.68 billion USD). The project combines Chengzhan Station Square, Shibanqiao Future Community, Wujianglu Station of Metro Line 1, and Chengzhan Station of Line 7, all of which will be unified, delicately planned, and designed. In addition, K11 Art Mall, Rosewood Hotel, and high-end office buildings will also be included and built. A high-end business district that is benchmarked against Qianjiang New City is emerging.
在2019年，杭州上城區和香港貿易發展局簽署了合作備忘錄，杭州-香港高端服務業示範區落戶望江。示範區的規劃面積約為9.5平方公里。目前正在建設的杭州新世界項目總投資約230億元人民幣（36.8億美元）。該項目將結合城站廣場、石板橋未來社區、地鐵1號線吳江路站和7號線城站站，統一精心規劃和設計。此外，K11藝術購物中心、瑰麗酒店和高端寫字樓也將被包括和建造。一個與錢江新城相媲美的高端商業區正在崛起。
Furthermore, in April 2021, the National (Hangzhou) Short Video Base Project officially started in Wangjiang. It involves many sub-projects such as the national short video public service, interactive digital imaging, and animation short video chain, which will be established as a new media industry base for the international market.
此外，2021年4月，全國（杭州）短視頻基地項目在望江正式啟動。它涉及許多子項目，如國家短視頻公共服務、互動式數字成像和動畫短視頻鏈，將建立為國際市場的新媒體產業基地。
Mass Transport System (MTS)
大眾交通運輸系統（MTS）
The Wangjiang area, located next to Hangzhou East Railway Station, is the center of the metro system. It has metro lines 1, 2, 4, 5, 6, and 7 (under development). All lines run from the residential and innovative areas west of Hangzhou to the financial size in the east. The metro system highlights the dynamic nature of the Wangjiang area.
位於杭州東站旁邊的望江地區是地鐵系統的中心，擁有1號線、2號線、4號線、5號線、6號線和7號線（正在建設中）。所有線路從杭州西部的居民區和創新區通往東部的金融區。地鐵系統突顯了望江地區的活力。
The Wangjiang area boasts the most advanced railway system, the CHSR high-speed railway, which covers most areas in mainland China at a low individual cost. Transportation is highly convenient due to the most developed railway system in the world.
望江地區擁有最先進的鐵路系統，中國高速鐵路覆蓋了中國大部分地區，個人成本低廉。由於世界上最發達的鐵路系統，交通非常便利。
Although outdated, the bus system still caters to the needs of low and middle-income groups. The railway station serves as one of the Hangzhou bus system's centers, supporting the city's most popular bus lines.
儘管過時，公交系統仍然滿足低收入和中等收入群體的需求。鐵路站作為杭州公交系統的中心之一，支持城市最受歡迎的公交線路。
3
Investor Information
投資者信息
Investor Requirements
投資者要求
To be considered as potential investors, candidates must meet strict requirements. They should have a proven track record of success in the industry, with relevant experience in project investment and operation. Moreover, they must have a solid financial background, ample investment strength, and the ability to bear significant risks. In addition, they should be able to provide references from other successful investments and demonstrate their ability to work in a fast-paced and ever-changing environment. Overall, the selection process for investors is rigorous, and only those who meet all the requirements will be considered for the opportunity to invest.
作為潛在投資者候選人，必須符合嚴格的要求。他們應該在該行業擁有成功的經驗記錄，具有相關的項目投資和運營經驗。此外，他們必須有堅實的財務背景、充足的投資實力和承擔重大風險的能力。此外，他們應該能夠提供其他成功投資的參考資料，並展示他們在快節奏和不斷變化的環境中工作的能力。總的來說，投資者的選擇過程是嚴格的，只有那些符合所有要求的人才有機會進行投資。
Investment Method
投資方式
China has approved the establishment of property-focused private equity (PE) investment funds as part of a pilot scheme and has encouraged investment from foreign investors (Caixin, 2021).
中國已批准設立以房地產為重點的私募股權投資基金作為試點計劃的一部分，並鼓勵外國投資者投資（財新網，2021）。
Qualified PE managers will now be allowed to set up funds that invest in various types of real estate, including residential properties such as unfinished projects, affordable homes, and rental projects, as well as commercial real estate and infrastructure (Caixin, 2021). The China Securities Regulatory Commission (CSRC) has also announced that it welcomes overseas investors to participate in the funds through the Qualified Foreign Limited Partnership program (Caixin, 2021).
