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REAL ESTATE: A glimpse of Xiong’an
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A glimpse of Xiong’an
By Vivian Zhao, Research Analyst at JLL Tianjin

Xiongan New Area 编辑      自改革开放施行以来,我国从1992年10月上海浦东新区成立后,相继批复18个“国家级新区”落地。最新的一个,便是雄安新区。而相比众多的“国家级新区”,雄安新区又承载着不同意义,因为她是“是继深圳经济特区和上海浦东新区之后又一具有全国意义的新区”,换句话说,她是与深圳、上海浦东比肩的国家级新区,重要地位不言而喻。其实,早在2014年2月,习近平总书记在北京市考察工作时就提出,要明确城市战略定位,坚持和强化首都全国“政治中心、文化中心、国际交往中心、科技创新中心”的首都核心功能。2015年2月,习近平总书记又指出要疏解北京“非首都功能”,自2015年后的五年内,北京市将通过“禁、关、控、转、调”5种方式来完成疏解非首都功能目标,如严格按照新增产业的禁止和限制目录,主动在京津冀进行全产业链布局等。雄安新区的设立正是有着纾解北京“非首都功能”的重任,除此外,它还肩负着拉动京津冀协同发展的历史使命。一夜之间,河北省雄县、容城、安新3县从默默无闻的保定地区小县城,变得全国皆知,世界瞩目。在基础设施建设方面,公路、铁路和航空规划都已经有了整体设计,部分规划内容已经开始建设。根据规划,大部分交通设施将在2020年前后投入使用,这与雄安新区的建设规划周期合拍。据悉,未来的雄安新区将建成高铁纵横穿插、机场南北迅速可抵、快速与高速公路四通八达的交通网络布局。其中,首都新机场距离雄安新区约100公里,是京津冀协同发展和雄安新区规划建设的航空引擎。2019年新机场建成投用后,将聚焦大型国际航空枢纽、京津冀区域综合交通枢纽,服务雄安新区建设发展,服务首都北京建设发展。

      在建筑方面,雄安市民服务中心项目是雄安新区第一个开工建设的房建项目,被称为“雄安新区第一标”。项目总投资约8亿元,总建筑面积10.02万平方米、占地24.24公顷。市民服务中心承担着雄安新区政务服务、规划展示交流、会议举办、企业临时办公等多项功能,是雄安新区面向全国乃至世界的窗口,建成后可满足3000人常驻办公和500人住宿的需求。

      短期来看,雄安新区对房地产、基建、交通、生态环保等领域的投资拉动效应非常明显。据测算,20年建设完成后,人口规模或达600万,总投资额4.5万亿元,年均复合投资增速24%,平均每年投资超过2200亿。在基础设施建设之外,雄安新区还将深化住房、户籍、人才等制度改革,广泛吸引国内外优秀人才;制定支持政策,建立长期稳定的资金筹措机制;抓好新区及周边管控,集中承接北京非首都功能疏解,积极引进高端高新产业。

BT 201805 Real 02In addition to being the capital of China, Beijing is also home to its country version of Silicon Valley and is the choice of headquarters for many of China’s largest government-backed and private firms and numerous foreign firms as well. Its popularity as a location has brought a number of challenges including crowding and increased costs. The city has developed additional ‘non-core’ office districts to try and spread the wealth and the congestion that comes along with concentrated commerce, but a year ago it kicked off an even grander plan. This was the creation of the Xiong’an new area which was slated to host what were called Beijing’s “non-capital function.”
 

Xiong’an was first mentioned during the meeting of the Central Leading Group for Financial and Economic Affairs in 2015. After two years, Xiong’an New Area was established in April 2017, positioned as the city that undertakes the non-capital functions of Beijing and comprising state-owned enterprises (SOEs), government agencies and research and development facilities. The functions of Beijing, the capital of China, would be to serve as the nation’s centre for politics, culture, international events and innovation in science and technology. The aim is to develop this 16,500-square kilometre mega city into a highly liveable world capital. Xiong’an New Area has attracted tremendous attention from the public after its establishment. One year after the announcement of its establishment, what is going on with this new area?
 

