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Across China, we provide the best local market expertise, analysis and international experience so that you achieve the best development result

​​​​​​​​​​​​​​​​​​​​​​For over 50 years, JLL has been advising and interpreting the real estate forces that are shaping the growth of China’s cities.

Our professional real estate consulting teams in each of our 15 offices across greater China combine local market knowledge and global experience to inform your development decisions. JLL is at the forefront providing consulting services to public and private developers, city authorities and development agencies, investors and land owners to help you create viable urban development where people and business can flourish.

JLL’s consultants provide rigorous, practical, market-based solutions across Culture and Tourism Property, Developer Corporate Strategies, Government Promotion, Healthcare, Industrial and Retail Project, Mixed Use Project, Project Redevelopment and Regional Development.

Whether your focus is an entire portfolio or a single building, we’ll help you assess the most appropriate strategies to achieve your objectives, based on thorough research, accurate financial analysis and a detailed understanding of the development process. We’ll partner with you, providing the advice, insight and objective analysis you need to make fully informed and confident real estate decisions which will optimise your returns.

For more details, please download JLL China Strategic Consulting capability statement.


To know more about JLL China Real Estate Consulting capability, please submit your inquiry via “Contact us” at the right navigation​.

News and Research

 

 

JLL Supports Cainiao Network and China Life’s Launch of RMB 8.5 Billion Logistics Warehousing Fund /china/en-gb/news/615/cainiao-network-partnered-with-china-lifeJLL Supports Cainiao Network and China Life’s Launch of RMB 8.5 Billion Logistics Warehousing Fund <p>​​​​Cainiao Network Technology recently partnered with China Life (www.chinalife.com.cn) to set up a logistics warehousing fund with a scale of RMB 8.5 billion. The venture is Cainiao's first logistics warehousing fund as well as the first RMB-denominated fund in China's logistics market. <a href="http://www.joneslanglasalle.com.cn/china/en-gb/services/property-types/industrial-and-logistics" target="_blank">JLL's Logistics team</a> worked alongside <a href="http://www.joneslanglasalle.com.cn/china/en-gb/services/investors-and-developers/appraisal-and-advisory" target="_blank">JLL's Corporate Appraisal and Advisory team</a> to provide reliable market analysis and asset assessment services for Cainiao and China Life in co-launching China's first RMB logistics property fund.</p><p>Cainiao Network Technology Co., Ltd. was jointly founded on May 28, 2013 by Alibaba and Intime together with Fosun, Forchn, STO Express, YTO Express, ZTO Express, and Yunda Express. The company is dedicated to promoting upgrade of the logistics industry, building commercial infrastructure, and providing consumers and merchants with platform-based, data-enhanced intelligent services.<strong></strong></p><p>With its in-depth understanding of China's logistics real estate market and abundant knowledge of leasing and investing for logistics assets,<strong> JLL's East China Logistics Team</strong> was appointed by Cainiao to conduct a targeted market analysis for their China-wide logistics warehouse portfolio. The logistics team's services included research on regional market history, future supply forecast, key demand drivers, as well as rental analysis and forecasting. The team also conducted a forward-looking investigation of the e-commerce logistics parks established by Cainiao.</p><p> <strong>JLL's Asia Pacific Corporate Appraisal and Advisory team</strong> also participated in this project and offered professional asset valuation advice. The team performed stock and asset valuations for the target companies across the country, providing a strong value reference for the establishment of the fund.