戴德梁行+中国数据中心：2022年需要注意的四个问题

CENTRESINMAINLANDCHINAFOURPOINTSTOPROCESSIN2022GreaterChinaResearchApril2022 ContentsExecutiveSummaryP4IntroductionP6TheFourPointstoProcessP8•TheMarketP8•GovernmentPolicyP20•InvestmentP28•SustainabilityP33KeyTakeawaysP40AppendixP42BusinessContactsP48ResearchContactsP482Cushman&WakefieldResearchDataCentresinMainlandChina3SummarySSummarySummaryMainlandChina’sdatacentremarketisevolvingrapidly.Asinvestorsanddevelopersinvest/furtherinvest,therearemanythemes,topics,andissuestoconsider.Inourreportwelookatfourkeypointsandtheyare:/Themarket;/Governmentpolicy;/Investment,and;/Environmentalsustainability.TheMarketAtthebeginningof2021,cabinetstockinMainlandChinatouched3.6million,withtheanticipationthatthisnumberwillsurpass4millionbytheendoftheyear/beginningof2022.TheBeijing-Tianjin-Hebeiregion,theYangtzeRiverDeltaregionandthePearlRiverDeltaregioncontinuetomaintainstrongdatacentreconstructionimpetus,bothintermsofthenumberofnewcabinetsandaggregateinventory.GovernmentPolicyOneofthemostimportantdatacentreindustry-relatedpoliciesreleasedrecentlyinMainlandChinais“TheThree-yearActionPlanforNewDataCentreDevelopment(2021-2023)”.Thebasicactionsoftheplanare:/Theoptimisationofconstructionlayout;/Theupgradingofnetworkquality;/Theenhancementofcomputingpower;/Thestrengtheningoftheindustrialchain;/‘Green’andlow-carbondevelopment,and;/Safetyandreliability.4Cushman&WakefieldResearch Executive E ExecutiveInvestmentDomesticdatacentrefinancingconduitsinMain-landChinaarevaried.Theyarelargelysplitintoeq-uityfinancinganddebtfinancing,includingpublicoffering,rightsissue,privateplacement,bondfinancing,bankloansandotherinstruments.Giventheappealingcapratethatdatacentreprojectscanoffer,manyinvestorsoflatehavepaidmuchattentiontodatacentrepropertiesinChina.Theseinvestorshaveexecutedoninvestmentdealsviaanumberofmethods,suchasdirectlypurchas-ingdatacentrepropertyassets,formingajointventurecompany,orutilisingfinancingchannels.Datacentresrequirelargecapitalinvestment,andthetrialofadomesticREITsmarketwillbegetnewfinancingchannelstolistedcompanies.TherecentREITsdocumentsjointlydeliveredbytheChinaSecuritiesRegulatoryCommissionandtheNationalDevelopmentandReformCommission(NDRC)pointedoutthattheownershipofREITsprojectsshouldbewell-defined,andperti-nentprocedures,suchasacceptance,landuse,environmentalassessment,planning,projectinvestmentmanagement,operation,cashflowandinvestmentreturns,shouldbemetasrequired.SustainabilityInthefaceofglobalwarming,MainlandChinahaspropositionedthestrategicgoalof"reachingacarbonpeakby2030andgoingcarbonneutralby2060."Datacentres,ontheotherhand,transformelectricityintocomputingpower,andsowiththeswiftgrowthofdigitaldemand,datacentresareprogressivelyrequiringagreateramountofelec-tricityforcentreoperationalpurposes.Thedramaticaccelerationofglobaldatacentremarketshasraisedconcernsaroundtheimpactthesectorhasontheenvironment.Withtheex-tremelyhighconsumptionofpowerbydatacen-tresandthesignificantcarbonfootprintthesectorgenerates,thereisaneedtostrengthensec-tor-widestandardsandcommitmentsforsustain-abledatacentreoperations.Governmentsaroundtheworldareforcingthedatacentresectorto-wards‘greener’operationswithnewregulations,andevenmoratoriums.Inlightofthis,theNationalDevelopmentandReformCommission,theCyberspaceAdministra-tionofChina,theMinistryofIndustryandInfor-mationTechnologyandtheEnergyAdministrationhavejointlyissuedthe"GuidanceonAcceleratingtheConstructionoftheCollaborativeInnovationSystemofIntegratedBigDataCentre"andoth-erdocuments.ThesepoliciesaimtoguidefuturedatacentredevelopmentinMainlandChinaalongasustainable‘green’path,whereby,amongotheraspects,newdevelopment:/Issystematic,coordinatedandorderly;/Ensuresenergy-useefficiency,and;/Utilisesenergyfromrenewableenergysourceswherepossible.Moreover,demandpressurefordatacentrecarbonneutralityisalsoarisingfromuserenterprises,astheytrytoachievetheiryearlyenvironment,socialandgovernance(ESG)ratingobjectives.Overtheyears,thedatacentreindustryinMain-landChinahaslookedatvariousenergy-savingand‘green’technologyinitiatives.Somedatacen-tresinthecountryhavebeenabletoreducetheirpowerusageeffectiveness(PUE)valueto1.1orbelow.Inthelongterm,regardingtheaspirationofgoingcarbonneutral,energyefficiencyandener-gysavingarejustsmallstepsinthewholejourneytodiscoveratruesolution.Moreover,carbonoffsetting,carbontrading,carboncaptureandotheranalogousinitiativesarealsosomewhatlimitedwhencontemplatingtheoverallobjective.Foralong-termtotalsolution,thegenerationanduseofrenewableenergyarethekeystounlockingandrevealingthereal‘green’solution.DataCentresinMainlandChina5 IntroductionThisreportfocusesonfourmajorpointstodeliberatewheninvestingindatacentreprojectsinMainlandChina.Thereportbeginsbycentringonthefirstpointtoconsider—ThedatacentremarketinMainlandChina—beforelookingatthesecondconsiderationpoint—Datacentre-relatedgovernmentpolicyinthecountry.DatacentreinvestmentitselfinMainlandChinaisthethirdconsiderationpointtobeexamined,withthereportfinishingwiththefourthpointtoconsider—ThetopicofenvironmentalsustainabilityinMainlandChina.6Cushman&WakefieldResearchDaDataCentresinMainlandChinaChina78Cushman&WakefieldResearch4.54.04.54.00.50.0 TheFourPointstoProcessTheTheMarketAccordingtoCDCCstatistics,asofearly2021,cabinetstockinMainlandChinareached3.6million,withtheexpectationthatthisindicatorfigurewillexceed4millionbytheendoftheyear/beginningof2022(Figure1).Figure1:CabinetstockinMainlandChina–Timeline(2016-Oct2021)Million4.00+Expected3.632.27662020(May)2021(Oct)ExpectedSource:CDCC,Cushman&WakefieldResearchAsof31May2021,thenumberofnewcabinetsplannedinMainlandChinawas469,300.Fromare-gionaldistributionstandpoint,NorthChinaaccountsfor27%,EastChina26%andSouthChina22%.Thesethreeregionsleadthecountrywiththetotalnumberofnewplannedcabinetsineachregionbeingover100,000(Figure2).NortheastNorthEastSouthCentralNorthwestSoutheastNortheastNorthEastSouthCentralNorthwestSoutheast14012010080604020NortheastNorthEastSouthCentralNorthwestSoutheastNortheastNorthEastSouthCentralNorthwestSoutheast140120100806040202%%6% 30%24%26%9%0.2DataCentresinMainlandChina6Figure2:NewcabinetsupplyplannedinMainlandChina–Regionaldistribution(H12021)Totalnumberofnewcabinetsplannedbyregion(May2021)Thousand0Source:CDCC,Cushman&WakefieldResearchAnalysisofthepercentageoftotalplannednewcabinetsbyregion(May2021) 6%3%27%22%26%NorthEastSouthSouthwestCentralNorthwestNortheastWhenconsideringthecurrentandplannedstockofcabinetsineachregion,EastChinanowexceeds1million,whileNorthChinaandSouthChinahavereachedover0.9millionand0.8million,respectively.TheregionaldistributionofdatacentresinMainlandChinacurrentlyreflectsthedevelopmentofthetotaldigitaleconomy—someregionshaveahigherlevelofdevelopmentthanothers(Figure3).Figure3:CabinetstockinMainlandChina–Regionaldistribution(H12021)MillionRegionalstock+totalplannedcabinets(May2021)AnalysisofthepercentageofRegionalstock+totalplannedcabinets(May2021)0.0NortheastEastNorthSouthSouthwestCentralNorthwestNortheastSource:CDCC,Cushman&WakefieldResearchInthefirsthalfof2021,third-partydatacentredevelopersplannednearly250,000cabinets,accountingforupto53%ofthetotalsupply.Third-partydatacentredevelopmentisexpectedtocontinuetoplayamajorroleinthemarketfortheforeseeablefuture(Figure4).Source:CDCC,Cushman&WakefieldResearch10Cushman&WakefieldResearchFigure4:NewcabinetsupplyplannedinMainlandChina–Developerdistribution(H12021)TotalnumberofnewcabinetsplannedbyIndustry(May2021)Thousand300250200500Source:CDCC,Cushman&WakefieldResearchAnalysisofthepercentageoftotalnumberofnewcabinetsplannedbyindustry(May2021)3%33%8%53%ThirdpartiesEnterprisesInternetcThirdpartiesEnterprisesFinancialGovernmentFromCDCCheatmaps,onecanseethattheBeijing-Tianjin-Hebeiregion,theYangtzeRiverDeltaregionandthePearlRiverDeltaregioncontinuetomaintainvigorousdatacentreconstructionmomentum,bothintermsofthenumberofnewcabinetsandcumulativeinventory(Figure5andFigure6).Figure5:NewcabinetsupplyinMainlandChina–Distributionheatmap(Jan-May2021)2,000-5,0005,000-10,00010,000-20,00020,000-40,00040,000-60,00060,000-80,00080,000-100,000502025E2030E2035ESource:Greenpeace:“DecarbonisationofMainlandChina’sDigitalInfrastructure:PotentialandChallengesforDataCentresand5GCarbonReduction”,Cushman&WakefieldResearchDataCentresinMainland502025E2030E2035ESource:Greenpeace:“DecarbonisationofMainlandChina’sDigitalInfrastructure:PotentialandChallengesforDataCentresand5GCarbonReduction”,Cushman&WakefieldResearchDataCentresinMainlandFigure6:CabinetstockinMainlandChina–Distributionheatmap(May2021)0-10,00010,000-20,00020,000-50,00050,000-100,000100,000-200,000200,000-300,000300,000-400,000400,000-500,000Source:CDCC,Cushman&WakefieldResearchLookingtothefuture,therapiddevelopmentofthedigitaleconomyinMainlandChinaisexpectedtobringaboutasurgeintheamountofdemandforcabinets.Rigiddemandforthesedataserviceswillonlygrowaslarge-scaledataprocessing,storage,andtransmissionvolumeincrease.Underthedoublestimulationofdigitaleconomydemanddynamicsandpolicydividends,themarketscalefordatacentresisexpectedtocontinuetoexpandsteadily.Alongsidethisgrowth,itisanticipat-edthatthetotalnumberofdatacentrecabinetsinMainlandChinawillbecloseto15millionby2035(Figure7).Figure7:CabinetsupplygrowthinMainlandChina(2025-2035)Million20ChinaChina1112Cushman&WakefieldResearchWhensharpeningthefocusandlookingatthemarketfromacity-levelper-spective,onecanseethatMainlandChi-na’sfirst-tiercitieshavebeenthefocusofmuchmar-ketactivityoverthepastyear.BeijingMarketMarketOverview:Throughout2021,theconstructionofanddemandfordatacentresinBeijingcontinuedtoremainrobust.Additionally,accordingtopoliciesissuedbyBeijing,twofuturedevelopmentscenariosareopenforexistingdatacentresinthecity.Thefirstscenarioisforexistingenergy-inefficientdatacentrestoupgradetomoreenergy-efficientdatacentres,andthesecondscenarioisforenergy-efficientdatacentresthatmeettheenergyusestandardstobegivenahigherlevelofpreferencewhenitcomestodevelopmentandoperation.Atthesametime,datacentreenterprisesthatuseadvanced‘green’energy-savingtechnologiesandproductstocarryoutenergy-savingtechnologicaltransformationcannowapplyforfinancialsubsidies.EcosystemEcosystemDevelopment:/InApril2021,theBeijinggovernmentreleasedthe“BeijingDataCentreCoordinatedDevelopmentImplementationPlan.”From2021to2023,Beijingwillrestructurethedatacentremarketbyclosingdownoutdateddatacentres,consolidat-inganumberofscattereddatacentres,andrenovatingthosehigh-powerconsumptionandinefficientdatacentres,whilebuildinganumberofnewcomputationaldatacentres,artificialintelligencearithmeticcentresandedgecomputingdatacen-tres.TheBeijinggovernmenthasalsodividedallthedistrictsintospecificdivisionsfordatacentredevelopmentaccordingtotheirneeds.Additionally,theauthoritiesareexploringtheideaofdatacentresbeingconnectedtotheBeijingEnergy-SavingMonitoringServicePlatforminordertostrictlycontrolenergyconsumption./InJuly2021,theBeijinggovernmentalsoreleasedthe“IssuanceofCertainProvisionsonFurtherStrengtheningtheEnergyEffi-ciencyReviewofDataCentreProjects”.Thispolicyaimstofur-therimprovetheurbanenergyefficiencyreviewofdatacentreprojects,regulateandguidedatacentresfromthebeginningtoimproveenergyefficiencyandcarbonefficiency,strengthenwholelife-cycleenergyefficiencymanagement,achievegreendevelopment,andpromotecarbonemissionreductionandcar-bonneutralityinthecity./ChinaTelecom’scloudcalculationsystem,calledTianyi3.0,basedoutofBeijing,cancustomiseintelligentintegratedcom-municationsolutionsfortheglobalbusinessneedsofenterpris-esandinstitutions.Atpresent,thecentrehasattractedmorethantentopcustomersfromdomesticandforeignbusinesssectors,suchasGE,Tencent,Jingdong,Iqiyi,andQihu;andthenumberofcontractedracksaccountsformorethanhalfofthetotalscale.BeijingBeijingandsurroundingarearecentpropertytransactions(2020-2021)RecentPropertySales:TableTable1:PropertySize(sqm)SaleDateSalePrice(RMB)BuyerSellerBeijingNo.15DataCentre19,000Sept202020203.80BillionGloalDataSolutionsLimitedCITICFundsManage-mentDatacentreportfolio(datacentresinBeijing,Shanghai,Guangzhou,Foshan,andtelecomdatacentres)-Oct20211.65BillionShenzhenBaonengChuang-zhanLtd.Dr.PengGroupSource:Cushman&WakefieldResearchMajorConstructionUpdate:Table2:Beijingmajorconstructionupdate(2021)OperatorDistrictSize(sqm)StageBeijingFutureScienceParkDevelopmentGroupChangpingDistrict13,389UnderconstructionChinaEverbrightBankShijingshanDistrict100,000UnderconstructionSource:Cushman&WakefieldResearchDataCentresinMainlandChina1314Cushman&WakefieldResearchShanghaiMarketMarketOverview:Shanghai’sdatacentreshavecontinuedtodevelopalongwiththegrowthofthedigitaleconomy,includingdigitaltechnologyassociatedwiththe5G,artificialintelligence(AI)andcloudcomputingIndustries.ManyInternetenterpriseshavegatheredinShanghai,bringingstrongdemandfordatacentresinthecityastheseenterprisesusuallyhavealargeamountofdatawhichrequiresstorage,exchange,andcomputingrequirements.Moreover,asaninternationalfinancehub,Shanghaiisalsohometomanyheadquartersoffinancialinstitutions.ThedigitaltransformationofthefinancialsectorhasalsopromoteddatacentredevelopmentinShanghai.Shanghaicontinuestosupportenterpriseswithlong-termdatacentreoperationpracticetobuildandoperatedatacentres.Shanghaiisalsoawareoftheneedforsustainableandenergyefficientdatacentresandhasreleasedpoliciesrelatedtothesizeandenergyconsumptionofdatacentrestoensuredatacentresdevelopina‘green’andenergyefficientway.Alongsidethismovetobemoresustainable,Shanghaihasmadesignificantprogressintheconstructionandoperationofadvancedmicro-modulardatacentres.Micro-modulardatacentreshaveanumberofadvantages,includingenergyuseefficiency.aseachcentrecanbeconfiguredtouseenergyindependently—thusenablingcentremanagementtoeffectcentremaintenanceandmanagecentrepowerusagemoreefficiently.EcosystemEcosystemDevelopment:/ChinaTelecomwillinvestRMB18billiontobuildShanghaiintoaworld-leading“5G+OpticalNetwork”doublegigabitdemonstrationcity.In2019,ChinaTelecominstalled10gigabitopticalnetworksintocommercialbuildingsandindustrialparksinthecity.What’smore,MainlandChinaTelecom’s5GnetworknowcoversShanghai’scentralurbanareasandmajortowns.BasedonShanghai’sleading“5G+OpticalNetwork“dualgigabitnetwork,ChinaTelecomwillmakefulluseofnewgenerationtechnologiestohelpmakeShanghaiacentreforindustrialandservicesectorinnovation./Shanghaiplanstointroducethe“ShanghaiDataRegulations”toempowerthedigitalisationofthecityandthedigitaleconomydevelopment.Additionally,ShanghaiwillsetupadatatradingcentreinPudongandbuildaninternationaldataportinLingang./In2018,Shanghaibegantopromotetheconceptofenergyefficiencywithregardtodatacentreconstructionandoperation.Undertheplan“newdatacentrePUEislimitedtolessthan1.3.”