PB 1 Jan 2021

REPORT

Savills Research

Asia Pacifi c – January 2021

Prime Benchmark

Prime Benchmark

2savills.com.hk/insight-and-opinion/

*Associate Office

AustraliaAdelaideBrisbaneCanberraGold Coast GordonLindfieldMelbourneNotting HillParramattaPerthSunshine CoastSouth SydneySydney

CambodiaPhnom Penh *

ChinaBeijingChangshaChengduChongqingDalianFuzhouGuangzhouHaikouHangzhouNanjingShanghaiShenyangShenzhenTianjin WuhanXiamenXi’anZhuhai

Hong Kong SARCentral Quarry Bay (3)Tsim Sha Tsui

IndiaBangaloreChennaiGurgaonMumbaiPuneHyderabad

IndonesiaJakarta

JapanTokyo

Macau SARMacau

MalaysiaJohor BahruKuala LumpurPenang

New ZealandAucklandChristchurch

PhilippinesMakati City *Bonifacio Global City *

SingaporeSingapore (3)

South KoreaSeoul

Taiwan, ChinaTaichungTaipei

ThailandBangkok

VietnamDa nangHanoiHo Chi Minh City

48Offices

Asia

14Offices

Australia &New Zealand

2

3

5

Asia Pacific OfficesSavills

Prime Benchmark

Comprehensive Services

Innovative Thinking

Asset Management

Facilities Management

Hotels

Industrial Services

Investment and Sales

International Residential

Occupier Services

Serviced Apartment Services

Offi ce Services

Project Management

Property Management

Research

Consultancy

Valuations

Residential Services

Retail Services

Assumptions: 1) 1 sq m = 10.7639 sq ft/0.3025 ping/0.3025 tsubo 2) As of 31st Dec 2020, USD/RMB = 6.53182; USD/HKD = 7.7504; USD/NTD = 28.1189; USD/JPY = 103.14; USD/KRW = 1,087.51; USD/SGD = 1.32232; USD/MYR = 4.03035; USD/VND = 23,177.9; USD/AUD = 1.3063; USD/PHP = 48.0349; USD/IDR = 14,046.9

This report has been prepared to provide a benchmark of occupancy costs of selective prime properties in various cities in Asia, inclusive of rents, management fees and government taxes/rates. Except for the hotel sector, all the costs are quoted on a net fl oor area basis per month, which is defi ned as the fl oor area exclusively allocated to a unit, excluding common areas. As only a small basket of 5 to 10 prime buildings are monitored in each sector, the rental data and occupancy costs reported in this publication might be higher than the average market fi gures being reported elsewhere. Given varying local market practices, necessary assumptions and judgments are made by our real estate professionals in local offi ces to achieve comparable results among the diff erent cities.

3

Savills is a leading global real estate service provider listed on the London Stock Exchange. The company, established in 1855, has a rich heritage with unrivalled growth. The company now has over 600 offi ces and associates throughout the Americas, Europe, Asia Pacifi c, Africa and the Middle East. In Asia Pacifi c, Savills has 62 regional offi ces comprising over 29,000 staff . Asia Pacifi c markets include Australia, China, Hong Kong, India, Indonesia, Japan, Macau, Malaysia, New Zealand, Singapore, South Korea, Taiwan,

Thailand and Viet Nam. Savills provides a comprehensive range of advisory and professional property services to developers, owners, tenants and investors. These include consultancy services, facilities management, space planning, corporate real estate services, property management, leasing, valuation and sales in all key segments of commercial, residential, industrial, retail, investment and hotel property. A unique combination of sector knowledge and entrepreneurial fl air

gives clients access to real estate expertise of the highest calibre. We are regarded as an innovative-thinking organisation supported by excellent negotiating skills. Savills chooses to focus on a defi ned set of clients, off ering a premium service to organisations and individuals with whom we share a common goal. Savills is synonymous with a high-quality service off ering and a premium brand, taking a long-term view of real estate and investing in strategic business relationships.

