Was China Impacted by the Global Financial Crisis?

China Real Estate Sector Focus: Stronger or Weaker through Crisis

France Houdard
Exolus International Advisory June 2013 (Updated from September 2010) France.houdard@exolus.com M (86 21) 5100.1833 x 1100 M (1) 917.285.6528 (United States)

Table of Contents

What does China look like from Space? At Night? Economy: Fastest Growing Large-Scale Economy in History? Wealth: Middle Class now Larger than Populations of most Countries? Migration: Largest Rural-to-City Transformation in History?

3 4 5 6

Urbanization: Emergence of 10+ Cities the Size of Countries?

Office Sector

7
10 11 14

Shanghai/Beijing Grade-A Office Supply & Financial Performance Office Demand & Growth Drivers

Investor Confidence Continued

Hotel Supply Asia Development Pipeline Comparison Hotel Supply & Financial Performance Hotel Demand & Growth Drivers Shanghai Retail Supply & Financial Performance Retail Demand & Growth Drivers

18
19 20 21 26 29 30 33 35

Hotels & Leisure Sector

Retail Sector

Chinas Economic FutureBust or Boom?

Fact Today: Healthy Balance Sheets Banks, Companies, Households

The FUTURE (2020): World Bank Projects China as #1 Economy in World Fact Today: Worlds Fastest Growing Major Economy

36
37 38
2

What does China look like from Space? At Night?

Why?

Source: NASA (United States National Aeronautics and Space Administration 3

Economy: Fastest Growing Large-Scale Economy in History?

Chinas Economy: Doubles every 7 Years Tripled most Recently
China GDP (USD trillion)
9

USD (Real Market Rates)

Hosts OLYMPIC games

3x

5 Accepted full convertibility for current account transaction China Opens to the World Eliminated its dual exchange rate

Admitted to WTO

3
Applied to join GATT

2x 2x

Source: IMF 4

Foreign Direct Investment: Highest in History through Global Financial Crisis

China FDI Inflows Highest in History through Global Financial Crisis Foreign Direct Investment Inflows
(1990 2012)
140 120 100
USD
Global Financial Crisis

80 60 40 20 0

Source: China National Bureau of Statistics

Wealth: Middle Class now Larger than Populations of most Countries?

Chinas Middle Class: 400 million (2010) 500 million (2015)

Income Structure for Urban Population

900 822 800 700 607 Urban Population (millions) 600 500 531 756 Urban Household Income (USD PPP adjusted)
Global > US$ 107,800 Affluent US$ 53,801- 107,800

99
90

684

53
400 300 200

170 355 461 525

Upper Middle US$ 21,501 US$ 53,900

239 255 157

100
0

106

73 35
2025F

Lower Middle US$ 13,500 US$ 21,500 Poor < US$ 13,500

2005

2010F

2015F

2020F

Upper Middle Class Lower Middle Class

Sources: Urbanization Rates and Population Estimates based on United Nations, World Urbanization Prospects 2007; Income Bands based on MGI Consumer Demand 2008. 6

Migration: Largest Rural-to-City Transformation in History?

Chinas Urban Population: 600 million (2010) 700 million (2015)

Chinas Urban Population versus Rural Population

1,600
1.45 billion

1,400
1.2 billion

1.4 billion 1.3 billion

1,200
1 billion

624 705 782

Rural Population (million)

1,000 800 600 400 200 0 1985 1995 2005

833
822 684 531 381 245
23% 31% 40% 49% 2015 57% 2025
Source: World Urbanization Prospects 2007

822

Urban Population (million)

Urbanization

Urbanization: Emergence of 10+ Cities the Size of Countries?

Continental-Size Population Hyper-Density Expansion

10+ Country-Sized Cities/Corridors E-merging Populations averaging 60 Million

Urbanization

Cities: 120 cities populations larger than 1 million people today.

10+ Country-Sized Cities & Corridors: Emergence of 60+ MM Populations

Steppe

Infrastructure World-Class SuperInfrastructures, Integrated Hubs: Historically unprecedented levels of investment, concentrated in hubs.

Mountains

People

Planned - Political - Economy

Full Authority: to Plan Nationally and Implement Confucian -> Socialist -> Capitalist

Context: What do Geography, Demographics, Cultural History tell Us?

