Refined editing from Huatai: "from the beginning of leasing, housing enterprises and intermediaries have endowment advantages"

In the outlook of medium and micro duality, real estate enterprises and intermediaries are expected to benefit the most from the development of the industry.

According to the data of I love my family, the rental population in China was 194 million in 2017, the average rent level was 515 yuan per month, and the rental scale of the housing rental market was 1.2 trillion yuan. Huatai predicts that the size of China's rental market is expected to reach 2.33 trillion yuan in 2025, nearly double that in 2017.

Under the guidance of the policy of both rent and purchase, land financing is of double benefit.

• Policy: since the Ministry of Housing and Construction issued the guidance of the Ministry of Housing and Urban-Rural Development on speeding up the cultivation and development of the housing rental market in 2015, the central and local governments have issued a series of support policies aimed at supporting the development of the housing rental market.

  In 2018, the position of the central government and various ministries and commissions on the housing rental market basically continued the previous framework, mainly starting with the improvement on the supply side, focusing on the land and financing side, and striving to reduce project acquisition costs and broaden financing channels. improve the profit space and scale development speed of housing rental enterprises.

• Land: the self-supporting land obtained through land bidding and auction is an important source for enterprises to build incremental rental housing. According to the statistics of the middle finger academy, by the end of the third quarter of 2018, many cities with strong housing rental demand across the country had transactions of self-owned homestead.

  Huatai believes thatThe difficulty of making profits is a key problem troubling housing rental enterprises, and the high cost of obtaining rental housing is one of the main reasons for the difficulty of making profits (another main reason is the low level of rent). According to the data of Lianjia Research Institute, the cost of housing acquisition accounts for 70 per cent of the cost structure of light-asset long-rental apartment enterprises (excluding the cost of capital).

Financing: in order to help housing rental enterprises invigorate their existing property assets and meet their financing needs, in April 2018, the CSRC and the Ministry of Housing issued supporting documents for housing rental asset securitization for the first time. In the first 8 months of 2018, Country Garden Holdings, China Evergrande Group, Poly Real Estate and other brands of real estate companies have successfully won the wholesale president rented apartment asset securitization products.

Each has its own advantages and disadvantages; the wine in the room is created, and the main body has a clear distinction between the advantages and disadvantages.

• Transaction mode

1. C2C mode, that is, the mode of direct transaction between landlord and tenant

2. C2B2C model, that is, real estate agents such as Lianjia and I love my family act as a bridge between landlords and tenants.

3. In the B2C model, the housing rental enterprise directly becomes the landlord (under the asset-heavy mode) or the second landlord (under the asset-light mode).

4. The main purpose of the government-led G2C model is to meet the basic housing needs of low-income residents through the supply of public and low-rent housing.

• Business model
  

The heavy asset model can be subdivided into two types: development self-support mode (land acquisition-development-self-support-operation) and acquisition self-support mode (acquisition-transformation-self-support-operation).

Light asset model refers to the business model in which enterprises do not obtain property rights, but obtain property use rights through long-term leases (or trusteeship) and earn rent differences (or service charges) through subleases after transformation.

• Housing acquisition mode
  

Centralized mode means that enterprises carry out housing rental business with the whole building (or several floors of the whole building) as a unit.

Decentralized model refers to the business model in which enterprises take rooms as units to carry out housing rental business. Enterprises get housing from scattered landlords, which are rented out after renovation and renovation.

• Participants in the housing rental market

• The advantages and disadvantages of the participants in housing rental