6LQFH WKH QXPEHU RI XUEDQ DJJORPHUDWLRQV PRYLQJ LQWR WKH PHJDFLW\ EUDFNHW RYHU ZLOOEHLQHPHUJLQJPDUNHWV LQWKHZRUOGYHUVXVDQGUHVSHFWLYHO\WRGD\ /RRNLQJDWWKHFRQFHQWUDWLRQRIXUEDQDJJORPHUDWLR
Trang 2)RUPRUHLQIRUPDWLRQSOHDVHFRQWDFW
$OH[DQGHU5HGPDQ(0($(TXLW\6WUDWH JLVW&UHGLW6XLVVH,QYHVWPHQW%DQNLQJ
5HVHDUFKDOH[UHGPDQ#FUHGLWVXLVVHFRP )DQ&KHXN:DQ+HDGRI5HVHDUFK$VLD 3DFLILF&UHGLW6XLVVH3ULYDWH%DQNLQJ
:K\KDYHVRPHUHJLRQVXUEDQL]HG OHVVVXFFHVVIXOO\WKDQRWKHUV"
7KHRXWORRNIRUFRQVWUXFWLRQJURZWKLQ XUEDQKRXVLQJDQGLQIUDVWUXFWXUH
1LJHULD
(QRUPRXVFKDOOHQJHVDKHDG
3DNLVWDQ
([WUHPHO\KLJKXUEDQL]DWLRQJURZWKUDWHXS WR
3KLOLSSLQHV
(IIHFWLYHJRYHUQDQFHQHHGHGIRUXUEDQ GHYHORSPHQW
Trang 3,QWKHKXQGUHG\HDUVEHWZHHQDQGWKHJOREDOSRSXODWLRQLVXQGHUJRLQJDQLUUHYHUVLEOHVWUXFWXUDOWUDQVLWLRQLQWKHZD\ZHOLYH'UDZQE\WKHHFRQRPLFOLIHVW\OHDQGVRFLDORSSRUWXQLWLHVRIXUEDQGZHOOLQJWKHZRUOGŒVSRSXODWLRQLVPLJUDWLQJIURPUXUDODUHDVŏDFFRXQWLQJIRURIJOREDOSRSXODWLRQLQŏWRFLWLHVŏDFFRXQWLQJIRURIJOREDOSRSXODWLRQE\EDVHGRQ8QLWHG1DWLRQVSURMHFWLRQV,QWKHSHUFHQWDJHRIWKHSODQHWŒVSRSXODWLRQOLYLQJLQXUEDQDUHDVFURVVHGWKHWKUHVKROGDQGE\FLWLHVLQGHYHORSLQJQDWLRQVZLOOFRQWDLQKDOIWKHZRUOGŒVWRWDOSRSXODWLRQ
8UEDQL]DWLRQFRQWLQXHVWRSURYLGHRQHRIWKHPRVWVLJQLILFDQWGULYHUVRIJURZWKIRUWKHJOREDOHFRQRP\7\SLFDOO\DVWKHVKDUHRIDFRXQWU\ŒVXUEDQSRSXODWLRQULVHVE\ILYHSHUFHQWDJHSRLQWVWKHUHLVDQDVVRFLDWHGJDLQLQSHUFDSLWDHFRQRPLFDFWLYLW\RI
,WLVFULWLFDOWKDWJRYHUQPHQWVRIUDSLGO\XUEDQL]LQJFRXQWULHVHIIHFWLYHO\GHOLYHUWKHQHFHVVDU\SROLF\PL[IURPXUEDQ
SODQQLQJZLWKDSSURSULDWHOHYHOVRILQYHVWPHQWLQLQIUDVWUXFWXUHDQGDIIRUGDEOHKRXVLQJWKURXJKWRVRFLDOSURJUDPVDOORZLQJPRUHEDODQFHGLQFRPHGLVWULEXWLRQQHFHVVDU\WRHQVXUHWKDWWKHDSSURSULDWHOHYHORIDVVRFLDWHGJURZWKSRWHQWLDOLVXQORFNHGDVWKHLUSRSXODWLRQVPLJUDWHWRZDUGVFLWLHV