合格的私募經理被允許設立基金，投資各種房地產，包括住宅物業如未完成的項目、經濟適用房和租賃項目，以及商業房地產和基礎設施（財新網，2021）。中國證券監督管理委員會（CSRC）還宣布歡迎海外投資者通過合格境外有限合夥人計劃參與基金（財新網，2021）。
Investors in the pilot program must commit at least 10 million yuan (about $1.45 million), and capital raised from individual investors cannot exceed 20% of a fund's total (Yahoo Finance, 2021).
试点计划的投资者必须承诺至少 10,00 万元人民币（约合145万美元），个人投资者筹集的资本不能超过基金总额的20%（雅虎财经，2021）。
Foreign companies and individuals can acquire real estate in China for investment purposes. The project company can be established as an "equity joint venture company," a "cooperative joint venture company," or a "wholly-owned foreign enterprise" (Baker McKenzie, n.d.). However, if foreign investors are involved, establishing the project company will require approval from the PRC foreign investment authority (Baker McKenzie, n.d.).
外國公司和個人可以為投資目的在中國收購房地產。項目公司可以作為“股權合營企業”、“合作式合營企業”或“外商獨資企業”成立（Baker McKenzie，n.d.）。然而，如果涉及外國投資者，設立項目公司將需要經過中國外商投資主管部門的批准（Baker McKenzie，n.d.）。
Opportunities and Risks
機遇及風險
The SC0402-B1/B2/S2/S41/S42-17 plot and the SC0402-R21/B/S2-07 plot are being offered together, presenting a total land area of 75.9 mu. This plot boasts a strategic location connected to Hangzhou's economic arteries and the urban financial and innovation centers, providing investors with numerous development opportunities.
SC0402-B1/B2/S2/S41/S42-17 地塊和 SC0402-R21/B/S2-07 地塊一起出售，總土地面積為75.9畝。該地塊位於杭州經濟動脈和城市金融創新中心，具有戰略位置，為投資者提供了眾多的發展機會。
Despite the great potential of this investment opportunity, it is essential to note that bond financing is required. While offering many benefits, this financing method carries some risks. Therefore, it is imperative that any potential investors carefully evaluate the risks and potential rewards before committing to this investment.
雖然這是一個巨大的投資機會，但需要注意的是，需要債券融資。雖然這種融資方式帶來許多好處，但也存在一些風險。因此，在承諾投資之前，任何潛在投資者都必須仔細評估風險和潛在回報。
Moreover, it is worth noting that due to the strategic location of the plot, there is a high likelihood that the demand for the land will continue to increase. The development of the surrounding areas is expected to continue, driving up property values and increasing the potential return on investment over time. As such, this investment opportunity presents a unique chance for those looking to invest in a promising area with significant potential for growth and development.
此外，值得注意的是，由於地塊的戰略位置，土地需求的增長可能性很高。周邊地區的發展預計將繼續推動房地產價值上漲，隨著時間的推移，潛在投資回報也將增加。因此，這個投資機會為那些希望投資於有巨大增長和發展潛力的有前途地區的人提供了獨特的機會。
Return on Investment Forecast
投資回報預測
TKEG used the market extraction method to estimate the return on investment for two plots of the Wangjiang unit, namely SC0402-B1/B2/S2/S41/S42-17 and SC0402 R21/B/S2-07. This method is based on recent market transactions and can objectively reflect the current real estate market. For comparative analysis, we selected the Binjiang Future Community Project, Binjiang Jindi Yupin, and Binjiang Rongchuang Hangyuan Yuchao Mansion, all located around the two plots of SC0402-B1/B2/S2/S41/S42-17 and SC0402 R21/B/S2-07. Like the Wangjiang unit project, the plots of these four projects were transferred by the Hangzhou Land Reserve Center and then acquired by developers through bidding. Furthermore, the transaction time points of these four projects are similar to the appraisal time points of the project to be settled, making them highly comparable.