Prime Benchmark

MARKET CYCLE

TOTAL OCCUPANCY (TOP 5 AVERAGE COST)

TOTAL COSTUS$ PSM NET PM

RENT(US$ PSM NET EFF PM)

MANAGEMENT FEE(US$ PSM NET PM)

GOV’T RATES/TAX(US$ PSM NET PM)

US$ PSM NET PM

LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

TAIPEIMANILA

HONG KONGTOKYOBEIJINGOSAKA

SINGAPORESHANGHAI

HO CHI MINH CITYSHENZHEN

GUANGZHOUHANOI

KUALA LUMPUR

SEOULJAKARTA

MANILA

OFFICES

0 50 100 150 200 250 300

HONG KONG

TOKYO

BEIJING

SEOUL

OSAKA

SINGAPORE

SHANGHAI

TAIPEI

HO CHI MINH CITY

SHENZHEN

GUANGZHOU

HANOI

MANILA

JAKARTA

KUALA LUMPUR

HONG KONG

242.1213.218.210.7

SINGAPORE

100.1100.1INCLUSIVEINCLUSIVE

GUANGZHOU

52.746.16.6INCLUSIVE

BEIJING


TAIPEI

76.167.94.93.4

MANILA

37.631.24.22.2

TOKYO

179.4163.1INCLUSIVE16.3

SHANGHAI


HANOI

41.630.58.03.1

JAKARTA

34.123.27.93.1

SEOUL


HO CHI MINH CITY

61.449.86.65.0

KUALA LUMPUR


OSAKA

103.293.9INCLUSIVE9.4

SHENZHEN



Prime Benchmark

-9.4%-9.4%

4.5%0.0%

4.6%-3.5%

10.3%0.0%

1.4%-3.0%

2.1%-3.1%

10.1%1.5%

5.5%0.9%

0.0%-0.5%

8.0%-0.4%

7.1%-1.2%

0.0%-0.5%

1.8%-1.7%

0.5%-1.1%

6.2%0.0%

COST CHANGESJUL TO DEC 2020

TOTAL OCCUPANCY COST1H 2009 TO 2H 2020

Rental changes in US$

Rental changes in local currency

US

$ P

SM

NE

T P

M

OFFICES

TOKYO

Source Savills Research & Consultancy

JAKARTA

HONG KONG

TOKYO

BEIJING

SEOUL

OSAKA

SINGAPORE

SHANGHAI

TAIPEI

HO CHI MINH CITY

SHENZHEN

GUANGZHOU

HANOI

MANILA

JAKARTA

KUALA LUMPUR

-10% -5% 0% 5% 10%

BEIJING

SEOUL

SHANGHAI

SINGAPORE

TAIPEI

HO CHI MINH CITY

HONG KONG

KUALA LUMPUR

0

50

100

150

200

250

300

350

1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

5

Prime Benchmark

MARKET CYCLE






HONG KONG

788.6720.632.036.0

BEIJING

322.2309.312.9INCLUSIVE

KUALA LUMPUR


SINGAPORE


TAIPEI

234.5210.913.110.5

HANOI


TOKYO#

548.5498.6INCLUSIVE49.9

OSAKA

266.2242.0INCLUSIVE24.2

HO CHI MINH CITY

133.8113.39.311.3

JAKARTA

63.744.713.25.8

SHANGHAI

378.7365.113.6INCLUSIVE

SHENZHEN

225.0208.416.6INCLUSIVE

LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

OSAKA

TOKYOOSAKA

HONG KONGSHANGHAI

BEIJINGTAIPEI

KUALA LUMPURMANILA

HO CHI MINH CITY

SINGAPORESEOULHANOI

JAKARTA

GUANGZHOUSHENZHEN

PRIME RETAIL MALLS

MANILA

48.940.45.72.8

GUANGZHOU


SEOUL

178.4159.618.8INCLUSIVE

US$ PSM NET PM

0 100 200 300 400 500 600 700 800 900

HONG KONG

TOKYO

SINGAPORE

SHANGHAI

GUANGZHOU

BEIJING

OSAKA

TAIPEI

SHENZHEN

SEOUL

KUALA LUMPUR

HO CHI MINH CITY

HANOI

JAKARTA

MANILA


Prime Benchmark



PRIME RETAIL MALLS

-5.5%-5.5%

4.5%0.0%

-8.9%-13.5%

8.9%0.5%

11.3%2.6%

5.4%-2.8%

4.5%0.0%

2.1%-2.4%

-6.7%-1.5%

-0.4%-9.7%

3.3%-2.8%

2.6%2.1%

10.6%0.1%

-40.7%-41.6%

