Colliers International, Shanghai

Over the weekend, the People’s Bank of China (PBoC) announced to raise reserve requirement ratio by a larger-than-expected 1 percentage point to 14.5% with effect from December 25, 2007.  The reserve ratio will then reach the highest level in 20 years.  This follows the nine increases in the year, each by 0.25 percentage point.  While the move is well-expected, the magnitude of increase comes somewhat as a surprise to the market.  At this level, the banks may start to feel the pinch.

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About Colliers International

Colliers Macaulay Nicolls Inc. (CMN), operating as Colliers International, is a leading international real estate services company that provides a full range of services to commercial real estate users, owners and investors worldwide. These services include brokerage, property management, hotel investment sales and consulting, corporate services, valuation, consulting and appraisal services, mortgage banking and research. Through greater knowledge and specialization, CMN strives to accelerate the success of all its clients, partners, professionals, management and staff. CMN is a FirstService Company (Nasdaq: FSRV; TSX: FSV.SV). CMN is the largest member firm of Colliers International, one of the world's top commercial real estate services organizations, with revenues over US$1.6 billion and 267 offices in 57 countries. CMN can be found on the Web at http://www.colliersmn.com. Locally, Colliers professionals serve clients throughout China. Find out more at
www.colliers.com/china.

Contact Information

For more information please contact:

Hingyin Lee
Director, Research and Consultancy
Tel : 86 21 6141 3580
Fax : 86 21 6141 3699
Email: hingyin.lee@colliers.com

Linda Lee
Manager, Marketing & Communications
Tel : 86 21 6141 3606
Fax : 86 21 6141 3699
Email: Linda.L.Lee@colliers.com

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