70% Un-inhabitable 1.3 bn People Density Diversity Wealth Migration
Structural Geography

Russia Federation

Landmass: 3% larger than the Landmass of United States 2/3 Country Un-inhabitable: 2/3 of Country Covered by Mountains, Deserts, thus Un-inhabitable

Kazakhstan Mongolia

Continental Demographics

N Korea CHINA S Korea Japan

Population: 1.3bn (4.3x Larger than US Population)

Density: 90% of Population Concentrated in Eastern Pockets away from Mountains/Deserts

Migrants: 200 Million Floating Population

India

Cultural Diversity

Myanmar

Thailand

Cultural Distances: Extreme Diversity: Cultural, Languages (298), Economic, Geographic.

Source: The Global Land One-km Base Elevation (globe) Project; ETOPO 2 Worldwide Bathymetry; The Ethnologue, Languages of the World

Structural Hyper-Density Requires:

40 billion sq m of Additional Supply by 2025 High-Density Infrastructure, Transportation, Linkages
Estimated Cumulative China New Construction Estimated Cumulative New Construction
(Select Cities)

Supply 35

New Additions
11.2

millions sq.m

40
billions sqm

450 400 350 300 250 200

8.2 25.9 16.4 7.0 1.2 1.2 8.2

30 25 20 15 10 5 9.5

Shanghai Beijing Wuhan Guangzhou Chengdu

150 100 50 0

2005

2010F

2015F

2020F

2025F

2005

2010

2015

2020

2025
Source: MGI 2008 10

Office Sector
Developing the Worlds Fastest Growing CBDs ..

Shanghai 2014

Shanghai 1993

11

Shanghai Grade-A Office Supply

Major Grade-A Office Supply, Absorption, Vacancy

1,200

25.0%

1,000 20.0%

000 sqm

800 15.0% 600 10.0% 400

5.0% 200

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0.0%

Grade-A office supply (LHS)

Grade-A office net absorption (LHS)

Vacancy Rate

Source: Knight Frank

12

Beijing Grade-A Office Supply

Major Grade-A Office Supply, Absorption, Vacancy

25% 1,400

1,200

20%

000 sqm

1,000 15% 800

600

10%

400
5% 200

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0%

Grade-A office supply (LHS)

Grade-A office net absorption (LHS)

Vacancy Rate

Source: Knight Frank

13

Office Financial Performance (Rentals) Shanghai Vs. Beijing

Steady Growth over Past 8 Years

210

Q1 2003 = 100

190

170

150

130

110

90

70

2003
50

2004

2005

2006

2007 Shanghai

2008 Beijing

2009

2010

2011

2012

Source: Knight Frank

14

HISTORICAL: Office Demand & Growth Drivers

Global Structural Cost Reduction Revenue Growth

Revenue Growth
Sales Engineering

Innovation

Marketing

IT

HR
Shared Services

R&D

CONTRACTS, PARTNERSHIPS SHARED SERVICE CENTERS RESEARCH & DEVELOPMENT

SALES & MARKETING PRODUCTION / SOURCING DRIVING

F&A Distribution

Procure Sourcing

Production

RESOURCES

Cost Reduction

Shareholder Value

15

FUTURE: Office Demand & Growth Drivers

Revenue Growth Innovation

Sales

Engineering

Marketing

IT

HR

R&D

SSC
F&A Proc

CONTRACTS, PARTNERSHIPS SHARED SERVICE CENTERS (SSC)

Distribution Production

Sourcing

RESEARCH & DEVELOPMENT

SALES & MARKETING PRODUCTION / SOURCING DRIVING

RESOURCES

Cost Reduction

Shareholder Value

16

Office Demand & Growth Drivers

Unprecedented Pressures to Reduce COSTS, Grow REVENUES, Drive INNOVATION? Fundamentals WEALTH, TALENT, LOW COST, INFRASTRUCTURE, STRONG FINANCIAL SYSTEM

Cost Reduction

China Wages 5 to 10 times Cheaper than Wages in Western Countries

Margin and Cost Pressures from Customers

Consolidation of Buying Power in Retailing and other Industries Easier Access for Customers to Alternative Sources of supply around Globe

Revenue Growth

GDP growth a 8%+ per annum for past 10 years

China Fastest Growing Large Economy in World; Stagnant or Low-Growth in Home Markets Following customers to China; preserving critical customer relationships
DRIVING Shareholder Value

Asset Efficiency (Innovation)

China Graduates 600,000 Engineers per Year; US Graduates 50,000 per Year Access to larger global talent pool, with relevant skills for product localization R&D - Pressure to introduce new products, faster, better, cheaper

