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China Office Furniture Industry Description:

The recent construction boom in the major cities of China has resulted in a market surplus of prime office space. It is estimated that the new floor space supply of Grade A office buildings in Beijing will be around 1.3 million m² in 2004, about 200,000 m² in Shanghai, and 130,000 m² in Guangzhou. As a result, commercial rental rates continue to drop in general while many Chinese and foreign enterprises are now taking advantage of this by relocating to superior office space. With China’s GDP growth remaining at 9% or above, as well as the inward flow of foreign investment, the market demand for new offices from both Chinese and foreign companies is likely to continue in the coming years. Frequently, companies which take up new office space also upgrade their office furnishings. This phenomenon has created a significant expansion of the middle and upper-end office furniture markets. Related to this trend, most newly constructed prime office space in China now features airy, openconcept plans typical of American office layouts. Although there are many local manufacturers of modular furniture in China, their quality and design features are clearly inferior to imported and foreign joint venturemanufactured products. At present, China has formed a group of well-known office furniture manufacturers, which include Lamex, China Resources Logic, UB, Aurora, Changjiang, Huali, Huaya, Chengfeng, Jianwei, Keyu, Ocean, Braw, Nanyang, Rongfeng, Guojing, Zhongtai and Chunguang. In addition, there is a group of enterprises which produce both office and home furniture, for example, Landbord, Tiantan and Gotop. A number of manufacturing bases for office furniture have also been developed. These include Shunde and Dongguan in Guangdong Province, Hangzhou and Anji in Zhejiang Province, and Shanghai. China’s relatively low labor costs and large consumer market have attracted international furniture companies to transfer their operations to China. In the next three to five years, it is expected that more international furniture players will relocate their production facilities to countries with lower costs of operation. In January 2005, furniture import tariffs in China will fall to zero. Following this, it is expected that more international furniture players will enter the Chinese market. Also, Chinese furniture manufacturers will lose the preferential treatment they were accustomed to prior to China’s WTO membership. A level playing field will thus be created in China’s furniture market.

Contents:

Executive Summary Part One Overview of China’s Furniture Industry Chapter 1 Market Description 1.1 Market Size 1.2 Consumption 1.2.1 Average spending 1.2.2 Rural consumers 1.2.3 Middle class 1.2.4 High income stratum 1.3 Market Players 1.3.1 Wooden furniture 1.3.2 Metal furniture 1.3.3 Other furniture 1.4 Export 1.5 Import 1.6 Distribution Channells 1.7 Regional Development 1.7.1 South China 1.7.2 East China

1.7.3 Northeast China 1.7.4 North China 1.8 Market Outlook 1.8.1 Challenges 1.8.2 Opportunities Chapter 2 Characteristics of the Furniture Industry 2.1 Competitive Edge 2.1.1 Growth in China’s fixed assets investment 2.1.2 Better designed furniture 2.1.3 Regular furniture trade events 2.1.4 China’s WTO membership 2.1.5 Wider range of products 2.1.6 Brand loyalty 2.2 Industry Limitations 2.2.1 Small scale of operations 2.2.2 Poor product quality 2.2.3 Product imitations 2.2.4 Poor management skills 2.2.5 Lack of capital investment 2.2.6 Shortage of professionals 2.2.7 Weak distribution system Part Two Market Demand for Office Furniture Chapter 3 Beijing Office Market 3.1 Business Locations 3.1.1 Beijing East 3.1.2 Beijing Central 3.1.3 Beijing West 3.2 Overview 3.3 Supply 3.4 Demand 3.5 Rental and Price 3.6 Vacancy 3.7 Outlook Chapter 4 Shanghai Office Market 4.1 Business Locations 4.1.1 Hongqiao New Development Zone, Puxi 4.1.2 Jingan district, Puxi 4.1.3 Luwan district, Puxi 4.1.4 Lujiazui Finance and Trade Zone, Pudong 4.2 Overview 4.3 Take-up 4.4 Demand 4.5 Supply 4.6 Vacancy 4.7 Rental and Price 4.8 Outlook Chapter 5 Guangzhou Office Market 5.1 Business locations 5.1.1 Yuexiu and Dongshan districts 5.1.2 Tianhe District 5.2 Overview 5.3 Supply 5.4 Demand 5.5 Vacancy 5.6 Rental and Price 5.7 Outlook Chapter 6 Shenzhen Office Market 6.1 Business Locations

