Research On The Application Of Light Asset Operation Model In CITIC Real Estate Company

As a capital-intensive industry,since its development in China,the real estate industry has been adhering to the asset-heavy model of the entire industry chain of "hoarding-development-construction-sale".This model has brought huge profits to China's real estate companies in the "golden age" of real estate with large land appreciation space.However,in recent years,as the state's restraint on house prices and the purchase and loan restriction policy have continued to increase,real estate companies have stagnated in terms of financing,land resource reserves,and sales.Showing varying degrees of downward signs.At present,China's real estate market is showing a continuous rise in land costs,slowing demand growth,more intense market competition,serious product homogeneity,and frequent tightening of government macro-control policies.Therefore,when the value of assets is not enough to make up for At the cost of capital,the asset-light operation model provides a more suitable choice for real estate companies.This article first introduces the research background and significance,summarizes the concepts and characteristics of heavy asset and light asset operation models through literature review,combines the differences between light asset operations and heavy asset operation models,and analyzes the typical cases of light asset operations in detail;Then,it leads to the development history of CITIC Real Estate Co.,Ltd.,the business under the heavy asset operation model is gradually shrinking,the operating status of the decline in operating performance,the company faces fierce competition in the market,and the country 's macro-regulation has a high debt ratio,falling yield and cash The problem of increased flow pressure;Thirdly,from the current development status,problem dilemmas and development trends of the domestic real estate industry,it cuts into the asset operation model of CITIC Real Estate Company,analyzes the competitive advantages of its market environment,and can reduce corporate development risks and capital pressure after the asset-light transition and prospective analysis of sustainable development;Finally,analyze the market performance of the effect of the transformation of the CITIC Real Estate's asset-light operation model and draw conclusions:(1)The transformation of the light asset model can get rid of heavy asset investment;(2)The asset-light operation development model can weaken land dependence;(3)Asset-light operations can improve corporate profitabilit y;(4)The asset-light model can diversify corporate financing risks.