2022年中国冷库投资指南(EN)

CBRE IntelligentInvestment ChinaColdStorage SiteSelectionand Investment specialReport ChinaRcalEstalo C3REResearch Mlay2022 In.l.ig:itwstm<n C*Cudla.eS.Sellca*s.nent ExecutiveSummary Althaughccdstorageal ,Chna'scolclstcraga indi.stryisstllatansscertstagerfdevelcamene,vithasse:supplyandualityls:igjingmsrket demad. 24 22 23 21 20 However,gcvernrnertinitiarivessuchastne1ithFiveYesrPlancnColeChainLcgist'cs,whicsattletargetcfbuildingaccld-chainlogistiasnetvorkconnectingproductionandsalesareas. ccveringurhanardruralregionsandlinkigdomea.icadirternatinnslmsrkets:by2o25.will croategrificantopportunitiosfcrcoldstorageinvostmon. TecomingyearswiIseethedevelcpmentcfalargevolnecfnewimestmentgradefarilitiesasmnreclevelopersandlinvestorserterthemsrkettodesign,cnistruct,operateandmsnageccld storago,withdlisributionandceliveryentressottoboamajorfxcus ColdsteragedeveloprrertndpgracdingopsortinitieswilprirriaiyI'einBejing.Shangei. Guangzhcu.Snenzhenandsatellitecities,CtherinvestTentoppcrtunitieswilbefoundin trarapartationhubs. CBREioconhnondsinvcsloisCvlualeoLon.ialcolds.orescacyuisi.ionsbasodonLhoconomi: arnidcorisumergrovrthtrerdsoftsrgetcities,theirdemaricprofilaarnidinfrastructure,andpger analysis. C3FE 2022CDRCC. ExecutiveSummary ChinaColdStorageOverview:SupplyandDemand InvestmentGradeColdStorage:DetinitionandDevelopment InvestmentOpportunitiesandStrategy ConclusionsandRecommendalions 02 04 60 16: 24 In.cligrilInwstmcn. Contents Cr+CudetaeS.eSelloars.nen C3FE ≈2322CDPCC. 01 ChinaColdStorageOverview SupplyandDemand ClcbalCcdChainAllsanceda:sshavthattaecapacityotrefrigerated warehousesworldwideto.slled719millionc.J.m.in20/20.18.7greaterthanthevolumereportedin7i.NorthAmericaadcrinahavcaccoun:edfc Lhobulkof.hoincrousoinrcporleccupocily AtoughCnina'scoldstcragecapacityr=nks3rdworldwide,itscoldstorage capacitvperperscnlagsvellaehindthatfordevelapedaour'tries.a:,ust:qJsrteroftheU.S.'3anchsI"ofJapn's. Iradditiontoalackofc=pacity,China'scoldsor=gem=rkett=ces challengessuchasoutc.stedtechnalogyandfaciltes,inconsistentstaliclards,andsfragmentecmsrket. China'scoldstorage capacityperperson lagstheU.S. In.l.igeitIwstmcn. CCudSta.eS.eSeltca*?s.nent 2022CDPCC. Figurc1:Coldstoragccapacity(cu,m.p-crpcrson) 0.8 0.7 0.3 0.5 0.4 0.3 0.2 0.1 Neaaand us Kcree AJstr=a Jap=n ~na VletnIhilisgasIndonesa 2020 2018 C3FE In.cligrt1nwstmen. crncudstaaeS.eseltoarws.tel Coldstoragecapacitytrailsconsumptionupgrading demand 64% Ductoalackofc<lcchaincspacityanditsirs<lccuatoprooossinglcapaoilizyofFigure2:Lossofagriculturalproducts agliculluralpμrucucls,aswellsmulliplcdis.ribulioncharirielsLhallodLolonyer transportaticntiTles,Chin='slcssctTresagriculturalproductsiswellabovethat cfc.welcpedcoLnties.ChinaFedarationofLogistirs&PJrclasing(cFLF)c.atashnv:tastthetransanitationInssafvegetabes,fruits,aqJstiproductsardmest China cfagriclturelrorh,os lackceca.orago roaehec20%,1%,10xand%,rsxctivoly,in218comoarxltcnvoragolcss raleu'jusl,5%iriJeveupodcuunlrics.Thisnighlcss1aluizJiiccLlv1elalecl.uLhe 20% nascents.sgeo'deveopmentctChira'scoldcn=in.CFLPdatashowtha:ccldchaint'ansportation'sshareoffritandvegetablas,agustiprcductsancneat stoodstjust22%,34%,and41%,"espectivelv,inCaina,muichawerthandevelopedcountries'35%. 72% wWithChin=sCDPpercapitareachingUs12,530ir2021.whichisnearthetbresholcoftheV'crld3ark'sdefinitionabigh-ircomegconcnies,dena2dfor fresandfrozenfanclwIlincreaarsnidllyasthencaulstianupgrsdesita 11% 10% 8% :fgric.lluralaodt.: arero:treatedc. coasuMotiorandsckshcalthorlifostylesandhishc<jualityfood 5%5%5% 80% sar'JVegetablesMeat.AquaticProducts clagricJllurslplodo.: ara"ol:1tor:thr. C3FE So.r:c:CC_=,C3FE.Aprl2022 FPovrocsorcxPood *2022CDRCC. In.cligr:t1wstmenu Cr+cudetaes.esehtoartwanent Retailersandfoodcompaniestoexpandrapidly CBREexpectsconsumptionupgradingodrive*cbustexpans'onbyfreshfoodretail,chsinrest=urants=ndfoodccmpanies. AccordingtochiasInsicht3Consultsncy(cc)chirs'sfreshfcodretailmarketwillrow3o%,frrmRul35.2trIligrtoRur.trllicnfrom2i121-2ry25,representingaComprundAnnus1GrowthRate (CAGR)of6.6%,Da.a[romCkinaCein-Slo*c&FranchiscAssocialionCCcFA)showIhealChina'scaleringmarkelwillgiowby40%fronRMB4.7LrilionLoRMB6.5LrillionowerLhestmopeiod.Follevingd surgeinCcvlD-1ginfectionsinQ12o22drivenbythecrricronvariant,onlineg'ocervolatfcrmsreuorted=sharpincrgasainDailyActivgUse's(DAU).Accord'ngtopubliinforilation,CAUcfmajoronline groceryretailersrosesigniticantlyinMarchonbothay-c-andm-o-Tbasis.Dirgdong'sDauincre=sedtrcm3mill'oninFebrtarytocver5mill'oninMar-=h,whileHema'sC:AUroseby25sm-o-m=nd 7e.6%y-o-yto5milicninthesanemanth. Figure3:Coldchainfooddemandforecast 6.0 YumChina • 1,BO6mwroslsn.ran.9xniagai2021.Nowhas:12°83silocsnxlisv.irlr 4.7 +40% • • NLmbe*ofatoreswIIreach20,O00inchefuture CateringMarket Leadngchalnrestaurants (RMBtrillion) 2021 20/2:C Walmart Hema 3'9 QillneRetallLeader OnlineRetallLesder 5.2 +30% RetailMarket • • Open400+storesin70tcitieainchina. *1,0