6.1.1 Luohu district 6.1.2 Futian district 6.1.3 Nanshan district 6.2 Supply 6.3 Demand 6.4 Rental and Price 6.5 Outlook PART Three Market Demand For Office Furniture Chapter 7 Major Players in Office Furniture Market 7.1 Dongguan Lamex Furniture Co. Ltd 7.2 China Resources Logic Office Furniture Co. Ltd 7.3 Aurora Corporation 7.4 Shenzhen Changjiang Furniture Co. Ltd 7.5 UB (China) Co. Ltd 7.6 Shenzhen Baoan Huali Furniture Co. Ltd 7.7 Shenzhen Meihuaya Industrial Co. Ltd 7.8 Hong Kong Shingfeng Furniture 7.9 Xiamen Keyu Furniture Co. Ltd 7.10 Shanghai Ocean Brann Furniture Co. Ltd 7.11 JongTay Furniture Manufactory Co. Ltd 7.12 Landbond Furniture Group Co. Ltd 7.13 Wisdom Furniture (Hong Kong) Co. Ltd 7.14 Dongguan Peng-Sheng Office Furniture Co. Ltd 7.15 Shenzhen Heartily Furniture Co. Ltd 7.16 Foshan Richang Furniture Company 7.17 Lipeng Office Furniture 7.18 Beijing Tiantan Co. Ltd 7.19 Kinwai Furniture Decoration Co. Ltd 7.20 Guangdong Gotop Furniture Group Co. Ltd Chapter 8 Distribution 8.1 Traditional Distribution Channels 8.2 New Furniture Distribution Modes 8.3 Advantages of the “Suntend model” 8.3.1 Professional expertise 8.3.2 Clear and consistent company image 8.3.3 Chain of franchised stores 8.3.4 Swift response to consumer demand 8.3.5 Co-operating with well-known furnishing marts 8.4 Ten Distribution Trends in the China Furniture Industry 8.4.1 Lowering of import tariffs 8.4.2 Focus on export 8.4.3 Increased demand in small towns 8.4.4 Fairer competitive environment 8.4.5 Consumer-oriented marketing practices 8.4.6 The “Cultural Factor” 8.4.7 Establishing a marketing network 8.4.8 New approaches in marketing 8.4.9 Marketing alliances 8.4.10 Professional sales personnel Chapter 9 Furniture Imports and Exports 9.1 Furniture Imports 9.2 Furniture Exports 9.3 Market Analysis, by Country/Area 9.4 Market Analysis, by Administrative Region 9.5 Furniture Export Enterprises 9.5.1 Taiwan-funded furniture enterprises 9.5.2 Singapore-funded furniture enterprises 9.5.3 Overseas furniture enterprises 9.5.4 Domestic enterprises

9.5.5 Trade companies Part Four Market Access Chapter 10 Foreign Investment 10.1 Overview 10.2 Future Competition Trends 10.2.1 Burgeoning Chinese middle-income class 10.2.2 Foreign Competition 10.2.3 Singapore: Furniture Industry Park Chapter 11 Key Issues on Market Entry 11.1 Intellectual Property Protection 11.2 Quality Control and Design Capability 11.3 Taxation Policies 11.3.1 Benefiting from concessions 11.3.2 Reinvesting profits 11.3.3 Local income tax 11.3.4 Recent changes Appendix Tables and Figures in this Report Table 3.1 Beijing: Major Leasing Transactions in H1, 2004 Table 3.2 Beijing: Major Sales Transactions in H1, 2004 Table 3.3 Beijing: Major Office Projects Newly Completed or Under Construction Table 4.1 Shanghai: Major Grade A Office Leasing Transactions in H1, 2004 Table 4.2 Shanghai: Major Premium and Grade A Office Supply in 2003-2007 Table 5.1 Guangzhou: Major Grade A Office Leasing Transactions in Q1, 2004 Table 6.1 Shenzhen: Major Grade A Office Asking Rents and Prices, Mar-May 2004 Table 6.2 Shenzhen: Major Leasing Transactions, Mar-May 2004

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