万科—多业态项目测算模型正式版.xlsx

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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.数数据据汇汇总总表表回回报报信信息息商商业业回回报报项项目目整整体体回回报报Investor infor

2、mation:Unlevered IRR:19.58%Unlevered IRR:11.62%Unlevered MOC:2.74 xUnlevered MOC:1.53 xUnlevered Y3 NPR(商业):13.75%Levered IRR14.43%Levered MOC:1.31 x项项目目信信息息一一般般信信息息面面积积规规划划- -整整体体 (sqm)(sqm)开业日(商业）2022/12/31NLA:209,65296%NLA/GRA退出日（商业）2025/3/31GRA:218,38068%NLA/GFA用地面积 (sqm):31,50047.25亩GFA:310,500

3、项目全部退出日2025/12/31项项目目造造价价 (RMB(RMB mm)mm)商商业业退退出出 (RMB(RMB mm)mm)土地/并购成本-1,261退出方式境外股权建设及改造成本-1,376退出资本化率5.00%总成本-2,636退出价格815.44单位成本 (RMB/sqm):-8,491on GFA退出单价 (RMB/sqm):37,371on GFANPRNPR测测算算（依依运运营营年年测测算算）季度Q 20Q 24Q 28Q 32Q 36Q 40Q 44Q 48Q 52Q 56Q 60运运营营年年Year 1Year 2Year 3Year 4Year 5Year 6Year

4、7Year 8Year 9Year 10Year 11租租金金水水平平(含含税税) (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%经营收入（含税）43,743,05649,802,33254,820,50159,151,45162,840,88866,513,092-销项税额-3,803,844-4,356,859-4,813,300-5,204,022-5,533,297

5、-5,859,998- 经营费用(含税）-11,954,875-12,929,578-13,819,973-14,373,861-15,069,413-15,877,999-+进项税额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!总投资(不含税）-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非自然年开业年Year 0Year 0Year 0Year 0Year 0Year 0Year 1Year 2Year 3Year 4Year 5投资季度Q 0Q 4Q

7、8Q 12Q 16Q 20Q 24Q 28Q 32Q 36Q 40投资年Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Year 11租租金金水水平平(含含税税) (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%经营收入-43,743,05649,802,33254,820,50159,151,4

8、5162,840,88866,513,092- 经营税费-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-增值税销项-3,803,844-4,356,859-4,813,300-5,204,022-5,533,297-5,859,998+增值税进项-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%经经营营现现金金流流（商商业业）-378,000.0-378,000.0-378,000.0-378,000.0-378,000.0-7,770,74732,296,956.135,926,314.1-退退出出现现金金流流（商商业业）-754,300,405.6-其其他他

10、业业态态现现金金流流-2,685,298,733.6419,832,414.313,082,346.516,537,566.2285,047,324.3-无无杠杠杆杆现现金金流流-728,178,000-533,178,000-423,696,639-423,696,6391,848,122,214267,885,89245,955,31537,270,3301,036,650,860-杠杠杆杆现现金金流流-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-累计无杠杆现金流-728,178,000-1,261,356,000-1,685,052,639-2,108,749,278-260,627,0637,258,82953,214,14390,484,473累计杠杆现金流-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 无杠杆现金流杠杆现金流项项目目详详情情项目并购/投入日期2017/12/30开业日期2022/12/31退出日期2025/12/31土地面积 (sqm)31,500容积率7.00GFA (sqm)220,500NLA (sqm)209,652停车位(个)223项项目目面面积积规规划划(详情参看附表：面积表） GFA (sqm)业业态态类类型型地地下下地地上上小小计计商业主力店-次主力店-非主力店-21,82021,820公共区

13、域-设备房-停车场8,9068,906商商业业小小计计8,90621,82030,726酒酒店店3,5108,60012,110写写字字楼楼54,980134,700189,680商商业业街街3,3398,18011,519公公寓寓2,9397,20010,139住住宅宅16,32740,00056,327合合计计90,000220,500310,500项项目目时时间间规规划划商商业业-住住宅宅开开始始持持续续时时间间结结束束开开始始项目并购/土地2017/12/300 months2017/12/31 2017/12/30(quarter)Q 0Q 0Q 0规划设计2017/12/3124

14、months2019/12/31 2017/12/31(quarter)Q 0Q 8Q 0建设/改造2019/12/3136 months2022/12/31 2019/12/31(quarter)Q 8Q 20Q 8销售2017/12/300 months2017/12/31 2021/12/31(quarter)Q 0Q 0Q 16经营2022/12/3136 months2025/12/31 2022/12/31(quarter)Q 20Q 32Q 20退出2025/12/310 months2025/12/31 2022/12/31(quarter)Q 32Q 32Q 20经经营营费费

15、用用综综合合进进项项税税率率计计算算比比例例( (含含税税）进进项项税税率率得得票票率率公用事业费-水、煤气等3.00%11%100%0.30%公用事业费-电10.00%17%100%1.45%维护/维保25.00%6%80%1.13%市场推广费用23.00%6%50%0.65%营运费用1.00%6%50%0.03%行政管理费6.00%6%50%0.17%人力薪酬费用29.00%0.00%IT维护费用2.00%6%80%0.09%专业中介费用1.00%6%100%0.06%3.88%综合进项税率4.04%后后续续建建设设和和改改造造支支出出（含含税税）项项目目金金额额（含含税税）进进项项税税率