0.0%-3.5%

HONG KONG

TOKYO

SINGAPORE

SHANGHAI

GUANGZHOU

BEIJING

OSAKA

TAIPEI

SHENZHEN

SEOUL

KUALA LUMPUR

HO CHI MINH CITY

HANOI

JAKARTA

MANILA

-40% -30% -20% -10% 0% 10% 20%



US

$ P

SM

NE

T P

M

0

200

400

600

800

1,000

1,200

1,400


2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020


BEIJING

TOKYO

SHANGHAI

SEOUL

TAIPEIHONG KONG

SINGAPORE JAKARTA

7

Prime Benchmark

MARKET CYCLE






LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

TOKYOHONG KONGSHENZHEN

GUANGZHOUBEIJING

SHANGHAI

HONG KONGKUALA LUMPUR

SINGAPORESHENZHEN

BEIJINGSHANGHAI

GUANGZHOU

LOGISTICS

TOKYO


GUANGZHOU

9.28.7INCLUSIVE0.5

SINGAPORE

12.69.32.40.9

SHANGHAI


HONG KONG

21.718.42.30.9

BEIJING

8.78.1INCLUSIVE0.6

SHENZHEN


KUALA LUMPUR


US$ PSM NET PM

0 5 10 15 20 25 30

TOKYO

HONG KONG

SINGAPORE

SHENZHEN

GUANGZHOU

BEIJING

SHANGHAI

KUALA LUMPUR


Prime Benchmark

COST CHANGES*JUL TO DEC 2020

US

$ P

SM

NE

T P

M

LOGISTICS

BEIJING

HONG KONG

SHANGHAI

SINGAPORE

SHENZHENGUANGZHOU

-1.4%-1.4%

13.1%7.3%

11.0%2.4%

11.7%3.0%

9.7%0.7%

8.0%-0.4%

6.2%0.0%

HONG KONG

SINGAPORE

SHENZHEN

GUANGZHOU

BEIJING

SHANGHAI

KUALA LUMPUR

-5% 0% 5% 10% 15%



0

5

10

15

20

25

30

2H 1H 2H 1H 2H

2018 2019 2020


Source Savills Research & Consultancy* Tokyo cost change datas are not available

KUALA LUMPUR

9

Prime Benchmark

MARKET CYCLE






LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

TOKYOOSAKATAIPEI

HONG KONGSINGAPORE

MANILABEIJING

SHANGHAIGUANGZHOUSHENZHEN

KUALA LUMPUR

LUXURY APARTMENTS

HONG KONG

109.681.224.34.1

BEIJING


GUANGZHOU


SHANGHAI


TAIPEI

32.528.32.81.5

KUALA LUMPUR


TOKYO


OSAKA


MANILA


SINGAPORE


SHENZHEN


US$ PSM NET PM

0 20 40 60 80 100 120

HONG KONG

TOKYO

SHANGHAI

SINGAPORE

BEIJING

OSAKA

TAIPEI

SHENZHEN

GUANGZHOU

MANILA

KUALA LUMPUR


Prime Benchmark



US

$ P

SM

NE

T P

M

LUXURY APARTMENTS

BEIJING

TOKYO

SHANGHAI

SINGAPORE

HONG KONG

8.7%8.7%

6.8%2.2%

10.8%2.2%

2.2%-3.0%

2.8%-5.2%

2.4%-2.0%

6.2%1.5%

13.3%4.5%

7.5%-0.8%

-3.0%-6.4%

2.7%-3.3%

HONG KONG

TOKYO

SHANGHAI

SINGAPORE

BEIJING

OSAKA

TAIPEI

SHENZHEN

GUANGZHOU

MANILA

KUALA LUMPUR

-10% -5% 0% 5% 10% 15%



0

20

40

60

80

100

120

140


2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020


11

Prime Benchmark

MARKET CYCLE






LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

SHENZHENHONG KONG

BEIJING

GUANGZHOUSINGAPORESHANGHAI

SHENZHEN

PRIME VILLAS/TOWNHOUSES

HONG KONG

104.788.112.24.4

SHANGHAI


GUANGZHOU


SHENZHEN


BEIJING


SINGAPORE


US$ PSM NET PM

0 20 40 60 80 100 120

HONG KONG

SHENZHEN

GUANGZHOU

SINGAPORE

SHANGHAI

BEIJING


Prime Benchmark


US

$ P

