1、Project Analysis ModelSCPG ProjectColor Code:Inputs - Blue (Change only cells in Blue)Formula - BlackLast Updated: 01 JUL 2017INVESTMENT DEP.Color Code:Inputs - Blue (Change only cells in Blue)Formula - BlackLast Updated: 01 JUL 2017INVESTMENT DEP.數(shù)數(shù)據(jù)據(jù)匯匯總總表表回回報報信信息息商商業(yè)業(yè)回回報報項項目目整整體體回回報報Investor infor

2、mation:Unlevered IRR:19.58%Unlevered IRR:11.62%Unlevered MOC:2.74 xUnlevered MOC:1.53 xUnlevered Y3 NPR(商業(yè)):13.75%Levered IRR14.43%Levered MOC:1.31 x項項目目信信息息一一般般信信息息面面積積規(guī)規(guī)劃劃- -整整體體 (sqm)(sqm)開業(yè)日(商業(yè)）2022/12/31NLA:209,65296%NLA/GRA退出日（商業(yè)）2025/3/31GRA:218,38068%NLA/GFA用地面積 (sqm):31,50047.25畝GFA:310,500

3、項目全部退出日2025/12/31項項目目造造價價 (RMB(RMB mm)mm)商商業(yè)業(yè)退退出出 (RMB(RMB mm)mm)土地/并購成本-1,261退出方式境外股權(quán)建設(shè)及改造成本-1,376退出資本化率5.00%總成本-2,636退出價格815.44單位成本 (RMB/sqm):-8,491on GFA退出單價 (RMB/sqm):37,371on GFANPRNPR測測算算（依依運(yùn)運(yùn)營營年年測測算算）季度Q 20Q 24Q 28Q 32Q 36Q 40Q 44Q 48Q 52Q 56Q 60運(yùn)運(yùn)營營年年Year 1Year 2Year 3Year 4Year 5Year 6Year

4、7Year 8Year 9Year 10Year 11租租金金水水平平(含含稅稅) (RMB/sqm/mth)主力店40424446-非主力店200230265291-平均租金+物管水平250283320349-Growth rate0.00%13.00%13.14%9.14%-100.00%0.00%0.00%0.00%0.00%0.00%0.00%經(jīng)營收入（含稅）43,743,05649,802,33254,820,50159,151,45162,840,88866,513,092-銷項稅額-3,803,844-4,356,859-4,813,300-5,204,022-5,533,297

5、-5,859,998- 經(jīng)營費(fèi)用(含稅）-11,954,875-12,929,578-13,819,973-14,373,861-15,069,413-15,877,999-+進(jìn)項稅額304,671319,905335,900352,695370,330388,846-= NOI28,289,00832,835,80036,523,12839,926,26342,608,50845,163,941-unlevered NPR10.65%12.36%13.75%15.03%16.04%17.01%0.00%0.00%0.00%0.00%0.00%NOI magin-70.83%-72.25%-7

6、3.04%-74.01%-74.35%-74.46%#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!總投資(不含稅）-265,567,533.6Annual cash flow (RMB)2017/12/302018/12/312019/12/312020/12/312021/12/312022/12/312023/12/312024/12/312025/12/312026/12/312027/12/31非自然年開業(yè)年Year 0Year 0Year 0Year 0Year 0Year 0Year 1Year 2Year 3Year 4Year 5投資季度Q 0Q 4Q

7、8Q 12Q 16Q 20Q 24Q 28Q 32Q 36Q 40投資年Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Year 11租租金金水水平平(含含稅稅) (RMB/sqm/mth)主力店-40424446-非主力店-200230265291-平均租金+物管水平-250283320349-Growth rate0.00%0.00%0.00%0.00%0.00%0.00%13.00%13.14%9.14%-100.00%0.00%經(jīng)營收入-43,743,05649,802,33254,820,50159,151,4

8、5162,840,88866,513,092- 經(jīng)營稅費(fèi)-378,000-378,000-378,000-378,000-378,000-11,954,875-12,929,578-13,819,973-14,373,861-15,069,413-15,877,999-增值稅銷項-3,803,844-4,356,859-4,813,300-5,204,022-5,533,297-5,859,998+增值稅進(jìn)項-304,671319,905335,900352,695370,330388,846= NOI-378,000-378,000-378,000-378,000-378,00028,289

9、,00832,835,80036,523,12839,926,26342,608,50845,163,941unlevered NPR0.00%0.00%0.00%0.00%0.00%0.00%11.68%12.99%14.20%15.16%16.07%NOI magin0%0%0%0%0%65%66%67%67%68%68%經(jīng)經(jīng)營營現(xiàn)現(xiàn)金金流流（商商業(yè)業(yè)）-378,000.0-378,000.0-378,000.0-378,000.0-378,000.0-7,770,74732,296,956.135,926,314.1-退退出出現(xiàn)現(xiàn)金金流流（商商業(yè)業(yè)）-754,300,405.6-其其他他