16、率税金主体建筑安装：非甲方供货1,198,091,15811%118,729,754主体建筑安装：甲方供货40,385,09517%5,867,920室外绿化工程13,461,69811%1,334,042其他工程费用53,846,79411%5,336,169相关规费40,385,0956%2,285,949小计1,346,169,840合计1,346,169,840133,553,834单价 (GFA)4,335综合税率11%分分业业态态单单方方造造价价(GFA)(GFA)元/平商业4,97810%酒店4,7354%写字楼4,05961%商业街4,9784%公寓4,1313%住宅4,735

17、18%4,335万科给出总价GFA单价计容单价0.80152,966,9284,9787,010.40商业57,337,9204,7356,667.20酒店769,945,2004,0595,716.00写字楼57,345,0724,9787,010.40商业街41,886,7204,1315,817.60公寓266,688,0004,7356,667.20住宅1,346,169,840NLAGRA计计容容面面积积停停车车位位(sqm)(sqm)(sqm)比比例例(unit)-0%-0%13,09221,82021,82010%-0%-0%0%22313,09221,82021,82010%2

18、238,6008,6008,6004%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-商商业业街街持持续续时时间间结结束束开开始始持持续续时时间间结结束束开开始始0 months2017/12/312017/12/300 months2017/12/312017/12/30Q 0Q 0Q 0Q 024 months2019/12/312017/12/3124 months2019/12/

19、312017/12/31Q 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 20

20、Q 20Q 20Q 20-写写字字楼楼-酒酒店店-持持续续时时间间结结束束开开始始持持续续时时间间结结束束开开始始持持续续时时间间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

21、80 months2021/12/312021/12/3124 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结结束束2017/12/31Q 02019/12/31Q 82022/12/31Q 202021/12/31Q 1

22、62025/12/31Q 322025/12/31Q 32假假设设并并购购/ /土土地地假假设设是否并购N楼面价收购/土地价格（含税）1,200,000,000配套费-收购费用（%）1%购买时间2017/12/30购买方式资产建设/改造费用 (GFA单价）4,335开业前费用30,000,000项目当地费用2.20%不可预见费0%开发管理费0%物业折旧年限（年）30土地单价5,442商业土地单价5,442其余业态土地单价5,442并并购购特特殊殊事事项项对方成本价（股权收购时计算进项税）-其中：土地成本（不含拆迁）-建安成本-并购项目现有融资比例0%并购项目现有融资-并购项目现有融资利率6%并

23、购项目现有融资到期日2019/7/31并购项目现有融资到期季度Q 6并购项目现有融资实际还款季度Q 10税税务务假假设设契税4%土地使用税（元/平/年）12.00增值税附加12%房产税12%增值税进项税（资产并购）11%增值税进项税（建设/改造）11%增值税进项税（经营）4%增值税进项税（销售费用）4%增值税销项税（管理费）6%增值税销项税（租金/销售）11%增值税销项税（酒店）6%计税毛利率(销售):15%企业所得税25%土增税预缴2%印花税（租赁）0.1%印花税（财产）0.05%预提所得税（境外）10%商商业业经经营营假假设设（含含税税）Periods11 year TotalYear 1

24、Quarter:Q 02Timeline:2017/12/3034土地/并购款支付进度100%10%567租租赁赁假假设设8主力店租金 (RMB/sqm/month):40-9租金年增长 (%):5%0%10次主力店租金 (RMB/sqm/month):-11租金年增长 (%):-12非主力店租金 (RMB/sqm/month):200-13租金年增长 (%):(本行需要手动更新）14空置率:(本行需要手动更新）15租约到期比例(%):8%0%16续租比例(%):80%0%17免租期1.0 months0.000 months18扣点租金1920其其他他: :21物业管理费 (RMB/sqm/

25、month):22主力店物管费1-23次主力店物管费-24非主力店物管费50-25物管费年增长 (%):5%0%26平平均均租租金金+ +管管理理费费 (RMB/sqm/m):(RMB/sqm/m):-27其其他他收收入入(of(of RentalRental +PM)+PM)5%0%28费费用用假假设设 (RMB/sqm/month):(RMB/sqm/month):29主力店费用1-30次主力店费用-31非主力店费用50-32费用年增长率(%):5%0%33SCPG商场管理费(RMB):3.0% on rental income0.0%34SCP资产管理费(%):5.0% on NOI0.

