5 TH 35 TH. The footprint of Chinese banks in Hong Kong. The Going Out policy. Freely Floated. Hong Kong Market Insights Office September 2015

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1 Market Insights Office September 2015 The footprint of Chinese banks in Simon Lo Executive Director Asia The Going Out policy Since the beginning of the millennium, mainland enterprises have been encouraged to invest overseas by the Chinese central government under its Going Out policy. Essentially, it is part of the government s strategy to internationalize its economy. In terms of banking and finance, the pace of going out has been gathering momentum in the past five years, as reflected in the growing usage of the Chinese yuan, or renminbi (RMB), in both trade finance and investments. The latest statistics compiled by SWIFT show that in the ranking of the world s most-common payment currencies, the RMB has risen to 5th place as of May 2015, up from just 35th place in October That growth trend will not abate, and some observers predict that the RMB will float freely before However, before that happens, Hong Kong and Singapore have already commanded the top two positions as the largest offshore RMB clearing centers in the world. The Rise of RMB as a Common Payment Currency by Global Rankings Source: SWIFT RANKED 35 TH OCTOBER 2010 RANKED 5 TH MAY 2015 Freely Floated PREDICTED BY 2020

2 FIRST WAVE State-owned banks CHINA HONG KONG The real estate requirements of the Big Five has established top-dog status as the destination of choice for the first foreign investment for most mainland enterprises due to its long-established status as the gateway between China and the rest of the world. In fact, has a long history serving as a financial platform for big Chinese banks. For example, the opened its first branch in as far back as 1917, the first Chinese state-owned bank to do so. Nowadays, in terms of real estate, these stateowned giants each occupy at least 100,000 sq ft in Central. The Industrial and Commercial leases several floors with naming rights at ICBC Tower in Central. Rather than leasing, the Agricultural and China Construction Bank acquired their own buildings in Central for internal use. The next driver for growth in Beyond these state-owned banking behemoths, we are now also seeing the entry into of a batch of mid-sized commercial banks. For most of these Chinese banks, the common practice is to set up a local representative office in Hong Kong, generally leasing around 2,000 to 3,000 sq ft for starters. A number of instances show that these banks can expand their space as much as ten-fold in Grade A buildings in Central and Admiralty within two to three years of gaining their full banking licenses in. One recent example involves a Chinese bank, which leased around 2,000 sq ft in One IFC for its representative office in the city. After obtaining approval in 2009 from the Monetary Authority (HKMA) to open a branch, the bank expanded to around 30,000 sq ft within their existing building, as part of its globalization strategy. Another case is the expansion of a Chinese bank from its 2,000 sq ft representative office in Bank of America Tower, Central to 30,000 sq ft in the same building after gaining a full banking license in. Currently, there are a total of 11 Chinese banks licensed to operate in that occupy a total of around 780,000 sq ft in the city. Several mid-sized commercial banks operate representative offices and are yet to set up as licensed banks. However, it is predictable they will look for more space once they obtain HKMA approval to open branches. Office Requirements of the Big Five Chinese Banks in and Singapore 250, ,000 Tower: 200,000 sq ft (O) Gross floor area (sq ft) 150, ,000 Agricultural Bank of China Tower: Citibank Plaza - ICBC Tower: 140,000 sq ft (L) The Bank of China Building: 78,000 sq ft (O) Bank of Communication Tower: CCB Tower: 50,000 Suntec Tower 1: 12,000 sq ft (O) 6 Raffles Quay: 20,000 sq ft (O/L) Singapore Land Tower: 7,000 sq ft (L) Republic Plaza: 17,000 sq ft (L) 0 Agricultural Industrial and Commercial Bank of Communications China Construction Bank Source: Colliers Remark: (O) = Owner-occupation; (L) = Lease Square footage are approximate figures Singapore 2 The footprint of Chinese banks in September 2015 Colliers International

3 Where does Singapore stand? While remains the first choice for setting up an overseas presence, Chinese banks have been making inroads in Singapore as well. Singapore currently hosts about seven banks that originally incorporated in China, occupying around 160,000 sq ft in total. In Singapore, Chinese banks have been setting up their presence because Singapore is a center for commodity trading and foreign exchange. It is also the location of choice for global multinational corporations doing business in Southeast Asia. However, there is a significant difference in the real-estate requirements for Chinese banks in and Singapore. Looking at the Big Five state-owned Chinese banks, all of them have been operating as licensed banks in, but only two of them (the and the Industrial & Commercial Bank of China) are currently operating as qualifying full banks in Singapore. CHINESE BANKS IN SINGAPORE 160,000 sq ft OCCUPYING OFFICE SPACE In the case of the, it occupies around 200,000 sq ft in more than twice as much as its 78,000 sq ft setup in Singapore. The Industrial and Commercial in has taken about 140,000 sq ft in the city, but its footprint is only 20,000 sq ft in Singapore. Market implications Chinese banks will continue to expand internationally, with the full backing of the Chinese central government not only under the Going Out policy but also with the latest Qualified Domestic Individual Investor or QDII2 program. Both the and Singapore office markets will see sustained expansionary demand from a range of different Chinese banks. In addition to the Big Five, the next driver of demand will be a batch of mid-sized commercial banks, consisting of more than 100 joint-stock commercial banks and city commercial banks. The majority of those banks have yet to set up any presence at all in either or Singapore. In the case of, the pace of growth is expected to increase because the approval process for Chinese banks to open their branches has sped up from three to five years before 2009 to the current two- to three-year timeframe. Assuming a second batch of 15 mid-sized commercial banks in China to set up their full offices in the next five years, the impact on Central will be a new demand of 450,000 sq ft, thus representing 2% of the total grade A stock in the sub-market. However, given the tight supply situation in Central (i.e. 2.2% vacancy as of July 2015), some non-financial tenants are expected to be priced out of Central and will decamp to other sub-markets on Island. Singapore faces a large supply pipeline of Grade A office space, with around 3.6 million sq ft due to come on stream in So the Lion City will offer a wider range of real-estate opportunities in the CBD for Chinese banks to enter the market and/or to expand their presence. The steady pace of expansion could ensure the office market stays firm, but it will likely not send office rentals skyward as long as overall occupancy levels hold their ground. Assuming a second batch of 15 mid-sized commercial banks in China to set up their full offices in the next five years, the impact on Central will be a new demand of 450,000 sq ft 3 The footprint of Chinese banks in September 2015 Colliers International

4 Appendix THE FOOTPRINT OF CHINESE BANKS IN HONG KONG FIRST WAVE State-owned banks CHINA HONG KONG FIRST WAVE Other State-owned banks 100,000SQ FT or more in Core Central Common practice step REPRESENTATIVE OFFICE step LICENCED BANK Agricultural China Construction Bank Bank of China Next 5 years 15 mid-sized Chinese commercial banks to set up their full offices in Central 450,000 SQ FT New demand in Central Office size for Chinese banks in could be larger in 2 to 3 years 4 The footprint of Chinese banks in September 2015 Colliers International

5 502 offices in 67 countries on 6 continents United States: 140 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108 $2.3 billion in annual revenue For further information, please contact: Nigel Smith Managing Director Individual Licence : E Sean Mao Senior Manager Office Services Individual Licence : S Simon Lo Executive Director Research & Advisory Asia Jessy Chung Assistant Manager Research & Advisory billion square feet under management 16,300 professionals and staff Colliers International () Limited Suite 5701 Central Plaza 18 Harbour Road, Wanchai TEL Company Licence No: C About Colliers International Group Inc. Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals Global Outsourcing for 10 consecutive years, more than any other real estate services firm colliers.com Copyright 2015 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

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