Du Nan real estate annual report

A few days ago, the Ministry of Housing and Urban-Rural Development announced the Housing Leasing Regulations (Draft for Comment), which mentioned supporting the development of real estate investment trust funds and supporting housing leasing enterprises to issue corporate credit bonds and asset-backed securities for the development of housing leasing business.

According to the reported data, as of 20 17, the rental scale of the national housing rental market reached10.3 trillion yuan, and the annual new rental scale was about10 billion yuan. From the layout of housing enterprises, as of 20 19, about 25% of the top housing enterprises in 100 directly or indirectly participated in long-term rental apartments, and more than 60% of the top 30 housing enterprises set foot in long-term rental apartments.

Have set foot in

Combined with the disclosure of various housing enterprises, the layout of long-term rental apartments by housing enterprises is mostly an attempt of business diversification.

Taking Vanke A as an example, the company's mid-year report in 2020 disclosed the diversified business layout in detail, and long-term rental apartments were part of it. Up to the reporting period, the company has opened 127300 parking spaces in 33 cities, and added 18900 parking spaces in the first half of the year. The overall occupancy rate of opened projects is 88%, and the occupancy rate of mature projects (opened for half a year or more) is 93.7%. In the first half of the year, the house leasing business realized an operating income of 654.38+0.5 billion yuan.

In 20 19, Zhong Jun Group Holdings defined the core business development model of "one body and two wings" with real estate development as the main body and new retail shopping centers and long-term rental apartments as the two wings, and mainly promoted the high-end long-term rental apartment brand FUNLIVE. As of the disclosure period of the mid-year report in 2020, Fun Square has laid out 15 cities with a management scale of 20,000 people.

Longhu Group's mid-year report in 2020 mentioned that the company's long-term rental apartment brand Guanyu has accumulated about 79,000. As one of the main channels for the company's development, Guanyu has opened operations in first-and second-tier cities such as Beijing, Shanghai, Shenzhen, Hangzhou, Nanjing, Chongqing and Chengdu. The company said that this part of the business in the future will lay a solid foundation for the company to invest in property rent growth.

In addition to housing enterprises, there are also property companies involved in long-term rental apartments. For example, Du Nan Property, the company's mid-year report in 2020 shows that the company's long-term rental apartment business achieved operating income of12.462 million yuan in the first half of the year.

According to the data of China Research Network, as of 20 19, about 25% of the top 100 housing enterprises directly or indirectly participated in long-term rental apartments, and more than 60% of the top 30 housing enterprises set foot in long-term rental apartments. Judging from the opening situation in 20 19, the growth trend of TOP 10 enterprises is good, and the new scale of Vanke Apollo and Longhu Guanyu accounts for nearly 60% of the new scale of long-term rental apartments of TOP 10 enterprises.

Although a certain proportion of housing enterprises have laid out long-term rental apartment business, on the whole, the scale of each layout is small, and the revenue of this business accounts for a low proportion of total revenue.

"Housing enterprises have long-term rental apartments or optimistic about future development space. At present, real estate development is still the main business of housing enterprises, and long-term rental apartments are at a loss, so the scale is small. " Lu Wenxi, chief analyst of Zhongyuan Real Estate Shanghai, told the china securities journal that some housing enterprises have also been spun off to operate independently in the state of sustained losses.

Plus code layout

China securities journal reporter noted that a number of housing enterprises announced the layout plan of long-term rental apartments during the year.

At the 2020 interim results briefing, Shao, CEO of Longhu Jitu, expressed confidence in the long-term rental apartment business, which has a very large user base, and the number of users aged 2 1-35 is very large. In addition, the overall capital cost is relatively low. It is estimated that 654.38 million transactions will be opened this year, with a revenue of 2 billion yuan.

He said that Guanyu began to make a profit this year. Although it is a small profit, it is a good start, and the ratio of heavy assets to light assets will be deeply optimized in the future. At present, the overall gross profit margin of Guanyu is 32%-35%, and the rental rate of the project for half a year has reached 88.6%.

Zhong Jun Group Holdings mentioned in the mid-year report in 2020 that the company will continue to pursue the development model of "one body and two wings", focusing on developing the economic circle on the west side of the Taiwan Strait, the central and western regions and Guangdong-Hong Kong-Macao Greater Bay Area, and will continue to implement shopping centers and long-term rental apartments. According to the company, it is planned that by 2025, the number of long-term rental apartments in China will reach 200,000, and the management rent will exceed 654.38+0 billion yuan.

Vanke A's mid-year report in A2020 revealed that as of the reporting period, the company still had 57,700 planned and under construction berths.

According to the report of China Research Network, as of 20 19, the rental scale of the housing rental market has reached10.3 trillion yuan, with an annual increase of about10 billion yuan. According to the data of the Ministry of Housing and Urban-Rural Development, in 20 19, the proportion of renting houses in first-and second-tier cities reached 50%, and the market share of large-scale housing leasing enterprises was only 2%, so the market development prospect of housing leasing enterprises was considerable.

Chen Xiao, an analyst at Zhuge Housing Search Data Research Center, believes that the reasons why more and more housing enterprises are arranging long-term rental apartments are: First, the housing rental market is huge and the competition is not sufficient at present; Second, the net inflow of migrants in hot cities is growing rapidly, the housing price level is high, the demand for housing rental is strong, and the national policy is tilted, clearly proposing to accelerate the development of the housing rental market.

policy support

It is worth mentioning that the national policy is conducive to the development of long-term rental apartments.

As early as 20 16, the State Council issued "Several Opinions on Accelerating the Cultivation and Development of the Housing Leasing Market", clearly proposing "supporting qualified housing leasing enterprises to issue bonds and real estate securitization products". Since then, housing enterprises have promoted the development of long-term rental apartment industry by issuing bonds and other financing methods.

On September 7, the Ministry of Housing and Urban-Rural Development issued the Housing Leasing Regulations (Draft for Comment), which clearly mentioned that the state supports financial institutions to innovate financial products and services for housing leasing in accordance with the principles of controllable risks and sustainable business, supports the development of real estate investment trust funds, and supports housing leasing enterprises to issue corporate credit bonds and asset-backed securities such as corporate bonds, corporate bonds and non-financial corporate debt financing instruments, which are specially used for the development of housing leasing business.

Lu Wenxi said that long-term rental of apartments is a long-term industry, and venture capital often emphasizes short-term and high returns, which requires higher selection of investment targets. The relevant financing policies mentioned in the Housing Lease Regulations (Draft for Comment) issued by the Ministry of Housing and Urban-Rural Development are more attractive to Public Offering of Fund, and the management is more transparent, which is conducive to promoting the sound development of the industry.

In Chen Xiao's view, preferential policies in financing and taxation can effectively promote the development of long-term rental apartments. "After years of operation, long-term rental apartments gradually realize that refined operation is the foundation of their existence, and it is expected to accelerate development with the support of national policies."

(The original title is "More than 60% of TOP30 housing enterprises are involved in long-term rental apartments")