Cost Reduction Revenue Growth Asset Efficiency

17

Office Demand & Growth Drivers

China FDI Inflows Highest in History through Global Financial Crisis Foreign Direct Investment Inflows
(1990 2012)
140 120 100
USD
Global Financial Crisis

80 60 40 20 0

Source: China National Bureau of Statistics 18

 Investor Confidence Continued

Investor Confidence in China #1 in World
Top 14 Most Attractive Destinations for Future Investment (2012 2014)
70%

60%

Percent of Responses

50%

40%

30%

20%

10%

0%

China

United States

Germany

United Kingdom

France

Japan

India

Spain

Canada

United Arab Emirates

Brazil

Source: World Investment Prospects 2012 - 2014 19

Hotels & Leisure Sector

Developing the Worlds Largest, Lowest, Highest ..
Lowest Altitude Hotel Highest Altitude Hotels Largest Golf Complex

20

Hotel Supply Asia Development Pipeline Comparison

Over of All Asia Hotel Developments are in China

Asia Pacific Construction Pipeline

Region Projects

Q2 2012
Rooms

China
India SE Asia & Other Countries Total Pipeline

1,502
379 436 2,317

406,480
66,867 88,349 561,696

China Construction Pipeline

Project Stage
Under Construction Start Next 12 Months Early Planning Total Pipeline

Q2 2012
Projects
1,202 133 167

Rooms
306,473 36,641 63,366

1,502

406,480

Source: Lodging Econometrics

21

Hotel Supply Global Comparison

Beijing/Shanghai now 2 of the Largest Urban Hotel Markets in World Total Hotel Rooms in Selected Major Cities 2013
(000' Rooms) 0 20 40 60 80 100 120 140 160 180

200

Shanghai
Beijing Las Vegas London New York City Paris Hong Kong Dubai Sydney Tokyo Seoul

Incl. 102 five-star hotels / over 45,000 rooms* Incl. 81 five-star hotels / over 35,500 rooms*

Source: Data collected from various sources (Some data variance may exists between key sources)

22

Hotel Supply Growth

Overall China Growing at Over 1,000 Hotels per Year 5-Star Hotel Supply (Rooms, 2000 2012)

Shanghai
Thousands Rooms Thousands Rooms

Beijing
CAAG 13.5%

40
35

CAAG 11.1%

45 40 35

CAAG 6.1%

CAAG 10.6%

WORLD EXPO

30
25

Olympics

30
25 20

20
15 10 5 -

15
10

5
-

Source: China National Tourism Association (CNTA)

23

Hotel Financial Performance

Average Room Rates (ARR) Comparison

Hotel Occupancy - Selected Major Cities (YTD May 2013)

0% New York London Paris Hong Kong Los Angeles Berlin Beijing Shanghai* Buenos Aires 20% 40% 60% 80% 100%

Hotel Average Room Rates - Selected Major Cities (YTD May 2013, USD)
0 Paris New York London Hong Kong Los Angeles Buenos Aires Berlin Shanghai* Beijing 50 100 150 200 250 300

350

Source: STR Global

24

Hotel Financial Performance

Among Highest in World on a Total Revenue Basis Performance of Top Hotels in Shanghai
(YE Nov 2010)

Performance of Top Hotels in Shanghai

Shanghai Top 3 Hotels Top 5 Hotels Top 10 Hotels
No.: 1 2 3 4 5 6 7 8 9 10

Distribution of Revenues YE November 2010 (Top 10 Shanghai Hotels)

Occ 58% 56% 58%

ARR $ 336 $ 329 $ 269

RevPAR $ 195 $ 184 $ 156

Total Revenue PAR $ 394 $ 362 $ 263

Rooms 555 950 342 439 570 313 720 761 328 492

Other: USD24, 8%

F&B: USD108, 38%

Rooms: USD155 54%

Top 10 Hotels (by RevPAR, YE Nov 2008) Grand Hyatt Shangri-la Pudong JW Marriott Four Seasons Hotel Westin Shanghai Marriott Hongqiao Jing An Hilton Shangai Le Royal Meridien Shanghai The St. Regis Shanghai Okura Garden

Notes: Occ - Average Annual Room Occupancy; ARR - Average Room Rate in USD; RevPAR - Average Room Revenue Per Available Room in USD;

PAR - Per Available Room

25

Hotel Financial Performance Major Cities 2010 (5-Star Hotels)

