1. 2. 1990 2000 A 10 B 2005 3. 1 100 1,500 2003 5,000 100 750 16.5 7.9 4. 2010 71
2 5. 2003 6 13 Tel852-2103-3590 E-Mailtomoo.shigenami@mizuho-cb.com 72
75 75 77 77 79 82 82 82 85 89 91 94 97 97 73
74
2002 2003 6 13 10 1990 2000 1 1 2003 92 9293 118165 93 7 75
94 96 9698 1 2000 20 90 9799 22000 972000 2001 2 2003 76
9295 90 2000 92 9295 4 12,309 8891 4 12.5 3 4CB CBRE95 1012 Prime Office 65 3 2 A B Prime Office A 7080 3 2003CEIC Data 77
4 93 1Q 96 1Q 100 CB Richard Ellis CB Richard Ellis 96 95 9697 96 397 7 A 50 1618 4 1 45 2000 90 98 2000 9799 4,764 1,588 20002002 7,284 2,428 3CBRE 9698 99 2000 6 78
2000 2003 46 10 5 2003 46 22.8 19.1 CBRE A 3035 67 5 CB Richard Ellis CB Richard Ellis 6 1996 97 98 99 2000 01 02 144.6 268.4 370.0 428.4 462.2 505.2 545.8 85.9 123.8 101.6 58.4 33.7 43.0 40.6 49.3 52.6 28.6 65.5 105.8 71.4 68.2 36.6 71.2 73.0 7.1 72.1 28.4 27.6 33.1 41.6 52.0 48.3 27.0 16.6 12.0 CB Richard Ellis CB Richard Ellis 2002 3,012 2003 1,930 1 78 79
CBRE 73 44 20 1,856 30 338 2002 3 2 AC A HSBC 3040 CBRE A 2003 7 42 A 9798 45 9 HSBC 9 1 1 30 A B Jones Lang Lasalle JLL B C 9798 4 78 5 A B A B B C B C B A C DTZ Debenham Tie Leung DTZ B 1 0.5 1 15 C 0.3 1 9 7075JLL 9899 A B 80
8 2 A 7 7 CB Richard Ellis CB Richard Ellis A 67 JLL 97 97 GKerry GNew World CITIC Pacific GHang Lung G G GWheelock GSun Hung Kai B 81
20034 30 2005 60 20068 90 2002 546 6 2008 760 CBRE 2010 CBREJLL 20034 2005 DTZ John Robinson 2003 90 90 9293 4 8 94 9697 9 82
8 2003 9 2003 98 98 89 83
10 3.8 2.1 10 90 2001 5.9 111 2000 91 99 98 97 190 2003 4 8,253 4 2002 7,213 42.3 10 1 92 100 2003 84
11 2003CEIC Data 98 97 2002 5 7,864 23,702 3 89 2002 96.2 2000 12 99 2002 99 1.5 2003 SARS 18 18.8 139899 2 2000 2002 97 9799 2000 2001 JLL 2001 2002 134 2003 6 106 85
90 12 2003 13 2001 2003 4 86
6 18.1 14 2001 12 7.82002 12 13.1 14 15 157,000 5,0007,000 3,000 5,000 3,000 2000 2003 7,000 2 19 5,000 11 47 87
3,0005,000 20002003 2001 56 2003 40 3,000 5,000 5,000 1 2000 3,843 2003 5,315 3 4 2003 75.6% 18.4 6.0 162001 19 16 2002 CB Richard Ellis 7,000 3123 5 1 334 7 88
1 20002002 1.21.5 200300 250450 4,000 7,000 2003 JLL 1.21.5 2003 12 2 89
1 4 1 2 3 1,600 2001 1 150 3,500 2002 2 150 4,150 4,850 1 38 5,000 120 60 1 66 4 16.5 92 7.9 5,351 676 2002 6.6 4,223 644 97 16.3 425 26.1 98 2002 4 2002 6.5 178 27.5 90
5060 2 4048 30 2,500 3,500 4,000 2,500 6,000 5 83 2040 5620 35 40 3040 1,500 30 3,5004,000 2002 3,0003,500 80 6070 2010 91
2010 1 2 2010 3 4 5 6 2010 97 80 95 97 2 7 17 97 92
97 1 4 17 99 100 18 1997 98 99 2000 01 02 17.4 18.5 18.7 17.8 16.5 15.8 2.1 7.7 10.1 7.3 6.5 5.1 Annual Report 2002 1 2 3 1 2 97 6 3 97 15 93
18 97 1015 98 3,106 2002 1 8,475 19 3.6 11.3 2002 6,616 98 2.5 8,253 19.4 2002 1,086 1,000 2,100 23 2 1 2002 9395 2000 94
3,000 1,000 19 1998 2002 3,106 3.6% 14,869 11.3% 4.8 2,680 3.1% 6,616 5.0% 2.5 426 0.5% 8,253 6.3% 19.4 86,524 100.0% 131,294 100.0% 1.5 1 2002 11 9.8 24.9 4 4 30 2 3 95
7 20 4 1 3,500 32002 2 20 3,817 973 25.5% 911 23.9% 461 12.1% 1,472 38.6% 4,415 1,167 26.4% 1,053 23.9% 362 8.2% 1,833 41.5% 4,796 1,345 28.0% 1,112 23.2% 257 5.4% 2,082 43.4% 5,998 1,614 26.9% 1,385 23.1% 169 2.8% 2,830 47.2% 7,696 2,184 28.4% 1,692 22.0% 136 1.8% 3,684 47.9% 9,750 2,738 28.1% 2,220 22.8% 157 1.6% 4,635 47.5% 2003 96
1 2 3 2003 6 13 121 7 3 4 2 2 121 97
98
2001 7 2003 2 Weekly Hong Kong2003 7 2003 1 2002 2003 1 2002 2003 2003 1 2002 7 2003 1 2003 2003 9 2003 3 CB Richard Ellis, People s Republic of China Marlet, 2Q 2003 DTZ, Asia Pacific Office Market Brief, 2Q 2003 DTZ, Property Times, Summer 2003 Jones Lang Lasalle, Greater China Property Index, July 2003 Qu Hongbin, Tightening the credit tap, HSBC, September 2003 3 CB Richard Ellis DTZ Debenham Tie Leung Jones Lang Lasalle 99