戴德梁行+中國(guó)數(shù)據(jù)中心：2022年需要注意的四個(gè)問(wèn)題

DATA

CENTRES

INMAINLANDCHINA

FOURPOINTSTOPROCESSIN2022

GreaterChina

Research

April2022

Contents

ExecutiveSummaryP4

IntroductionP6

TheFourPointstoProcessP8

?TheMarketP8

?GovernmentPolicyP20

?InvestmentP28

?SustainabilityP33

KeyTakeawaysP40

AppendixP42

BusinessContactsP48

ResearchContactsP48

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DataCentresinMainlandChina3

Summary

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Summary

MainlandChina’sdatacentremarketisevolvingrapidly.Asinvestorsanddevelopersinvest/furtherinvest,therearemanythemes,topics,andissuestoconsider.Inourreportwelookatfourkeypointsandtheyare:

/Themarket;

/Governmentpolicy;

/Investment,and;

/Environmentalsustainability.

TheMarket

Atthebeginningof2021,cabinetstockinMainlandChinatouched3.6million,withtheanticipationthatthisnumberwillsurpass4millionbytheendoftheyear/beginningof2022.

TheBeijing-Tianjin-Hebeiregion,theYangtzeRiverDeltaregionandthePearlRiverDeltaregioncontinuetomaintainstrongdatacentreconstructionimpetus,bothintermsofthenumberofnewcabinetsandaggregateinventory.

GovernmentPolicy

Oneofthemostimportantdatacentreindustry-relatedpoliciesreleasedrecentlyinMainlandChinais“TheThree-yearActionPlanforNewDataCentreDevelopment(2021-2023)”.Thebasicactionsoftheplanare:

/Theoptimisationofconstructionlayout;

/Theupgradingofnetworkquality;

/Theenhancementofcomputingpower;

/Thestrengtheningoftheindustrialchain;

/‘Green’andlow-carbondevelopment,and;

/Safetyandreliability.

Executive

Executive

Investment

DomesticdatacentrefinancingconduitsinMain-landChinaarevaried.Theyarelargelysplitintoeq-uityfinancinganddebtfinancing,includingpublicoffering,rightsissue,privateplacement,bondfinancing,bankloansandotherinstruments.

Giventheappealingcapratethatdatacentreprojectscanoffer,manyinvestorsoflatehavepaidmuchattentiontodatacentrepropertiesinChina.Theseinvestorshaveexecutedoninvestmentdealsviaanumberofmethods,suchasdirectlypurchas-ingdatacentrepropertyassets,formingajointventurecompany,orutilisingfinancingchannels.

Datacentresrequirelargecapitalinvestment,andthetrialofadomesticREITsmarketwillbegetnewfinancingchannelstolistedcompanies.

TherecentREITsdocumentsjointlydeliveredbytheChinaSecuritiesRegulatoryCommissionandtheNationalDevelopmentandReformCommission(NDRC)pointedoutthattheownershipof

REITsprojectsshouldbewell-defined,andperti-nentprocedures,suchasacceptance,landuse,environmentalassessment,planning,projectinvestmentmanagement,operation,cashflowandinvestmentreturns,shouldbemetasrequired.

Sustainability

Inthefaceofglobalwarming,MainlandChinahaspropositionedthestrategicgoalof"reachingacarbonpeakby2030andgoingcarbonneutralby2060."Datacentres,ontheotherhand,transformelectricityintocomputingpower,andsowiththeswiftgrowthofdigitaldemand,datacentresareprogressivelyrequiringagreateramountofelec-tricityforcentreoperationalpurposes.

Thedramaticaccelerationofglobaldatacentremarketshasraisedconcernsaroundtheimpactthesectorhasontheenvironment.Withtheex-tremelyhighconsumptionofpowerbydatacen-tresandthesignificantcarbonfootprintthesectorgenerates,thereisaneedtostrengthensec-

tor-widestandardsandcommitmentsforsustain-abledatacentreoperations.Governmentsaroundtheworldareforcingthedatacentresectorto-wards‘greener’operationswithnewregulations,andevenmoratoriums.

Inlightofthis,theNationalDevelopmentandReformCommission,theCyberspaceAdministra-tionofChina,theMinistryofIndustryandInfor-mationTechnologyandtheEnergyAdministrationhavejointlyissuedthe"GuidanceonAcceleratingtheConstructionoftheCollaborativeInnovationSystemofIntegratedBigDataCentre"andoth-erdocuments.ThesepoliciesaimtoguidefuturedatacentredevelopmentinMainlandChinaalongasustainable‘green’path,whereby,amongotheraspects,newdevelopment:

/Issystematic,coordinatedandorderly;

/Ensuresenergy-useefficiency,and;

/Utilisesenergyfromrenewableenergysources

wherepossible.