10、業(yè)業(yè)態(tài)態(tài)現(xiàn)現(xiàn)金金流流-2,685,298,733.6419,832,414.313,082,346.516,537,566.2285,047,324.3-無無杠杠桿桿現(xiàn)現(xiàn)金金流流-728,178,000-533,178,000-423,696,639-423,696,6391,848,122,214267,885,89245,955,31537,270,3301,036,650,860-杠杠桿桿現(xiàn)現(xiàn)金金流流-551,178,000-336,378,000-267,024,764-66,702,2292,198,617,506-984,608,94232,455,31523,770,330733

11、,275,860-累計無杠桿現(xiàn)金流-728,178,000-1,261,356,000-1,685,052,639-2,108,749,278-260,627,0637,258,82953,214,14390,484,473累計杠桿現(xiàn)金流-551,178,000-887,556,000-1,154,580,764-1,221,282,993977,334,514-7,274,42825,180,88648,951,216cash flowYear 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8 -2,500,000,000 -2,000,000,000

12、-1,500,000,000 -1,000,000,000 -500,000,000 - 500,000,000 1,000,000,000 1,500,000,000 無杠桿現(xiàn)金流杠桿現(xiàn)金流項項目目詳詳情情項目并購/投入日期2017/12/30開業(yè)日期2022/12/31退出日期2025/12/31土地面積 (sqm)31,500容積率7.00GFA (sqm)220,500NLA (sqm)209,652停車位(個)223項項目目面面積積規(guī)規(guī)劃劃(詳情參看附表：面積表） GFA (sqm)業(yè)業(yè)態(tài)態(tài)類類型型地地下下地地上上小小計計商業(yè)主力店-次主力店-非主力店-21,82021,820公共區(qū)

13、域-設(shè)備房-停車場8,9068,906商商業(yè)業(yè)小小計計8,90621,82030,726酒酒店店3,5108,60012,110寫寫字字樓樓54,980134,700189,680商商業(yè)業(yè)街街3,3398,18011,519公公寓寓2,9397,20010,139住住宅宅16,32740,00056,327合合計計90,000220,500310,500項項目目時時間間規(guī)規(guī)劃劃商商業(yè)業(yè)-住住宅宅開開始始持持續(xù)續(xù)時時間間結(jié)結(jié)束束開開始始項目并購/土地2017/12/300 months2017/12/312017/12/30(quarter)Q 0Q 0Q 0規(guī)劃設(shè)計2017/12/3124 m

14、onths2019/12/312017/12/31(quarter)Q 0Q 8Q 0建設(shè)/改造2019/12/3136 months2022/12/312019/12/31(quarter)Q 8Q 20Q 8銷售2017/12/300 months2017/12/312021/12/31(quarter)Q 0Q 0Q 16經(jīng)營2022/12/3136 months2025/12/312022/12/31(quarter)Q 20Q 32Q 20退出2025/12/310 months2025/12/312022/12/31(quarter)Q 32Q 32Q 20經(jīng)經(jīng)營營費(fèi)費(fèi)用用綜綜合合

15、進(jìn)進(jìn)項項稅稅率率計計算算比比例例( (含含稅稅）進(jìn)進(jìn)項項稅稅率率得得票票率率公用事業(yè)費(fèi)-水、煤氣等3.00%11%100%0.30%公用事業(yè)費(fèi)-電10.00%17%100%1.45%維護(hù)/維保25.00%6%80%1.13%市場推廣費(fèi)用23.00%6%50%0.65%營運(yùn)費(fèi)用1.00%6%50%0.03%行政管理費(fèi)6.00%6%50%0.17%人力薪酬費(fèi)用29.00%0.00%IT維護(hù)費(fèi)用2.00%6%80%0.09%專業(yè)中介費(fèi)用1.00%6%100%0.06%3.88%綜合進(jìn)項稅率4.04%后后續(xù)續(xù)建建設(shè)設(shè)和和改改造造支支出出（含含稅稅）項項目目金金額額（含含稅稅）進(jìn)進(jìn)項項稅稅率率稅金主體建

