Research On The Transformation Of Light Assets Operation Model In Real Estate Enterprises

Since the housing system reformed in 1998,most of the real estate industry has adopted the heavy asset operation model.Real estate enterprises seized the period of "golden age" of industry development,and earned high profits by using high financial leverage,land premium and large capital investment to achieve rapid development.However,in the context of the national macro-control policy and the slowdown in economic growth,the real estate industry is currently facing large inventory backlog,rising land costs,increasing financing pressure,tax burden and other issues.Under the traditional operation mode,the single financing channel,coupled with policy regulation,makes the capital cost of real estate enterprises continue to grow,and there is a large financial risk.The property market has bid farewell to the golden era of high profits in the past,the profit margin of real estate enterprises has been severely compressed,the profit margin of real estate enterprises has declined,and the competition in the domestic real estate market is fierce.In this economic situation,the real estate industry is facing transformational pressure.There are indications that the traditional heavy asset operation model should not be adhered to,and the transitional light asset operation model is a good choice for the current enterprise form.The essence of light asset operation mode is that in the operation process,the company grasps the core business,and outsources the non-core business,obtains profits through exporting brands and management capabilities,and uses leverage to reduce risk and low investment,with professional division of labor and high standardization to Use asset efficiency,optimize capital allocation,and achieve higher returns.This paper takes Vanke Group,a leading real estate company in China,as the research object.After introducing the situation before Vanke’s transformation,it analyzes the reasons for Vanke’s choice of transformation,the feasibility of light asset transformation,the path adopted by transformation and the transformation effect achieved so far.The reasons for Vanke’s transformation include reducing inventory backlog,reducing financing costs,improving profitability,and improving corporate competitiveness.The feasibility analysis of transformation includes research and innovation capabilities,brand strength,operational management advantages,capital operation advantages and customer management.Part of the transformation path is “small share trading”,business partner system,cooperate with the Internet,real estate financial innovation and light asset businessexpansion.Finally,the paper analyzes the effect of the light assets operation of the case company from a financial perspective,including three dimensions of financial characteristics change,financial indicator effect and performance evaluation based on factor analysis are explained.It can be said that Vanke’s light asset transformation effect is significant.Based on the above case study,the paper concludes that the real estate enterprise transformation light asset operation mode is a more suitable rational choice for the current environment,and can improve the return on corporate assets,which is conducive to the long-term healthy development of China’s real estate enterprises,but wants to implement smoothly.The premise of the transformation of the light asset operation mode is the need to have certain professional capabilities.On this basis,this paper puts forward some suggestions for the transformation of the real estate industry: First,the transformation of light asset operation mode needs to improve its core capacity building,export core resources,and second,strengthen the resource integration ability and cross-organization management ability of the partners.Third,develop strategic alliances in the process of transformation to expand financing channels.Fourth,leverage the Internet to accelerate the transformation of the light asset operation model.Fifth,adjust its own business scope and rationally eliminate project assets.It is hoped that through the research of this paper,it can provide a certain reference for the transformation of light asset operation mode of real estate enterprises in China.