Raise pigs and build cars? What is the secret of the main business proportion of listed real estate enterprises? Making money or selling a house?

Vanke raises pigs across borders, with 250,000 pigs in the first phase; Evergrande builds cars and comprehensively benchmarks Tesla. From grain and oil to mineral water, from education to automobiles, since 20 10, housing enterprises have been thinking about changes and proposing "diversified" transformation.

During 10, how did diversified businesses develop, shrinking or expanding? The research group of listed real estate enterprises of Dunant Data Research Institute investigated 80 real estate enterprises, of which 78 disclosed the proportion of various businesses, 69 main businesses accounted for more than 80%, and 57 main businesses accounted for more than 90%.

Although some housing enterprises shout that diversified businesses are "flourishing", the road ahead is difficult to turn. From the trend point of view, the proportion of main business of only 33 real estate enterprises decreased year-on-year, and the proportion of main business of 43 real estate enterprises increased year-on-year. Real estate development and sales are still the core driving force to promote enterprise development.

By combing the information in the semi-annual report of housing enterprises, it is found that the coordinated development of main business and diversification will become an important means for housing enterprises to enhance their comprehensive competitiveness in the future.

Make money by selling houses!

The main business of 57 real estate enterprises accounts for more than 90%.

In 20 16, Evergrande Real Estate Group Co., Ltd. was renamed as "China Evergrande Group", and then the real estate industry set off a wave of renaming. Housing enterprises have "de-real estate" and accelerated the pace of transformation. However, the road ahead is difficult to change track.

The main business of listed real estate enterprises mainly refers to real estate development and sales. 、

According to the statistics of 78 housing enterprises by Dunant Data Research Institute, 57 main businesses account for more than 90%, 12 main businesses account for 80%-90%, and 9 main businesses account for less than 80%.

Ruian Real Estate has the lowest proportion of real estate development and sales, only 65,438+04%, compared with 865,438+0% in the same period last year. Ruian Real Estate, backed by Shanghai, has been focusing on commercial real estate. As of June 30, 2020, the Group's revenue in the first half of the year fell by 82% to 65.438+0.45 billion yuan, of which property sales fell by 97% to 65.438+0.6/kloc-0.60 billion yuan, property investment fell to 65.438+0.03 billion yuan, and construction business fell to 65.438+0./kl. It can be seen that under the influence of the epidemic, Ryan's overall income declined, and real estate development and sales declined the most.

Researchers believe that from single real estate to diversification, and then to focusing on the main business, although exploring diversified management has become an industry knowledge, from the perspective of "earning ability", real estate development and sales are still the core driving force for the development of housing enterprises.

Diversified management "lush foliage"

The proportion of 33 main businesses declined.

From the trend point of view, the main business of 33 housing enterprises decreased compared with the same period of last year, indicating that the diversified layout of some housing enterprises has achieved initial results. It is worth noting that the diversified business layout of leading housing enterprises has achieved remarkable results. For example, the proportion of main businesses of Country Garden, Vanke, Sunac, Greenland, Longhu and China Resources decreased by 0. 1%, 0.37%, 1. 1%, 0. 16%, 0.23% and1/respectively.

Taking China Resources as an example, the income from real estate development in the first half of the year was 35.97 billion yuan, a decrease of 1.7% compared with the same period of last year. The rental income of investment properties including shopping centers was 3.965438 billion yuan, down 8.9% compared with the same period of last year; Office rental income was 730 million yuan, a year-on-year increase of 5.8%; The turnover of hotel business was RMB 350 million, down by 565,438+0.2% compared with the same period of last year.

The semi-annual report of China Resources pointed out that the positioning of "urban comprehensive investment and development operators" is to actively promote the innovative business of collaborative main business, continuously improve the overall development capacity of the district, and cultivate new business models and profit growth points for future sustainable growth. Among them, property services were split and listed in the first half of the year. Investment properties represented by shopping centers are the key business sectors of the Group, and new shopping centers will continue to be put into operation in the next two or three years.

There is also agility. At the interim results conference, Chen Zhuolin, Chairman and President of the Board of Directors, said, "I am convinced that diversification has blossomed"; Shortly after the conference, Agile, which achieved 46% of its annual target, officially released its strategic pattern, which will be upgraded from "focusing on real estate and multi-business in parallel" to focusing on the coordinated development of the main real estate business and related businesses, and build a "135" concentric multi-strategic pattern with big real estate as the core. "135" concentric multi-strategic upgrade.

According to Chen Zhuolin's expectation, Agile's diversified business will contribute half of its profits in the next few years.