</p><p> <strong>Richard Huang, JLL's Head for East China Logistics Team</strong> said that while there may be differences in financing and operating models, the focus remains on logistics real estate and its ability to achieve stable, low-risk rental yields. Cainiao's model is unique, and the <a href="http://www.joneslanglasalle.com.cn/china/en-gb/services/property-types/industrial-and-logistics" target="_blank">logistics warehousing</a> fund's creation represents a continuation of the company's strategy as an integrated logistics platform. It also has introduced more partners in the financial and capital markets and permitted the cooperative development of "smart logistics."</p><p>According to <strong>Tony Yang, JLL's Local Director of Corporate Appraisal and Advisory China</strong>, his team leveraged its extensive valuation experience and data in the warehouse and storage sector to win high marks from all parties involved.</p><p>​JLL's Logistics and Corporate Appraisal and Advisory teams will continue to draw on their precise understanding of local markets, international vision, and innovative thinking to support Cainiao and push forward construction of its smart logistics network.​</p><p> <br> </p><p style="text-align:center;">- ends -​</p><p> <span style="line-height:1.6;"><br></span></p> <em style="line-height:1.6;">>>>Read more about <a href="http://www.joneslanglasalle.com.cn/china/en-gb/services" target="_blank">JLL Serv​ices</a></em><br> <p> <em style="line-height:1.6;">>>>Read more about </em><em style="line-height:1.6;"><a target="_blank" href="http://www.joneslanglasalle.com.cn/china/en-gb/news" style="line-height:1.6;">JLL News</a><br></em><em style="line-height:1.6;">>>>Read more about​ </em><a target="_blank" href="http://www.joneslanglasalle.com.cn/china/en-gb/research" style="line-height:1.6;"><em>JLL Research</em></a>​</p><p></p><div> <br>​</div> <span class="ms-rteThemeForeColor-5-0 ms-rteThemeFontFace-1" style="background-color:#ffffff;"><strong><em>About JLL</em></strong></span> <p style="font-family:"helvetica neue", helvetica, arial, sans-serif;background-color:#ffffff;margin-bottom:20px !important;line-height:1.57143 !important;color:#454545 !important;"> <span class="ms-rteThemeFontFace-1">JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information​​, visit </span><a target="_blank" href="http://www.joneslanglasalle.com.cn/" rel="nofollow" style="color:#006ed3;"><span class="ms-rteThemeFontFace-1">www.jll.com</span></a><span class="ms-rteThemeFontFace-1">. </span></p><p style="font-family:"helvetica neue", helvetica, arial, sans-serif;background-color:#ffffff;margin-bottom:20px !important;line-height:1.57143 !important;color:#454545 !important;"> <span class="ms-rteThemeFontFace-1"></span><span class="ms-rteThemeFontFace-1">JLL has over 50 years of experience in Asia Pacific, with 36,800 employees operating in 95 offices in 16 countries across the region. The firm won the ‘World’s Best’ and ‘Best in Asia Pacific’ International Property Consultancy at the International Property Awards in 2016 and was named number one real estate investment advisory firm in Asia Pacific for the sixth consecutive year by Real Capital Analytics.​​ </span><a target="_blank" rel="nofollow" href="http://www.joneslanglasalle.com.cn/asiapacific" style="color:#006ed3;"><span class="ms-rteThemeFontFace-1">www.jll.com/asiapacific</span></a><span class="ms-rteThemeFontFace-1">  </span></p><p style="font-family:"helvetica neue", helvetica, arial, sans-serif;background-color:#ffffff;margin-bottom:20px !important;line-height:1.57143 !important;color:#454545 !important;"> <span class="ms-rteThemeFontFace-1">In Greater China, the firm was named ‘Best Property Consultancy in China’ at the International Property Awards Asia Pacific 2016, and has more than 2,200 professio</span>nals and 14,000 on-site staff providing quality real estate advice and services in over 80 cities across the country​.  <a target="_blank" rel="nofollow" href="http://www.joneslanglasalle.com.cn/china/en-gb" style="color:#006ed3;"><span class="ms-rteThemeFontFace-1">www.joneslanglasalle.com.cn</span></a><span class="ms-rteThemeFontFace-1">​​​​​​​</span></p>0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88