([SORULQJWKHUHODWLRQVKLSEHWZHHQSHUFDSLWDHFRQRPLF
JURZWKDQGXUEDQL]DWLRQZHILQGWKDWWKHUHLVDVZHHWVSRWDVFRXQWULHVXUEDQL]HLQWKHUDQJHRIŏRIWRWDOSRSXODWLRQ DFFRPSDQLHGE\SHDNSHUFDSLWD*'3JURZWK,PSRUWDQWO\WKHSRSXODWLRQZHLJKWHGDYHUDJHOHYHORIXUEDQL]DWLRQLQHPHUJLQJPDUNHWVLVFXUUHQWO\YHUVXVIRUGHYHORSHGPDUNHWV7KHHPHUJLQJPDUNHWUHJLRQVFORVHVWWRWKHXUEDQL]DWLRQVZHHWVSRWDUH1RQ-DSDQ$VLDDQG6XE6DKDUDQ$IULFD
:HDUJXHWKDWWKHEHVWRSSRUWXQLWLHVIURPWKHHPHUJLQJPDUNHWVXUEDQL]DWLRQWKHPHDUHWKRVHUHODWHGWRFRXQWULHVRIIHULQJWKHIROORZLQJFKDUDFWHULVWLFVODUJHWRWDOSRSXODWLRQVDFXUUHQWXUEDQL]DWLRQUDWHLQWKHUDQJHRIŏDORZ*,1,FRHIILFLHQWXQLQWHUUXSWHGDFFHVVWRFDSLWDOPDUNHWVDQGSUHIHUDEO\ORZRUGHFUHDVLQJOHYHOVRIFRUUXSWLRQ*OREDOO\WKHVHFULWHULDZRXOGWKHUHIRUHILW&KLQD(J\SW,QGLD,QGRQHVLD1LJHULD3DNLVWDQ3KLOLSSLQHV7KDLODQGDQG9LHWQDP
:HILQGWKDWDVFRXQWULHVXUEDQL]HWKHUHLVW\SLFDOO\DQDVVRFLDWHGLQFUHPHQWDOJDLQLQWKHFRQVXPSWLRQVKDUHRI*'3ZKLFKZHDUJXHLVSDUWLFXODUO\UHOHYDQWLQWKHFDVHRI&KLQD0RUHRYHUHVVHQWLDOIRUWKHJURZWKDQGGHYHORSPHQWRIHPHUJLQJHFRQRPLHVLVWKHVWURQJDVVRFLDWLRQEHWZHHQWKHUDWHRIXUEDQL]DWLRQDQGLPSURYHGOHYHOVRIHGXFDWLRQDQGSURGXFWLYLW\ZKLFK
VWUHQJWKHQDQDWLRQŒVKXPDQFDSLWDO&ULWLFDOIRUWKHRXWORRNRQJOREDOFDUERQHPLVVLRQVZLOOEHWKHXUEDQGHQVLW\XOWLPDWHO\
DFKLHYHGLQWKHJURZLQJFLWLHVRI&KLQD,QGLDDQGRWKHUGHYHORSLQJQDWLRQV:LOOWKH\DFKLHYHWKHGHQVLW\RI1HZ<RUNZLWKLWVORZSHUFDSLWDHPLVVLRQVRUWKHKLJKHUHPLVVLRQVDVVRFLDWHGZLWKORZHUGHQVLW\PRUHVSUDZOLQJFLWLHVLQWKH86VXQEHOW"
Trang 523325781,7,(6,1$185%$1,=,1*:25/'B
Trang 67KHDQQXDOLQFUHDVHLQWKHSRSXODWLRQRIGHYHORSLQJQDWLRQFLWLHVZLOOSHDNFORVHWRDWRYHU
PLOOLRQSHRSOHSHUDQQXPIURPWKHFXUUHQWPLOOLRQ ZKLOH LQ GHYHORSHG FRXQWULHV WKH SDFH RILQFUHPHQWDO DQQXDO JDLQ LV DOUHDG\ LQ VWUXFWXUDOGHFOLQH IURP WKH FXUUHQW VL[ PLOOLRQ SHU DQQXP WRIRXUPLOOLRQE\DFFRUGLQJWR81HVWLPDWHV/RRNLQJDWSRSXODWLRQSURMHFWLRQVLQWKHZRUOGŒV