Strong Performance Across Major Cities China 5-Star Hotels Performance
(Major Cities across China, 2010)
RMB

Average RevPAR in US *RMB 450)

1,400 1,300 1,200 1,100 1,000 900 800 700 600 500 400 300 200 100 Sh an g

74% 67% 69% 71% 69% 66% 70% 68%

72% 68% 65% 58% 58% 53% 54% 51% 52% 63%

80% 70% 60% 50% 40%

55% 912

54%

RevPAR ARR
736 605

Occ
564 540 531 526 522 460 458 400 392 392 379 353 334 328 307 305

30%
285

20% 10% 0%

h Be ai ij Q ing in g Sh dao en ze n G San ua y ng a Ha zho ng u z Ch hou en gd Da u lia n Jin Na an nj Xi ing am ie n Xi a Ti n an ji Su n Do zh ng o Ch gu on an Zh gq en ing gz ho W u uh a Ur n um qi

, Source: China Tourist Hotel Association / STR Global 26

Hotel Demand & Growth Drivers

Sustained Corporate Business Activity and Strong Consumer Incomes to Underpin Growth Demand Segments: 5-Star Hotels in China, Beijing, Shanghai
0.0% Domestic Business Traveler & Government Foreign Business Traveler
FOREIGN DEMAND: 35-53%

10.0% 20.0% 30.0% 40.0%

31.0% 26.3%

15.6%

20.0% 24.2% 13.0% 12.8% 13.9% 15.0% 20.8% 19.5% 15.0% 10.9% 9.2% 7.0% 5.1% 8.3%

CORPORATE RELATED DEMAND:

33.5% 63-64%

MICE

Foreign Leisure

Domestic Leisure

Other
China Beijing Shanghai

Source: China Hotel Industry Study 2010 27

Hotel Demand & Growth Drivers In-Bound Tourism to China

Worlds Leading Foreign-Inbound Destination

International Overnight Tourist Arrivals Top 10 Countries 2011

0 France United States Mainland China Spain Italy Turkey United Kingdom Germany Russia Malaysia China incl . HK & Macao 62.7 57.6
Inbound Overnight Visitors (millions)

China's Inbound Tourism 2000-2015F

100

20

40

Millions Arrivals 60 80 100 81.4

5.7% *
80

8.5% *

56.7 46.1 34.3 29.3 28.4 24.9 24.7 92.8

60

100M by 2015

40

20

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2015F

Overnight Visitors

Increase

Source: World Bank, China National Bureau of Statistics

28

Hotel Demand & Growth Drivers Local Chinese Tourism

Exploding Domestic Chinese Travel

Tourism Recipients by Source Market (2011)

3.5

China's Domestic Tourism 2000-2015F

(billion person times)

12.1% *

7.4% *

Domestic Tourists (billion person-times)

Inbound, USD 48.5 billion, 13.3%

3.0

2.5

2.0

Domestic, USD 314.4 billion 86.7%

1.5

1.0

0.5

0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2015F

Visitor Trips

Increase

* Compound Average Annual Growth

Source: China National Bureau of Statistics

29

Retail Sector
Developing the Worlds Largest
Leading Retail Formats Worlds Largest Flagship Worlds Largest Flagship

Louis Vuitton

The Place

Apple

Nokia
30

Shanghai Retail Supply: Shopping Center

Major Shopping Center New Supply, Absorption, Vacancy

600

20.0%

500 16.0%

000 sqm

400

12.0%
300 8.0% 200

4.0% 100

0 2004 2005 2006 2007 2008 2009 2010 2011 2012

0.0%

New supply

Net Absorption

Vacancy Rate

Source: Colliers International Shanghai (CIS) Research

31

Shanghai Retail Financial Performance (Rentals)

Shopping center Ground Floor Rental Trend

RMB per sq. m per day

60

50

40

30

20

10

0 2006 2007 2008 2009 2010 2012

Rents of Overall Market

Rents of Prime Area

Rents of Inner Ring Area

Rents of Decentralized Area

Source: Colliers International Shanghai (CIS) Research

32

Retail Financial Performance

Sustained Retail Sales Growth Huge Shift in Discretionary Spend
Retail Sales Growth
3.5

Personal Expenditure
3.0 1 2 4 11 9 7 12 16 9 5 15 6 11 9 54 29
Food Transport & Communications
Health Care Consumer Goods Education Home Appliances