Moreover,demandpressurefordatacentrecarbonneutralityisalsoarisingfromuserenterprises,astheytrytoachievetheiryearlyenvironment,socialandgovernance(ESG)ratingobjectives.

Overtheyears,thedatacentreindustryinMain-landChinahaslookedatvariousenergy-savingand‘green’technologyinitiatives.Somedatacen-tresinthecountryhavebeenabletoreducetheirpowerusageeffectiveness(PUE)valueto1.1orbelow.Inthelongterm,regardingtheaspirationofgoingcarbonneutral,energyefficiencyandener-gysavingarejustsmallstepsinthewholejourneytodiscoveratruesolution.

Moreover,carbonoffsetting,carbontrading,carboncaptureandotheranalogousinitiativesarealsosomewhatlimitedwhencontemplatingtheoverallobjective.Foralong-termtotalsolution,thegenerationanduseofrenewableenergyarethekeystounlockingandrevealingthereal‘green’solution.

DataCentresinMainlandChina5

Introduction

Thisreportfocusesonfourmajor

pointstodeliberatewheninvestingin

datacentreprojectsinMainlandChina.

Thereportbeginsbycentringonthefirstpointto

consider—ThedatacentremarketinMainlandChina

—beforelookingatthesecondconsiderationpoint—

Datacentre-relatedgovernmentpolicyinthecountry.

DatacentreinvestmentitselfinMainlandChinaisthe

thirdconsiderationpointtobeexamined,withthe

reportfinishingwiththefourthpointtoconsider—The

topicofenvironmentalsustainabilityinMainlandChina.

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DataCentresinMainland

China7

8Cushman&WakefieldResearch

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

TheFourPoints

toProcess

TheMarket

AccordingtoCDCCstatistics,asofearly2021,cabinetstockinMainlandChinareached3.6million,withtheexpectationthatthisindicatorfigurewillexceed4millionbytheendoftheyear/beginningof2022(Figure1).

Figure1:

CabinetstockinMainlandChina–Timeline(2016-Oct2021)

Million

4.00+Expected

3.63

3.16

2.27

2.10

1.66

1.24

2016

2017

2018

2019

2020

2021(May)

2021(Oct)

Expected

Source:CDCC,Cushman&WakefieldResearch

Asof31May2021,thenumberofnewcabinetsplannedinMainlandChinawas469,300.Fromare-gionaldistributionstandpoint,NorthChinaaccountsfor27%,EastChina26%andSouthChina22%.Thesethreeregionsleadthecountrywiththetotalnumberofnewplannedcabinetsineachregionbeingover100,000(Figure2).

Northeast

North

East

South

Central

Northwest

Southeast

Northeast

North

East

South

Central

Northwest

Southeast

140

120

100

80

60

40

20

1.2

2%

3%

6%

30%

24%

26%

9%

1.0

0.8

0.6

0.4

0.2

DataCentresinMainlandChina6

Figure2:

NewcabinetsupplyplannedinMainlandChina–Regionaldistribution(H12021)

Totalnumberofnewcabinetsplannedbyregion

(May2021)

Thousand

0

Source:CDCC,Cushman&WakefieldResearch

Analysisofthepercentageof

totalplannednewcabinetsbyregion

(May2021)

1%

6%3%

27%

15%

22%

26%

NorthEastSouthSouthwestCentralNorthwestNortheast

Whenconsideringthecurrentandplannedstockofcabinetsineachregion,EastChinanowexceeds1million,whileNorthChinaandSouthChinahavereachedover0.9millionand0.8million,respectively.TheregionaldistributionofdatacentresinMainlandChinacurrentlyreflectsthedevelopmentofthetotaldigitaleconomy—someregionshaveahigherlevelofdevelopmentthanothers(Figure3).

Figure3:

CabinetstockinMainlandChina–Regionaldistribution(H12021)

Million

Regionalstock+totalplannedcabinets

(May2021)

Analysisofthepercentageof

Regionalstock+totalplannedcabinets

(May2021)

0.0

Northeast

EastNorthSouthSouthwestCentralNorthwest

Source:CDCC,Cushman&WakefieldResearch

Inthefirsthalfof2021,third-partydatacentredevelopersplannednearly250,000cabinets,accountingforupto53%ofthetotalsupply.Third-partydatacentredevelopmentisexpectedtocontinuetoplaya

majorroleinthemarketfortheforeseeablefuture(Figure4).