16、筑安裝：非甲方供貨1,198,091,15811%118,729,754主體建筑安裝：甲方供貨40,385,09517%5,867,920室外綠化工程13,461,69811%1,334,042其他工程費(fèi)用53,846,79411%5,336,169相關(guān)規(guī)費(fèi)40,385,0956%2,285,949小計1,346,169,840合計1,346,169,840133,553,834單價 (GFA)4,335綜合稅率11%分分業(yè)業(yè)態(tài)態(tài)單單方方造造價價(GFA)(GFA)元/平商業(yè)4,97810%酒店4,7354%寫字樓4,05961%商業(yè)街4,9784%公寓4,1313%住宅4,73518%4,3

17、35萬科給出總價GFA單價計容單價0.80152,966,9284,9787,010.40商業(yè)57,337,9204,7356,667.20酒店769,945,2004,0595,716.00寫字樓57,345,0724,9787,010.40商業(yè)街41,886,7204,1315,817.60公寓266,688,0004,7356,667.20住宅1,346,169,840NLAGRA計計容容面面積積停停車車位位(sqm)(sqm)(sqm)比比例例(unit)-0%-0%13,09221,82021,82010%-0%-0%0%22313,09221,82021,82010%2238,60

18、08,6008,6004%88134,700134,700134,70061%1,3748,1808,1808,1804%837,2007,2007,2003%7337,88037,88040,00018%408209,652218,380220,500100%2,250-公公寓寓-商商業(yè)業(yè)街街持持續(xù)續(xù)時時間間結(jié)結(jié)束束開開始始持持續(xù)續(xù)時時間間結(jié)結(jié)束束開開始始0 months2017/12/312017/12/300 months2017/12/312017/12/30Q 0Q 0Q 0Q 024 months2019/12/312017/12/3124 months2019/12/312017

19、/12/31Q 8Q 0Q 8Q 036 months2022/12/312019/12/3136 months2022/12/312019/12/31Q 20Q 8Q 20Q 80 months2021/12/312021/12/310 months2021/12/312021/12/31Q 16Q 16Q 16Q 160 months2022/12/312022/12/310 months2022/12/312022/12/31Q 20Q 20Q 20Q 200 months2022/12/312022/12/310 months2022/12/312022/12/31Q 20Q 20Q

20、20Q 20-寫寫字字樓樓-酒酒店店-持持續(xù)續(xù)時時間間結(jié)結(jié)束束開開始始持持續(xù)續(xù)時時間間結(jié)結(jié)束束開開始始持持續(xù)續(xù)時時間間0 months2017/12/312017/12/300 months2017/12/312017/12/300 monthsQ 0Q 0Q 0Q 024 months2019/12/312017/12/3124 months2019/12/312017/12/3124 monthsQ 8Q 0Q 8Q 036 months2022/12/312019/12/3136 months2022/12/312019/12/3136 monthsQ 20Q 8Q 20Q 80 mon

21、ths2021/12/312021/12/3124 months2023/12/312021/12/310 monthsQ 16Q 16Q 24Q 160 months2022/12/312022/12/310 months2022/12/312022/12/3136 monthsQ 20Q 20Q 20Q 200 months2022/12/312022/12/310 months2022/12/312025/12/310 monthsQ 20Q 20Q 20Q 32結(jié)結(jié)束束2017/12/31Q 02019/12/31Q 82022/12/31Q 202021/12/31Q 162025/

22、12/31Q 322025/12/31Q 32-假假設(shè)設(shè)并并購購/ /土土地地假假設(shè)設(shè)是否并購N樓面價收購/土地價格（含稅）1,200,000,000配套費(fèi)-收購費(fèi)用（%）1%購買時間2017/12/30購買方式資產(chǎn)建設(shè)/改造費(fèi)用 (GFA單價）4,335開業(yè)前費(fèi)用30,000,000項目當(dāng)?shù)刭M(fèi)用2.20%不可預(yù)見費(fèi)0%開發(fā)管理費(fèi)0%物業(yè)折舊年限（年）30土地單價5,442商業(yè)土地單價5,442其余業(yè)態(tài)土地單價5,442并并購購特特殊殊事事項項對方成本價（股權(quán)收購時計算進(jìn)項稅）-其中：土地成本（不含拆遷）-建安成本-并購項目現(xiàn)有融資比例0%并購項目現(xiàn)有融資-并購項目現(xiàn)有融資利率6%并購項目現(xiàn)有

