The rapid development of the real estate industry has brought a large number of stock assets to be revitalized in the cultural tourism and other industries, and at the same time, the industrial transformation of large cities has also led to the emergence of a large number of industrial sites. How can these stock projects be "phoenix nirvana"? Let the idle cultural and tourism assets be "revitalized" again, change the "stock" into "increment", and turn the idle resources into cultural and tourism landmarks, so as to stimulate local consumption capacity and stimulate regional economic development?
01
Opportunities: policy tilt, financial assistance
In recent years, in order to support the revitalization of tourism stock assets, many departments of the state have issued a number of support policies.
July 2021
The National Development and Reform Commission's Notice on Further Improving the Pilot Work of Real Estate Investment Trusts (REITs) in the Infrastructure Sector for the first time includes tourism infrastructure with good returns, such as natural cultural heritage and national 5A-level tourist attractions, into the pilot scope of REITs.
May 2022
The General Office of the State Council issued the "Opinions on Further Revitalizing Stock Assets and Expanding Effective Investment", which clearly listed tourism as a key area for revitalizing stock assets.
In terms of focusing on revitalizing the assets of infrastructure projects with large stock scale, good current returns or large growth potential, the document proposes to include transportation, water conservancy, clean energy, affordable rental housing, municipal facilities such as water, electricity and heat, ecological and environmental protection, industrial parks, warehousing and logistics, tourism, and new infrastructure.
In focusing on the key direction of revitalizing stock assets, the document proposes to orderly revitalize project assets that have been idle for a long time but have greater development and utilization value, including old factories, cultural and sports venues and idle land, as well as non-main business assets such as hotels, restaurants and nursing homes operated by state-owned enterprises.
Subsequently, the Ministry of Culture and Tourism also responded positively, and successively carried out two rounds of mapping and updating the data of tourism stock projects nationwide in May 2022 and February 2023, proposing classified policies, promoting the revitalization and utilization of projects, finding out the bottom number, and making a basic guarantee for the introduction of the next step of improving the management policy documents.
September 2022
The Standing Committee of the People's Republic of China has decided to use special re-loans and financial discounts to support the upgrading and transformation of equipment in some areas, and tourism is also one of the areas of policy support.
January 2023
The National Development and Reform Commission's Notice on Printing and Distributing Typical Cases of Revitalizing Stock Assets and Expanding Effective Investment (Fagaiban Investment [2022] No. 1023) requires that typical cases be given full play to their demonstration and leading role, and relevant parties should be encouraged to intensify their work and adopt various ways to revitalize stock assets and expand effective investment.
Since 2020, the Ministry of Culture and Tourism has continued to organize and guide localities to make good use of fiscal, tax and financial policies such as special re-lending, fiscal interest discounts, and local government special bonds, and actively strive for various support policies around the revitalization of existing assets. Among them, in 2022, the People's Bank of China will set up a special re-loan for equipment renovation and transformation, which will support financial institutions to provide loans for equipment renovation and transformation of small, medium and micro enterprises and individual industrial and commercial households in the field of manufacturing and social services at an interest rate of no more than 3.2%, and at the same time, the central government will discount the interest rate of 2.5% for the loan subject.
It is reported that a total of 1,237 cultural and tourism projects across the country have been selected as alternative projects for financial discount loans for equipment renovation and transformation, with a total investment of 246.093 billion yuan and a loan demand of 90.566 billion yuan. In September 2022, China Development Bank Shenzhen Branch invested 33 million yuan in Zhongshan OCT Industrial Development Co., Ltd. to support the purchase of equipment for cultural and tourism projects, becoming a model for the first financial discount project for equipment renovation and renovation loans in the field of culture and tourism.
At the same time, the Ministry of Culture and Tourism has continued to promote the application and promotion of infrastructure real estate investment trusts (REITs) in the field of culture and tourism in the past two years, guiding and encouraging cultural and tourism enterprises to make full use of financial tools in the capital market, broaden financing channels and improve financing efficiency. According to public information, in April last year, Datang Sleepless City REITs were successfully issued, with a planned issuance scale of 751 million yuan, which is the first shelf consumption infrastructure REITs in China and the first state-owned enterprise REITs in Shaanxi Province.
