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1、DeutscheBankMarketsResearchIndustryDateAPACRetailand13December2017PropertyAsiaPacificRetailRealEstateRealEstateRetailJoyWangAnneLingResearchAnalystResearchAnalyst(+65)64235958(+852)22036177joy.wang@db.comanne.ling@db.comEmilySmithMichaelSimotasResearchAnalystResearchAnalyst(+61)28258-22

2、97(+61)28258-1543emily.smith@db.commichael.simotas@db.comJeffreyGao,CFATakahiroKazahaya,CMAResearchAnalystResearchAnalyst(+852)22036256(+81)35156-6983jeffrey.gao@db.comtakahiro.kazahaya@db.comJasonChing,CFAJihyunSongResearchAnalystResearchAnalyst(+852)22036205(+82)23168906jason.ching@db

3、.comjihyun.song@db.comYojiOtani,CMAJeremyKimResearchAnalystResearchAnalyst(+81)35156-6756(+82)23168902F.I.T.T.forinvestorsyoji.otani@db.comjeremy.kim@db.comRetailandretailrealestate-winningChien-FieManResearchAnalystthee-commercegame(+65)64236897chien-fie.man@db.comAPACisbetterpositione

4、dTheriseofe-commercehasredefinedshoppingandrevolutionisedbothretailingandretailrealestatedevelopmentstrategies.WehavewitnessedmeaningfulnegativeimplicationsbroughtonbytheageofonlineshoppingintheU.S.(pleaserefertoUSFITTreport“Cleaningoutthecloset:ARetailandRealEstateMakeover?”).Inthisrep

5、ort,weexaminetheimplicationsforAPACregion,identifyingthewinningtraitsandpotentialsurvivorsofthisstructuralchange.WebelieveAPAC,whichhostsfiveofthetoptenmostattractiveretailmarketsglobally,isbetterpositionedtoweatherthischallenge.__________________________________________________________

6、______________________________________________________DeutscheBankAG/HongKongDistributedon:12/12/201721:00:00GMTDistributedon:12/12/201719:23:00GMTDeutscheBankdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhaveaconflictofinteres

7、tthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.DISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.7T2se3r0Ot6kwoPaDeutscheBankMarketsResearchAsiaPacificIndustryDateAPACRetail