SM

NE

T P

M

PRIME VILLAS/TOWNHOUSES

BEIJING

HONG KONG

SHANGHAI

SINGAPORE

SHENZHENGUANGZHOU

-2.0%-2.0%

12.3%3.6%

7.4%-0.9%

0.1%-5.0%

6.3%-1.9%

1.0%-6.9%

HONG KONG

SHENZHEN

GUANGZHOU

SINGAPORE

SHANGHAI

BEIJING

-10% -5% 0% 5% 10%



0

20

40

60

80

100

120

140

160


2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020



13

Prime Benchmark

MARKET CYCLE






LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

GUANGZHOUHANOITAIPEI

TOKYOOSAKA

HONG KONGMANILABEIJING

HO CHI MINH CITY

SINGAPORESEOUL

SHANGHAIKUALA LUMPUR

SHENZHEN

LUXURY SERVICED APARTMENTS

TOKYO


SINGAPORE


HANOI


OSAKA


SHANGHAI


HO CHI MINH CITY


HONG KONG


BEIJING


TAIPEI

34.930.03.41.5

KUALA LUMPUR


SEOUL


SHENZHEN


MANILA

86.271.75.98.6

GUANGZHOU


US$ PSM NET PM

0 20 40 60 80 100 120

TOKYO

HONG KONG

OSAKA

SEOUL

MANILA

SINGAPORE

SHANGHAI

BEIJING

SHENZHEN

GUANGZHOU

HANOI

TAIPEI

HO CHI MINH CITY

KUALA LUMPUR


Prime Benchmark


US

$ P

SM

NE

T P

M

LUXURY SERVICED APARTMENTSCOST CHANGESJUL TO DEC 2020

-15% -10% -5% 0% 5% 10% 15%



TOKYO

HONG KONG

OSAKA

SEOUL

MANILA

SINGAPORE

BEIJING

SHANGHAI

SHENZHEN

GUANGZHOU

HANOI

TAIPEI

HO CHI MINH CITY

KUALA LUMPUR

0.1%-4.3%

-3.7%-3.7%

0.0%0.0%

8.8%-1.3%

-13.8%-16.8%

-3.7%-8.6%

10.1%1.6%

4.3%-3.8%

16.2%7.2%

13.9%5.0%

-2.3%-2.8%

8.6%3.8%

9.0%-0.8%

1.2%-4.8%

0

20

40

60

80

100

120

140

160

180


2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

BEIJING

TAIPEI

SHANGHAI

TOKYO

SHENZHEN

SINGAPORE

GUANGZHOU

SEOUL

HONG KONG


HANOI

15

Prime Benchmark

MARKET CYCLE


TOTAL COSTUS$ PER ROOM PER NIGHT

LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

TOKYOSINGAPORE

OSAKA

TOKYOSINGAPORE

OSAKATAIPEI

BEIJINGMANILA

GUANGZHOUKUALA LUMPUR

SEOULHONG KONGSHANGHAI

HO CHI MINH CITY

SHENZHENHANOI

HOTELS

TOKYO

651.9

HONG KONG

328.8

SHANGHAI

254.9

OSAKA

437.8

BEIJING

277.6

GUANGZHOU

145.0

HANOI

98.6

SINGAPORE

452.8

TAIPEI

325.6

MANILA

146.8HO CHI MINH CITY

114.4

SEOUL

334.5

SHENZHEN

258.1

KUALA LUMPUR

84.2

US$ PER ROOM PER NIGHT

0 100 200 300 400 500 600 700

TOKYO

SINGAPORE

OSAKA

SEOUL

HONG KONG

TAIPEI

BEIJING

SHENZHEN

SHANGHAI

MANILA

GUANGZHOU

HO CHI MINH CITY

HANOI

KUALA LUMPUR


Prime Benchmark


US

$ P

ER

RO

OM

PE

R N

IGH

T

HOTELS

BEIJING

HO CHI MINH CITY

SHANGHAI

HANOI

TOKYO

KUALA LUMPUR

HONG KONG

SINGAPORE

COST CHANGESDEC 2020 YOY

-50% -40% -30% -20% -10% 0% 10%



TOKYO

SINGAPORE

OSAKA

SEOUL

HONG KONG

TAIPEI

BEIJING

SHENZHEN

SHANGHAI

MANILA

GUANGZHOU

HO CHI MINH CITY

HANOI

KUALA LUMPUR

-18.0%-22.2%

-9.3%-10.9%

5.3%0.0%

-9.0%-14.4%

-28.7%-29.1%

0.2%-5.8%

2.3%-4.1%

