LS Construction Cost 2013 1stQ

7/27/2019 LS Construction Cost 2013 1stQ

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Hong Kong

First Quarter 2013

QUARTERLY CONSTRUCTION

COST REVIEW


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Langdon & Seahs Reputation

Recognised as one of the worlds

leading multidisciplinary constructionand property consultancies, we focus

on clients needs when investing in

property and construction.


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Contents

1. Running out of sand?

2. Approximate Building Costs in Hong Kong

3. Construction & Installation Price Index - Mainland China

4. Tender Price Index - Hong Kong

5. Materials

6. Labour

7. Gross Value of Construction Work Performed - Hong Kong

8. Approximate Building Costs for Major Cities in Asia

Statistical data are compiled from sources deemed reliable but accuracy is not guaranteed. All rightsreserved. Reproduction of this data, in whole or in part, is permitted providing the source is quoted.


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QUARTERLY CONSTRUCTION COST REVIEWFIRST QUARTER 2013 1

1 Running out of sand?

Sand is currently indispensable in constructionworks. It is not only used in concrete, but it

is also the main component in mortar which

we use for plastering and nishing. For sand

to be usable, it must be clean and free from

corrosive minerals. Because of this, dredged

river sand has traditionally been the main

supply source. However, recent reports by

Mainland media on ready-mixed concrete

factories in Shenzhen using marine sand in

lieu of river sand for production suggeststhat our insatiable appetite for new buildings

is gradually exhausting this natural resource.

The use of (untreated) marine sand in

concrete raises the chlorine content leading

to corrosion of the embedded reinforcement

bars and weakening of the whole structure.

Such news brings back unpleasant memories

of the salt-water buildings that were built

in Hong Kong in the 1960s when contractors

added sea water to supplement fresh water

in mixing concrete. The corrosion in those

buildings became so severe that most of them

had to be demolished in the 1980s.

Guangdong Province has always been the

main source of river sand for Hong Kong. But

now that shortages are impacting their own

construction industry, what does this mean

for Hong Kong?

Sufcient and stable, for now .....

Almost all river sand used in Hong Kong is

imported from the Mainland and this is not the rst

time that Hong Kong has had to face shortages

in supply. In 2006, the Ministry of Commerce

and the General Administration of Customs in

the Mainland jointly announced an export ban

on river sand. The ban was eventually lifted in

early 2007 when the Mainland and Hong Kong

Trade Co-operation Mechanism on Natural Sandwas signed. This was under the framework of

the Mainland and Hong Kong Closer Economic

Partnership Arrangement (CEPA).

This Mechanism has meant that the overall supply

since resumption has been sufcient and stable.

In June 2012, the Mechanism was updated and

further strengthened to ensure the supply of river

sand for Hong Kong's major construction projects.

But for how long .....

Supplies of river sand on the Mainland have

been shrinking each year due to accelerated

extraction to meet growing development demand.

Many local governments have imposed annual

quotas on river sand mining and many have had

to adjust such quotas downwards every year.

It is estimated that the total licensed volume of

river sand extraction can satisfy only half of thedemand of these regions themselves.

Guangdong Province, which used to have rich

sand reserves, is facing an even more difcult

situation. In 2012, the provinces strong economic

growth drove the annual demand for sand to an

estimated 100 million tonnes whilst licensed

mining volume could deliver only 14 million

tonnes.

Although Hong Kong needs only about 1.5 million

tonnes a year, it would be hard to ensure that

adequate supply can be maintained under such

circumstances. Even if supply can be maintained,

the cost of sand will be inated due to market

demand.

Why can't we use marine sand?