Source:CDCC,Cushman&WakefieldResearch

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南海諸島

Figure4:

NewcabinetsupplyplannedinMainlandChina–Developerdistribution(H12021)

TotalnumberofnewcabinetsplannedbyIndustry

(May2021)

Thousand

300

250

200

150

100

50

0

Source:CDCC,Cushman&WakefieldResearch

Analysisofthepercentageof

totalnumberofnewcabinetsplannedbyindustry

(May2021)

3%

3%

8%

16%

53%

17%

ThirdpartiesEnterprises

InternetcompaniesOperators

FinancialGovernment

FromCDCCheatmaps,onecanseethattheBeijing-Tianjin-Hebeiregion,theYangtzeRiverDeltaregionandthePearlRiverDeltaregioncontinuetomaintainvigorousdatacentreconstructionmomentum,bothintermsofthenumberofnewcabinetsandcumulativeinventory(Figure5andFigure6).

Figure5:

NewcabinetsupplyinMainlandChina–Distributionheatmap(Jan-May2021)

Xiamen

Shenzhen

香港

深圳

南寧

Nanning

廣州

Guangzhou

Hongkong

0-2,000

2,000-5,000

5,000-10,000

10,000-20,000

20,000-40,000

40,000-60,000

60,000-80,000

80,000-100,000

南海諸島

5

0

2025E2030E2035E

Source:Greenpeace:“DecarbonisationofMainlandChina’sDigitalInfrastructure:PotentialandChallengesforDataCentresand5GCarbonReduction”,Cushman&WakefieldResearch

DataCentresinMainland

Figure6:

CabinetstockinMainlandChina–Distributionheatmap(May2021)

Xiamen

Shenzhen

香港

深圳

南寧

Nanning

廣州

Guangzhou

Hongkong

0-10,000

10,000-20,000

20,000-50,000

50,000-100,000

100,000-200,000

200,000-300,000

300,000-400,000

400,000-500,000

Source:CDCC,Cushman&WakefieldResearch

Lookingtothefuture,therapiddevelopmentofthedigitaleconomyinMainlandChinaisexpectedtobringaboutasurgeintheamountofdemandforcabinets.Rigiddemandforthesedataserviceswillonlygrowaslarge-scaledataprocessing,storage,andtransmissionvolumeincrease.

Underthedoublestimulationofdigitaleconomydemanddynamicsandpolicydividends,themarketscalefordatacentresisexpectedtocontinuetoexpandsteadily.Alongsidethisgrowth,itisanticipat-edthatthetotalnumberofdatacentrecabinetsinMainlandChinawillbecloseto15millionby2035(Figure7).

Figure7:

CabinetsupplygrowthinMainlandChina(2025-2035)

Million

20

15

10

China11

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Whensharpeningthefocusandlookingatthemarketfromacity-levelper-spective,onecanseethatMainlandChi-na’sfirst-tiercitieshavebeenthefocusofmuchmar-ket

activityover

thepastyear.

Beijing

MarketOverview:

Throughout2021,theconstructionofanddemandfordatacentres

inBeijingcontinuedtoremainrobust.Additionally,accordingtopoliciesissuedbyBeijing,twofuturedevelopmentscenariosareopenforexistingdatacentresinthecity.Thefirstscenarioisforexistingenergy-inefficientdatacentrestoupgradetomoreenergy-efficientdatacentres,andthesecondscenarioisforenergy-efficientdatacentresthatmeettheenergyusestandardstobegivenahigherlevelofpreferencewhenitcomestodevelopmentandoperation.Atthesametime,datacentreenterprisesthatuseadvanced‘green’energy-savingtechnologiesandproductstocarryoutenergy-savingtechnologicaltransformationcannowapplyforfinancialsubsidies.

EcosystemDevelopment:

/InApril2021,theBeijinggovernmentreleasedthe“Beijing

DataCentreCoordinatedDevelopmentImplementationPlan.”From2021to2023,Beijingwillrestructurethedatacentremarketbyclosingdownoutdateddatacentres,consolidat-inganumberofscattereddatacentres,andrenovatingthosehigh-powerconsumptionandinefficientdatacentres,whilebuildinganumberofnewcomputationaldatacentres,artificialintelligencearithmeticcentresandedgecomputingdatacen-tres.TheBeijinggovernmenthasalsodividedallthedistrictsintospecificdivisionsfordatacentredevelopmentaccordingtotheirneeds.Additionally,theauthoritiesareexploringtheideaofdatacentresbeingconnectedtotheBeijingEnergy-SavingMonitoringServicePlatforminordertostrictlycontrolenergyconsumption.