23、融資到期日2019/7/31并購項目現(xiàn)有融資到期季度Q 6并購項目現(xiàn)有融資實際還款季度Q 10稅稅務(wù)務(wù)假假設(shè)設(shè)契稅4%土地使用稅（元/平/年）12.00增值稅附加12%房產(chǎn)稅12%增值稅進(jìn)項稅（資產(chǎn)并購）11%增值稅進(jìn)項稅（建設(shè)/改造）11%增值稅進(jìn)項稅（經(jīng)營）4%增值稅進(jìn)項稅（銷售費(fèi)用）4%增值稅銷項稅（管理費(fèi)）6%增值稅銷項稅（租金/銷售）11%增值稅銷項稅（酒店）6%計稅毛利率(銷售):15%企業(yè)所得稅25%土增稅預(yù)繳2%印花稅（租賃）0.1%印花稅（財產(chǎn)）0.05%預(yù)提所得稅（境外）10%商商業(yè)業(yè)經(jīng)經(jīng)營營假假設(shè)設(shè)（含含稅稅）Periods11 year TotalYear 1Quart

24、er:Q 02Timeline:2017/12/3034土地/并購款支付進(jìn)度100%10%567租租賃賃假假設(shè)設(shè)8主力店租金 (RMB/sqm/month):40-9租金年增長 (%):5%0%10次主力店租金 (RMB/sqm/month):-11租金年增長 (%):-12非主力店租金 (RMB/sqm/month):200-13租金年增長 (%):(本行需要手動更新）14空置率:(本行需要手動更新）15租約到期比例(%):8%0%16續(xù)租比例(%):80%0%17免租期1.0 months0.000 months18扣點租金1920其其他他: :21物業(yè)管理費(fèi) (RMB/sqm/month

25、):22主力店物管費(fèi)1-23次主力店物管費(fèi)-24非主力店物管費(fèi)50-25物管費(fèi)年增長 (%):5%0%26平平均均租租金金+ +管管理理費(fèi)費(fèi) (RMB/sqm/m):(RMB/sqm/m):-27其其他他收收入入(of(of RentalRental +PM)+PM)5%0%28費(fèi)費(fèi)用用假假設(shè)設(shè) (RMB/sqm/month):(RMB/sqm/month):29主力店費(fèi)用1-30次主力店費(fèi)用-31非主力店費(fèi)用50-32費(fèi)用年增長率(%):5%0%33SCPG商場管理費(fèi)(RMB):3.0% on rental income0.0%34SCP資產(chǎn)管理費(fèi)(%):5.0% on NOI0.0%35招

26、商傭金2.0 month rental income-36資本性支出5.0% on NOI0%3738其其他他業(yè)業(yè)態(tài)態(tài)銷銷售售假假設(shè)設(shè)Periods11 year TotalYear 1Quarter:Q 02Timeline:2017/12/303默認(rèn)單價不變，平均進(jìn)度（可調(diào)整）4單價（含稅）56酒酒店店持有7單價20,000-8銷售進(jìn)度0%0%9銷售費(fèi)用2%0%10寫寫字字樓樓銷售11單價28,909-12銷售進(jìn)度100%0%13銷售費(fèi)用3%0%14商商業(yè)業(yè)街街銷售15單價-16銷售進(jìn)度0%0%17銷售費(fèi)用3%0%18公公寓寓銷售19單價5,818-20銷售進(jìn)度100%0%21銷售費(fèi)用3%

27、0%22住住宅宅銷售23單價30,000-24銷售進(jìn)度100%0%25銷售費(fèi)用3%0%其其他他業(yè)業(yè)態(tài)態(tài)經(jīng)經(jīng)營營假假設(shè)設(shè)Periods11 year TotalYear 1Quarter:Q 02Timeline:2017/12/303單價（含稅）4酒酒店店持有5租金 (RMB/sqm/month):-6租金年增長 (%):0%7費(fèi)用 (RMB/sqm/month):-8費(fèi)用年增長(%):0%9寫寫字字樓樓銷售10租金 (RMB/sqm/month):120-11租金年增長 (%):5%0%12物管費(fèi)(RMB/sqm/month):40-13物管費(fèi)年增長 (%):5%0%14費(fèi)用 (RMB/sq

28、m/month):50-15費(fèi)用年增長(%):2%0%16商商業(yè)業(yè)街街銷售17租金 (RMB/sqm/month):同期商業(yè)-18物管費(fèi)(RMB/sqm/month):同期商業(yè)019費(fèi)用 (RMB/sqm/month):同期商業(yè)02021公公寓寓銷售22租金 (RMB/sqm/month):130-23租金年增長 (%):5%0%24費(fèi)用 (RMB/sqm/month):60-25費(fèi)用年增長(%):2%0%敏敏感感性性分分析析杠桿IRR14.43%Y3 NPR13.75%14.43%/13.75%140非非主主力力租租戶戶租租金金160（不不含含管管理理費(fèi)費(fèi)）18020022024014.43