ODUJHVWXUEDQDJJORPHUDWLRQVLQZHQRWHWKDWMXVWWZRŏ7RN\RDQG1HZ<RUN&LW\ŏDUHLQGHYHORSHGFRXQWULHV
1RWDVLQJOHRQHRIWKHZRUOGŒVIDVWHVWSURMHFWHGJURZLQJPDMRUFLWLHVLVLQDGHYHORSHGFRXQWU\ 7KH FLWLHV ZLWK WKH KLJKHVW HVWLPDWHG ŏ
FRPSRXQGDQQXDOJURZWKUDWHLQSRSXODWLRQZKLFKDOOKDGPRUHWKDQILYHPLOOLRQLQKDELWDQWVLQ
DUH LQ $IULFD DQG WKH ,QGLDQ VXEFRQWLQHQW2XW RI WKH WRS IDVWHVWJURZLQJ PDMRU FLWLHVJOREDOO\VHYHQDUHLQ&KLQDDQGVL[DUHLQ,QGLD7KH SRSXODWLRQ RI LQVKDVD WKH FDSLWDO RI '5
&RQJRLVSURMHFWHGWRLQFUHPHQWDOO\JURZE\PRUHWKDQDQ\RWKHUFLW\JOREDOO\IURPWRDWDUDWH RI DQ DGGLWLRQDO SHRSOH SHU DQQXP7KHSRSXODWLRQVRI.RONDWD/DJRV.DUDFKL0XPEDL 'KDND 'HOKL DQG LQVKDVD ZLOO DOO ULVH E\EHWZHHQDQGWKRXVDQGSHRSOHSHUDQQXPIURP QRZ XQWLO DW OHDVW EDVHG RQ 8QLWHG1DWLRQV HVWLPDWHV %\ FRPSDULVRQ WKH JUHDWHVWSRSXODWLRQLQFUHDVHSHUDQQXPRYHUWKHVDPHGXUDWLRQRIDOOGHYHORSHGPDUNHWFLWLHVZLOOEHLQ1HZ<RUN
&LW\DGGLQJDQDYHUDJHSHRSOHSHUDQQXP+RQJ RQJ DQG /RV $QJHOHV DUH LQ MRLQW VHFRQGSODFHDGGLQJDQDYHUDJHSHRSOHSHUDQQXP,QGHYHORSHGPDUNHWVWKHGLVWULEXWLRQRIXUEDQSRSXODWLRQDFURVVDVSHFWUXPRIILYHUDQJHVRIFLW\VL]H E\ QXPEHU RI SHRSOH LV VKRZLQJ HYLGHQFH
,QYLUWXDOO\DOOQDWLRQVRIILFLDOGHILQLWLRQVHQVXUHWKDWWKHXUEDQ SRSXODWLRQLQFOXGHVDOOVHWWOHPHQWVZLWKRUPRUHLQKDELW DQWVEXWJRYHUQPHQWVGLIIHUUHJDUGLQJZKDWVPDOOHUVHWWOHPHQWV WKH\LQFOXGHDVXUEDQFHQWUHVŏIURPWKRVHWKDWLQFOXGHDVXUEDQ DOOVHWWOHPHQWVZLWKDIHZKXQGUHGLQKDELWDQWVWRWKRVHWKDW LQFOXGHRQO\VHWWOHPHQWVZLWKRUPRUHLQKDELWDQWV
23325781,7,(6,1$185%$1,=,1*:25/'B
Trang 86LQFH WKH QXPEHU RI XUEDQ DJJORPHUD
WLRQV PRYLQJ LQWR WKH PHJDFLW\ EUDFNHW RYHU