/InJuly2021,theBeijinggovernmentalsoreleasedthe“Issuance

ofCertainProvisionsonFurtherStrengtheningtheEnergyEffi-ciencyReviewofDataCentreProjects”.Thispolicyaimstofur-therimprovetheurbanenergyefficiencyreviewofdatacentreprojects,regulateandguidedatacentresfromthebeginningtoimproveenergyefficiencyandcarbonefficiency,strengthenwholelife-cycleenergyefficiencymanagement,achievegreendevelopment,andpromotecarbonemissionreductionandcar-bonneutralityinthecity.

/ChinaTelecom’scloudcalculationsystem,calledTianyi3.0,

basedoutofBeijing,cancustomiseintelligentintegratedcom-municationsolutionsfortheglobalbusinessneedsofenterpris-esandinstitutions.Atpresent,thecentrehasattractedmorethantentopcustomersfromdomesticandforeignbusinesssectors,suchasGE,Tencent,Jingdong,Iqiyi,andQihu;andthenumberofcontractedracksaccountsformorethanhalfofthetotalscale.

Beijingandsurroundingarearecentpropertytransactions(2020-2021)

RecentPropertySales:

Table1:

Property

Size(sqm)

SaleDate

SalePrice(RMB)

Buyer

Seller

BeijingNo.15DataCentre

19,000

Sept20202020

3.80Billion

GloalData

Solutions

Limited

CITICFunds

Manage-

ment

Datacentre

portfolio(data

centresin

Beijing,

Shanghai,

Guangzhou,

Foshan,and

telecomdata

centres)

-

Oct2021

1.65Billion

Shenzhen

BaonengChuang-zhanLtd.

Dr.PengGroup

Source:Cushman&WakefieldResearch

MajorConstructionUpdate:

Table2:Beijingmajorconstructionupdate(2021)

Operator

District

Size(sqm)

Stage

BeijingFutureScience

ParkDevelopment

Group

ChangpingDistrict

13,389

Underconstruction

ChinaEverbrightBank

ShijingshanDistrict

100,000

Underconstruction

Source:Cushman&WakefieldResearch

DataCentresinMainlandChina13

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Shanghai

MarketOverview:

Shanghai’sdatacentreshavecontinued

todevelopalongwiththegrowthofthe

digitaleconomy,includingdigitaltechnologyassociatedwiththe5G,artificialintelligence(AI)andcloudcomputingIndustries.ManyInternetenterpriseshavegatheredinShanghai,bringingstrongdemandfordatacentresinthecityastheseenterprisesusuallyhavealargeamountofdatawhichrequiresstorage,exchange,andcomputingrequirements.Moreover,asaninternationalfinancehub,Shanghaiisalsohometomanyheadquartersoffinancialinstitutions.ThedigitaltransformationofthefinancialsectorhasalsopromoteddatacentredevelopmentinShanghai.

Shanghaicontinuestosupportenterpriseswithlong-termdatacentreoperationpracticetobuildandoperatedatacentres.Shanghaiisalsoawareoftheneedforsustainableandenergyefficientdatacentresandhasreleasedpoliciesrelatedtothesizeandenergyconsumptionofdatacentrestoensuredatacentresdevelopina‘green’andenergyefficientway.Alongsidethismovetobemoresustainable,Shanghaihasmadesignificantprogressintheconstructionandoperationofadvancedmicro-modulardatacentres.Micro-modulardatacentres

haveanumberofadvantages,includingenergyuseefficiency.aseachcentrecanbeconfiguredtouseenergyindependently—thusenablingcentremanagementtoeffectcentremaintenanceandmanagecentrepowerusagemoreefficiently.

EcosystemDevelopment:

/ChinaTelecomwillinvestRMB18billiontobuild

Shanghaiintoaworld-leading“5G+OpticalNetwork”doublegigabitdemonstrationcity.In2019,ChinaTelecominstalled10gigabitopticalnetworksintocommercialbuildingsandindustrialparksinthecity.What’smore,MainlandChinaTelecom’s5GnetworknowcoversShanghai’scentralurbanareasandmajortowns.BasedonShanghai’sleading“5G+OpticalNetwork“dualgigabitnetwork,ChinaTelecomwillmakefulluseofnewgenerationtechnologiestohelpmakeShanghaiacentreforindustrialandservicesectorinnovation.