奕資使用市場提取法估算了望江單元的兩個地塊，即SC0402-B1/B2/S2/S41/S42-17和SC0402 R21/B/S2-07的投資回報率。該方法基於最近的市場交易，可以客觀反映當前的房地產市場。為了比較分析，我們選擇了濱江未來社區項目、濱江金地御品和濱江融創杭園御朝大廈，這些項目都位於SC0402-B1/B2/S2/S41/S42-17和SC0402 R21/B/S2-07兩個地塊周圍。與望江單元項目一樣，這四個項目的地塊都是由杭州市土地儲備中心轉讓，然後由開發商通過競標獲取。此外，這四個項目的交易時間點與待定項目的評估時間點相似，使它們高度可比。
TKEG collected and sorted out the transaction dates of the four projects, including the transaction floor price, land premium rate, total investment, current residential price, and residential area, as shown in the following table. Note that, to ensure comparability, we only selected residential land for comparison since the New World Project and the Binjiang Future Community Project served commercial and residential purposes. At the same time, the Binjiang Jindi Yupin and Binjiang Rongchuang Hangyuan Yuchao Mansion were purely residential land.
奕資收集並整理了這四個項目的交易日期，包括交易底價、土地溢價率、總投資、當前住宅價格和住宅面積，如下表所示。請注意，為了確保可比性，我們只選取了住宅用地進行比較，因為新世界項目和濱江未來社區項目既有商業用途又有住宅用途。同時，濱江金地御品和濱江融創杭園御朝大廈純粹是住宅用地。
Data Resource
數據來源
http://www.tmsf.com/upload/info/subjectspecial/159488651367427/index.html
| Project 項目 |
Transaction Date 交易日期 |
Transaction Price （yuan/㎡） 成交樓面價 （元/㎡） |
Land Premium Rate 土地溢價率 |
Total Investment (100 Million Yuan) 投资总额 （億元） |
Current Residential Price （/㎡） 住宅现价（元/㎡）[1] |
Residential Area（㎡） 住宅面积（㎡） |
|---|---|---|---|---|---|---|
| New World 新世界 |
2019/7/30 | 24860 | 3.93%[2] | 97.9[3] | 69800[4] | 152300[5] |
| Binjiang Future Community 濱江未來社區 |
2020/6/16 | 29058 | 23.39%[6] | 61.9[7] | 69800[8] | 73480[9] |
| Binjiang Jindi Yupin 濱江金地御品 |
2018/8/27 | 29976 | 1.95%[10] | 26[11] | 69236[12] | 87000[13] |
| Binjiang Rongchuang Hangyuan Yuchao Mansion 濱江融創杭源御潮府 |
2019/4/16 | 45325 | 30.00%[14] | 52[15] | 95700[16] | 59375.05[17] |
Based on the information above, TKEG calculates its return on investment using the formula: (current residential price - transaction floor price) * residential area / total investment. The ROI of its four projects is calculated to be 100%, and the results are shown in the table below.
根據上述信息，奕資使用公式計算其投資回報率：（當前住宅價格 - 成交底價）* 住宅面積 / 總投資。其四個項目的投資回報率計算為100％，結果如下表所示。
Due to the lack of pertinent market information, please note that the calculation process only considers one factor: time value, new investment in construction in progress, and relevant taxes. Therefore, the results are only for investors' reference and do not represent the actual return on investment of the project.
由於缺乏相關市場信息，請注意，計算過程僅考慮一個因素：時間價值，建築施工中的新投資和相關稅費。因此，結果僅供投資者參考，不代表項目的實際投資回報率。
| New World 新世界 |
Binjiang Future Community 濱江未來社區 |
Binjiang Jindi Yupin 濱江金地御品 |
Binjiang Rongchuang Hangyuan Yuchao Mansion 濱江融創杭源御潮府 |
|
|---|---|---|---|---|
| Return On Investment Rate 投資回報率 |
69.9% | 48.4% | 131.3% | 57.5% |
Regarding the return on investment of these four projects mentioned above, this is a promising sign for potential investors. Based on our estimates, the return on investment of residential land in the two plots of SC0402-B1/B2/S2/S41/S42-17 and SC0402 R21/B/S2-07 of Wangjiang Unit are expected to fall between 48.4% and 131.3%, which is a significant return on investment. The high potential of these investments is based on factors such as the local economy's growth, the area's development, and the increasing demand for real estate. The purchase of land in these areas is a wise investment decision that could yield substantial benefits in the future.