The use of marine sand in concrete mixes is in

fact permitted in the Mainland, provided that the


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sand is washed and its chloride content reduced

to 0.06% or below, as per National Standard GB/T

14684-2011. Ready mixed concrete production

facilities in Guangdong can handle both river

and marine sands and Government Authorities

there do carry out regular inspections on sand

quality. The problem seems to lie in the fact that

so far there are no standards or Government

approved processes for desalination. Relying on

the inspection of sand samples as the only and

nal check point can be risky as there is always a

possibility that the samples are not representative

enough. Whether Hong Kong should consider

adopting marine sand as a substitute for river

sand, and how to exercise quality control on the

desalination process itself, should be a topic for

consideration.

Substitute to river sand

The industry in Hong Kong is fully aware of the

potential threat and has been progressively

shifting to substitutes as far as practicable.

Concrete production plants have been gradually

replacing river sand with crushed rock nes (CRF)

for years, without causing signicant variance in

prices. In 2012, the amount of river sand that

concrete plants consumed was markedly reduced

by 62%, bringing the overall consumption down

by 24%, comparing with that in 2008.

Consumption of Imported Natural Sand of Hong Kong

(Source: Civil Engineering and Development Department)

However, adopting crushed rock nes in mortar

mixes has not been practical, mainly due to its lower

cohesiveness and workability. As a result, mortar

mixes are still highly dependent on river sand.

Research has been conducted on manufactured

sand (i.e. factory-produced rock nes where

the shape of the nes can be rounded) as an

alternative for use in mortar. As certain properties

of manufactured sand, like grain texture and

water absorption rate, are not very similar to that

of river sand, its performance in cohesiveness

and workability in preliminary practical tests are

still not yet satisfactory. Although total substitution

of river sand by manufactured sand in mortar

applications is unlikely at this moment, there

are some situations, such as for oor screeds

or paving where cohesiveness is not so critical,

where it is being used. Results so far are

promising with further research in this eld.

Any options?

The cost of sand is insignicant when considered

as a proportion of overall construction works,

accounting for only HK$150 million out of the

HK$160 billion gross construction output in

2012 in Hong Kong. However, sand shortages

will directly affect many major work trades, like

concreting, bricklaying and plastering, making

them inoperable. Apart from using natural cousins

like crushed rock nes and manufactured sand,other forms of substitution, using alternative

technologies, have been researched.

One such option has been the adoption of

proprietary tile adhesive systems in lieu of

cement sand mortar. These systems are usually

pre-mixed and ready for mixing with water and

then laying. They may contain sand in the pre-mix

but the separate purchase of sand is eliminated.

For normal applications, it adds HK$30~50/m2 tothe unit costs of nishes, but the range of choices

is broader.


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Other alternative materials under study include the

use of furnace bottom ash (FBA) generated from

the burning of coal for electricity and waste glass

as substitutes. Although FBA is a good substitute,

much of the available capacity has already been

taken up in the manufacture of cement and has a

market of its own. It is therefore not an economically

viable substitute.

Another possible substitute is waste glass. HongKong produces about 120,000 tonnes of waste

glass every year. A small proportion of this total

has been successfully used in the production

of precast paving blocks. Further support by

Government in promoting recycling technology

would likely increase its application and help to

ease the river sand shortage problem.

Possible Substitute for River Sand

Marine Sand Natural deposit at seabed Chloride content (after washed):


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2 Approximate Building Costs in Hong Kong

Building Type HK$/m2 CFA Outline Specication

DOMESTIC 1. Public rental housing based on Hong KongHousing Authority Non-standard CruciformBlock design

2. Private housing estates with 2 or moretowers, 30-50 storeys high, with averageunit size not greater than 100m2. Singleglazed windows. Tiled or plastered nishes- in general. Average quality built-infurniture and ttings.

3. Private luxury apartments with unit averagesize greater than 100m2. Provisionsgenerally of high quality. Premium gradestone nishes/ttings.

4. Private housing, apartments and housesequipped with air-conditioning, kitchencabinets and home appliances, butexcluding decorations and loose furniture.