/Shanghaiplanstointroducethe“Shanghai

DataRegulations”toempowerthedigitalisationofthecityandthedigitaleconomydevelopment.Additionally,ShanghaiwillsetupadatatradingcentreinPudongandbuildaninternationaldataportinLingang.

/In2018,Shanghaibegantopromotethe

conceptofenergyefficiencywithregardtodatacentreconstructionandoperation.Undertheplan“newdatacentrePUEislimitedtolessthan1.3.”

/Meanwhile,thecitiesaroundShanghaihave

steppedupdatacentreconstruction,withcitiessuchasKunshan,Wuxi,andNantongnowbecomingimportantcitiesforInternetdatacentre(IDC)developmentaroundShanghai.

RecentPropertySales:

Table3:Shanghaiandsurroundingarearecentpropertytransactions(2020-2021)

Property

Size(sqm)

SaleDate

SalePrice(RMB)

Buyer

Seller

Minghang

DistrictData

Centre

75,000

Apr2021

3.66Billion

CapitaLand

AVICTrustCo.,Ltd

Datacentre

portfolio(data

centresin

Beijing,

Shanghai,

Guangzhou,

Foshan,and

telecomdata

centres)

-

Oct2021

1.65Billion

Shenzhen

BaonengChuang-zhanLtd.

Dr.Peng

Group

Source:CDCC,Cushman&WakefieldResearch

MajorConstructionUpdate:

Table4:Shanghaimajorconstructionupdate(2021)

Operator

District

Size(sqm)

Stage

HuayuEngineering

SongjiangDistrict

35,167

Underconstruction

LongfengShanghaiDataTechnology

PudongNewArea

65,074

Underconstruction

AlibabaCloud

Jinshan

District

162,000

Underconstruction

Note:Basedoncampusarea

Source:CDCC,Cushman&WakefieldResearch

DataCentresinMainlandChina15

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Shenzhen

MarketOverview:

Initiatedbyrobustindustrydevelopment,Shenzhen’sdatacentresectorexpandedearly.NotableoperatorsincludeChinaTelecom,GlobalDataSolutionsandDrPengGroup.ShenzheniscurrentlyanimportantBigDatahubinMainlandChinaandthusanextremelyactivehubfordatacentresthatcollect,process,storeanddistributethistypeofdatawithlowlatency.ThegenerationandutilisationvolumeofBigDataisonlysettoincreaseandassuch,thenumberofdatacentresneededtoservicethisdataissettofurtherexpand.

Atpresent,BigDatatechnologyinMainlandChinaiscontinuallyinnovatingandevolving.AIandstate-of-the-artmachinelearningarethenextsteps.Emergingindustryverticalstousethistechnologyincludeeducation,transportation,E-commerce,theInternet,supplychainandlogistics,agriculture,manufacturing,sports,environmentalmeteorology,andenergy.Companies,suchasHuaweiand

RecentPropertySales:

others,arepersistentlypushingthetechnologicalboundaries.ItisbelievedthatthecontinuousprogressinBigDatatechnologicalinnovationbyhigh-techcompanieswillalsoleadtoaneedformoredatacentrespacenotjustnationally,butinandaroundShenzhenaswell.

Shenzhenisalsoencouragingtherevampingofageddatacentreswith‘green’,efficienttechnology.DatacentreoperatorsinthecityareabletoreceiveenergysupportpackageswhicharedependentonPUElevels.Moreover,keyenergyconsumptiondatacentresarerequiredtobemonitoredattheprovinciallevel.

Finally,givenland-useefficiency,Shenzhenisalsoexploringtheideaofbuildingdatacentresinundergroundspaces.

Table5:Shenzhenandsurroundingarearecentpropertytransactions(2020-2021)

Property

Size(sqm)

SaleDate

SalePrice(RMB)

Buyer

Seller

GDSSZ8DataCentre

2,500

Q12021

90Million

GlobalData

SolutionsLimit-

ed

-

HuizhouTong-

huSmartCity

DataCentre

45,000

Q32020

1.5Billion

AlphaData

CentreFund-

Keppel

Country

Garden

Source:CDCC,Cushman&WakefieldResearch

DataCentresinMainlandChina17

EcosystemDevelopment:

/HuaweiEnterpriseCloudplatformisan

easy-to-use,highlyreliable,andlow-cost

BigDatasolutionforBigDataapplication

scenariossuchasadvertisingmarketing,

E-commerce,andtheInternetofVehicles.