Location and Economic Development
Belonging to the North China Plain in the Beijing-Tianjin-Hebei region, Xiong’an New Area consists of three counties in Hebei Province, namely, Xiong, Rongcheng and Anxin, as well as four surrounding small towns. The total area of these three counties is around 1,580 square kilometres, amounting to 1.3 times that of Shanghai Pudong New Area and two times that of New York City but 0.7 times that of Tianjin Binhai New Area. However, Xiong’an New Area shows the apparent gap in demographic statistics and the level of economic development situation with the abovementioned new areas at present. The first phase of development will focus on the launching area – Rongcheng and Anxin – covering 100 square kilometres, with medium- and long-term plans covering 200 square kilometres and 2,000 square kilometres in the area, respectively. At present, Rongcheng mainly develops clothing and textiles whereas Anxin, is the location of the famous domestic tourist spot Baiyangdian, which mainly focuses on tourism and aquatic production. Meanwhile, Xiong County is famous for soft-packaging production and latex balloon production. It is known as the tannery production centre and wire and cable production centre in North China. Considering the environmental pollution and positioning of the new area, most local companies that are focused on the abovementioned pillar industries are facing transformation.

real 06Source: National Bureau, JLL Research, 4Q17

Infrastructure
Multiple infrastructure projects started in the past year and are worthy to be highlighted. The Beijing-Xiong’An Railway started construction in February 2018. Five railway networks in total will pass through Xiong’an New Area, of which the Beijing-Xiong’An Railway and the Tianjin-Xiong’an Railway will directly reach Beijing and Tianjin from Xiong’an. The Gu’an-Baoding Railway and the Beijing-Shijiazhuang Railway will also pass through Xiong’an New Area. The Tianjin-Baoding Railway, opened in December 2015, and is the only line in operation, transporting passengers from Tianjin and Hebei Province to Baiyangdian in Anxin County. In addition to these five lines, a temporary route from Beijing South Station to Baiyangdian Station in Rongcheng started operation in July 2017, which resolved the problem of lack of train transportation between Beijing and Xiong’an New Area. As of 2020, the new area will benefit from four high-speed railway stations – Baigou Station, Baiyangdian Station, Xiong’an Station and Xiong’an East Station – along with Xiong’an General Airport.

real 03Source: JLL Research

New Construction
In last 2017, construction began on the Xiong’an Citizens Service Center in Rongcheng, which is expected to open in mid-2018. This 100,000-sqm gross floor area (GFA) project is the first and only project built after the establishment of Xiong’an New Area. The project would serve multiple functions, including as workplace for the government, office space for enterprises and accommodation for related employees. According to the Outline for Development of Xiong’an New Area, the first batch of tenants for the office space in this project is expected to comprise SOEs, financial institutions and research institutes from Beijing. Thus far, more than 70 companies, including both SOEs and private domestic companies, have registered or have started the registration process for setting up branch offices in Xiong’an New Area. Currently, most of these companies are working in older private small buildings surrounding the Xiong’an Citizens Service Center, and some of them are service providers for Xiong’an New Area’s development and construction. We still don’t know who will become the first batch of tenants in this landmark project.

real 05Source: JLL Research

According to the Beijing Master Plan, 13th Five-Year Plan for Beijing and Xiong’an New Area, SOEs are encouraged to contribute to the development of new area, and they are most likely to expand operations in Xiong’an. Based on the Beijing office market data collected and tracked by Research, JLL Beijing, one-sixth of the 5.5 million sqm leasable Grade A office buildings and over 80% of 5.5 million sqm high-quality self-use buildings are occupied by SOEs. Presently, the vacancy rate of Beijing office market is below 5%. The development of Xiong’an New Area is expected to free up this tight market as SOEs will expand or relocate to Xiong’an . However, the estimated freed-up space will not be as much as we expect as SOEs will expand with new set-ups in Xiong’an New Area instead of relocate all of their existing operations in Beijing only. Moreover, our Beijing based colleagues estimate this process may take five to ten years.

BT 201805 Real 06Conclusion

Detailed information on the development of Xiong’an New Area is still limited and by the government’s own admissions, the area is still only at a very early stage of development. The government has implemented multiple policies to make sure Xiong’an New Area develops on track with the plan. Some examples include the restriction of the purchase policy in the residential market, which forbids both primary and secondary trading and transfer procedures. With further development, a liveable city with an important role in the integration of Beijing-Tianjin-Hebei region could be expected.

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