Public rental housing estates, high rise 9,300 - 11,050

Private housing estates, high rise 20,750 - 24,000

Private luxury apartments, high rise 27,500 up

Terraced houses 26,300 - 31,500

Detached houses 36,700 up

OFFICE / SHOPPING CENTRE 1. Ofces based on buildings 20 - 30 storeyshigh with oor plans minimum 1,000m2 perlevel.

2. Shopping centres and average standardofces exclude nishes, A/C ducting & lightttings to tenant areas.

3. Prestige ofces are tted with raised oor,suspended ceiling, A/C ducting and lightttings to tenant areas.

Average standard ofces, high rise 19,600 23,300

Prestige ofces, high rise 26,200 up

Average standard shopping centres 19,600 - 23,300

Prestige shopping centres 26,800 up

INDUSTRIAL 1. Flatted factories and industrial-ofcebuildings exclude manufacturingequipment, special services provisions,air-conditioning and electrical distributionsystem to tenant areas.

Light duty atted factories, high rise, 7.5kpa(150 lb.) loading

11,500 - 13,700

Heavy duty atted factories & warehouses,high rise, 15kpa (300lb.) loading

12,600 - 15,300

Industrial - Ofce buildings 15,500 - 19,100

HOTEL 1. F.F.&E. includes interior decoration andloose furniture etc. but excludes pre-opening expenses and hotel operationsystem & equipment costs (e.g. cutlery,crockery, linen, uniform, etc.).

2. Buildings include 1 level of basement.

3-Star hotels, inclusive of F.F.&E 25,400 - 28,100

5-Star hotels, inclusive of F.F.&E 31,700 up

OTHERS 1. Carparks to be multi-storey, open sided.

2. Primary and secondary schools are allowedwith standard government provisions.

3. Schools include external works but excludeF.F.&E.

Carparks, above ground 8,400 - 9,700

Primary and secondary schools 17,500 - 18,500

International schools 19,200 - 20,900

1. The costs for the respective categories given above are averages based on xed price competitive tenders. It must be understoodthat the actual cost of a building will depend upon the design and many other factors and may vary from the gures shown.

2. The costs per square metre are based on Construction FloorAreas (CFA) measured to the outside face of the external walls /

external perimeter including lift shafts, stairwells, balconies, plant rooms, water tanks and the like.

3. All buildings are assumed to have no basements (except otherwise stated) and are built on at ground, with normal soil and sitecondition. The cost excludes site formation works, external works, land cost, professional fees, nance and legal expenses.

Notes:


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3 Construction & Installation Price Index- Mainland China

Construction & Installation Price Index

IndexPublished (by NBS of China)

(Base : Corresponding Quarter inPreceding Year = 100)

Projected (by Langdon & Seah)(Base : Q4/2002 = 100)

(see explanatory notes below)

Quarter / Year 2010 2011 2012 2013 2010 2011 2012 2013

1st Quarter 102.5 109.1 103.2 99.8 133.1 145.2 149.8 150.1

2nd Quarter 104.8 109.4 102.4 138.7 151.7 155.4

3rd Quarter 104.7 110.2 100.4 144.4 159.1 159.8

4th Quarter 107.8 107.9 100.5 149.4 161.2 162.0

Source : National Bureau of Statistics (NBS) of China

Explanatory Notes:

Data are published on a quarterly basis, measuring the year-on-year change in price level of each quarter, but the quarter-on-quarter change is notpublished, ie. the changes between consecutive quarters are not given.

To give an illustration of the price trend over time, Langdon & Seah (L&S) applies a hypothetical calculation to derive the data table and chart asabove, basing on the following understanding and assumptions:

1. Only indices from 1st Quarter 2003 and onwards are published.

2. For 2002 and before, indices were only published annually. This annual index indicates that the average uctuation of 2002 was moderate.Observation of our ofce further substantiates that the construction costs in 2002 were rather stable throughout quarters of the year.

3. On the basis of above, changes among quarters in 2002 are assumed to be evenly distributied throughout the year. This establishes a notionalrelationship among the 4 quarters in 2002 and allows the published data for 2003 to compare with to nd their notional quarter-on-quarterchanges.

