Bulk property transaction

Ding's Weibo has not been updated for many years.

Open his homepage in Weibo, and the identity tag column still says "Ding, Managing Director of Forte Win Capital", and his last Weibo was posted late at night on March 20th, 20 13.

For Ding, Weibo has become a thing of the past, but real estate finance is still something that runs through his life these years.

Some people say that he is one of the earliest employees in the industry. Worked for Fosun Group in 2008, and was responsible for the real estate fund business of Fosun Group on 201/kloc-0; 20 14 in the era of financial asset management, Ding, who has a sea of stars in his heart, left the familiar platform and started a business in the sea.

At that time, Ding and other shareholders of financial institutions jointly established Puying Assets.

In the following time, he began to further explore real estate equity, bond investment, stock property assets merger and acquisition, real estate asset management and operation, and so on.

Opportunities are reserved for capable people.

165438+1On October 3rd, Ding, the founder and CEO of Puying Assets, came to the scene of the 2020 Viewpoint Business Annual Meeting. In the morning, he discussed the investment value of existing assets with the guests on the podium in Kan Kan.

In the afternoon, Ding came to the live broadcast room of Viewpoint Business Annual Meeting.

Before that, we had several face-to-face exchanges with Ding. Seeing you again, he talked for more than forty minutes and kept talking, which was full of fun.

The topic begins with the epidemic.

2020 is a special year. With the arrival of the black swan, the rhythm of all walks of life has been more or less disrupted. For investment institutions, the epidemic has disrupted the rhythm and plan of fund raising and investment, and the tracking, negotiation and adjustment of the target projects may be delayed.

However, the epidemic has brought risks and opportunities to the development of enterprises. Is it a good opportunity to bargain-hunting after the epidemic? Does the fluctuation and downturn of the real estate market provide a good opportunity for real estate equity investment?

"The word bargain-hunting is not appropriate, because there are special opportunities at each stage, but at the bottom of the market, not everyone can make money by investing." Ding believes that in the face of special opportunities, it is necessary to "bargain-hunting". On the one hand, we should have luck, meet opportunities and find suitable projects. Many opportunities are also "inevitable" by accident; Second, we must have certain financial strength and maintain sufficient cash; Third, we must have operational and asset management capabilities to revitalize "non-performing assets".

"Special opportunities are only suitable for capable people." He stressed.

In fact, when the real estate industry entered the silver age, superimposed on the influence of financial supervision, difficult emotions had already spread in the industry. Many people believe that the corresponding equity investment and real estate investment can't appear the wealth myth of tripling or quintupling in ten years.

Ding holds different views on this. In his view, China's economic development is still in an upward cycle, and the overall valuation of the real estate industry continues to improve under the impetus of various demands. Therefore, the real estate investment in China is still in a stable state of long-term benefit, and there are still some market dividends.

To prove his point, Ding gave us two reasons.

First, the field of real estate equity investment is actually very wide, including not only residence, but also commerce, office, research and development, logistics, and even some special-purpose assets, such as cold chain warehouses, IDC data centers and so on. Different investment goals are influenced by economy and macro-control, which is also one of the factors that keep him optimistic.

Second, real estate investment projects need higher capital. Generally speaking, the investment of a project in a first-tier city may reach several billion. Therefore, from the perspective of asset allocation, real estate is still an inevitable choice for large investment institutions such as insurance and foreign funds.

Whether it is the influence of the epidemic black swan, the change of financial supervision, or even the uncertainty of the industry environment, Ding has always been a "sunrise" mentality and remains optimistic about the prospects of real estate equity investment.

Prefer office assets

As for office assets, the reasons for Puying's choice of assets can be summarized as: strong professionalism and stable returns.

In fact, investing in residential projects is the most basic type of equity investment of real estate funds, and does not require too much professional ability. As long as you are cost-conscious, don't invest in the highest land price and do a good job in band investment, you can get better market returns. But in the long run, "low risk, low income", the yield of housing will gradually decline, and the future will tend to average income. However, the operation of commercial projects is difficult and the investment fluctuates greatly.

Ding pointed out that Puying Assets is optimistic about office property for a long time. On the one hand, although the income of office projects is not too high, it is very stable. The relative stability of office leasing users determines the stability of property income; On the other hand, when investing in office property, customers are enterprises, and there is more room for extending services and imagination.

"We choose the office as the main form of investment. In addition to obtaining stable rental income and realizing the appreciation of property assets, you can also contact more growth enterprises and participate in the equity investment of some enterprises. "

However, the office property has high requirements for site selection. At the same time, in the past two years, office buildings in first-and second-tier cities are facing the problems of rising vacancy rate and falling rents.

Ding didn't feel embarrassed either. He mentioned that the Puying team thought that investing in office buildings in first-tier cities was the best choice by studying the data of bulk property transactions in first-tier cities in the past. First-tier cities are favored by mainstream investment institutions because of their good liquidity, high demand for industries and employment, and great potential for rent growth in the long run.

As for the vacancy rate, Ding said: "At present, office rents are facing some challenges in the short term, but from another perspective, the decline in rents means that the market prices of potential investment properties will also be adjusted, and you will have more investment opportunities."

"The rent has decreased, but if you have excellent asset management skills, you can stabilize the rent at an ideal level after the acquisition, or you can raise the rent price, and you can get a higher return than the market."