29、%/13.75%1,400,000,000并并購購價價格格1,450,000,0001,500,000,0001,550,000,0001,600,000,0001,650,000,00014.43%/13.75%125改改造造費(fèi)費(fèi)用用單單價價155（GFA)GFA)185215245275無杠桿IRR11.62%Y3 NPR13.75%11.62%/13.75%111非非主主力力租租戶戶租租金金131（不不含含管管理理費(fèi)費(fèi)）15117119121111.62%/13.75%1,400,000,000土土地地/ /并并購購價價格格1,450,000,0001,500,000,0001,550,

30、000,0001,600,000,0001,650,000,00011.62%/13.75%125建建設(shè)設(shè)/ /改改造造費(fèi)費(fèi)用用單單價價155（GFA)GFA)185215245275融融資資假假設(shè)設(shè)融融資資假假設(shè)設(shè)土土地地/ /并并購購貸貸款款: :開開發(fā)發(fā)貸貸款款: :最大杠桿率 (%):50%最大杠桿率 (%):65%最大金額600,000,000最大金額1,713,650,625實際金額600,000,000實際金額1,713,650,625利率 (%):12.00%利率 (%):6.00%期限:3 years期限:5 years貸款費(fèi)用率 (%):0.5%貸款費(fèi)用率 (%):0.5%

31、貸款費(fèi)用 (RMB):3,000,000貸款費(fèi)用 (RMB):3,000,000提款日2018/6/30提款日2020/6/30提款季度Q 2提款季度Q 10還本日:2021/6/30還本日:2023/6/30還本季度:Q 14還本季度:Q 22經(jīng)經(jīng)營營貸貸假假設(shè)設(shè)整整體體退退出出假假設(shè)設(shè)(僅持有業(yè)態(tài)）最大杠桿率 (%):60%估值資本化率6.00%商商業(yè)業(yè)最大金額-退出方式境外股權(quán)實際金額300,000,000持有期8.00 year利率 (%):6.00%退出日期2025/12/31期限:10 years退出季度Q 32貸款費(fèi)用率 (%):0.5%貸款費(fèi)用 (RMB):1,500,000退

32、出資本化率5.00%提款日2023/6/30退出價格 (RMB):815,442,902提款季度Q 22退出單價 (RMB/sqm):37,371還款日2025/12/31退出費(fèi)用率 (%):1%還款季度Q 32退出費(fèi)用(RMB):8,154,429Year 1Year 1Year 1Year 2Year 2Q 1Q 2Q 3Q 4Q 52018/3/312018/6/302018/9/302018/12/312019/3/3120%0%30%40%-0%0%0%0%0%-0%0%0%0%0%0%0%0%0%0%0.000 months0.000 months0.000 months0.000

33、 months0.000 months-0%0%0%0%0%-0%0%0%0%0%-0%0%0%0%0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%-0%0%0%0%0%Year 1Year 1Year 1Year 2Year 2Q 1Q 2Q 3Q 4Q 52018/3/312018/6/302018/9/302018/12/312019/3/31-0%0%0%0%0%0%0%0%0%0%-0%0%0%0%0%0%0%0%0%0%-0%0%0%0%0%0%0%0%0%0%-0%0%0%0%0%0%0%0%0%0%-0%0%0%0%0%0%0%0%0%0%Y

34、ear 1Year 1Year 1Year 2Year 2Q 1Q 2Q 3Q 4Q 52018/3/312018/6/302018/9/302018/12/312019/3/31-0%0%0%0%0%-0%0%0%0%0%-0%0%0%0%0%-0%0%0%0%0%-0%0%0%0%0%-0000000000-0%0%0%0%0%-0%0%0%0%0%退退出出資資本本化化率率 5.50%5.75%6.00%6.25%6.50%11.05%/9.60%10.77%/9.60%10.51%/9.60%10.26%/9.60%10.03%/9.60%12.00%/10.98%11.71%/10.9

35、8%11.43%/10.98%11.17%/10.98%10.93%/10.98%12.89%/12.37%12.58%/12.37%12.29%/12.37%12.02%/12.37%11.76%/12.37%13.73%/13.75%13.40%/13.75%13.10%/13.75%12.82%/13.75%12.55%/13.75%14.51%/15.14%14.17%/15.14%13.86%/15.14%13.57%/15.14%13.29%/15.14%15.24%/16.52%14.90%/16.52%14.58%/16.52%14.27%/16.52%13.99%/16.52

36、%退退出出資資本本化化率率5.50%5.75%6.00%6.25%6.50%9.64%/12.75%9.29%/12.75%8.97%/12.75%8.66%/12.75%8.37%/12.75%8.73%/12.53%8.38%/12.53%8.05%/12.53%7.74%/12.53%7.44%/12.53%7.86%/12.31%7.50%/12.31%7.17%/12.31%6.85%/12.31%6.55%/12.31%7.02%/12.10%6.66%/12.10%6.32%/12.10%6.00%/12.10%5.70%/12.10%6.22%/11.89%5.85%/11.8