4. For comparison purpose, 4th Quarter 2002 is referred as base and the base index as 100.


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4 Tender Price Index - Hong Kong

Source: Competitive tenders received by Langdon & Seah Hong Kong, Building Works Tender Price Index (BWTPI) and Building ServicesTender Price Index (BSTPI) of Architectural Services Department (ArchSD) of HKSAR.

Notes:

Quarter / Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

ASD BW TPI (Base = 100, at Year 1970)

Q1 685 711 714 821 1,118 1,074 1,134 1,273 1,414

Q2 712 716 730 859 1,305 983 1,161 1,320 1,438

Q3 704 718 751 906 1,401 1,111 1,249 1,369 1,467

Q4 701 697 789 998 1,262 1,107 1,266 1,408 1,496

ASD BS TPI (Base = 100, at Year 1989)

Q1 109 112 116 124 148 128 130 149 149

Q2 113 110 119 120 163 134 135 162 200

Q3 113 114 124 127 170 129 143 187 281

Q4 112 113 122 147 145 133 148 175 203

L&S TPI (Base = 100, at Year 1970)

Q1 940 945 970 1,020 1,239 1,245 1,297 1,385 1,511 1,688

Q2 952 955 980 1,074 1,360 1,242 1,315 1,425 1,552 1,718*

Q3 933 963 985 1,175 1,355 1,253 1,342 1,452 1,595 1,754*

Q4 930 970 990 1,150 1,281 1,273 1,367 1,491 1,632

1. [*] denotes forecast gures.

2. Both BWTPI (ArchSD) and L&S TPI measure the trend of general builders works only. Special works and Mechanical and ElectricalServices would have to be considered separately.

3. All indices were published quarterly. For reference purpose, only indices from 1st quarter of 1998 and onwards are given in details,whereas indices of the Year 1970 - 1997 are shown with their 4th Quarter gures.


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5 Materials

Construction Material Prices

Year-on-Year Change

Quarter / Year 2011 2012 2013

1st Quarter (+)9.3% (+)1.0% (-)3.1%

2nd Quarter (+)9.0% (-)1.2%

3rd Quarter (+)9.7% (-)3.9%

4th Quarter (+)6.7% (-)3.9%

Source : National Bureau of Statistics of China

Basic Construction Materials

Mainland China


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6 Labour

Source : National Bureau of Statistics of China

Source : Census & Statistics Department, HKSAR, ChinaAge Distribution of Workers

Construction Labour Prices

Year-on-Year Change

Quarter / Year 2011 2012 2013

1st Quarter (+)11.6% (+)10.4% (+)9.4%

2nd Quarter (+)13.5% (+)9.9%

3rd Quarter (+)14.8% (+)9.1%

4th Quarter (+)14.2% (+)9.4%

Mainland China

Hong Kong SAR

Age Group

No. of Workers Employedby Construction Industry

Age 15 - 24 16,200 5.4%

Age 25 - 39 88,800 29.5%

Age 40 196,100 65.1%

Total (as at Dec 2012) : 301,100 100.0%


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7Gross Value of Construction Work Performed- Hong Kong

* Provisional

Source : Census and Statistics Department, HKSAR, China

QuarterValue Performed (HK$ Million)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

A. Private sector sites

1st Quarter 9,259 6,892 6,725 6,051 6,959 8,382 8,600 6,349 7,529 11,209

2nd Quarter 9,065 6,911 6,421 6,161 7,429 8,122 9,055 9,276 8,458 12,260

3rd Quarter 8,766 6,840 6,524 6,016 6,582 7,688 8,408 7,360 9,192 12,481

4th Quarter 8,097 7,377 6,685 6,627 8,004 9,303 7,543 7,322 10,102 12,564*

Year Total : 35,187 28,020 26,355 24,855 28,974 33,495 33,606 30,307 35,281 48,514*