Wuqing’s non-bonded market is almost fully occupied due to a notable leasing transaction for expansion; A new shopping mall completed in the core submarket and achieved occupancy of 70%/china/en-gb/news/614/2017-q2-tianjin-property-reviewWuqing’s non-bonded market is almost fully occupied due to a notable leasing transaction for expansion; A new shopping mall completed in the core submarket and achieved occupancy of 70%<p>​<span style="font-size:18px;">​</span><em style="font-size:18px;">According to JLL Tianjin's </em><em><span style="font-size:18px;">2Q17 Property Review</span></em></p><p><strong>Tianjin, 18 July 2017 – </strong>JLL's 2Q17 property review revealed the following:</p><p></p><ul><li>One new Grade B office building completed in Old Town-Haiguangsi area<br></li><li>Retailers and 3PL firms remained active in leasing warehouse space<br></li><li>Robust retail leasing demand pulled the vacancy rate down to a 3-year low<br></li><li>High-end residential transaction volume declined due to the home-buying restrictions<br></li></ul><p></p><p></p><p></p><p></p><p></p><p></p><p></p><h3><strong>Office</strong></h3><p><strong style="color:#262626;font-family:"segoe ui semilight","segoe ui",segoe,tahoma,helvetica,arial,sans-serif;font-size:1.15em;line-height:1.4;"></strong><span style="line-height:1.6;"><strong>Demand</strong></span><span style="line-height:1.6;"><strong> continues to stem from finance companies. </strong>Demand from domestic finance companies accounted for more than 40% of the quarterly leasing volume and <a href="http://www.joneslanglasalle.com.cn/china/en-gb/services/property-types/office" target="_blank">office</a> space areas under 500 sqm were the most popular sizes. For example, First Future, a domestic futures company, leased 500 sqm in Vantone Center for a new set-up and Guanghe Investment, a domestic finance company, leased around 450 sqm in Sunwah IFC. Demand was also driven by upgrading tenants that relocated to Grade A buildings such as Vantone Center, and Sunwah IFC. Minmetals Land Ltd, a domestic real estate company, relocated from a lower tier building to Vantone Center, leasing 860 sqm.</span></p><p><strong>One Grade B building, Rongqiao Center, was completed in 2Q17, adding 39,720 sqm to the Old-town-Haiguangsi submarket.</strong> The Grade A vacancy rate declined 1.6 percentage points q-o-q to 48.2% due to the positive net absorption while no new Grade A projects came on stream in 1H17. As a new completion entered the market with over 85% vacant space, the Grade B vacancy rate saw a slight increase of 0.9 of a percentage point q-o-q, but a decrease of 1.9 percentage points y-o-y. This was because no new supply had entered the Grade B market and there was positive net absorption in the previous three consecutive quarters. </p><p><strong>Net effective rents continued to decline, falling 0.6% q-o-q and 3.9% y-o-y, to RMB 92 per sqm per month on a like-for-like basis. </strong>Since there were no new Grade A completions in 1H17 and no future supply was expected in the upcoming quarters in the core area such as the Nanjing Road-Xiaobailou and Haihe Riverside submarkets, landlords who owned new Grade A projects in these submarkets kept rents stable to absorb the vacant space. As a result, Grade A rents saw a slight decrease, declining 0.2% q-o-q, to RMB 105 per sqm per month and Grade B rents declined 0.6% q-o-q and 2.3% y-o-y to RMB 87 per sqm per month.  </p><p><strong>Another four projects are expected to complete in 2017, and these will add 237,000 sqm and push the overall vacancy rate up slightly by end-2017.</strong> "While more high quality office buildings will gradually enter the market over the next few years, no new projects are expected to enter the Nanjing Road-Xiaobailou submarket, which is the most established CBD area in Tianjin, by 2020. We forecast that the vacancy rate in the Nanjing Road-Xiaobailou submarket will decline gradually and reach 19.6% by end-2020," noted <strong>Weiran Lv</strong>, Head of Markets for JLL Tianjin.</p><h3><strong>Logistics</strong></h3><p><strong>In 2Q17, demand rebounded significantly with net absorption at 93,004 sqm after a negative figure in 1Q17.</strong> The main demand drivers were retailers and 3PL firms. Two notable leasing transactions were Gold Hongye Paper, a domestic paper retailer, leasing around 50,000 sqm in GLP Wuqing <a href="http://www.joneslanglasalle.com.cn/china/en-gb/services/property-types/industrial-and-logistics" target="_blank">Logistics</a> Park Phase II, and Sinotrans, a domestic 3PL company, leasing 3,500 sqm in G Park Tianjin Phase II in Beichen.  </p><p><strong>Since there were no new completions in 2Q17, the non-bonded vacancy rate fell 3.6 percentage points q-o-q and declined 8.2 percentage points y-o-y to 18.3%. </strong>The total stock in Tianjin's non-bonded warehouse market remained at 2.6 million sqm at end-2Q17 and this market has remained inactive with no new completions or leasing activity for over two years. As of 2Q17, Tianjin's bonded warehouse vacancy rate stood at 9.1%.