-13.3%-18.7%

0.9%-5.4%

-51.2%-53.7%

-10.6%-16.2%

-31.4%-31.4%

-44.1%-44.1%

-38.7%-39.6%

0

100

200

300

400

500

600

700

800

900


2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020


OSAKA

MANILA

SEOUL

17

Savills - IndonesiaPT Savills Consultants Indonesia

Panin Tower – Senayan City, 16th Floor, Unit C

JI. Asia Afrika Lot. 19, Jakarta 10270, Indonesia

Tel: +6221 293 293 80 Fax: +6221 293 293 81

Contact: Kevin Murtagh Email: [email protected]

Savills - JapanSavills Japan Co., Ltd

15/F Yurakucho ITOCiA , 2-7-1 Yurakucho, Chiyoda-ku

Tokyo 100-0006, Japan

Tel: +81 03 6777 5150 Fax: +81 3 6777 5105

Contact: Christian Mancini E-mail: [email protected]

Savills - KoreaSavills Korea Co., Ltd

13/F Seoul Finance Center, 136 Sejong-daero

Jung-gu, Seoul 04520, Korea

Tel: +82 2 2124 4201 Fax: +82 2 2124 4188

Contact: Crystal Lee E-mail: [email protected]

Savills - MalaysiaSavills (Malaysia) Sdn Bhd

Level 9, Menara Milenium, Jalan Damanlela, Bukit Damansara

50490 Kuala Lumpur, Malaysia

Tel: +603 2092 5955

Contact: Datuk Paul Khong

Email: [email protected]

Savills - SingaporeSavills (Singapore) Pte Ltd

30 Cecil Street, #20-03 Prudential Tower, Singapore 049712

Tel: +65 6836 6888 Fax: +65 6836 2668

Contact: Marcus Loo E-mail: [email protected]

Savills - TaiwanSavills (Taiwan) Limited

21/F Cathay Landmark, No.68, Sec. 5, Zhongxiao E. Road

Xinyi District, Taipei City 110, Taiwan

Tel: +886 2 8789 5828 Fax: +886 2 8789 5929

Contact: Ricky Huang E-mail: [email protected]

Savills - ThailandSavills (Thailand) Limited

26/F Abdulrahim Place, 990 Rama IV Road

Silom, Bangrak, Bangkok 10500, Thailand

Tel: +66 2 636 0300 Fax: +66 2 636 0339

Contact: Robert Collins E-mail: [email protected]

Savills - Vietnam Savills Vietnam Ltd. Co.

18/F, Ruby Tower, 81-85 Ham Nghi Street

District 1, Ho Chi Minh City, Vietnam

Tel: +84 28 3823 9205 Fax: +84 28 3823 4571

Contact: Neil MacGregor

E-mail: [email protected]

AUSTRALIASavills - AustraliaLevel 25, GPT 1 Farrer Place, Sydney, Australia

Tel: +61 2 8215 8888

Contact: Paul Craig E-mail: [email protected]

Notting Hill, Adelaide, Perth, Brisbane, Gold Coast and Sunshine

Coast

NEW ZEALANDSavills - New ZealandLevel 6, 41 Shortland Street, Auckland NZ 1010

Tel: +64 9 951 5940

Contact: Ryan Geddes E-mail: [email protected]

THE AMERICASSavills – New YorkSavills Studley, 399 Park Avenue, 11th Floor,

New York, NY 10022

Tel: +1 212 326 8610 Fax: +1 212 326 1034

Contact: Mitchell Rudin E-mail: [email protected]

UNITED KINGDOM, EUROPE,THE MIDDLE EAST AND AFRICASavills - EuropeSavills, 33 Margaret Street, London W1G 0JD

Tel: +44 207 499 8644 Fax: +44 207 495 3773

Contact: Mark Ridley E-mail: [email protected]