02
Upgrade: Explore and innovate, and actively seek change
However, it is the real meaning of revitalization to enable tourism assets to achieve benign management and self-hematopoiesis. In the past few years, the cases of overcoming the pressure of the external environment to achieve the revitalization of stock assets are more worthy of attention, and three typical cases are sorted out here for reference.
Case 1: Chang'an 12 Hours Theme Block: Utilizing the Value of Intangible Assets
In addition to tangible assets such as old factories, cultural and sports venues, and idle land, attention should also be paid to revitalizing intangible stock assets. Intangible stock assets include soft power such as brand value, word of mouth, technology, talent, and culture. If properly utilized, intangible assets can create greater value and become an important resource for revitalizing local stock assets, and ultimately form the effect of "1+1>2" between tangible assets and intangible assets.
For example, after more than two years of careful preparation and polishing, the commercial space of the existing commercial project Manti Plaza was transformed into a Chang'an 12 Hours Theme Block. Based on the popular IP "The Twelve Hours of Chang'an" and Tang market culture, the project has created the first immersive Tang market life block in Xi'an, which integrates Tang space play, Tang market experience, theme immersion interaction, Tang music song and dance performance, and cultural and social experience.
The project is developed by Shaanxi Cultural Tourism Co., Ltd. (hereinafter referred to as "Shaanxi Cultural Tourism") as the main body, responsible for the preliminary planning, resource integration, platform operation, and joint catering professional operation team Yongxingfang, film and television IP Fang Yuyue Culture, for overall development and operation. At the same time, Shaanxi Cultural Tourism and Yongxingfang established a joint venture development and operation company (Tang Shi Liangchen), and established an IP development and development company (Tang Yao Culture) with Yuyue Culture, forming a "project + IP" dual joint venture cooperation model to carry out outreach and IP promotion.
After the cooperation of Shaanxi Cultural Tourism and other parties, the use of the original space, culture and IP to sort out and combine, through professional development and operation to transform the traditional commercial space into an immersive Tang market culture theme block, the project has become a model of successful revitalization of stock assets in urban renewal, leading the transformation and transformation of stock assets in the new era and the new direction of integrated development of culture, business and tourism.
The success of the project, on the one hand, has grasped the new national trend of consumption, the core positioning is immersive experience, and has a clear target for Generation Z, and on the other hand, it has benefited from the innovation of the product supply side, especially the careful construction of Tangshijing's characteristic consumption scenes. The ingenuity of the art scene and exquisite interactive performance presents the time and space of Chang'an market to the extreme, and carries people's yearning for Chang'an's "fireworks in the world" with a small space, and the creativity and sense of substitution of cultural immersion are very strong, filling the gap of tourists for a more down-to-earth destination of "Chang'an Impression" in Xi'an tourism choice.
Case 2: Dalian Xiongdong Street: The integration of culture, business and tourism with urban IP + traffic traffic dividends
The old industrial area collides with the trend and fashion, and the old industrial area is on fire, and Dalian Bingshan Huigu Xiongdong Street is also one of the typical cases.
This urban renewal project, with a construction area of less than 10,000 square meters and an opening area of less than 6,000 square meters, has achieved 800,000 passenger flows in 8 months of opening, with a cumulative online exposure of 500 million times, and has been on CCTV news 3 times in a row, and the number of fans of Giant Bear "Beibei" has exceeded 1 million in 8 months.
Dalian Bingshan Wisdom Valley is a smart industrial park established in 1930 after the relocation of Dalian Refrigeration Factory, and it is difficult to create new commercial vitality in such an industrial park with a lack of business office format and business atmosphere.
The entry of Dalian Xiongdong Street has brought the successful practice of "screaming aesthetics" of Dalian Botao culture, empowering the construction of industrial parks with culture, tourism and commerce, and forming a characteristic cultural, commercial and tourism integration industrial chain. Bingshan Veegoo Industrial Park is linked to urban IP and traffic dividends, and has entered a new stage of cultural, commercial and tourism development in the old industrial park.