Thenowestablishedplatformalsohelpsuser

enterprisesmeettheirever-increasingdata

storageandanalysisneeds.

/Ping’anTechnology’sBigDatateamis

developingBigDataprojectsandsettingup

BigDataresearchlaboratorieswhichare

lookingintodevelopingadvancedBigData

analysistechnologyandmodellingmethods.

ThecompanyisbuildingShenzhen’sfirst

financialdatacentrethatachievedaPUEof

1.248inresponsetothegovernment’s‘green’

developmentinitiative.

MajorConstructionUpdate:

Table6:Shenzhenmajorconstructionupdate(2021)

Operator

District

Size(sqm)

Stage

Tencent

GuangmingDistrict

29,800

Underconstruction

Ping’anInsurance

FutianDistrict

26,000

Underconstruction

Source:CDCC,Cushman&WakefieldResearch

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Guangzhou

MarketOverview:

ThedatacentresbusinessinGuangzhouhasbeenconstantlyexpandinginrecentyears.TherobustdemandfromtheInternetindustryanddigitalupgradinghasdrivengrowthinthecity.Underthedevelopmentofinformationtechnologyanddigitaltransformation,theretailandE-commerceindustrieshavealsoboosteddemandfordatacentres.

AsoneofthecentralcitiesintheGreaterBayArea,Guangzhouisalsooneofthepreferredchoicesfordatacentrebusinesslocation,withsufficientresourcesandfacilitiesrequiredfortheconstructionofdatacentres.Accordingtothethree-yeardevelopmentplanfornewinfrastructure,Guangzhouiscurrentlyactivelypromotingintensiveconstructionandcarryingouttheupgradingandtransformationofageddatacentres.

Inthefuture,‘green’datacentreswithinnovationcapabilities,aswellassmallandmedium-sizeddatacentreswithlowlatency,highaddedvalue,andanobviousroleintheindustrychain,willreceivemoresupportandattention.

EcosystemDevelopment:

/ChinaTelecomisbuildinga5Gcloud

computingcentreprojectinConghua,

Guangzhou.Asthecoreprojectwithinthe

MingzhuIntelligentIndustrialPark,itisone

ofthefournationaldatacentreswithin

ChinaTelecom’snationalcloudnetwork.Theprojectplanstoprovideultra-lowlatencydatatransmissionandcloudservicesfortheGreaterBayArea.ItwillprovideInternetinfrastructuresupport,suchasdatastorageandtransmissionfortheGuangzhouArtificialIntelligenceandDigitalEconomyExperimentalZone.Theimplementationofautonomousvehicles,telemedicineandothernewbusinessformatsthathavestrictrequirementsontransmissiondelayandspeedwillbeaccelerated.Thedevelopmentofemergingindustries,suchasblockchain,BigDataandAIwillalsobepromoted.

RecentPropertySales:

Table7:Guangzhouandsurroundingarearecentpropertytransactions(2020-2021)

Property

Size(sqm)

SaleDate

SalePrice(RMB)

Buyer

Seller

Rooms101-701,

Block5Blue-

seaIntelligence

Valley

20,595

Jul2021

635.90Million

KeppelDCREIT

Guangdong

BlueseaData

Development

Company

Limited

Datacentre

portfolio(data

centresin

Beijing,

Shanghai,

Guangzhou,

Foshan,and

telecomdata

centres)

-

Oct2021

1.65Billion

Shenzhen

BaonengChuang-zhanLtd.

Dr.Peng

Group

Source:CDCC,Cushman&WakefieldResearch

MajorConstructionUpdate:

Table8:Guangzhoumajorconstructionupdate(2021)

Operator

District

Size(sqm)

Stage

ChinaTelecom

ConghuaDistrict

420,000

Underconstruction

SouthLogistics

ZengchengDistrict

140,000

Underconstruction

Source:CDCC,Cushman&WakefieldResearch

Backtothebroadermarketpicture,MainlandChina'sdatacentreindustry

hascontinuedtoreceivenational,provincial,andcity-levelattention.Influencedbythedualimpactofnewinfrastructuredevelopmentandcarbonneutralitysentiment,anumberofrelevantindustrypolicieshavebeenissuedandoneofthemajorones,the“Three-yearActionPlanforNewDataCentreDevelopment(2021-2023)”anditspotentialimpact,is

consideredinthenextsectionofourreport.

DataCentresinMainlandChina19

20Cushman&WakefieldResearch

1.Whatarethebasic

GovernmentPolic