2022年中国冷库投资指南(EN)

CBREIntelligent InvestmentChina Cold StorageSite Selection andInvestmentspecial ReportChina Rcal EstaloC3REResearchMlay 2022 In.l.ig:itwstm<nC* Cudla.eS. Sellca* s.n entExecutive SummaryAlthaugh cc d storage al, Ch na's colcl stcragaindi.stry is stll at a ns scert stage rf develcamene, vith asse: supply and ua lity ls:igjing msrketdemad.However, gcvernrnert initiarives such as t ne 1ith Five Yesr Plan cn Cole Chain Lcgist'cs, whic sat tle target cf building a ccld-chain logistias netvork connecting production and sales areas.24ccvering urhan ard rural regions and linkig domea.ic a d irternatinnsl msrkets: by 2o25. willcroate grificant opportunitios fcr cold storage invostmon.23212220Te comingyears wi I see the develcpment cf a large vol ne cf new imestment grade farilities asmnre clevelopers andl investors erter the msrket to design, cnistruct, operate and ms nage ccldstorago, with dlisribution and celivery entres sot to bo a major fxcusCold sterage developrrert nd pgracding opsort inities wil prirriai y I'e in Bejing. Shang ei.Guangzhcu. Snenzhen and satellite cities, Cther invest Tent oppcrtunities wil be found intrarapartation hubs.CBRE ioconhnonds invcslois Cvluale oLon.ial cold s.oresc acyuisi.ions basod on Lho conomi:arnid corisumer grovrth trerds of tsrget cities, their demaric profila arnid infrastructure, and pgeranalysis.C3FE 2022 CDRC C. In.cligrilInwstmcn.Cr+ CudetaeS.e Selloar s.n enContents02Executive Summary04China Cold Storage Overview: Supply and Demand60Investment Grade Cold Storage: Detinition and Development16:Investment Opportunities and Strategy24Conclusions and RecommendalionsC3FE≈ 2322 CDPC C. 01China Cold Storage OverviewSupply and Demand In.l.igeitIwstmcn.C CudSta.eS.e Seltca* ?s.n entChina's cold storageFigurc 1: Cold storagc capacity (cu, m. p-cr pcrson)capacity per person0.80.7lags the U.S.0.3Clcbal Cc d Chain Allsance da:s shav that t ae capacity ot refrigeratedwarehouses worldwide to.slled 719 million c.J. m. in 20/20. 18.7 greater than0.5t he volume reported in 7i. North America ad crina havc accoun:ed fcLho bulk of .ho incrouso in rcporlec cupocily0.4A t ough C nina's cold stcrage capacity r=nks 3rd worldwide, its cold storage0.3capacitv per perscn lags vell aehind that for develaped aour'tries. a: ,ust :qJsrter of the U.S.'3 anc hsI" of Japn's.0.2Ir addition to a lack of c=pacity, China's cold sor=ge m=rket t=ces0.1challenges such as outc.sted technalogy and facil t es, inconsistentstaliclards, and s frag mentec msrket.Ne aa andusKcreeAJstr= aJap=n~ naVletn IhilisgasIndones a20202018C3FE 2022 CDPC C. In.cligrt1nwstmen.crn cudstaaeS.e seltoar ws.t elCold storage capacity trails consumption upgradingdemandDuc to a lack of c<lc chain cs pacity and its irs<lccuato prooossingl capa oilizy ofFigure 2: Loss of agricultural products64%aglicullur al pμr uc ucls, as well s mulliplc dis.ribu lion chaririels Lhal lod Lo lonyertransportaticn ti Tles, Chi n='s lcss ct Tres agricultural prod ucts is well above thatcf c.welcped coL nt ies. China Fedaration of Logistirs & P Jrclasing (cFLF) c.ataChinacf agric lturel rorh, osshnv: t ast the transanitation Inss af vegetab es, fruits, aqJsti products ard mestlack ce c a.oragoroaehec 20%, 1%, 10x and %, rsxctivoly, in 218 comoarxl tc n vorago lcssrale u' jusl, 5% iri Jeve upod cuunlrics. This nigh lcss 1alu iz JiiccLlv 1elalecl .u Lhe20%nascent s.sge o' deve opment ct Chira's cold c n=in. CFLP data show tha: ccldchain t'ansportation's share of frit and vegetablas, agusti prcducts anc neatstood st just 22%, 34%, and 41%, "espectivelv,in Caina, muich awer than developedcountries' 35%.72%wWith Chin= s CDP per capita reaching Us12,530 ir 2021. which is near the11%10%:f gric.llural aodt.:tbresholc of the V'crld 3ark's definition a bigh-ircome gconc nies, de na 2d forare ro: treated c.fres a nd frozen fancl w Il increaa rsnidlly as the ncaulstian upgrsdes ita8%coasuMotior and scks hcalth or lifostyles and hishc <jua lity food5%5%5%80%sar'JVegetablesMeat.Aquat ic Productscl agricJllursl plodo.:ara "ol:1 to r:thr.So.r:c: CC_=, C3FE. Aprl 2022FPov r ocs or cxPoodC3FE* 2022 CDRC C. ••••••••In.cligr:t1wstmenuCr+ cudetaes.e sehtoart wan entRetailers and food companies to expand rapidlyCBRE expects consumption upgrading o drive *cbust expans'on by fresh food retail, chsin rest= urants =nd food ccmpanies.According to chias Insicht3 Cons ultsncy (cc) chirs's fresh fcod retail market will row 3o%, frrm Rul3 5.2 tr Iligr to Ru r. tr llicn from 2i121-2ry25, representing a Comprund Annus1 Growth Rate(CAGR) of 6.6%, Da.a [rom Ck ina C e in-Slo*c & Franchisc Associalion CCcFA) show I heal China's calering markel will giow by 40% fron RMB 4.7 Lril ion Lo RMB 6.5 Lrillion ower Lhe st mo peiod. Folleving dsurge in CcvlD-1g infections in Q1 2o22 driven by the crricron variant, online g'ocerv olatfcrms reuorted = sharp incrgasa in Daily Activg Use's (DAU). Accord'ng to publi inforilation, CAU cf major onlinegrocery retailers rose signiticantly in March on both a y-c-