ZLOOEHLQHPHUJLQJPDUNHWV LQWKHZRUOGYHUVXVDQGUHVSHFWLYHO\WRGD\
/RRNLQJDWWKHFRQFHQWUDWLRQRIXUEDQDJJORPHUDWLRQV RI RYHU RQH PLOOLRQ SOXV LQKDELWDQWV E\FRXQWU\E\WKH\HDU&KLQDZLOOOHDGWKHZRUOGZLWKIROORZHGE\,QGLDZLWKDQGWKH8QLWHG6WDWHV ZLWK $V UHFHQWO\ DV WKH 8QLWHGVWDWHVKDGWKHKLJKHVWQXPEHURIRQHPLOOLRQSOXVLQKDELWDQW XUEDQ DJJORPHUDWLRQV JOREDOO\ ZLWK DWRWDO RI ,QWHUHVWLQJO\ WKH RQO\ FRXQWU\ ZLWK DVLJQLILFDQW QXPEHU RI RQH PLOOLRQ SOXV LQKDELWDQWXUEDQDJJORPHUDWLRQVIRUHFDVWWRVHHDGHFOLQHLQVXFKFLWLHVLV5XVVLD
2XUKHDWPDSVKRZLQJWKHGLVWULEXWLRQRIFRXQWULHV DFURVV ILYH TXLQWLOHV RI SURMHFWHG FRPSRXQGDQQXDO JURZWK UDWH RI XUEDQ SRSXODWLRQ EHWZHHQ
DQGEDVHGRQ8QLWHG1DWLRQVSURMHFWLRQV UHYHDOVWKDWWKRVHFRXQWULHVZLWKWKHVZLIWHVW
Trang 9FRXQWULHV KDV D SURMHFWHG XUEDQ SRSXODWLRQ FRP
SRXQG DQQXDO JURZWK UDWH H[FHHGLQJ RYHU WKH
UDWHRIXUEDQSRSXODWLRQEHWZHHQDQG
IRU WKH OHDVW GHYHORSHG UHJLRQV LV YHUVXV
IRU OHVV GHYHORSHG UHJLRQV DQG IRU
PRUHGHYHORSHGUHJLRQV
23325781,7,(6,1$185%$1,=,1*:25/'B
Trang 10HPHUJLQJPDUNHWVLQDGGLWLRQWRWKH*JURXSRI
LQGXVWULDOL]HGQDWLRQV
7KH HPHUJLQJ PDUNHWV FRPSULVH WKH 06&,
(PHUJLQJ 0DUNHWV FODVVLILFDWLRQ FRXQWULHV DQG
WKRVH 06&, )URQWLHU FRXQWULHV ZKLFK ZDUUDQWHG
LQFOXVLRQ JLYHQ WKHLU SRSXODWLRQ VL]H DQG KHQFH
'HILQLQJWKHFRXQWULHVLQWKLVVWXG\
RYHUDOO SRWHQWLDO LQYHVWPHQW RSSRUWXQLWLHV 7KHVH
FRXQWULHVFROOHFWLYHO\UHSUHVHQWRIWKHWRWDO
HPHUJLQJZRUOGSRSXODWLRQDQGRIIUHHIORDWDGMXVWHGHPHUJLQJDQGIURQWLHUHTXLW\PDUNHWFDSLWDOL]DWLRQWKHRQO\QRWDEOHRPLVVLRQEHLQJ7DLZDQZKLFKLVH[FOXGHGIURPWKH:RUOG%DQNDQG81GDWDVHW
23325781,7,(6,1$185%$1,=,1*:25/'B
Trang 11QRZ WKH HPHUJLQJ PDUNHWV ZKLFK RIIHU WKH FRUH
JURZWK SRWHQWLDO LQ XUEDQL]LQJ HFRQRPLHV /HVV
Trang 12$VLDDWWKHORZHUHQGRIWKHXUEDQL]HGVSHFWUXPZKLFK KDV WKH KLJKHVW JURZWK SRWHQWLDO UHDFKLQJ
