Study On Real Estate Ernterprise's Asset-light Mode

As the national policy of strict regulation of real estate industry and consumer 'rational demand for real estate,real estate market met increasingly fierce competition,loss of product profit,land dividend disappearance,profit margins of accelerated decline.In addition,under the background of regulation of the real estate,Sales cycle increased,inventory turnover rate reduced,the period of accounts receivable lengthen,eventually lead to real estate enterprises financing pressure and financial cost double increase.This means the original development process,from buying land,project construction,property marketing and property management are completed by a independent developer,has not adapted to the development of the current domestic real estate market.Instead funding,planning,design,construction,sales and property services,every key point controlled by the highly specialized company favor by the domestic real estate market gradually.The real estate market transfer from the Hong Kong mode to American mode,some company began to explore asset light mode and pay attention to the core competence,such as brand and operation.The current real estate enterprise asset light transition includes three paths: Green town'agent-construction mode,Vanke 'Small stocks,fantasia 'light-duty business.These are the real estate enterprises explore to asset light mode during the period of transition,in order to solve the problem of sales net interest rate decreased,the total asset turnover reduced,high financial leverage.Research idea of this article is to combine theory and practice of case,choosing real estate asset-light patterns discussed,and taking the green town construction as an example,analyzing the macro environment of agent-construction,industry environment,the enterprise environment,motivation as well as the concrete implementation process of construction,analyzing the green town overall financial results and specific financial effect analysis under the agent-construction pattern,summarizing the advantages of green town agent-construction mode,putting forward the problems should be paid attention to in the application of agent-construction mode,the purpose lies in exploring the transformation of the real estate enterprises provide for asset-light operation transformation of reference.This paper has five parts: first part is the introduction.This part introduce the research background and meaning,the study of asset-light both at home and abroad,and introduce the thesis research ideas and methods,and explain basic structrue of the thesis.The second chapter is the concept and theoretical basis of asset-light mode.This part have four aspects: first,the basic concept of asset-light operation mode.Including light the meaning of assets-light operation mode,the feature of the asset-light operation mode,the analysis of the pros and cons of light asset operation mode.Secondly,introduce the type of real estate enterprise's asset light mode.Again,agent-construction‘concept.Including agent-construction's background,agent construction' characteristics.Finally,the paper introduce the theory of agent,value chain theory,and its application in asset-light strategy.The third chapter for case part of the green town construction.First of all,introduce the basic situation of green town.Secondly,analyze the macro background of agent-construction,industry circumstance and the enterprise circumstance.Then,this paper analyzes the reason of the green town's agent-construction implementation,reduce pressure of financing,reduce the burden of tax,avoid policy risk,realize the strategic target.In the end,this paper introduces the precondition of the green town's agent-construction model,concrete process,form of agent-construction and development situation of green town agent-construction.The fourth chapter is the analysis results from the two angles: First,according to annual report since 2010 analyze the financial effect.Then,analyze non-financial effect,from the focus on product and service quality,market share,brand value.The fifth chapter is conclusion and revelation.Mainly for summarizes the effect of agent-construction,and in view of its shortcomings to provide experience for reference to other real estate.After the case analysis,the following conclusions: the agent-construction mode is beneficial to reduce business risks,improve the ability to encounter policy changes.Agnet-construction mode is advantageous to add profit.Conducive to promoting the value of real estate enterprise brand,expand the influence of market.In addition,agent-construction model needs a stable internal environment,strengthen the ability of management and control,brand output standardization and strengthen business management skills.