Property management growth path: new track expansion+original field mining 丨 investment faction · real estate change situation

Property is an industry occupying the king.

Producer ｜ Zheng Xiya

Edit ｜ Zheng Huaizhou

Speaker ｜ Xie Haoyu

Executive Director of Guotai Junan Securities

Institute of Real Estate Industry Chief Analyst

Source ｜ 36 氪 Finance (ID: krfinance)

Cover Source ｜ Vision China

丨 Where is the future growth of the property management industry?

Xie Haoyu: First of all, the property industry is a very young industry. The advantage of youth is that there is unlimited possibilities and can continue to explore how the property company can develop. In the past two years, the property industry should belong to the reckless stage. Why? Because listing needs to depend on scale, in order to achieve the conditions for listing, companies will definitely do a lot of mergers and acquisitions.

However, if the valuation of the listing is relatively low now, there is no need to do a lot of mergers and acquisitions for the last result of the listing, because at least the spread between the first and second levels is not as obvious as the past. Essence

At the same time, the property company also has a very typical feature, which is highly concentrated in the industry than the development company.

For example, after many development companies are under pressure, it may be sold out the entire property together. Therefore, the property of Company A has become the acquired company B. It is not only an incremental part, but the part of the historical reserved will also be renamed.

Therefore, in this case, the property company, as an industry that occupies an area of ​​king. In fact, its market share is likely to be higher than the possession of the front -end parent company, so it is born with this characteristic. In this case, in the past, everyone had high hopes for its growth. Because the development company may be concentrated, and the property company is more concentrated, so some mergers and acquisitions are adopted, and the concentration is higher.

But this game has come to the present, everyone can see a variety of disadvantages. Because it is difficult to acquire good projects in the past property company to collect mergers and acquisitions. Because the property of a high probability brand developer is done by itself, other property companies can only receive some non -brand developers, and there may be various problems.

For example, the maintenance problem of the former community, the property company's acquisition of the name to change the name and want to play the brand and do well, you may need a lot of expenditure to update and maintain. At the same time high.

In addition, the first and second -tier cities are a place for soldiers. The probability of going to low -energy cities to find some good projects is very low. Therefore, under various reasons, the simplicity expansion on the basis of the original track is actually temporarily ended, so is there a new growth point? In fact, the property company has also done many aspects in recent years. In terms of overall, there are two major directions. We think it is worth tracking and observing.

First enter a new track, and the property company is not just a house. Since it is a property, the property is based on real estate services. Real estate is not only residential, but many property companies can do it. For example, property companies have office buildings and shopping centers, which are the most intuitive and understandable. There are even some like schools, hospitals, even high -speed rail station airports, parks, and even street gardens on the street. Then under the prevention and control of the epidemic, the communities that are united in each part, especially in the first -tier cities, and some old communities. Maybe the property of these communities has been false, and the property company can re -do it again.

Therefore, there are more and more things that property can do. Even after the property enters the red line in the future, it can even be managed by some street lights and traffic lights. Depending on future flow, geographical expansion is expanded. So at least in the direction of the new field, we think there is actually a lot of space.

Then the second is to dig deeper in the original field. The original property company may provide more basic services. For example, the residential property is to help you clean the ground, and then the maintenance of the maintenance is the so -called four -guarantee business: security, cleaning, maintenance, and greening, but in the future, the property company can do more things. For example, you can do some activities for the owners and organize the owner to do tourism projects, especially after the epidemic recovers, the owner is broken and wants to go out to play. If the owner reports a group online, people may not know it. If the property is organized, the group is neighbors. You don't need too many people. If there are thousands of households in a community, you can do a small tourist tourist. If you get more, you can even use a machine to travel abroad.

So in fact, there are many value -added services that property companies can do. I can give these may be some of them. In the past, everyone may be more intuitive, enjoyable, and felt, such as pension or education assistance. However, in the past exploration, property companies seem to belong to an industry with relatively high thresholds. At present, it may indeed not be as good as professional institutions, especially in education and other aspects. However, in the community, in terms of enrichment of life experience and living formats, we believe that property companies are still promising. Even returning to refinement, so many second -hand houses need to be renovated. Developers must only do development and do one -time delivery. Five years of renovation, 10 -year renovation, and completely renovation after second -hand housing transactions. Is it possible for the property company to do if these services are possible. I think this is also possible, and the unit price of the customer is also very high.

Therefore, from the perspective of some foreign property companies, it actually follows these aspects on its own transformation and upgrade route. For example, when buying a floor company, selling the floor and selling the floor to your own owner. This is It is a very good direction.

So the simple summary is that the property is too young, that is, there is a young, so it is worth looking forward to its new highlight in the future. In the short term, it may indeed be affected by the pressure of some upstream development companies, but we still think that the property company is infinite.

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