</p><p><strong>Net effective rents in the non-bonded market reached RMB 0.92 per sqm per day, an increase of 0.5% q-o-q, and 0.9% y-o-y on a like-for-like basis. </strong>The increase was led by submarkets such as Wuqing and Beichen, which saw the greatest demand and decreasing vacancy rates.</p><p><strong>Looking forward, seven new logistic projects are expected to enter the market, adding another 312,000 sqm warehouse space. Michael Hart, </strong>Managing Director of JLL Tianjin commented: "We forecast that Wuqing will continue to see demand from retailers and 3PLs. Since space in Wuqing is almost fully occupied with a 2.3% vacancy rate, which is considerably lower than Tianjin's non-bonded vacancy rate, landlords will have more negotiating power over rents. As leasing space is limited in Wuqing, we expect the overflow demand to shortly carry over to the Beichen surrounding areas."</p><h3><strong>Retail</strong></h3><p><strong>Leasing demand grew stronger in 2Q17, with net absorption at 188,000 sqm, an increase of 114.6% q-o-q and 157.3% y-o-y. </strong>New leasing demand continued to come mainly from the F&B and entertainment sectors. F&B retailers kept expanding in community malls to cater to nearby residents. For example, Nice Meeting You, a domestic restaurant, leased more than 400 sqm of space in Aegean Shopping Mall; Salsa opened a 400-sqm restaurant in Welife Plaza and several casual dining restaurants leased about 3,000 sqm in Global Mall Tianjin. Jiuxuanlv Music Centre took the place of some F&B stores in Robbinz Department Store, leasing about 500 sqm of space.</p><p>Besides the traditional <a href="http://www.joneslanglasalle.com.cn/china/en-gb/services/property-types/retail" target="_blank">retail​</a> categories, some new formats spread to both shopping malls and department stores, such as Mini KTV, game machines and the rapidly expanding 7-Eleven convenience stores. New retail kiosks attracted a growing number of younger customers and the appearance of new categories developed the diversity of the retail market in Tianjin. Outlets in these categories followed the changes in consumer behaviour and took advantage of shoppers' segmented time. "Developers should probably benefit from increased foot traffic and extra rental income as some outlets are located in public areas in shopping malls," commented <strong>Sunny Yin</strong>, Head of Retail for JLL Tianjin.</p><p><strong>TeeMall opened in the core area, Heping Road, adding another 190,000 sqm shopping space and was the only new high-quality shopping mall of 2Q17. </strong>It opened with a high occupancy rate at 70% and brought in several F&B retailers new to the city, and a new bookstore – Guangzhou Book Center. Direct access to the metro line and its large areas of space with a high proportion of F&B and entertainment outlets brought further competition to the market. Robust demand dragged down the vacancy rate to 13.9%, a decline of 0.7 of a percentage point q-o-q and 1.3 percentage points y-o-y.</p><p><strong>Net effective rents stood at RMB 11.5 per sqm per day, a slight increase of 0.4% q-o-q and 1.1% y-o-y on a like-for-like basis. </strong>Established malls with tight vacancy rates continued to see gradual rental increases but some underperforming malls that had poor access to public traffic or were undergoing repositioning offset the increasing rent momentum.</p><p><strong>Looking ahead, another two new malls are expected to enter the market by end-2017, adding 87,000 sqm new shopping space. </strong>These will be located in high density residential areas in Nankai District and we expect the lack of regional competition and the large consumer base to result in high pre-commitment rates and good performances. The overall vacancy rate is expected to decline continually up to end-2017.</p><h3><strong>High-end Residential</strong></h3><p><strong>Housing demand compressed during the quarter largely due to the tightening measures introduced on 1 April. These included restrictions on local unmarried and non-local residents from buying a second home and the raising of the down-payment for second-homes. </strong>Additionally, several banks cancelled discounts on mortgage rates. Sales volume in the high-end <a href="http://www.joneslanglasalle.com.cn/china/en-gb/services/property-types/residential" target="_blank">residential</a> market declined to 715 units, a 93.9% decrease q-o-q and an 81.0% decrease y-o-y. </p><p><strong>A total of 741 new units were launched in 2Q17, the lowest quarterly total in the last two years.