B. Public sector sites

1st Quarter 7,662 7,569 6,924 4,693 4,293 3,819 3,967 6,511 9,880 13,168

2nd Quarter 9,061 7,256 5,895 3,998 3,575 3,762 4,652 6,937 9,263 12,023

3rd Quarter 8,090 6,890 4,951 3,918 3,105 3,653 4,428 8,651 10,814 12,137

4th Quarter 7,564 6,818 4,565 4,526 3,530 4,105 5,605 9,117 12,113 16,047*

Year Total : 32,377 28,533 22,335 17,135 14,503 15,339 18,652 31,216 42,070 53,375*

C. Locations other than sites

1st Quarter 7,854 8,607 9,579 11,229 10,995 11,883 11,750 11,926 12,172 13,347

2nd Quarter 7,555 8,744 10,027 12,305 11,979 13,213 12,415 12,109 11,620 13,245

3rd Quarter 7,970 9,432 11,137 12,368 13,057 12,818 11,969 12,620 12,953 14,358

4th Quarter 8,088 9,835 11,417 12,338 13,358 12,851 12,552 13,097 14,439 16,796*

Year Total : 31,467 36,618 42,160 48,240 49,389 50,765 48,686 49,752 51,184 57,745*

Annual gross value performed (A + B + C)

Total : 99,031 93,171 90,850 90,230 92,866 99,599 100,944 111,275 128,535 159,634


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8 Approximate Building Costs for Major Cities in Asia

Shanghai BeijingGuangzhou/Shenzhen

Chongqing/Chengdu

Dalian Shenyang

RMB / m2 CFA

DOMESTIC

Average standard apartments, high rise

- Shell and core

- Full t

2,6504,650

2,6004,200

2,4003,600

2,5003,700

2,6004,100

2,5003,700

Luxury apartments, high rise- Shell and core

- Full t

3,200

11,200

3,100

10,100

3,000

6,000

3,100

6,100

3,100

7,500

3,000

6,000

Average standard terraced houses

- Shell and core

- Full t

3,000N/A

3,000N/A

2,700N/A

2,800N/A

3,000N/A

2,800N/A

Luxury houses- Shell and core

- Full t

4,500

N/A

4,800

N/A

3,700

N/A

3,800

N/A

4,000

N/A

3,700

N/A

OFFICE / SHOPPING CENTRE

Average standard ofces, high rise 6,400 6,000 5,250 5,800 5,900 5,800

Prestige ofces, high rise 8,500 8,100 7,230 7,800 7,900 7,500

Average standard shopping centres 6,800 6,700 5,000 5,100 5,300 5,000

Prestige shopping centres 8,800 9,000 7,400 8,500 8,000 7,700

INDUSTRIAL Light duty atted factories, 7.5kpa (150lb.)

loadingN/A N/A N/A N/A N/A N/A

Heavy duty atted factories & warehouses,15kpa (300lb.) loading

N/A N/A N/A N/A N/A N/A

Single storey conventional factory withstructural steel roof

3,500 3,400 3,400 3,400 N/A N/A

HOTEL

Resort hotels, inclusive of F.F.&E. N/A N/A N/A N/A N/A N/A

3-Star budget hotels, inclusive of F.F.&E. 7,200 7,100 6,800 7,000 7,000 6,800

5-Star luxury hotels, inclusive of F.F.&E. 14,100 12,500 11,000 13,000 12,000 11,000

OTHERS

Carparks, above ground 2,550 2,450 2,450 2,450 2,450 2,450


2. The costs per square metre are based on Construction FloorAreas (CFA) measured to the outside face of the external walls /external perimeter including lift shafts, stairwells, balconies, plant rooms, water tanks and the like.


4. The standard for each category of building varies from city to city and do not necessarily follow that of each other.

5. Shell and core: generally covers ONLY base building elements. Shell refers to overall structure and foundations, exterior walls,oors and roof, completing with common areas, staircases, lift shafts, service ducts and re services systems to local statutoryrequirements. Core refers to fully-tted public areas (like lobbies, corridors and lavatories) and M&E main plant and upfeed, withtenant or occupant areas unfurnished.