DQGUHVSHFWLYHO\E\DFFRUGLQJWR8QLWHG1DWLRQVSURMHFWLRQV,WLVWKHVHWZRJURZWKUHJLRQVZKLFKZLOOXOWLPDWHO\IRUPWKHNH\IRFXVRIWKLVUHSRUW
1H[WZHORRNDWWKHVDPHPHWULFSHUFHQWDJHRIXUEDQL]HGSRSXODWLRQ IRUWKHFRXQWULHVLQFOXGHGLQWKLVVWXG\VXEGLYLGHGLQWRWKUHHJURXSVWKH*FRXQWULHVWKRVHHPHUJLQJPDUNHWVZKHUHWKHSDFHRIXUEDQL]DWLRQLVGHFHOHUDWLQJDQGWKRVHHPHUJLQJPDUNHWV ZKHUH WKH SDFH RI XUEDQL]DWLRQ UHPDLQVUDSLGRULVDFFHOHUDWLQJ
2YHUWZRWKLUGVRIWKHSRSXODWLRQVRIHDFKRIWKH
*JURXSRILQGXVWULDOL]HGQDWLRQVDOUHDG\UHVLGHLQFLWLHVŏ)UDQFHZDVRYHULQŏDQGKHQFHWKLVOHYHORIFXUUHQWXUEDQL]DWLRQFRXSOHGZLWKVLJQLILFDQWO\ORZHURYHUDOOSRSXODWLRQJURZWKZLWKWKHQRWDEOHH[FHSWLRQRIWKH8QLWHG6WDWHV UHODWLYHWRGHYHORSLQJ HFRQRPLHV HTXDWHV WR ORZHU RYHUDOOXUEDQ JURZWK SURVSHFWV LQ GHYHORSHG HFRQRPLHVYHUVXVWKHLUHPHUJLQJPDUNHWSHHUV
,QWHUHVWLQJO\ D QXPEHU RI GHYHORSLQJ QDWLRQVKDYHDOUHDG\XUEDQL]HGWROHYHOVFRPSDUDEOHZLWKWKH*FRXQWULHV)XUWKHUPRUHWKHUHLVDVWURQJDSSDUHQWUHJLRQDOWUHQGLQWKHJURXSRIHPHUJLQJPDUNHWV ZKHUH WKH SDFH RI XUEDQL]DWLRQ LV QRZGHFHOHUDWLQJŏFRQFHQWUDWHGKHDYLO\LQ/DWLQ$PHULFDDQG(DVWHUQ(XURSHWKHRQO\H[FHSWLRQVEHLQJ6RXWK.RUHDDQG6DXGL$UDELD$UJHQWLQD%UD]LO
&KLOH6RXWK.RUHDDQG6DXGL$UDELDDOUHDG\KDYHDQXUEDQL]DWLRQUDWHLQH[FHVVRI$UJHQWLQDRYHU DQGDOOFRXQWULHVLQWKLVJURXSFXUUHQWO\KDYHRYHUWZRWKLUGVRIWKHLUSRSXODWLRQVOLYLQJLQFLWLHV
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
Trang 156HFUHWDULDW&UHGLW6XLVVH
)LJXUH
8UEDQSRSXODWLRQFRPSRXQGDQQXDOJURZWKUDWHIRUHFDVW YHUVXVGHOLYHUHG WKH IROORZLQJ ZHUH DOVR LPSRUWDQW
FRQWULEXWLQJ IDFWRUV OHDGLQJ WR DQ XQGHUVKRRW LQ
SRWHQWLDOSHUFDSLWDHFRQRPLFDFWLYLW\GXULQJXUEDQ
L]DWLRQ
8QOLNH &KLQDŒV +XNRX V\VWHP D FRXQWU\ZLGH