</strong> These came mainly from the Meijiang and New Badali areas which accounted for 61.0% of the total. Vanke Dongdi Meijiang Townhouse Phase I was launched with 241 units and these were sold out during the quarter. The units' relatively lower prices than available in other projects in Meijiang and their access to the future metro line attracted first-home buyers.</p><p><strong>Capital values in the high-end residential market rose at a slower pace, increasing 11.1% q-o-q and 36.4% y-o-y. </strong>Although some tightening housing measures came into force, first-home and upgrading demand remained strong. The limited stock in central Tianjin, especially in the New Badali Area, continued to give developers the chance to raise prices.</p><p>We forecast that the tightening measures will remain in force in the next quarter. Chelsea Cai, Head of Research for JLL Tianjin, remarked, "The new housing restrictions are expected to keep the market quiet in terms of transaction volume. However, the limited high-end project supply in popular areas will make it hard for average prices to stop increasing."​</p><p><br></p><p style="text-align:center;">- ends -​</p><p><span style="line-height:1.6;"><br></span></p><em style="line-height:1.6;">>>>Read more about <a href="http://www.joneslanglasalle.com.cn/china/en-gb/services" target="_blank">JLL Serv​ices</a></em><br><p><em style="line-height:1.6;">>>>Read more about </em><em style="line-height:1.6;"><a target="_blank" href="http://www.joneslanglasalle.com.cn/china/en-gb/news" style="line-height:1.6;">JLL News</a><br></em><em style="line-height:1.6;">>>>Read more about​ </em><a target="_blank" href="http://www.joneslanglasalle.com.cn/china/en-gb/research" style="line-height:1.6;"><em>JLL Research</em></a>​</p><p></p><div><br>​</div><span class="ms-rteThemeForeColor-5-0 ms-rteThemeFontFace-1" style="background-color:#ffffff;"><strong><em>About JLL</em></strong></span><p style="font-family:"helvetica neue",helvetica,arial,sans-serif;background-color:#ffffff;margin-bottom:20px !important;line-height:1.57143 !important;color:#454545 !important;"><span class="ms-rteThemeFontFace-1">JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit </span><a target="_blank" href="http://www.joneslanglasalle.com.cn/" rel="nofollow" style="color:#006ed3;"><span class="ms-rteThemeFontFace-1">www.jll.com</span></a><span class="ms-rteThemeFontFace-1">. </span></p><p style="font-family:"helvetica neue",helvetica,arial,sans-serif;background-color:#ffffff;margin-bottom:20px !important;line-height:1.57143 !important;color:#454545 !important;"><span class="ms-rteThemeFontFace-1"></span><span class="ms-rteThemeFontFace-1">JLL has over 50 years of experience in Asia Pacific, with 36,800 employees operating in 95 offices in 16 countries across the region. The firm won the ‘World’s Best’ and ‘Best in Asia Pacific’ International Property Consultancy at the International Property Awards in 2016 and was named number one real estate investment advisory firm in Asia Pacific for the sixth consecutive year by Real Capital Analytics.​​ </span><a target="_blank" rel="nofollow" href="http://www.joneslanglasalle.com.cn/asiapacific" style="color:#006ed3;"><span class="ms-rteThemeFontFace-1">www.jll.com/asiapacific</span></a><span class="ms-rteThemeFontFace-1">  </span></p><p style="font-family:"helvetica neue",helvetica,arial,sans-serif;background-color:#ffffff;margin-bottom:20px !important;line-height:1.57143 !important;color:#454545 !important;"><span class="ms-rteThemeFontFace-1">In Greater China, the firm was named ‘Best Property Consultancy in China’ at the International Property Awards Asia Pacific 2016, and has more than 2,200 professio</span>nals and 14,000 on-site staff providing quality real estate advice and services in over 80 cities across the country​.  <a target="_blank" rel="nofollow" href="http://www.joneslanglasalle.com.cn/china/en-gb" style="color:#006ed3;"><span class="ms-rteThemeFontFace-1">www.joneslanglasalle.com.cn</span></a><span class="ms-rteThemeFontFace-1">​​​​​​<br></span></p>0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88