37、9%5.51%/11.89%5.18%/11.89%4.87%/11.89%5.44%/11.69%5.08%/11.69%4.73%/11.69%4.40%/11.69%4.08%/11.69%退退出出資資本本化化率率5.50%5.75%6.00%6.25%6.50%13.73%/13.75%13.40%/13.75%13.10%/13.75%12.82%/13.75%12.55%/13.75%13.73%/13.75%13.40%/13.75%13.10%/13.75%12.82%/13.75%12.55%/13.75%13.73%/13.75%13.40%/13.75%13.10%/13

38、.75%12.82%/13.75%12.55%/13.75%13.73%/13.75%13.40%/13.75%13.10%/13.75%12.82%/13.75%12.55%/13.75%13.73%/13.75%13.40%/13.75%13.10%/13.75%12.82%/13.75%12.55%/13.75%13.73%/13.75%13.40%/13.75%13.10%/13.75%12.82%/13.75%12.55%/13.75%退退出出資資本本化化率率 5.50%5.75%6.00%6.25%6.50%8.69%/7.59%8.56%/7.59%8.43%/7.59%8.32

39、%/7.59%8.21%/7.59%9.29%/8.97%9.13%/8.97%8.99%/8.97%8.86%/8.97%8.74%/8.97%9.86%/10.36%9.69%/10.36%9.53%/10.36%9.39%/10.36%9.25%/10.36%10.40%/11.74%10.22%/11.74%10.05%/11.74%9.89%/11.74%9.74%/11.74%10.93%/13.13%10.73%/13.13%10.55%/13.13%10.38%/13.13%10.22%/13.13%11.44%/14.52%11.23%/14.52%11.03%/14.52%

40、10.85%/14.52%10.68%/14.52%退退出出資資本本化化率率5.50%5.75%6.00%6.25%6.50%8.93%/12.75%8.73%/12.75%8.54%/12.75%8.37%/12.75%8.21%/12.75%8.43%/12.53%8.23%/12.53%8.05%/12.53%7.88%/12.53%7.71%/12.53%7.96%/12.31%7.76%/12.31%7.57%/12.31%7.40%/12.31%7.24%/12.31%7.50%/12.10%7.30%/12.10%7.12%/12.10%6.94%/12.10%6.78%/12.

41、10%7.06%/11.89%6.86%/11.89%6.68%/11.89%6.51%/11.89%6.35%/11.89%6.64%/11.69%6.44%/11.69%6.26%/11.69%6.09%/11.69%5.93%/11.69%退退出出資資本本化化率率5.50%5.75%6.00%6.25%6.50%11.16%/13.75%10.96%/13.75%10.77%/13.75%10.60%/13.75%10.43%/13.75%11.16%/13.75%10.96%/13.75%10.77%/13.75%10.60%/13.75%10.43%/13.75%11.16%/13.

42、75%10.96%/13.75%10.77%/13.75%10.60%/13.75%10.43%/13.75%11.16%/13.75%10.96%/13.75%10.77%/13.75%10.60%/13.75%10.43%/13.75%11.16%/13.75%10.96%/13.75%10.77%/13.75%10.60%/13.75%10.43%/13.75%11.16%/13.75%10.96%/13.75%10.77%/13.75%10.60%/13.75%10.43%/13.75%其其他他業(yè)業(yè)態(tài)態(tài)處處理理方方式式業(yè)業(yè)態(tài)態(tài)處處理理方方式式是是否否測測算算酒店持有Y寫字樓銷售Y商業(yè)街

43、銷售Y公寓銷售Y住宅銷售Y合合作作股股權(quán)權(quán)比比例例100%酒酒店店寫寫字字樓樓商商業(yè)業(yè)街街退出方式境內(nèi)股權(quán)退出方式NA退出方式持有期8.00 year持有期5.00 year持有期退出日期2025/12/31退出日期2022/12/31退出日期退出季度Q 32退出季度Q 20退出季度退出資本化率6.00%退出資本化率6.00%退出資本化率退出價格 (RMB):341,097,265退出價格 (RMB):-退出價格 (RMB):退出單價 (RMB/sqm):39,662退出單價 (RMB/sqm):-退出單價 (RMB/sqm):退出費(fèi)用率 (%):1%退出費(fèi)用率 (%):1%退出費(fèi)用率 (%)