KRXVHKROGUHVLGHQF\SHUPLWUHJLVWUDWLRQVFKHPH WKHUHZDVQRUHVWULFWLRQRQPLJUDWLRQLQWRFLWLHV
'HPRFUDFLHV ZLWK VRXQG VRFLDO PRELOLW\ SUR
JUDPV ZHUH QRW LQ SODFH GXULQJ WKH WLPH WKDW
/DWLQ $PHULFD ZDV XUEDQL]LQJ DW WKH VZLIWHVW
SDFH $OWKRXJK ZH QRWH LQ WKH FDVH RI &KLQD
WKH DELOLW\ WR FRQGXFW FHQWUDO SODQQLQJ ZLWKRXW
GHPRFUDF\KDVVHFXUHGDPRUHVXVWDLQDEOHUDWH
RIXUEDQL]DWLRQ
:H LGHQWLI\ VL[ RI WKH ODUJHVW HPHUJLQJ PDUNHWV
ZKLFK XUEDQL]HG GXULQJ WZR FRQWUDVWLQJ HQYLURQ
,Q FRQWUDVW H[FOXGLQJ WKH ODVW WZR \HDUV IRU
&KLQD WKH PRPHQWXP LQ LQFRPH GLVWULEXWLRQ IRU
&KLQDDQG,QGLDIRUPXFKRIWKHSDVWWZRGHFDGHVKDVEHHQGHWHULRUDWLQJ7KLVLVDZRUU\LQJGHYHORSPHQW LQ RXU YLHZ DQG QHHGV XUJHQW DGGUHVVLQJJLYHQWKHSUHFHGHQWGHVFULEHGDERYHRIXUEDQL]DWLRQWDNLQJSODFHGXULQJZRUVHQLQJLQFRPHLQHTXDOLW\
7KLVEHJVWKHFULWLFDOTXHVWLRQ+RZVXFFHVV IXOO\ZLOO&KLQDDQG,QGLDXUEDQL]H"
:LOOWKH\IROORZWKHVRPHZKDWGLVDSSRLQWLQJSUHFHGHQWRI/DWLQ$PHULFDRUIROORZWKHOHDGRI0DOD\VLD7XUNH\DQG6RXWK.RUHDZLWKWKHODWWHUJURXSŒVIDUJUHDWHUDVVRFLDWHGJDLQVLQSHUFDSLWDHFRQRPLFDFWLYLW\ZKLOVWXUEDQL]LQJ"
7KHUHDUHILYHLGHQWLILDEOHLPSRUWDQWFKDOOHQJHVWKDW FHQWUDO DQG ORFDO JRYHUQPHQWV RI UDSLGO\XUEDQL]LQJFRXQWULHVPXVWDGGUHVVWRHQVXUHWKDWWKHDSSURSULDWHOHYHORIDVVRFLDWHGJURZWKSRWHQWLDO LV XQORFNHG DV WKHLU SRSXODWLRQV PLJUDWHWRZDUGVFLWLHV
, ,QYHVWPHQW7KHPRVWVXFFHVVIXOJOREDOFLWLHV
KDYHDQWLFLSDWHGWKHVLJQLILFDQWQHFHVVDU\SXEOLFDQGSULYDWHIXQGLQJJURZWKUHTXLUHGUDWKHUWKDQUHVSRQGLQJWRSRSXODWLRQJURZWKDQGEHLQJFRQVWDQWO\EHKLQGWKHFXUYH$FFHVVWRGHHSFDSLWDOPDUNHWV LV FOHDUO\ HVVHQWLDO IRU ILQDQFLQJ DQGHQFRXUDJLQJSULYDWHLQYHVWPHQWDQGHQWHUSULVH
,, 8UEDQ SODQQLQJ (IILFLHQW XUEDQ SODQQLQJ ZLWK