Country Garden, which actively adjusts its development strategy, has established a brand-new development goal of "a high-tech comprehensive enterprise that creates a better life product for the whole world", consolidated its real estate development business with new urbanization as its core, and actively extended its business boundary, laying out two development directions of robots and modern agriculture. For example, the world's first unmanned farm with an area of more than 10,000 mu exhibited the latest achievements, and advanced unmanned operation showed its talents in the granary of China.

Small and medium-sized housing enterprises do their main business

The proportion of 43 main businesses increased year-on-year.

In addition, the proportion of main business of 43 real estate enterprises increased year-on-year, with the highest growth rate in three sheng. The two companies are basically the same as last year.

It is worth noting that in the list of enterprises that rose year-on-year, the shadow of leading real estate enterprises accounted for a small proportion. Only Xincheng, Zhonghai, China Merchants, Shimao and Greentown, as well as Jinke and Zhongnan, have a sales scale exceeding 200 billion yuan, which will hit 200 billion yuan in 2020.

Take China Shipping as an example. As of the first half of the year, the income from property development was 86.35 billion yuan, up by 1 1.2% year-on-year, the income from investment property was19.2 billion yuan, up by 6.2% year-on-year, and the income from hotels and other commercial properties was 1 1 billion yuan year-on-year. In the first half of the year, the proportion of main business increased slightly by 0. 17% year-on-year. However, in the semi-annual report, China Shipping also mentioned that it should actively embrace changes, innovate business models and accelerate the cultivation of new growth points, including new businesses such as pension, education and logistics. The supply chain management company was newly established in the first half of the year, aiming at integrating the superior resources of material collection and building a B2B building materials trading and comprehensive service platform for the whole industry; The newly established technology company will provide technology products and services around real estate development and operation scenarios such as digital management of residential development and commercial operation, smart residential areas, smart families and smart commercial buildings, invest in upstream and downstream technology enterprises, and establish a technology ecosystem.

Shimao, officially renamed, earned 64.553 billion yuan in the first half of the year, a year-on-year increase of 14438+0%. 95.2% of the income comes from property sales, and 4.8% comes from hotel operation, commercial operation, property management and other businesses. The proportion of main business increased year-on-year, mainly because property sales rose from 53.2 billion yuan last year to 665.438+04 billion yuan, while hotel revenue dropped sharply from 99.6 billion yuan to 45.3 billion yuan. In 2020, the diversified business development model of "big plane strategy" will be launched, with property development as the core subject; Taking business operation, hotel management, property management and finance as solid wings; Investment in high technology, medical care, education, old-age care and culture is the key to balanced development.

Of course, the proportion of main business increased, and property investment businesses such as hotels and shopping centers were greatly affected during the epidemic, which indirectly led to a slight fluctuation in this data.

Industry observation:

Diversified new track, business contribution is expected to continue to grow.

Diversification is not a new word. From early grain and oil, mineral water, education, logistics, etc. Up to now, automobile, pig raising, duty-free shops and other industries, from long-term rental apartments and aged care services to green finance and robots, housing enterprises have created a second growth point.

The diversification of the layout of housing enterprises is mainly divided into two categories. First, focus on the diversification of main business, such as property services, long-term rental apartments, characteristic towns, cultural tourism real estate, logistics real estate, pension real estate and so on. As an extension of the real estate development of housing enterprises, it can be laid out with the trend and has stable income, so the participation is relatively high.

Second, where is the way out and where is the investment. For example, Evergrande cross-border new energy vehicles, Country Garden cross-border agriculture and robots, and Vanke set up a food division. Of course, there are still a small number of housing enterprises. Under the background of difficult land acquisition and financing, the basic transformation is no longer based on property sales.

From single real estate, to diversification, and then to focusing on the main business, housing enterprises have gradually explored their own diversified business after stumbling for ten years of exploration. Cross-border enthusiasm began to decline, such as Vanke, which recently explicitly proposed to "converge and focus, consolidate and upgrade the basic disk."

Judging from the results, the diversified layout of many housing enterprises has been "scattered", the most prominent performance is that property companies have been split and listed, which has established a good reputation and new profit points during the epidemic. However, we have to admit that in the transformation of most housing enterprises, the income contribution ratio of diversified businesses is still very low.

With the increasingly fierce market competition, the coordinated development of main business and diversification will become an important means for housing enterprises to enhance their comprehensive competitiveness. It can be predicted that the contribution of diversified businesses of most enterprises will continue to grow in the future.

Planning: Guang Lin

Leader: Wang Yanling

Researchers: Yi, Qiu Yongfen, and Agnes.

Produced by the research group of listed real estate enterprises of Dunant University Data Research Institute.