26、0%35招商佣金2.0 month rental income-36资本性支出5.0% on NOI0%3738其其他他业业态态销销售售假假设设Periods11 year TotalYear 1Quarter:Q 02Timeline:2017/12/303默认单价不变，平均进度（可调整）4单价（含税）56酒酒店店持有7单价20,000-8销售进度0%0%9销售费用2%0%10写写字字楼楼销售11单价28,909-12销售进度100%0%13销售费用3%0%14商商业业街街销售15单价-16销售进度0%0%17销售费用3%0%18公公寓寓销售19单价5,818-20销售进度100%0%21销

27、售费用3%0%22住住宅宅销售23单价30,000-24销售进度100%0%25销售费用3%0%其其他他业业态态经经营营假假设设Periods11 year TotalYear 1Quarter:Q 02Timeline:2017/12/303单价（含税）4酒酒店店持有5租金 (RMB/sqm/month):-6租金年增长 (%):0%7费用 (RMB/sqm/month):-8费用年增长(%):0%9写写字字楼楼销售10租金 (RMB/sqm/month):120-11租金年增长 (%):5%0%12物管费(RMB/sqm/month):40-13物管费年增长 (%):5%0%14费用 (R

28、MB/sqm/month):50-15费用年增长(%):2%0%16商商业业街街销售17租金 (RMB/sqm/month):同期商业-18物管费(RMB/sqm/month):同期商业019费用 (RMB/sqm/month):同期商业02021公公寓寓销售22租金 (RMB/sqm/month):130-23租金年增长 (%):5%0%24费用 (RMB/sqm/month):60-25费用年增长(%):2%0%敏敏感感性性分分析析杠杆IRR14.43%Y3 NPR13.75%14.43%/13.75%140非非主主力力租租户户租租金金160（不不含含管管理理费费）180200220240

29、14.43%/13.75%1,400,000,000并并购购价价格格1,450,000,0001,500,000,0001,550,000,0001,600,000,0001,650,000,00014.43%/13.75%125改改造造费费用用单单价价155（GFA)GFA)185215245275无杠杆IRR11.62%Y3 NPR13.75%11.62%/13.75%111非非主主力力租租户户租租金金131（不不含含管管理理费费）15117119121111.62%/13.75%1,400,000,000土土地地/ /并并购购价价格格1,450,000,0001,500,000,0001

30、,550,000,0001,600,000,0001,650,000,00011.62%/13.75%125建建设设/ /改改造造费费用用单单价价155（GFA)GFA)185215245275融融资资假假设设融融资资假假设设土土地地/ /并并购购贷贷款款: :开开发发贷贷款款: :最大杠杆率 (%):50%最大杠杆率 (%):65%最大金额600,000,000最大金额1,713,650,625实际金额600,000,000实际金额1,713,650,625利率 (%):12.00%利率 (%):6.00%期限:3 years期限:5 years贷款费用率 (%):0.5%贷款费用率 (%)

31、:0.5%贷款费用 (RMB):3,000,000贷款费用 (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还本日:2021/6/30还本日:2023/6/30还本季度:Q 14还本季度:Q 22经经营营贷贷假假设设整整体体退退出出假假设设(仅持有业态）最大杠杆率 (%):60%估值资本化率6.00%商商业业最大金额-退出方式境外股权实际金额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贷款费用率 (%):0.5%贷款费用 (RMB):1,500

32、,000退出资本化率5.00%提款日2023/6/30退出价格 (RMB):815,442,902提款季度Q 22退出单价 (RMB/sqm):37,371还款日2025/12/31退出费用率 (%):1%还款季度Q 32退出费用(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 months

33、0.000 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%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%

34、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%-0000000000-0%0%0%0%0%-0%0%0%0%0%退退出出资资本本化化率率 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%

35、/10.98%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%/

36、16.52%退退出出资资本本化化率率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%

37、/11.89%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%退退出出资资本本化化率率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%13.1

38、0%/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%13.73%/13.75%13.40%/13.75%13.10%/13.75%12.82%/13.75%12.55%/13.75%退退出出资资本本化化率率 5.50%5.75%6.00%6.25%6.50%8.69%/7.59%8.56%/7.59%8.43%/7.59

39、%8.32%/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%/1

40、4.52%10.85%/14.52%10.68%/14.52%退退出出资资本本化化率率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

41、%/12.10%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%退退出出资资本本化化率率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

42、%/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%11.16%/13.75%10.96%/13.75%10.77%/13.75%10.60%/13.75%10.43%/13.75%其其他他业业态态处处理理方方式式业业态态处处理理方方式式是是否否测测算算酒店持有Y写字楼销

43、售Y商业街销售Y公寓销售Y住宅销售Y合合作作股股权权比比例例100%酒酒店店写写字字楼楼商商业业街街退出方式境内股权退出方式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退出季度退出资本化率6.00%退出资本化率6.00%退出资本化率退出价格 (RMB):341,097,265退出价格 (RMB):-退出价格 (RMB):退出单价 (RMB/sqm):39,662退出单价 (RMB/sqm):-退出单价 (RMB/sqm):退出费用率 (%):1%退出费用率 (%):1%退出费用

44、率 (%):退出费用(RMB):3,410,973退出费用(RMB):-退出费用(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

45、.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%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

46、/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%-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%/

47、13.75%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%公公寓寓境内股权退出方式NA5.00 year持有期5.00

48、year2022/12/31退出日期2022/12/31Q 20退出季度Q 206.00%退出资本化率6.00%-退出价格 (RMB):-退出单价 (RMB/sqm):-1%退出费用率 (%):1%-退出费用(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

49、%0%0%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/

50、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%-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 16