HIIHFWLYHFKRLFHVIRU]RQLQJODQGXVHZLWKWKHSURYLVLRQRIDIIRUGDEOHKRXVLQJZLWKRXWZKLFKUDSLGO\JURZLQJFLWLHVGHYHORSVOXPDUHDV7KLVLVHVVHQWLDOZKHQXUEDQL]DWLRQLVSDUWLFXODUO\UDSLGDVLQWKHFDVHRI,QGLDDQG&KLQD(TXDOO\WKHHQIRUFHPHQW RI WKH ZURQJ W\SH RI UHJXODWLRQ VXFK DVEXLOGLQJKHLJKWUHVWULFWLRQVLQ0XPEDL,QGLD FDQSURYLGHDKLQGUDQFHUDWKHUWKDQDERRQ
,,,,QIUDVWUXFWXUH GHYHORSPHQW 3URYLVLRQ RI
DGHTXDWH SLSHG IUHVK ZDWHU VHZHUDJH DQGGUDLQDJH HOHFWULFLW\ DQG JDV XWLOLWLHV WHOHFRPPXQLFDWLRQVDQGEURDGEDQGKLJKZD\VUDLOZD\VPDVV WUDQVSRUWDWLRQ OLQNV DQG DLUSRUWV SXEOLFVHUYLFHVHGXFDWLRQDQGKHDOWKFDUH
,90DQDJHPHQW(IIHFWLYHH[HFXWLRQRIWRZQSODQ
QLQJSURYLVLRQRIVRFLDOVHUYLFHVDQGFULPHSUHYHQWLRQLVHVVHQWLDOWRGHWHUPLQHDFLW\ŒVVXFFHVV
$FFRXQWDEOHWUDQVSDUHQWJRYHUQDQFHDWDUHJLRQDODQGORFDOFLW\OHYHOLVSUHIHUDEOHWRWKDWE\FHQWUDOL]HG JRYHUQPHQW SDUWLFXODUO\ D FKDOOHQJH IRU,QGLD 3UHIHUDEO\DUHODWLYHO\KLJKRUDWDPLQLPXP ULVLQJVFRUHRQWKH7UDQVSDUHQF\,QWHUQDWLRQDO &RUUXSWLRQ 3HUFHSWLRQV ,QGH[ LQGLFDWLQJVRPHSURJUHVVLQWKHVWUXJJOHDJDLQVWFRUUXSWLRQ
*RRG JRYHUQDQFH LV HVVHQWLDO IRU DWWUDFWLQJ WKHKXPDQFDSLWDODQGLQYHVWPHQWERWKGRPHVWLFDQGIRUHLJQ UHTXLUHGIRUDFLW\WRSURVSHU
23325781,7,(6,1$185%$1,=,1*:25/'B
Trang 25WRUHG +XNRX V\VWHP RI UHVLGHQWLDO SHUPLWV 7KLV
UHVWULFWLRQ RQ UDSLG PLJUDWLRQ WRZDUGV FLWLHV IURP
PHQWDWLRQ RI WKHLU Ŕ6FLHQWLILF 'HYHORSPHQW &RQ
FHSWŕ WKH NH\ SROLWLFDO LGHRORJ\ RI WKHLU WHQXUH
WKH GHOLYHU\ RI LQYHVWPHQW XUEDQ SODQQLQJ LQIUD
VWUXFWXUH GHYHORSPHQW PDQDJHPHQW DQG VRFLDO
VXFFHVV IURP LWV SURJUHVVLRQ WR DQ XUEDQL]HG
QDWLRQ LI WKH JRYHUQPHQW EHJLQV LPPHGLDWHO\ WR
%UD]LO 0H[LFR 6RXWK$IULFD
&KLQD ,QGLD
7XUNH\
23325781,7,(6,1$185%$1,=,1*:25/'B
Trang 26VHDVRQDOLW\ LQ WKH DJUDULDQ ODERU PDUNHW DQG KHOS
FUHDWH SURGXFWLYH UXUDO LQIUDVWUXFWXUH ,Q DGGLWLRQ
WKH UDWH RI ŔGLVWUHVV PLJUDWLRQŕ )XUWKHUPRUH WKH