关于以上提到的这四个项目的投资回报率，这对潜在投资者来说是一个有前途的迹象。根据我们的估计，位于望江单元的SC0402-B1/B2/S2/S41/S42-17和SC0402 R21/B/S2-07两个地块的住宅用地的投资回报率预计将在48.4％至131.3％之间，这是一个显著的投资回报率。这些投资的高潜力基于当地经济增长、区域发展和房地产需求的增加等因素。在这些地区购买土地是一项明智的投资决策，未来可能会带来可观的利益。
4
Conclusion
總結
To summarize, the Hangzhou Wangjiang Unit Plot is an auspicious investment opportunity for those interested in investing in a rapidly growing area with significant potential for development. Due to its strategic location and the continuous development of the surrounding areas, there is a high likelihood of increased demand and property values, translating into a significant return on investment for potential investors.
總的來說，杭州望江單元地塊是一個吉利的投資機會，適合那些有興趣投資於快速發展、具有巨大潛力的地區的投資者。由於其戰略位置和周圍地區的不斷發展，需求和物業價值的增長有很高的可能性，這將為潛在投資者帶來可觀的投資回報。
However, it is essential to note that before committing to this investment, potential investors must carefully evaluate the risks and rewards involved. The bond financing requirement is one such factor that must be considered, and any potential investor should ensure that they have the necessary resources to undertake such a project. Additionally, it is essential to note that the possible return on investment is based on current market conditions, which are subject to change over time.
然而，必須注意的是，在承諾此項投資之前，潛在投資者必須仔細評估所涉及的風險和回報。債券融資要求是必須考慮的因素之一，任何潛在投資者都應確保他們擁有必要的資源來進行這樣的項目。此外，必須注意投資回報可能基於目前的市場狀況，這些狀況隨時間可能會發生變化。
Despite these considerations, the Hangzhou Wangjiang Unit Plot investment opportunity remains attractive for those seeking a profitable and secure investment in a rapidly growing market. As such, it presents a unique chance for those looking to invest in a promising area with significant potential for growth and development.
儘管考慮到這些因素，杭州望江單元地塊投資機會仍然對那些尋求在快速增長的市場中獲得盈利和安全投資的人具有吸引力。因此，它為那些尋求在具有顯著增長和發展潛力的有前途地區投資的人提供了獨特的機會。
5
Footnotes
腳注
[1] Note: Current price refers to the average price of residential buildings on May 24, 2021
[2] https://hz.leju.com/news/2020-08-14/08106699829488718766317.shtml
[3] https://hz.leju.com/news/2020-08-14/08106699829488718766317.shtml
[4] https://hz.leju.com/news/2020-08-14/08106699829488718766317.shtml
[5] https://hz.leju.com/news/2020-08-14/08106699829488718766317.shtml
[6] https://hz.focus.cn/loupan/110139461/dongtai/8004102.html
[7] http://hz.house.163.com/20/0616/17/FF8SK5RH02079814.html
[8] https://hz.focus.cn/loupan/110139461/dongtai/8004102.html
[9] https://m.house365.com/hz/news/029642309.html
[10] https://www.sohu.com/a/308451952_124741
[11] https://hz.ihouse.ifeng.com/news/2019_07_12-52184109_0.shtml
[12] https://www.jfk365.com/xinfang/detail/67.html
[13] https://www.kan3721.com/news/show-38340.html
[14] https://kuaibao.qq.com/s/HHZ2019041700054500?refer=spider
[15] https://hz.ihouse.ifeng.com/news/2019_07_12-52184109_0.shtml
[16] https://hz.ihouse.ifeng.com/news/2020_05_26-52775879_0.shtml
6
References
參考
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產城融合 “望”眼“江”來 杭州望江新城打造高密度舊城中心蝶變新典範-浙江新聞-浙江線上. (2020). Retrieved 20 May 2021, from https://zjnews.zjol.com.cn/zjnews/hznews/202012/t20201210_12467547.shtml
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Nikkei Asia. (n.d.). China encourages foreign investment in real estate. Retrieved from https://asia.nikkei.com/Spotlight/Caixin/China-encourages-foreign-investment-in-real-estateInternational Finance. (n.d.). Foreign investors are fearing to invest in China's real estate... Retrieved from https://internationalfinance.com/foreign-investors-invest-chinas-real-estate/
Baker McKenzie. (n.d.). Real Estate Law | China | Global Corporate Real Estate Guide. Retrieved from https://resourcehub.bakermckenzie.com/en/resources/global-corporate-real-estate-guide/asia-pacific/china/topics/real-estate-law
Yahoo Finance. (n.d.). China looks to spur PE investment in fragile real estate market. Retrieved from https://www.yahoo.com/now/china-looks-spur-pe-investment-060000838.html