44、:退出費(fèi)用(RMB):3,410,973退出費(fèi)用(RMB):-退出費(fèi)用(RMB):Year 2Year 2Year 3Year 3Year 3Q 6Q 7Q 8Q 9Q 102019/6/302019/9/302019/12/312020/3/312020/6/30-0%0%0%0%0%-0%0%0%0%0%0%0%0%0%0%0.000 months0.000 months0.000 months0.000 months0.000 months-0%0%0%0%0%-0%0%0%0%0%-0%0%0%0%0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%-0

45、%0%0%0%0%Year 2Year 2Year 3Year 3Year 3Q 6Q 7Q 8Q 9Q 102019/6/302019/9/302019/12/312020/3/312020/6/30-0%0%0%0%0%0%0%0%0%0%-0%0%0%0%0%0%0%0%0%0%-0%0%0%0%0%0%0%0%0%0%-0%0%0%0%0%0%0%0%0%0%-0%0%0%0%0%0%0%0%0%0%Year 2Year 2Year 3Year 3Year 3Q 6Q 7Q 8Q 9Q 102019/6/302019/9/302019/12/312020/3/312020/6/30-0

46、%0%0%0%0%-0%0%0%0%0%-0%0%0%0%0%-0%0%0%0%0%-0%0%0%0%0%-0000000000-0%0%0%0%0%-0%0%0%0%0%6.75%9.81%/9.60%10.69%/10.98%11.52%/12.37%12.29%/13.75%13.02%/15.14%13.72%/16.52%6.75%8.10%/12.75%7.16%/12.53%6.27%/12.31%5.41%/12.10%4.58%/11.89%3.78%/11.69%6.75%12.29%/13.75%12.29%/13.75%12.29%/13.75%12.29%/13.75

47、%12.29%/13.75%12.29%/13.75%6.75%8.11%/7.59%8.63%/8.97%9.12%/10.36%9.61%/11.74%10.07%/13.13%10.52%/14.52%6.75%8.06%/12.75%7.56%/12.53%7.09%/12.31%6.63%/12.10%6.20%/11.89%5.78%/11.69%6.75%10.28%/13.75%10.28%/13.75%10.28%/13.75%10.28%/13.75%10.28%/13.75%10.28%/13.75%公公寓寓境內(nèi)股權(quán)退出方式NA5.00 year持有期5.00 year2

48、022/12/31退出日期2022/12/31Q 20退出季度Q 206.00%退出資本化率6.00%-退出價格 (RMB):-退出單價 (RMB/sqm):-1%退出費(fèi)用率 (%):1%-退出費(fèi)用(RMB):-Year 3Year 4Year 4Year 4Year 4Year 5Year 5Q 11Q 12Q 13Q 14Q 15Q 16Q 172020/9/302020/12/312021/3/312021/6/302021/9/302021/12/312022/3/3123-0%0%0%0%0%0%0%-10%15.0%15.0%15.0%15.0%5.0%0%0%0%0%0%0%0%

49、0%0%0%0%0%0%0%0.00 months0.00 months0.00 months0.00 months0.00 months0.00 months0.00 months151617-19-0%0%0%0%0%0%0%-0%0%0%0%0%0%0%24-0%0%0%0%0%0%0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%-0%0%0%0%0%0%0%Year 3Year 4Year 4Year 4Year 4Year 5Year 5Q 11Q 12Q 13Q 14Q 15Q 16Q 172020/9/30202

50、0/12/312021/3/312021/6/302021/9/302021/12/312022/3/31-0%0%0%0%0%0%0%0%0%0%0%0%0%0%-28,90928,9090%0%0%0%0%11%11%0%0%0%0%0%3%3%-0%0%0%0%0%0%0%0%0%0%0%0%0%0%-5,818-0%0%0%0%0%100%0%0%0%0%0%0%3%0%-30,000-0%0%0%0%0%100%0%0%0%0%0%0%3%0%Year 3Year 4Year 4Year 4Year 4Year 5Year 5Q 11Q 12Q 13Q 14Q 15Q 16Q 172

51、020/9/302020/12/312021/3/312021/6/302021/9/302021/12/312022/3/31-0%0%0%0%0%0%0%-0%0%0%0%0%0%0%-0%0%0%0%0%0%0%-0%0%0%0%0%0%0%-0%0%0%0%0%0%0%-00000000000000-0%0%0%0%0%0%0%-0%0%0%0%0%0%0%Year 5Year 5Year 6Year 6Year 6Year 6Year 7Q 18Q 19Q 20Q 21Q 22Q 23Q 242022/6/302022/9/302022/12/312023/3/312023/6/30