UHTXLUHPHQW WKDW DOO ZDJH SD\PHQWV KDYH WR EH
HUQPHQWVSRQVRUHG VWXG\ ILQGLQJ ODUJHVFDOH FRU
UXSWLRQ ,QGLD IDFHV VHULRXV FKDOOHQJHV LI LW LV WR
DYRLG WKH SLWIDOOV RI FKDRWLF XUEDQL]DWLRQ DQG WKHGLVDSSRLQWLQJ ORVV RI SRWHQWLDO HFRQRPLF JURZWKWKDWIDLOXUHZRXOGGHOLYHU7KLVKDVLPSOLFDWLRQVQRWMXVWIRU,QGLDEXWIRUWKHJOREDOHFRQRP\
)XUWKHUFRQFOXVLRQV
*LYHQ WKH HYLGHQFH DERYH ZH SRVLW WKDW WKH EHVWRSSRUWXQLWLHVIURPWKHHPHUJLQJPDUNHWVXUEDQL]DWLRQWKHPHDUHWKRVHUHODWHGWRFRXQWULHVRIIHULQJWKH IROORZLQJ FRPELQDWLRQ RI FKDUDFWHULVWLFV ODUJH WRWDO SRSXODWLRQV D FXUUHQW XUEDQL]DWLRQUDWHLQWKHUDQJHŏ DORZ*,1,FRHIILFLHQW XQLQWHUUXSWHGDFFHVVWRFDSLWDOPDUNHWVDQG SUHIHUDEO\ D KLJK RU ULVLQJ LH LPSURYLQJ VFRUHRQWKH7UDQVSDUHQF\,QWHUQDWLRQDO&RUUXSWLRQ3HUFHSWLRQV,QGH[
*OREDOO\ WKLV FULWHULD ZRXOG ILW &KLQD (J\SW,QGLD,QGRQHVLD1LJHULD3DNLVWDQWKH3KLOLSSLQHV7KDLODQGDQG9LHWQDP
,QYHVWPHQWFRQFOXVLRQV
7KHPRVWHIIHFWLYHZD\IRUDGHGLFDWHGHPHUJLQJPDUNHWVHTXLW\LQYHVWRUWRSDUWLFLSDWHLQWKHGHYHORSLQJ PDUNHWV XUEDQL]DWLRQ WKHPH LV HLWKHU DEDVNHWRIGRPHVWLFRULHQWHGHTXLW\LQYHVWPHQWVLQ
&KLQD(J\SW,QGLD,QGRQHVLD1LJHULD3DNLVWDQWKH3KLOLSSLQHV7KDLODQGDQG9LHWQDPZKLFKFDSWXUHWKHSHDNSHUFDSLWD*'3JURZWKUDWHVWKHVHFRXQWULHV DUH GHOLYHULQJ RU D EDVNHW RI SDQHPHUJLQJ RU GHYHORSHG PDUNHW H[SRUWRULHQWHGHTXLW\LQYHVWPHQWVLQWKHUHOHYDQWVHFWRUVWRFDSWXUH WKH XUEDQL]DWLRQ WKHPH LQ WKH QLQH FRXQWULHVDERYHSULPDULO\LQWKHVHFWRUVRIPHWDOVDQGPLQLQJ EXLOGLQJ PDWHULDOV FDSLWDO JRRGV FRQVXPHUGXUDEOHVDXWRV ...
Trang 523325781,7,(6,1$185%$1,=,1*:25/''B
Trang...23325781,7,(6,1$185%$1,=,1*:25/''B
Trang 86LQFH WKH QXPEHU RI XUEDQ DJJORPHUD
WLRQV...
DQGEDVHGRQ8QLWHG1DWLRQVSURMHFWLRQVUHYHDOVWKDWWKRVHFRXQWULHVZLWKWKHVZLIWHVW
Trang 9FRXQWULHV KDV D SURMHFWHG XUEDQ SRSXODWLRQ