Research On The Application Of Asset-Light Strategy In The Transformation Of China's Real Estate Enterprises

In the Golden age of development of the real estate development,most of the enterprises implement the heavy asset model which collects land investment,planning,construction,operation and management in one.This pattern has brought huge profits to the real estate enterprises in the"land appreciation rate is much higher than the cost of capital" era.However,with the advent of the "Silver Age" in the real estate industry,land costs rise,slowing sales,capital recovery period extension problems are frequent,the drawbacks of heavy asset mode have been exposed,China's real estate enterprises operating mode,profits are facing major challenges.Under this background,Wanda and Vanke which are the representative of China Real estate tycoons have tested the water of asset light model,that is,through cooperation with relevant financial institutions,the enterprise assets stripping the assets holding functions,reserve the right to operate real estate.Therefore,the business core is put into operation management,and finally the management income is shared with the property right holders.While in the context of a new era,is the asset light model able to meet China's real estate enterprise restructuring and development needs,whether it is necessary to "turn from weight to light" and how to transform still need in-depth study,these questions will play a crucial role to our country's real estate enterprise restructuring and development.This paper selects Greentown group as a typical case to analyze which has successfully transformed from heavy asset dilemma to light asset model and created a "light asset agency model",in order to provide reference for the transformation of China's real estate enterprise operation mode.Firstly,the article gives a brief account of the background,the research purpose and significance;the existing research results and the theoretical framework of the system the paper;then analyzes the current status of the development of real estate enterprises,and summed up the necessity of transformation;the case analysis is carried out on the basis of asset light business model to the Greentown group.The case module mainly divided into three parts:the first part summarizes the basic situation of Greentown group,the feasibility of transformation and transformation background,and describe the implementation process of its asset light transition in detail;the second part analyzes the performance of light asset model of Greentown group from two aspects of Finance and non finance.The in-depth analysis of the financial sector is through the two dimensions of both horizontal and vertical system and objectively evaluate the success of Greentown group light asset business model transformation.The study found that business performance has been significantly improved in the implementation of the light asset transformation at the beginning,the rate of return on net assets was beyond the Zhonghai company,sales net interest rate rise beyond the industry average for many years,high efficiency reversed the dilemma to Greentown heavy assets.But because the light asset model is not overnight,Greentown's performance stability is still poor,and there is a certain gap between the benchmark enterprises in the industry,the transformation of the light asset business model is still a long way to go for Greentown group.The third part summarizes the conclusions of the case,and puts forward some relevant suggestions and inspiration to other real estate enterprises in our country.