6. Full t buildings should complete with all elements that allow the buildings to be ready for operation, including public and tenants(or occupants) areas (i.e. with ALL nishes, ttings and M&E distributions).

7. Fluctuation in exchange rates may lead to changes in construction costs expressed in U.S. dollars.

Notes:

Building Type


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8 Approximate Building Costs for Major Cities in Asia

Hong

KongMacau

Singa-pore

KualaLumpur

Bangkok Jakarta Brunei Manila Seoul

USD / m2 CFA (See also exchange rates per U.S. dollar below)

HK$ 7.80 MOP 7.99 S$ 1.24 RM 3.08 BAHT 29.07 IDR 9,650 B$ 1.23 PHP 40.7 KRW 1,086

DOMESTIC

Average standard apartments, high rise

- Shell and core

- Full t

N/A2,870

N/A1,530 - 1,750

N/A1,695

431574

654860

N/A651

8771,044

650920

1,0041,386

Luxury apartments, high rise- Shell and core

- Full t

N/A

3,525

N/A

2,350 up

N/A

2,785

792

1,131

843

1,204

N/A

885

1,240

1,420

820

1,250

1,056

1,723

Average standard terraced houses

- Shell and core

- Full t

N/A3,705

N/A3,050 - 3,320

N/A2,060

301391

413619

N/AN/A

528603

485680

N/AN/A

Luxury houses- Shell and core

- Full t

N/A

4,705

N/A

3,650 up

N/A

2,420

732

1,017

757

1,032

N/A

550

756

864

980

1,360

1,184

2,121

OFFICE / SHOPPING CENTRE

Average standard ofces, high rise 2,750 2,100 - 2,540 2,100 795 808 636 877 890 1,251

Prestige ofces, high rise 3,360 2,540 - 2,780 3,340 1,168 1,101 946 1,200 1,390 1,419

Average standard shopping centres 2,750 1,860 - 2,780 2,260 795 832 549 854 820 1,718

Prestige shopping centres 3,440 3,050 - 3,740 2,500 969 980 606 1,095 1,140 2,059

INDUSTRIAL Light duty atted factories, 7.5kpa

(150lb.) loading1,615 1,250 - 1,380 1,130 463 626 N/A 486 455 N/A

Heavy duty atted factories &warehouses, 15kpa (300lb.) loading

1,790 N/A 1,375 551 N/A N/A N/A 510 N/A

Single storey conventional factory withstructural steel roof

N/A N/A 970 460 626 295 457 435 752

HOTEL

Resort hotels, inclusive of F.F.&E. N/A N/A 2,500 1,409 2,339 1,322 1,447 1,425 1,640

3-Star budget hotels, inclusive of F.F.&E. 3,430 2,630 - 3,000 2,585 1,275 1,376 1,079 1,570 1,340 1,861

5-Star luxury hotels, inclusive of F.F.&E. 4,070 3,500 - 5,630 3,470 2,369 1,995 1,536 2,177 1,670 2,487

OTHERS

Carparks, above ground 1,160 960 770 302 378 295 497 520 617


2. The costs per square metre are based on Construction FloorAreas (CFA) measured to the outside face of the external walls /external perimeter including lift shafts, stairwells, balconies, plant rooms, water tanks and the like.


4. The standard for each category of building varies from city to city and do not necessarily follow that of each other.

5. Shell and core: generally covers ONLY base building elements. Shell refers to overall structure and foundations, exterior walls,oors and roof, completing with common areas, staircases, lift shafts, service ducts and re services systems to local statutoryrequirements. Core refers to fully-tted public areas (like lobbies, corridors and lavatories) and M&E main plant and upfeed, withtenant or occupant areas unfurnished.