52、2023/9/302023/12/31-40404040420%0%0%0%0%0%5%-20023023023023015%5.0%5.0%5.0%2.0%2.0%2.0%2.0%0%0%0%0%0%0%8%0%0%0%0%0%0%80%0.00 months0.00 months0.00 months0.00 months0.00 months0.00 months0.02 months-11111-50505050530%0%0%0%0%0%5%-250.00280.00280.00280.00282.500%0%5%5%5%5%5%-11111-50505050530%0%0%0%0%

53、0%5%0.0%0.0%3.0%3.0%3.0%3.0%3.0%0.0%0.0%5.0%5.0%5.0%5.0%5.0%-2-0%0%0%5%5%5%5%Year 5Year 5Year 6Year 6Year 6Year 6Year 7Q 18Q 19Q 20Q 21Q 22Q 23Q 242022/6/302022/9/302022/12/312023/3/312023/6/302023/9/302023/12/31-0%0%0%0%0%0%0%0%0%0%0%0%0%0%28,90928,90928,90928,90928,90928,90928,90911%11%11%11%11%11

54、%11%3%3%3%3%3%3%3%-0%0%0%0%0%0%0%0%0%0%0%0%0%0%-0%0%0%0%0%0%0%0%0%0%0%0%0%0%-0%0%0%0%0%0%0%0%0%0%0%0%0%0%Year 5Year 5Year 6Year 6Year 6Year 6Year 7Q 18Q 19Q 20Q 21Q 22Q 23Q 242022/6/302022/9/302022/12/312023/3/312023/6/302023/9/302023/12/31-4134134134135130%0%0%0%0%0%24%-3263263263263860%0%0%0%0%0%1

55、8%-0%0%0%0%0%0%5%-0%0%0%0%0%0%5%-0%0%0%0%0%0%2%-00000000000000-0%0%0%0%0%0%5%-0%0%0%0%0%0%2%Year 7Year 7Year 7Year 8Year 8Year 8Year 8Q 25Q 26Q 27Q 28Q 29Q 30Q 312024/3/312024/6/302024/9/302024/12/312025/3/312025/6/302025/9/30424242444444440%0%0%5%0%0%0%-26526526526529129129115%10%2.0%2.0%2.0%2.0%2.

56、0%2.0%2.0%0%0%0%8%0%0%0%0%0%0%80%0%0%0%0.00 months0.00 months0.00 months0.02 months0.00 months0.00 months0.00 months1111111535353555555550%0%0%5%0%0%0%317.00317.00317.00319.63346.08346.08346.085%5%5%5%5%5%5%1111111535353555555550%0%0%5%0%0%0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%-5

57、%5%5%5%5%5%5%Year 7Year 7Year 7Year 8Year 8Year 8Year 8Q 25Q 26Q 27Q 28Q 29Q 30Q 312024/3/312024/6/302024/9/302024/12/312025/3/312025/6/302025/9/30-0%0%0%0%0%0%0%0%0%0%0%0%0%0%-0%0%0%0%0%0%0%0%0%0%0%0%0%0%-0%0%0%0%0%0%0%0%0%0%0%0%0%0%-0%0%0%0%0%0%0%0%0%0%0%0%0%0%-0%0%0%0%0%0%0%0%0%0%0%0%0%0%Year 7Ye

58、ar 7Year 7Year 8Year 8Year 8Year 8Q 25Q 26Q 27Q 28Q 29Q 30Q 312024/3/312024/6/302024/9/302024/12/312025/3/312025/6/302025/9/305135135135805805805800%0%0%13%0%0%0%3863863864194194194190%0%0%9%0%0%0%-0%0%0%5%0%0%0%-0%0%0%5%0%0%0%-0%0%0%2%0%0%0%-00000000000000-0%0%0%5%0%0%0%-0%0%0%2%0%0%0%Year 9Year 9Y

59、ear 9Year 9Year 10Year 10Year 10Q 32Q 33Q 34Q 35Q 36Q 37Q 382025/12/312026/3/312026/6/302026/9/302026/12/312027/3/312027/6/30464646464949495%0%0%0%5%0%0%-2913143143143143333338%6%2.0%2.0%2.0%2.0%2.0%2.0%2.0%8%0%0%0%8%0%0%80%0%0%0%80%0%0%0.02 months0.00 months0.00 months0.00 months0.02 months0.00 mon

60、ths0.00 months1111111585858586161615%0%0%0%5%0%0%348.83372.11372.11372.11375.00393.85393.855%5%5%5%5%5%5%1111111585858586161615%0%0%0%5%0%0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%-5%5%5%5%5%5%5%Year 9Year 9Year 9Year 9Year 10Year 10Year 10Q 32Q 33Q 34Q 35Q 36Q 37Q 382025/12/312026/3