China Housing Association- Amity Digital Intelligence 2021 China Real Estate Digital Intelligence Management Summit, Details: sapi0
Since the second half of last year, heavyweight policies such as three red lines, bank loan concentration management, centralized soil auctions, and second-hand housing guidance prices have struck, which is unprecedented. Under the background of the three stable policies of "no speculation in housing", "stable land prices, stable house prices, and stable expectations", China's real estate has fully entered a new stage of "low growth, low profits, low expectations, and low fault tolerance"!
What is the macroeconomic situation at home and abroad in 2021?
How will the real estate industry evolve in the coming years?
How do housing companies balance scale expansion and profit growth?
The era of land dividends and financial dividends has passed, how to ask for profits from management? Benefit from technology?
How to efficiently coordinate the investment, finance, sales, digital intelligence of real estate, operation, etc. of real estate enterprises?
On September 17th, the "2021 China Real Estate Digital Intelligence Management Summit" hosted by the China Real Estate Association and jointly hosted by the Digital Technology Real Estate Branch of the China Real Estate Association and Amity Digital Intelligence was held in Shanghai. With the theme of "Changing By Reasons, Creating Wisdom and Creating Students", the summit brought together 200+ chairmen, presidents and senior executives from many well-known enterprises such as Greentown China, China Merchants Shekou, Gemdale Group, Zhongnan Holding Group, Jinke Group, Xuhui Group, Sino-Ocean Group, Rongxin China, Zhengrong Group, Midea Real Estate, China SCE Group, Hongyang Group, Jianye Group, Sunshine City, Zhongliang Holding Group and many other well-known enterprises.
Chen Qi, General Manager of Structured Finance Department of Deppon Asset Management
Chen Qi, General Manager of structured financing department of Debon Asset Management, delivered a speech at the summit entitled "New Real Estate, New Finance - Real Estate Asset Securitization and REITs", and the following is the transcript of the guests' golden sentences.
1. The demand for digitalization of real estate asset managers is more focused on the front-end "investment", while asset securitization is more focused on the "withdrawal" of the back-end.
2. The transformation from the incremental era to the stock era is a consensus in the field of real estate; some people say that the real estate industry is already in the era of service. In any case, the pioneer cities have entered the era of substantial stock irreversible.
3. From the perspective of real estate transaction structure, the proportion of second-hand housing transactions in first-tier cities has been maintained at 50%-80% for many years, accounting for absolute dominance; the trend of new housing supply is small and high.
4, incremental development is the home of turnover and profit. Stock management is a game of cash flow and interest rates.
5. At present, the supply chain ABS is limited by the total amount, and housing enterprises can only issue within the scale of the existing stock. The purchase of the final payment ABS was stopped. The main model of asset securitization has gradually transitioned from debt-based house purchase balance ABS to equity-based CMBS and quasi-REITs.
6. CMBS is more suitable for real estate enterprises, because it is more difficult to plan the tax of issuing REITs; it is more suitable for large value-added, there is no sufficient loss to be deducted, and there is only financing demand, because its tax cost will lead to a sharp increase in financing costs.
7. The basic requirements for the access judgment of the pilot project of the Chinese version of the REITs policy: 1 billion scale, "4%" dividend payout rate, "3" annual operating period, "20%" self-sustaining, and the same "1" asset type.
8. The strategic value of REITs is highlighted to meet diversified needs. First, strategic value. Investment and financing management retreats from self-closed loop to achieve the separation of light and heavy assets; second, market value management. Gradually release property appreciation, financial innovation is conducive to stock prices; third, optimize reporting. It can be issued to reduce the ratio of capital to debt, and optimize profits with leasehold; fourth, the value of financing. The scale of financing is based on assets, and the use of funds is less restricted.
9. After the REITs, the entire asset management is divided into two parts, one is the heavy asset plate where the REITs are located, and the other is the light asset plate where the asset body does the operation and management.