6. Full t buildings should complete with all elements that allow the buildings to be ready for operation, including public and tenants(or occupants) areas (i.e. with ALL nishes, ttings and M&E distributions).

7. Fluctuation in exchange rates may lead to changes in construction costs expressed in U.S. dollars.

Notes:

Building Type


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Langdon & SeahOfces in China

HONG KONG38/F, AIA Kowloon TowerLandmark East100 How Ming StreetKwun Tong, Kowloon

Hong KongT: (852) 2830 3500F: (852) 2576 0416E: [email protected]

BEIJINGSuite 1225 - 1242, South WingCentral Tower, Juneeld Plaza10 Xuan Wu Men Wai StreetBeijing 100052, ChinaT: (86 10) 6310 1136F: (86 10) 6310 1143E: [email protected]

CHENGDURoom 807Block A Times Plaza2 Zong Fu RoadChengdu, Sichuan Province 610016ChinaT: (86 28) 8671 8373F: (86 28) 8671 8535E: [email protected]

CHONGQINGRoom 3409 - 3410International Trade Centre38 Qing Nian RoadCentral DistrictChongqing 400010ChinaT: (86 23) 8655 1333F: (86 23) 8655 1616E: [email protected]

DALIANUnit 07, 32F, Xiwang Tower136 Zhongshan RoadZhongshan DistrictDalian, Liaoning Province 116001ChinaT: (86 411) 8800 8018F: (86 411) 8800 8823E: [email protected]

FOSHAN3/F, Foshan Ling Nan Tian Di

Zu Miao Road Shop Nos. Z01-Z11Zu Miao Road, FoshanGuangdong Province 528000ChinaT: (86 757) 8203 0028F: (86 757) 8203 0029E: [email protected]

GUANGZHOUUnit 2711 - 2713Bank of America Plaza555 Ren Min Zhong RoadGuangzhou

Guangdong Province 510145ChinaT: (86 20) 8130 3813F: (86 20) 8130 3812E: [email protected]

HANGZHOURoom 2305, WinNing International100 Min Xin RoadHangzhouZhejiang Province 310016ChinaT: (86 571) 2829 7766F: (86 571) 2829 7622E: [email protected]

MACAU14 Andar BEdifacio Comercial Rodrigues599 Avenida da Praia GrandeMacauT: (853) 2833 1710 / 2833 1705F: (853) 2833 1532E: [email protected]

SANYA1206 Skyline Tower119 Yingbin RoadSanya, Hainan Province 572000ChinaT: (86 898) 3828 0878F: (86 898) 3828 0678E: [email protected]

SHANGHAI6F, City PointNo. 666 Huaihai Road WestShanghai 200052ChinaT: (86 21) 6091 2800F: (86 21) 6091 2999E: [email protected]

SHENYANGRoom 1801, 1806 - 1809E Tower of Fortune Plaza59 Beizhan Road, Shenhe District

ShenyangLiaoning Province 110013ChinaT: (86 24) 3195 8880F: (86 24) 3128 6983E: [email protected]

SHENZHENRoom E & F, 42/FWorld Finance Centre, Block A4003 East Shen Nan RoadShenzhen

Guangdong Province 518001ChinaT: (86 755) 2598 1841F: (86 755) 2598 1854E: [email protected]

SUZHOURoom 906, Century Financial Tower1 Suhua Road, Industrial ParkSuzhouJiangsu Province 215021ChinaT: (86 512) 8777 5599F: (86 512) 8777 5600E: [email protected]

TIANJIN4002, 40F, Tianjin World FinancialCentre Ofce Tower2 Dagubei RoadHeping DistrictTianjin 300020ChinaT: (86 22) 2329 8611F: (86 22) 2319 3186E: [email protected]

WUHANRoom 1008, 10/FCorporate Centre 5Wuhan Tiandi1628 Zhongshan RoadWuhanHubei Province 430010ChinaT: (86 27) 5920 9299F: (86 27) 5920 9298E: [email protected]


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