/Meanwhile,thecitiesaroundShanghaihavesteppedupdatacentreconstruction,withcitiessuchasKunshan,Wuxi,andNantongnowbecomingimportantcitiesforInternetdatacentre(IDC)developmentaroundShanghai.RecentPropertySales: Table3:Shanghaiandsurroundingarearecentpropertytransactions(2020-2021)PropertySize(sqm)SaleDateSalePrice(RMB)BuyerSellerMinghangDistrictDataCentre75,000Apr20213.66BillionCapitaLandAVICTrustCo.,LtdDatacentreportfolio(datacentresinBeijing,Shanghai,Guangzhou,Foshan,andtelecomdatacentres)-Oct20211.65BillionShenzhenBaonengChuang-zhanLtd.Dr.PengGroupSource:CDCC,Cushman&WakefieldResearchMajorConstructionUpdate:Table4:Shanghaimajorconstructionupdate(2021)OperatorDistrictSize(sqm)StageHuayuEngineeringSongjiangDistrictUnderconstructionLongfengShanghaiDataTechnologyPudongNewArea65,074UnderconstructionAlibabaCloudJinshanDistrict162,000UnderconstructionNote:BasedoncampusareaSource:CDCC,Cushman&WakefieldResearchDataCentresinMainlandChina1516Cushman&WakefieldResearchShenzhenMarketMarketOverview:Initiatedbyrobustindustrydevelopment,Shenzhen’sdatacentresectorexpandedearly.NotableoperatorsincludeChinaTelecom,GlobalDataSolutionsandDrPengGroup.ShenzheniscurrentlyanimportantBigDatahubinMainlandChinaandthusanextremelyactivehubfordatacentresthatcollect,process,storeanddistributethistypeofdatawithlowlatency.ThegenerationandutilisationvolumeofBigDataisonlysettoincreaseandassuch,thenumberofdatacentresneededtoservicethisdataissettofurtherexpand.Atpresent,BigDatatechnologyinMainlandChinaiscontinuallyinnovatingandevolving.AIandstate-of-the-artmachinelearningarethenextsteps.Emergingindustryverticalstousethistechnologyincludeeducation,transportation,E-commerce,theInternet,supplychainandlogistics,agriculture,manufacturing,sports,environmentalmeteorology,andenergy.Companies,suchasHuaweiandRecentPropertySales:others,arepersistentlypushingthetechnologicalboundaries.ItisbelievedthatthecontinuousprogressinBigDatatechnologicalinnovationbyhigh-techcompanieswillalsoleadtoaneedformoredatacentrespacenotjustnationally,butinandaroundShenzhenaswell.Shenzhenisalsoencouragingtherevampingofageddatacentreswith‘green’,efficienttechnology.DatacentreoperatorsinthecityareabletoreceiveenergysupportpackageswhicharedependentonPUElevels.Moreover,keyenergyconsumptiondatacentresarerequiredtobemonitoredattheprovinciallevel.Finally,givenland-useefficiency,Shenzhenisalsoexploringtheideaofbuildingdatacentresinundergroundspaces.Table5:Shenzhenandsurroundingarearecentpropertytransactions(2020-2021)PropertySize(sqm)SaleDateSalePrice(RMB)BuyerSellerGDSSZ8DataCentre2,50090MillionGlobalDataSolutionsLimit-ed-HuizhouTong-huSmartCityDataCentre45,000Q320201.5BillionAlphaDataCentreFund-KeppelCountryGardenSource:CDCC,Cushman&WakefieldResearchDaDataCentresinMainlandChina17EcosystemEcosystemDevelopment:/HuaweiEnterpriseCloudplatformisaneasy-to-use,highlyreliable,andlow-costBigDatasolutionforBigDataapplicationscenariossuchasadvertisingmarketing,E-commerce,andtheInternetofVehicles.Thenowestablishedplatformalsohelpsuserenterprisesmeettheirever-increasingdatastorageandanalysisneeds./Ping’anTechnology’sBigDatateamisdevelopingBigDataprojectsandsettingupBigDataresearchlaboratorieswhicharelookingintodevelopingadvancedBigDataanalysistechnologyandmodellingmethods.ThecompanyisbuildingShenzhen’sfirstfinancialdatacentrethatachievedaPUEof1.248inresponsetothegovernment’s‘green’developmentinitiative.MajorConstructionUpdate:Table6:Shenzhenmajorconstructionupdate(2021)OperatorDistrictSize(sqm)StageTencentGuangmingDistrict29,800UnderconstructionPing’anInsuranceFutianDistrict26,000UnderconstructionSource:CDCC,Cushman&WakefieldResearch18Cushman&WakefieldResearchGuangzhouMarketMarketOverview:ThedatacentresbusinessinGuangzhouhasbeenconstantlyexpandinginrecentyears.TherobustdemandfromtheInternetindustryanddigitalupgradinghasdrivengrowthinthecity.Underthedevelopmentofinformationtechnologyanddigitaltransformation,theretailandE-commerceindustrieshavealsoboosteddemandfordatacentres.AsoneofthecentralcitiesintheGreaterBayArea,Guangzhouisalsooneofthepreferredchoicesfordatacentrebusinesslocation,withsufficientresourcesandfacilitiesrequiredfortheconstructionofdatacentres.Accordingtothethree-yeardevelopmentplanfornewinfrastructure,Guangzhouiscurrentlyactivelypromotingintensiveconstructionandcarryingouttheupgradingandtransformationofageddatacentres.Inthefuture,‘green’datacentreswithinnovationcapabilities,aswellassmallandmedium-sizeddatacentreswithlowlatency,highaddedvalue,andanobviousroleintheindustrychain,willreceivemoresupportandattention.EcosystemEcosystemDevelopment:/ChinaTelecomisbuildinga5GcloudcomputingcentreprojectinConghua,Guangzhou.AsthecoreprojectwithintheMingzhuIntelligentIndustrialPark,itisoneofthefournationaldatacentreswithinChinaTelecom’snationalcloudnetwork.Theprojectplanstoprovideultra-lowlatencydatatransmissionandcloudservicesfortheGreaterBayArea.ItwillprovideInternetinfrastructuresupport,suchasdatastorageandtransmissionfortheGuangzhouArtificialIntelligenceandDigitalEconomyExperimentalZone.Theimplementationofautonomousvehicles,telemedicineandothernewbusinessformatsthathavestrictrequirementsontransmissiondelayandspeedwillbeaccelerated.Thedevelopmentofemergingindustries,suchasblockchain,BigDataandAIwillalsobepromoted.RecentPropertySales:Table7:Guangzhouandsurroundingarearecentpropertytransactions(2020-2021)PropertySize(sqm)SaleDateSalePrice(RMB)BuyerSellerRooms101-701,Block5Blue-seaIntelligenceValley20,595Jul2021635.90MillionKeppelDCGuangdongBlueseaDataDevelopmentCompanyLimitedDatacentreportfolio(datacentresinBeijing,Shanghai,Guangzhou,Foshan,andtelecomdatacentres)-Oct20211.65BillionShenzhenBaonengChuang-zhanLtd.Dr.PengGroupSource:CDCC,Cushman&WakefieldResearchMajorConstructionUpdate:Table8:Guangzhoumajorconstructionupdate(2021)OperatorDistrictSize(sqm)StageChinaTelecomConghuaDistrict420,000UnderconstructionSouthLogisticsZengchengDistrict140,000UnderconstructionSource:CDCC,Cushman&WakefieldResearchBacktothebroadermarketpicture,MainlandChina'sdatacentreindustryhascontinuedtoreceivenational,provincial,andcity-levelattention.Influencedbythedualimpactofnewinfrastructuredevelopmentandcarbonneutralitysentiment,anumberofrelevantindustrypolicieshavebeenissuedandoneofthemajorones,the“Three-yearActionPlanforNewDataCentreDevelopment(2021-2023)”anditspotentialimpact,isconsideredinthenextsectionofourreport.DataCentresinMainlandChina1920Cushman&WakefieldResearch11.WhatarethebasicGovernmentGovernmentPolicyTheThree-yearActionPlanforNewDataCentreDevelopment(2021-2023)InMarch2020,theStandingCommitteeofthePoliticalBureauoftheCPCCentralCommitteeproposed“acceleratingtheprogressof5Gnetwork,datacentreandothernewinfrastructureconstruction.”Moreover,th