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The pressure on profits has forced developers to focus on refined operations, multi-family enterprises, strengthen the main business of development, and expand the new track business.
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The pressure on profits has forced developers to focus on refined operations, multi-family companies, strengthen the main business of development, and expand the new track business

来源:证券日报 07:11, January 9, 2020 Source: Securities Daily

Our reporter Wang Lixin

In the changing market, the real estate market is going hard this year, but there is still plenty of time and space.

As the real estate industry shifts from extensive development to refined operations, “investing in a better life” has become the ultimate goal, with a large urbanization rate, existing assets to be tapped, and strategic emerging industries that are still in the ascendant. Facing such a new market, real estate ships Driving safely to 2020 is a top priority for the real estate industry.

Focus on refined operations

Strengthen comprehensive budget management

It is well known that real estate companies are an industry where capital is king, and capital financing is very important for the development of the entire enterprise. According to the data of Zhongtai Securities, in 2019, real estate companies issued corporate bonds of 296.340 billion yuan, ABS issued 245.894 billion yuan, and a total of 542.234 billion yuan, accounting for 69.69% of the real estate company's open market financing. .

"The bond market is completely a market determined by the policy side." A few days ago, at the "11th Real Estate China Forum" with the theme of "track upgrade, fusion and innovation", China and Thailand Securities Investment Bank bonds and structured financing Executive General Manager Deng Wen said.

At the meeting, Wu Langxiong, deputy dean of Mingyuan Real Estate Research Institute, pointed out that in the face of a new normal for the development of five major housing companies, including macro perspectives, strict control over slow loosening, precise regulation, strict management of funds, and industrial symbiosis, housing companies are building a refined operation system. In China, we need to start from four aspects: operational efficiency, customer service improvement, digital operation and comprehensive budget perspective.

At a time when the financing environment is becoming stricter and tighter, facing the current situation of squeezed profits, real estate companies can further carry out large-scale budget management operations. "This process will pass on the income, cost, and efficiency to everyone without pressure or dependence, so that everyone's work can be effectively implemented." Wu Langxiong believes.

Leaving aside the difficult issue of financing, real estate companies also have new thinking on business aggregation. For example, what makes many companies anxious is whether they should stick to their original main business or are they more inclined to diversify their choices?

Expand the main business of development

Properly diversify new track business

"The development of urbanization has led to the transfer of population to cities, and the employment situation has also changed. China's real estate development still has a long way to go." Xu Hailun, assistant general manager of Gezhouba Real Estate of China, believes that housing prices will not rise in recent years It does not mean that real estate is not developing, and there should not be too much diversified development outside the real estate industry.

In this regard, Yu Dahai, senior vice president of Yida China, held the opposite view. He believes that the change in the new economic situation has made it necessary to expand and upgrade the track. During the implementation of diversification, some new businesses and new tracks should be selected that are less affected by policies, have small market fluctuations, relatively stable cash flows, and are appropriately misaligned with the real estate regulation cycle.

"The future must go from development to service to asset management, with some service-oriented attempts. The cash flow of developers is better. On the one hand, they can use some 'water' to try other industries, and on the other hand, they can provide customers with full life. The logic of cycle service and life service is top-down. No matter who it is, the exploration of diversification can maintain a certain degree of tolerance, and the company has a certain fault tolerance mechanism and trial and error mechanism. " Zhong points out.

Jin Jie, the assistant to the president of Jinhui Group, believes that when thinking about diversification, it is more about the degree of connection between the diversified industries and the existing real estate industry. The Internet, this cross-border is too fast, it is more about the content related to the traditional "real estate +".

"The structure of diversification is mainly divided into four categories: related diversification, irrelevant diversification, horizontal diversification, and vertical diversification." Said Yao Ke, Assistant President and Brand General Manager of Territory Group. The layout of the main business, after the vertical diversification is opened up, will reduce the internal cost of the 28th model; irrelevant diversification, such as health, also has its core capabilities and resource support. "But Yao Ke also admitted:" Diversity Specialization and specialization have always been a double-edged sword. "

In general, the consensus of many housing company executives is that controlling cost management, reducing corporate leverage, and improving product power are the issues that most housing companies are solving in 2019. Some housing companies are seeking for innovation: Reasonably control cash flow and slow down the expansion rate in exchange for better development of the enterprise; Some companies' track capacity expansion and upgrade: consciously carry out corporate transformation under pressure, change development concepts, and upgrade operating models .

(Responsible editor: Wang Wanying)

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