Research On The Evaluation Of Sustainable Development Ability Of Real Estate Enterprises Under The New Development Pattern

The core of building a new development pattern is to accelerate economic circulation and industrial connectivity by deepening reform,promoting openness,expanding domestic demand,promoting innovation and industrial upgrading.In contemporary economic society,the real estate industry has the characteristics of a long production chain,extensive coverage,strong correlation and a large driving effect on related industries.It is not only a basic and pioneering industry of the national economy,but also a pillar industry of the national economy,and its status is pivotal.The introduction of the new development pattern provides new opportunities for China’s real estate enterprises to transform and upgrade.The sustainable development capability of real estate enterprises in the context of the new development pattern is in urgent need of evaluation.This thesis analyses the new development pattern and the basic connotation of the sustainability of real estate enterprises.Based on the theory of sustainable development and the theory of resource base,the thesis draws on domestic and international research and the background of China’s new development pattern,determines the sustainability of real estate enterprises based on four criteria layers: resource sustainability,financial sustainability,corporate social responsibility and innovation sustainability.The evaluation index system is based on a combination of weighting and TOPSIS-Grey correlation analysis model.After that,15 listed real estate companies were selected and the barrier factors were analysed using the barrier degree model to identify the associated factors that constrain real estate companies from improving their sustainability.In summary,based on the results of the evaluation of the indicator system and the diagnosis of the barrier factors,the paper draws the following main conclusions:(1)The scientific setting of criteria is the basic basis and guidance for scientifically constructing an evaluation index system for the sustainability of real estate enterprises.In this paper,the criteria layer is set to include enterprise resource sustainability,financial sustainability,corporate social responsibility and innovation sustainability;in order to further accurately portray the evaluation factors,this paper further sets 13 sub-criteria layers on the basis of the set criteria layer;thus guiding the indicator layer to select 30 specific indicators that reasonably reflect the criteria layer.(2)Calculating the weights of the constructed indicator system shows that the weights of eight indicators,namely land reserve area,saleable area of projects under construction,inventory turnover rate,accounts receivable turnover rate,R&D expenditure ratio,green property index,R&D staff number ratio and total tax payment ratio,are higher than 5%,indicating that they play an important role in evaluating the sustainable development capability of real estate enterprises.(3)The evaluation of the sustainability of the 20 case real estate companies shows that there are significant gaps in sustainability between real estate companies.Vanke,Poly Real Estate,Gemdale,Zhongnan Construction and China World Trade Center showed strong sustainable development capability;there were Yango Group,North Star Company,CCCC Real Estate,Nanshan Holdings,Centralcon Investment Holding,Seazen Holdings,Tahoe,China Enterprise Company,Merchants Shekou Industrial Zone Holdings,Jinke Property Group,Metro Land Corporation and Languang Development;Tande’s sustainable development capability lagged behind significantly.The analysis of the dynamic evaluation results revealed that the grey correlation of the sustainability capability of the 20 real estate enterprises showed an upward trend year by year from 2019 to 2021,indicating that the sustainability capability of real estate enterprises was developing in an upward trend.(4)The dominant barriers affecting the sustainability of real estate enterprises are both locally consistent and distinctive.As a whole,the sustainability of enterprise resources is a fundamental barrier to the sustainability of real estate enterprises;from a local perspective,each real estate enterprise has shortcomings that affect its sustainability.Based on the findings of the study,capacity building countermeasures are proposed in four areas:(1)optimising the layout of resource elements for real estate enterprises;(2)promoting the digitalisation of enterprises to improve quality and efficiency;(3)exploring green and low-carbon development for real estate enterprises;(4)encouraging good social responsibility undertaking by real estate enterprises.