 

 

A new look for Badali/china/en-gb/research/284/tianjin-property-insight-july-2017A new look for BadaliTianjin Property Sight - July 20170x01010063443623C9F9004FA21AA8EABD6132C80096456DD4F4AF204EB9DD2C24B361B045
Interesting retail changes and how they will affect the retail market/china/en-gb/research/285/tianjin-property-insight-june-2017Interesting retail changes and how they will affect the retail marketTianjin Property Insight - June 20170x01010063443623C9F9004FA21AA8EABD6132C80096456DD4F4AF204EB9DD2C24B361B045

Case Studies

 

 

Beijing Financial Street 12th five-year plan/china/en-gb/case-studies/117/beijing-financial-streetBeijing Financial Street 12th five-year plan<p>​• Long-term development strategy consulting for Beijing Financial<br>Street and surrounding area<br>• Industrial positioning for the 12th five-year development planning</p>0x0100F03D47272AC15342926F7D713E448F1B00EB1C487C9E90A2419F545A2750B08453
Promoting Xicheng government’s vision for Financial Street Beijing/china/en-gb/case-studies/70/promoting-xicheng-government-s-vision-for-financial-street-beijingPromoting Xicheng government’s vision for Financial Street Beijing<p>​<img dir="rtl" src="/china/en-gb/PublishingImages/Case%20studies/promoting_xicheng_government_vision_for_financial_street_beijing.jpg" align="right" border="0" alt="" style="border:0px solid;" />Financial Street is one of Beijing’s central business districts. Through its twelve years of development, Financial Street has attracted diverse sectors to set up their headquarters in the district, including banks and insurance, derivatives and telecom companies. </p><p>Wanting to broaden opportunities and further develop the CBD, the Xicheng government sought Jones Lang LaSalle’s services to realise its vision of ‘improving the function and moderately expanding the area. Our Strategic Consulting team was appointed to conduct research regarding the long-term strategic deve​lopment of Beijing Financial Street and its surrounding areas.</p>0x0100F03D47272AC15342926F7D713E448F1B00EB1C487C9E90A2419F545A2750B08453
Re-positioning Tsinghua Tongfang Hi-tech Plaza/china/en-gb/case-studies/72/re-positioning-tsinghua-tongfang-hi-tech-plazaRe-positioning Tsinghua Tongfang Hi-tech Plaza<p>Tsinghua Tongfang Hi-tech Plaza is a mixed-use development that includes a Grade A office building, exhibition and conference centre, service apartments as well as retail and entertainment space. Developed in several phases, Phase I covered 160,000 sqm, while 80,000 sqm were included in Phase II. A real estate development company owned by Tsinghua Tongfang Ltd built this property near the famous Tsinghua University. </p> <p>Believing in Jones Lang LaSalle’s in-depth knowledge on the property market, our Strategic Consulting team was appointed to conduct re-positioning analysis for TsingHua Tongfang Hi-tech Plaza under different land uses and provide market evidence for a proposed development plan through a comparison of various market scenarios.</p>0x0100F03D47272AC15342926F7D713E448F1B00EB1C487C9E90A2419F545A2750B08453