The Application Researches On The Of Asset-light Model In Transition Of State-owned Real Estate Enterprises

The paper mainly studies the application of the asset-light model in the transformation of state-owned real estate enterprises. As the backbone force of the Chinese real estate market, state-owned real estate enterprises are of great research value either in development strength or macro guidance. However, problems like debt burden, weak profit growth etc. caused by development of the asset-heavy model all year round have become even more serious among state-owned real estate enterprises. This paper combines specific problems of state-owned real estate enterprises in China to come up with effective strategies for asset-light transformation.During the process of argumentation, the paper comprehensively applies the case analysis method, the quantitative and qualitative analysis method, the comparative analysis method and the induction method. The paper refers to different application strategies used by real estate agencies at home and abroad, especially various trial transformations of Vanke Company, which is of relatively large reference value to the final solutions designed by the paper. The paper analyzes COFCO Property as the representative of state-owned real estate agencies and points out the necessity for the company to conduct asset-light transformation. During the project design of the asset-light transformation for COFCO Property, the paper regards the "small stock trading" strategy as the main transformation means to accomplish the concrete application of asset-light model in the transformation of state-owned real estate agencies with improving the debt structure, removing bad land assets etc. as the supporting measures.After analyzing the above cases and problems, the paper arrives at the following conclusions:(1) State-owned real estate enterprises have gradually lost various advantages they previously had, for the operation mode they have habitually used for years to reach the goal of enterprise development by expanding the production scale has also encountered problems like high debt ratio, weak profit growth etc; (2) There are no absolute advantages or disadvantages about the asset-light or asset-heavy model. Enterprises should implement corresponding operation strategies according to different meanings of different assets to operating profit under the current operation environment; (3) As for the transformation and application of the asset-light model, compared with real estate financial means commonly used by foreign real estate development enterprises, asset-light development modes like the "small stock trading" model, property capitalization etc. are more suitable for Chinese real estate development enterprises currently caught in the asset-heavy predicament. On the one hand, it can relieve the financial crisis of operation and development. On the other hand, it can optimize the current profit models used by enterprises; (4) The asset-light transformation requires real estate development enterprises to be equipped with some specific conditions.