2022年中国冷库投资指南

CBREIntelligentInvestmentChina Cold StorageSite Selection andInvestmentSpecial ReportChina Real EstateCBREResearchMay 2022 Crins Cold Storage Site Selection and IrvestmentIntelligent InvestmentExecutive SummaryAlthough cold storage continues to attract increasing interest from investors, China's cold storageindustry is still at a nascent stage of development, with asset supply and quality lagging marketdemand.However, government initiatives such as the 14th Five Year Plan on Cold Chain Logistics, whichset the target of building a cold-chain logistics network connecting production and sales areas.covering urban and rural regions and linking domestic and international rmarkets by 2025, will24create significant opportunities for cold storage investment.2321The coming years will see the development of a large volume of new investment grade facilities asmore developers and investors enter the market to design, construct, operate and manage coldstorage, with distribution and delivery centres set to be a major focusCold storage development and upgrading opportunities willprimarily lie in Beijing, ShangheiGuangzhou, Shenzhen and satellite cities. Other investment opporturities will be found intransportation hubs.CBRE recommends investors evaluate potential cold storage acquisitions based on the economicand consumer growth trends of target cities, their demand profile and infrastructure, and peeranelysis.CEREG 2022 CBRE, NC. Intelligent InvestmentCrin: Cold Storage Site Selection and InvestmentContents02Executive Summary04China Cold Storage Overview: Supply and Demand60Investment Grade Cold Storage: Definition and Development16Investment Opportunities and Strategy24Conclusions and RecommendationsCERE 2C22 CBFE, INC 01China Cold Storage Overview:Supply and Demand Cins Cold Storage Site Selection and IvestmentIntelligent InvestmentChina's cold storageFigure t: Cold storage capacity (cu. m. per person)capacity per person0.80.7 lags the U.S.0.6Global Cold Chain Alliance data show that the capacity of refrigeratedwarehouses worldwide totalled 719 million cu. m, in 2020, 16.7% greater than0.5the volume reported in 2Oi8. North America and China have accounted forthe bulk of the increase in reported capacity-0.4Although China's cold storage capacity ranks 3rd worldwide, its cold storage0.3capecity per person lags well behind that for developed countries, at just aquarter of the U.S's and half of Japan's.0.2challenges such as outdated technology and facilities, inconsistentIn addition to a leck of capacity, China's cold storage market faces0.1 standards, and a fragmented market.0New ZualandUKoreaAustralisuedrrChiraVietnaPhilippinesRisauopu]20202018Souro: CBRE, April 20225CERE6 2C22 CBRE INC Intelligent InvestmentCins Cold Storage Site Selection and InvestmentCold storage capacity trails consumption upgradingdemandDue to a lack of cold chain capacity and its inadequate processing capability ofFigure 2: Loss of agricultural products64%agricultural products, as wellas multiple distribution channels that lead to longertransportation times, China's loss of fresh agricultural products is well above thatof developed countries. China Feceration of Logistics &: Purchasing (CFLP) dataChinaDeveloped countriesof agricultural productsshow that the transportation loss of vegetables, fruits, aquatic products and meatlack ccld stcragereached 20%, 11%, 10% and 8%, respectively, in 201B, compared to an average lossrate of just 5% in developed countries, This high loss rate is directly related to the20%nascent stage of development of China's cold chain, CFLP data show that coldchain transportation's share of fruit and vegetables, aquatic products and meatstood at just 22%, 34% and 41%, respectively, in China, much lower than developed72%countries’ 95%.With China's GDP per capita reaching US$12,530 in 2021, which is near the11%10%of agricultural productsthreshold of the World Bank's definition of high-income economies, demand forfresh and frozen food will increase rapidly as the population upgrades itsare not treated or8%consumption and seeks healthier lifestyles and higher quality faod.processed5%5%5%5%80%FruitsVegetablesMeatAquatic Productsof agricultural prodluctsare sold to c:herSourx OCLC, CBRE, A:ril2022provinces or expcrtedCERE6 2002 CBFE,INC. Intelligent InvestmentCins Cold Storage Site Selection and InvestmentRetailers and food companies to expand rapidlyCBRE expects consurnption upgrading to drive robust expansion by fresh food retail, chain restaurants and food companies.According to China Insights Consultancy (CIC), China's fresh food retail rmarket will grow 30% from RMB 5.2 trllion to RMB 6.8 trillion frorn 2021-2025, representing a Compound Annual Growth Rategrocery retailers rose significantly in March on both a y-o-y and m-0-m basis. Dingdong's DAU increased from 3 milion in February to over 5 million in March, while Hema's DAU rose by 25% m-o-m and78.6% y-o-y to 5 million in the same month.Figure 3: Cold chain food demand fore