Denmark, Egypt, Finland, France, Germany, Gibraltar, Greece,

Hungary, Ireland & Northern Ireland, Israel, Italy, Kenya,

Luxembourg, Monaco, Montenegro, Mozambique, Nambia,

Netherlands, Norway, Oman, Poland, Portugal, Qatar, Russia,

Saudi Arabia, Serbia, Seychelles, South Africa, Spain, Sweden,

Switzerland, UAE, United Kingdom & Channel Islands, Zambia,

and Zimbabwe

CHINAHONG KONG SARSavills (Hong Kong) Limited23/F Two Exchange Square, Central, Hong Kong

Tel: +852 2842 4534 Fax: +852 3007 2458

Contact: Raymond Lee E-mail: [email protected]

EA Co. Licence: C-002450

Savills Valuation and Professional Services Limited1204-08 Cityplaza One, 1111 King's Road, Taikoo Shing,

Hong Kong

Tel: +852 2840 4806 Fax: +852 3007 4523

Contact: Charles Chan E-mail: [email protected]


Savills Property Management Holdings Limited805-13 Cityplaza One, 1111 King’s Road, Taikoo Shing,

Hong Kong

Tel: +852 2534 1688 Fax: +852 2508 1883

Contact: Johnnie Chan E-mail: [email protected]


Savills Guardian (Holdings) Limited7/F Cityplaza One, 1111 King’s Road, Taikoo Shing,

Hong Kong

Tel: +852 2512 1838 Fax: +852 2887 3698

Contact: Johnnie Chan E-mail: [email protected]


MACAU SARSavills - Macau Savills (Macau) Limited

Suite 1309-10, 13/F Macau Landmark,

555 Avenida da Amizade, Macau

Tel: +853 8506 6288 Fax: +853 2878 1805

CHINA Savills - Shanghai25/F Two ICC, 288 South Shaanxi North Road,

Xuhui District, Shanghai 200031, China

Tel: +86 21 6391 6688 Fax: +86 21 6391 6699

Contact: Siu Wing Chu E-mail: [email protected]

Savills - Beijing2101 East Tower, Twin Towers, B-12 Jianguomenwai Avenue,

Chaoyang District, Beijing 100022, China

Tel: +86 10 5925 2288 Fax: +86 10 5925 2299

Contact: Anthony McQuade

E-mail: [email protected]

Guangzhou, Haikou, Hangzhou, Nanjing, Shanghai, Shenyang,

Shenzhen, Tianjin, Wuhan, Xiamen, Xi’an and Zhuhai

ASIASavills - India

DLF Cyber City, Sector 24, Gurgaon, 122002

Tel: +91 124 631 0000

Contact: Anurag Mathur Email: [email protected]

Savills, the international real estate advisor established in the UK since 1855 with a network of over 650 offices and associates globally.

ASIA PACIFIC HEADQUARTERS23/F Two Exchange Square, Central, Hong Kong

Tel: +852 2842 4400 Fax: +852 2868 4386

contract; interested parties should seek independent professional advice from lawyer, accountant and surveyor and should not rely on the statements or representations herein but must satisfy themselves by inspection or otherwise as to the accuracy,

completeness and correctness of the contents hereto. No warranties or representations whatsoever is given by Savills in respect of the contents hereto. Savills cannot be held responsible for any liability whatsoever or for any loss howsoever arising

from or in reliance upon the whole or any part of the contents of this document. This publication may not be reproduced in any form or in any manner, in part or as a whole without written permission of the publisher, Savills. © Savills (Hong Kong)

Limited. 2020

CEO, Greater ChinaContact: Raymond Lee E-mail: [email protected]

Contact: Robert McKellar E-mail: [email protected]

CEO, Australia & New ZealandContact: Paul Craig E-mail: [email protected]

Contact: Christian Mancini E-mail: [email protected]

Contact: Tim Robinson E-mail: [email protected]

CEO, IndiaContact: Anurag Mathur E-mail: [email protected]

CEO, South East AsiaContact: Christopher Marriott E-mail: [email protected]

Regional Managing Director, Professional Services, Asia

ASIA PACIFIC EXECUTIVE COMMITTEE

23/F, Two Exchange SquareCentral, Hong Kong

PB 1 Jan 2021

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