According to the new media report of Viewpoint Real Estate, up to now, the scale of office property invested by Puying Assets in Shanghai is close to 500,000 square meters, and the scale of real estate management funds exceeds 654.38+000 billion. In addition to Shanghai, Puying has invested in nearly 30 high-quality real estate projects in first-and second-tier cities such as Beijing, Hangzhou and Hefei since its establishment seven years ago.

When it comes to the future development goals of Puying Assets, Ding slightly "believes in Buddhism".

"We won't set a target on the investment scale, we won't say how many hundreds of millions we invest in a year, and we won't ask for how many square meters of property to acquire from the asset scale."

What he hopes is that all the projects invested by Puying Assets can have stable value-added, achieve good investment operation, continuously improve the rental rate, choose the right time to quit, and obtain the expected return on investment.

The following is an interview with Ding, founder and CEO of Puying Assets by Viewpoint Real Estate New Media:

Viewpoint Real Estate New Media: At this stage, where do you think the opportunities for real estate equity investment are?

D: As far as real estate equity investment is concerned, first of all, it covers a wide range of fields, including not only residence, but also commerce, office, R&D, logistics, and even some special-purpose assets, such as cold chain warehouses and IDC data centers.

Second, real estate investment requires higher capital. At present, the domestic real estate price is still relatively expensive, and the amount of each project will be relatively large, which is why many financial institutions are very optimistic about real estate investment.

Because other projects invest tens of millions, and real estate has scale effect, optimistic about a project, especially first-tier cities, may be billions, so it is a sense of accomplishment for the investment team and an inevitable choice for the asset allocation of large institutions.

In addition, China's economic development is still in an upward cycle, and the real estate is also driven by various demands, and the overall valuation is still improving. Therefore, the real estate investment in China is basically in a stable, long-term and profitable state, and there are still some market dividends.

Viewpoint real estate new media: real estate also includes commercial and residential, logistics, will there be a certain proportion when choosing these investment targets?

D: From the perspective of preference, everyone thinks that residential investment is relatively simple and does not require too much professional ability. As long as you are cost-conscious and don't invest at the highest point, you can get better market returns.

From a longer-term point of view, it is precisely because the difficulty of residential investment is relatively low that the logic of investment is increasingly reflected: low risk, low income, and the return rate of future housing tends to average income.

We have done some screening from various real estate investments, and we are more optimistic about office property. Because the income of office property is more stable than that of commercial property; Second, the business will be more difficult and more volatile, but the office rental users are relatively stable, mainly customers with office needs.

In addition, many customers of office property are enterprises, and there are many extendable services and equity investment opportunities. In the capital market, the science and technology innovation board and the growth enterprise market are good for enterprises with growth themes.

If you choose to invest in office as the main format, you can not only get stable rental income and property asset appreciation, but also get in touch with more growth enterprises and participate in equity investment of some enterprises. We think this is a good opportunity.

Every institution has its own familiar fields, and we may be better at office projects in the field of urban renewal, so we will also study the industrial planning of various regions and make some forward-looking layouts.

Viewpoint Real Estate New Media: What are the requirements for lots?

D: First-tier cities are the best choice. By studying the transaction records of bulk transactions in first-tier cities in the past few years, taking Shanghai as an example, bulk transactions in the past three years were basically around 654.38 billion yuan, and most of them were office buildings.

First-tier cities have good asset liquidity and are definitely areas that mainstream institutions want to invest in. Second-tier cities, such as Xi, Zhengzhou and Wuhan, are regional core cities and also have some investment opportunities. It is more difficult to go down. For example, in the third and fourth lines, the liquidity of assets is almost the same.

Judging from the current market environment, office rents are facing some challenges. But from the investment point of view, if the rent falls, it means that the market price of potential investment opportunities will also be adjusted, so as to obtain prices that may not have been thought of before.

After the outbreak of the epidemic, the office price of the holding property sold in the market has been greatly reduced. Therefore, for investment institutions, it is possible to find suitable targets at any stage, including rent increase stage and rent reduction stage, so this is not the fundamental problem.

Second, it is precisely because the potential of rent has not been fully released. If you have excellent asset management skills, you can stabilize the property rent at an ideal level after the acquisition, or increase the rent price, and you can get higher returns.

Viewpoint real estate new media: after the epidemic, is office assets a good opportunity to bargain-hunting?

D: It's not appropriate to use the word bargain-hunting, because there are special opportunities at each stage. Even at the bottom, not everyone can make money by buying, so special opportunities are only suitable for those who have the ability.

First of all, there must be a certain financial threshold; Second, we must have operational capabilities; Third, every project is a special opportunity. Whether we can meet this opportunity or not, many things are inevitable by accident.

The impact of the epidemic may be better than expected, because everyone expected it badly before, and thought it might have a huge impact on the economy and market environment. But in fact, due to the timely control of the government and the support from all walks of life, the epidemic situation has been well controlled.

Therefore, in the current environment, we should actively focus our business direction on specific goals, and the current stage may not be suitable for diversified investment. From the market point of view, as long as all enterprises do their main business well, they will certainly be able to persist in the epidemic.

Viewpoint Real Estate New Media: What are the long-term and short-term plans of Puying Assets?

Second, we will constantly cultivate our asset management ability in the investment process, hoping to become the most professional operator in this field.

Investment and asset management are two indispensable aspects of our business, which are our positioning for the company and our overall development plan in the future.

This article comes from Viewpoint Real Estate Network.