3.0

12.9% Growth (2012)

100% 90

2.5

80 70

2.0

60 50 40 30 20

USD Trillions

1.5

Housing
Clothing

1.0

0.5

10 0 1990

2010

0.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Source: China National Bureau of Statistics

33

Retail Demand & Growth Drivers

300 MM Middle Class Today 500 MM in 6 Years
Middle Class as % of Urban Population
900 822 800 Urbanization Population (millions) 700 607 600 500 531 756 Urban Household Income (USD PPP adjusted)
Global > US$ 107,800 Affluent US$ 53,801- 107,800

99
90

684

53
400 300 200

170 355 461 525

Upper Middle US$ 21,501 US$ 53,900

239 255 157

100
0

106

73 35
2025F

Lower Middle US$ 13,500 US$ 21,500 Poor < US$ 13,500

2005

2010F

2015F

2020F

Upper Middle Class Lower Middle Class

Sources: Urbanization Rates and Population Estimates based on United Nations, World Urbanization Prospects; Income Bands based on MGI Consumer Demand.

34

Retail Demand & Growth Drivers

Wealth Patterns Emerging Highest in Coastal Regions
Total Urban Household Income (PPP - Adjusted Income)

Heilongjiang Jilin Xinjiang Gansu Inner Mongolia Beijing Hebei Shanxi Henan Hubei Liaoning Tianjin

Qinghai Tibet Sichuan

Ningxia
Shaanxi

Shandong
Jiangsu Anhui Jiangxi Fujian Shanghai Zhejiang

Per Capita Annual Income (USD, PPP-Adjusted)

017,500 17,50020,000 20,00025,000 25,00030,000 30,00040,000 >40,000

Chongqing
Guizhou Hunan

Yunnan

Guangxi

Guangdong

Hainan

Source: China National Bureau of Statistics 20010

35

Chinas Economic Future

Bust or Boom?

36

Fact Today: Healthy Balance Sheets Banks, Companies, Households

Insulation of Financial System USD2 trillion Foreign Reserves Low Inflation

Chinas Financial System Healthy, Benefits from Insulation, Abundant Liquidity

China banks cleaned up in 1990s: Non-performing loans in 1997 averaged 40 50%; only 6% in 2007. Chinas financial system relatively insulated; imposed capital controls; modest exposure to sub-prime assets.

Forex Reserves Quadrupled in only 4 Years (03 07): US$ 2 trillion

The Central Bank has accumulated over USD2 trillion in foreign reserves. The accumulation of large external surpluses means financial system enjoys abundant liquidity.

Clean Balance Sheets for Corporates and Households

State Owned Enterprise net profits as share of GDP has grown from (-1%) in 1997 to (+4.3%) in 2007. Record corporate profit growth over past 5 years (industrial profits rose 38% per annum); liability ratios declined. Urban incomes have nearly doubled in past 10 years.

CPI Inflation Low, has Fallen to 4%

Food price increases fading out, raw commodity prices continue to drop, as well as price of oil.
Source: Deutsche Bank; Standard Chartered; UBS; IMF; Other 37

The FUTURE (2020): World Bank Projects China as #1 Economy in World

2020 GDP*
EU-27 China

GDP* PPP-adjusted

France

UK

US
Germany

India Japan

$29.6 tr

$28.8 tr

$13.4 tr

$6.8 tr

$30.0 tr
GDP* PPP-adjusted

2009 GDP*
EU-27 US 6,4 trillions China de $ 3,6 trillions Japan de $ Japan India

France

UK

Germany

$14.1 tr

$9.1 tr

$4.1 tr

$3.8 tr

$14.2 tr
Source: The World Bank 38

Fact Today: Worlds Fastest Growing Major Economy

Growth 2 to 5-times Faster than Major Western Economies for Past 20 Yrs
GDP Growth (% per year)
14 12 10 8 6 4 2 0 2001 -2 -4 -6 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

China

India

US

Japan

Source: The World Bank 39

Fact Today: Stimulus Plan Well Structured, Strong Ability to Implement

China has USD2 trillion in Foreign Reserves China Stimulus Roughly Same Size as US USD586 billion Authority to Deploy

Economic Stimulus - Comparative

China Stimulus Distribution

38%
9% 4% 5% 9%

9% 4%

38%

38%

9%

5%
4%

9% 5%
9%

Monetary Stimulus GDP (PPP) GDP Stimulus/GDP National Debt/GDP Trade Surplus (Deficit)/GDP Past Stimulus/GDP