Dalian Xiongdong Street is an innovative practice of cultural, commercial and tourism combination made by Dalian Botao Culture on the basis of a single mechanical giant and based on the future consumption trend. Dalian Xiongdong Street is composed of a giant bear "Beibei" and two main streets, including giant beast parade, theme amusement, fashion and cultural creativity, science and technology research, special food, hi night games, theme activities and other elements, with the combination of culture, technology and art, to create a screaming landmark, and through the super IP of the giant bear Beibei, the cultural tourism and commercial formats are organically integrated.
Dalian Xiongdong Street, as the first exploration and practice project of Botao Culture's urban renewal industrial site transformation, combines the traffic thinking of cultural tourism, commercial operation thinking and new media marketing with "strong IP + strong creativity", and explores a new model of urban renewal - "mechanical monster + cultural, commercial and tourism complex", which provides reference and reference for cultural tourism and commercial transformation.
Case 3: Wujiang Village, Guizhou: Strongly solve the problem and revitalize the scenic spot project
Taking Guizhou Wujiangzhai International Tourism Resort as an example, the resort was listed as one of the idle and inefficient tourism projects in Guizhou Province in July 2021, and then entered the stage of revitalization. Establish a mechanism of "project + government-bank-enterprise cooperation", and actively carry out project financing through the mortgage of resource assets, the pledge of the right to operate scenic spots and the right to charge tickets.
Second, a professional operation team is the key to revitalizing idle and inefficient projects. According to the management and operation of Wujiangzhai Scenic Area in Guizhou, the sustainable development of the scenic spot can be realized by using the "investment + operation" model to achieve "interest bundling" and promote the market-oriented operation of the scenic spot. At the same time, expand the revenue channels of scenic spots, and promote the income of scenic spots from single ticket income to compound income. In addition, enrich the layout of business formats, deeply explore local characteristic culture, and promote the transformation of ancient villages from sightseeing tourism to vacation tours and overnight tours. The revitalized Wujiangzhai International Tourism Resort began trial operation on February 1, 2022, and as of the end of April 2023, the scenic spot has received a total of 780,000 tourists and achieved an operating income of 135 million yuan.
At present, there are 1 luxury resort hotel, 3 theme hotels, and 9 homestays with different styles in Wujiangzhai Scenic Area, and the accommodation environment with distinct themes is integrated into the northern Qianbei style, attracting tourists from all walks of life to play and experience, and also attracting top variety shows such as "Extreme Challenge" and many celebrities to check in. During the day, wander around the old streets and alleys of Wujiang Village, taste the folk customs in the ancient square in the afternoon, and watch the drone show and Wujiang Star Music and Water Dance Show at night, which is rich and interesting in the tourism industry, which effectively improves the overnight rate of tourists and maximizes the utilization of effective resources.
03
Path: A variety of playing styles, combined force
The stock assets of the tourism industry include not only service assets such as scenic spots, amusement parks, commercial and hotels, but also facilities such as road transportation, distribution hubs and infrastructure. In the process of revitalizing the stock assets of the tourism industry and promoting the high-quality development of the tourism industry, it is necessary to focus on the following assets.
Path 1: Tourism service facilities and infrastructure with large stock scale and high growth potential.
Since the reform and opening up, in order to earn foreign exchange and promote tourism consumption, various market entities have invested in a large number of scenic spots, hotels, resorts, tourism and leisure blocks, scenic roads and other tourism facilities, which not only meet the tourism and leisure needs of the masses, but also become an important part of major national strategies such as new urbanization and rural revitalization.
-- Suggestions on the direction of revitalization. By digging deep into the cultural and resource potential of the existing infrastructure, and carrying out ingenious design and transformation, it has the potential to become a characteristic check-in place. For example, Changshu Yushan Cultural Tourism Resort, one of the 15 new national tourist resorts last year. In the process of creation, the integration of stock resources, accelerate the formation of a "tourism + industrial agglomeration area" composite development model. Through the renovation of existing buildings and the renovation of old factories, a number of cultural and leisure vacation products that meet the needs of modern people, such as Shanqianfang Creative Industry Park, Shanwanli Cultural and Creative Park, and AIAC Digital Cultural and Creative Industrial Park, have been accelerated, effectively helping the in-depth integration of cultural, commercial, sports and tourism resources.
Path 2: Tourism reconstruction and expansion projects.