$586 billion $7.8 trillion $4.2 trillion 14% 20% 10% 47% (90s)

$700 billion $14.3 trillion $14.3 trillion 5.10% 76% -4% 3% (81-91)
Source: National Development and Reform Commission 40

10%
10% 10% 25% H ousi ng

25%
25% R ural opm ent R ural D evel opm ent D evel

Hous ing

Infrastructure Infrastructure

R ural Development

H ousi ng

Infras truc ture

H eal thcare, Educati on H eal thcare, Educati on

Healthc are, educ ation

E nvironment ronm ent Envi ronm ent Envi Dis as R ter RDec ons truc tion on i saster R econstructi Di saster econstructi on

& Indus trial Restructuri es truc t Innovati on & Industri al R Innovati onInnovation & Industri al R estructuri ng

Fact Today: Focus on Consumption as % of GDP

Shifting to Service/Consumption Economy Major Growth Potential

Contributions to GDP (percent of GDP PPP)

China Government Consumption

Germany

United States

14%

18%

14%

Investment Private Consumption

Net Trade

39%

19%

19%

37%

56%

71%

10%

6%

-4%

GDP (PPP)

$7.8 tr

$2.8 tr

$14.3 tr

Source: IMF, DESTATIS CIA World Fact book 41

Fact Today: Exports Dependency Less than Neighbors

Reports on Chinas Exports & Impact on Economy -- Often Significantly Overstate Dependence on Exports

Degree of Chinas Export-Dependency and in Driving GDP Less than that Often Reported

The degree to which a slow-down in trade might impact GDP seems to result in frequent overstatements of Chinas export dependency. Chinas dependency on exports is much less than its neighbors, Singapore and Korea, and roughly equal to that of Japan. The overstatements of Chinas export dependency might be rooted in a focus on Chinas gross exports (approximately 40% of GDP); which is actually not used in calculating the export-portion of GDP. The export-portion of GDP is actually calculated based on the sum of value-add exports (only approximately 18% of GDP)

Implications of Slow-Down in Exports

Slow down in trade does result in a decrease in GDP relative to previous years. In last four years a very steep jump in Chinas trade position added a bonus of as much as 3% on top of Chinas GDP growth, resulting in the extremely high GDP growth figures of 10 to 12% In absence of that steep jump in Chinas trade position, the 3% bonus on previous GDP growth would disappear.

Estimates on job losses from the economic slowdown in trade sector could result in a loss of anywhere between 5 and 10 MM people mostly migrant workers from the rural countryside and thus has little impact on internal urban economy.
Urbanization impact. Moderate impacted on urbanization due to return of migrant workers from the trade sector and related construction sector.
Source: Deutsche Bank; Standard Chartered; UBS; IMF; other 42

SUMMARY: What are Developers looking for through Global Crisis?

Economic Robustness, Growth Strong Institutions Strong Stimulus Strong Fundamentals

Economic Size and Growth Potential

Strong Institutional, Banking, Financial Stability, Access to Capital

Stimulus Impact on Construction, Infrastructure, Urban/Rural Development

Strong Underlying Fundamentals and Drivers across Classes

Office Corporate Investment/Expansion Production, Distribution, R&D

Hotel Corporate, MICE, Leisure (foreign/domestic)

Retail Urban/Rural Income Growth, Expenditures

43

For a Comparative Perspective with the other BRIC Countries Please Refer to the Following Research Reports

China 2020

India 2020

Brazil 2020

Russia 2020

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Global Expansion Strategy & Cross-Border Investment Execution

(Greenfield, M&A, Joint Ventures, Outsourcing)
About Exolus: Exolus is a hybrid management consulting and transaction advisory firm. We work with management teams in the development of their global expansion strategies, across the range of investment formats: Greenfield, M&A, Joint Ventures and Outsourcing. As well, we deploy against global strategies by providing program management across all phases of cross-border investment projects, from candidate searches and evaluation, through investment structuring and negotiations. The founders of Exolus have spent the past two decades in the global service space and have direct experience operating in nearly all of the major investment destinations in the world (40+ countries). The team has served clients of all sizes, both public and private, on projects that ranged in investment size from USD10 million to greater than USD1 billion. We have served clients across all of the following industry segments: Life Sciences, Manufacturing, Automotive, Technology, Retail, Consumer Business, Real Estate, Public Sector.

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