There are various investment entities in tourism projects across the country, and there are significant differences in the asset quality of tourism projects. The assets of tourism projects that are struggling to move forward, with difficult operation, low efficiency, and idle and useless, are facing disposal and transformation, and have become the main asset types that need to be revitalized.
-- Suggestions on the direction of revitalization. It can be divided into two modes: one is the large area update mode, and the other is the point update mode. Specifically, at the level of content innovation and operation empowerment, the creation of immersive night tours, the new supply of tourism and performing arts, the innovation of special catering, and the design and manufacture of cultural and creative products.
Path 3: Non-main business assets such as hotels, restaurants, and nursing homes operated by state-owned enterprises.
This kind of asset is an important part of the stock assets of the tourism industry, which is characterized by a relatively small scale, one is relatively small compared with the main business assets of state-owned enterprises, so the degree of attention is low, the investment is small, and the marketization and development vitality are insufficient; the other is relative to the small scale of other tourism group assets, so the degree of specialization is low, the competitiveness is insufficient, and the market share is low.
-- Suggestions on the direction of revitalization. The "Opinions on Further Revitalizing Stock Assets and Expanding Effective Investment" issued by the General Office of the State Council proposes to promote the transformation and transformation of idle and inefficient assets, reasonably adjust the planned use and development intensity in accordance with laws and regulations, and develop new functions such as innovative research and development, health care, elderly care, sports and fitness, leisure tourism, community services or as affordable rental housing.
Path 4: The stock assets of the tourism industry include not only tangible assets, but also intangible assets.
The intangible assets of tourism industry not only include the brand value of famous mountains and rivers since ancient times, but also include the regional tourism image, satisfaction and reputation formed by tourism marketing and promotion since the reform and opening up. The administrative departments of culture and tourism invest a lot of money every year in tourism image promotion, brand building and value promotion, to create a regional brand that is deeply rooted in the hearts of the people and become a regional intangible asset. As an important part of the stock assets of the tourism industry, these assets can play a greater role and value in promoting regional economic development and promoting regional culture.
-- Suggestions on the direction of revitalization. Just as every mountain has its soul, every sea has its personality, and every lake has its story, and the best tourism is to use the most suitable means to dig out their stories and souls, so that tourists can empathize with them and never forget. For example, the TV series "The Twelve Hours of Chang'an" brought fire to Xi'an Datang Sleepless City, and many local characteristic folk festivals have become important resources to revitalize local stock assets, and finally form the effect of "1+1 is greater than 2" for tangible assets and intangible assets.
Path 5: Factor resources and project assets that have been idle for a long time but have great development and utilization value.
Combined with the major national strategic needs, in the key areas with strong investment demand, large stock scale and urgent financial pressure, excavate and revitalize and use it for tourism investment and development, and convert idle resources and assets into usable and tradable tourism assets. Among them, the first is to revitalize and transform the old factories, cultural and sports venues and idle land of the city in the process of urban renewal; the second is to combine the principle of "point land supply" and efficient use in the process of rural revitalization, and use the idle farmhouses and land in rural areas for rural tourism and the construction of boutique homestays; and the third is to transform undeveloped resources such as mountains, waters, forests, fields, lakes and grasses into tourism assets that can be developed and utilized under the premise of conforming to the ecological red line and land spatial planning.
-- Suggestions on the direction of revitalization. It can be transformed into a modern service industry agglomeration park and science and technology innovation park with certain tourism and leisure service functions and cultural and creative empowerment through industrial tourism and leisure complexes, so as to create a production, life and leisure space shared by hosts and guests. For example, the renovation of Beijing's 798 Art District is a classic case of transforming old factories and old industrial parks into cultural and creative parks. Through the renovation of vacant factories in the factory area and the continuous cultivation of cultural and artistic formats, it has gradually developed into an art district where various business formats such as art centers, artist studios, cultural and creative enterprises, restaurants and bars converge, and has become a new cultural landmark in Beijing and has even evolved into a cultural concept and phenomenon.
Revitalizing tourism stock projects and promoting the optimization of project content and quality improvement are not only an important starting point for deepening the supply-side structural reform in the tourism field, but also a new investment "outlet" for the tourism industry in the context of continuous recovery and high-quality development of the tourism industry.