Event

The National Development and Reform Commission and other ministries and commissions jointly issued the work Plan for expanding domestic demand and promoting consumption in the near future. many statements related to the property management industry, and the development of the property management industry ushered in favorable policies.

Core viewpoints

The property management industry has become an important part of the promotion fee for expanding domestic demand, and the development of the industry is good.The National Development and Reform Commission and other ministries have jointly issued the work Plan for expanding domestic demand and promoting consumption in the near future. as an industry closely related to the lives of residents, the property management industry has been mentioned many times. Among them, there are 2 policies that directly benefit the property management industry:1) promote the development of online and offline integration of property services.Build a smart property platform, promote property service enterprises to connect with all kinds of commercial services, and build an online and offline life service circle to meet the diversified life service needs of residents.2) increase the consumption of community life services.We will implement the policy that the area of new community commercial and integrated service facilities will account for no less than 10% of the total community floor area. Make up for the shortcomings of community municipal infrastructure and public service facilities, and build a complete residential community. In line with local conditions to provide land use, certification, internal transformation and other support to the business premises of life services. Policy to indirectly benefit the property management industry 1:We will increase support for the transformation of old urban areas.The document not only points out that property service is an important part of the promotion fee for expanding domestic demand, but also points out the direction of the development of the industry, which is conducive to the long-term and healthy development of the industry.

Property management enterprises, as the carrier of community management and the market main body closest to community residents, can play an important role in meeting the consumption demand of residents' life services, and will also bring opportunities for their own development.First of all, the policy encourages the development of business places for life services, and gives support in terms of land use, certification, internal transformation, and so on. Property management enterprises deeply plough the community and grasp the needs of the owners more accurately, so it is the most convenient to cut into the life service track. Whether it is to carry out self-business or the introduction of a third party into the community cooperative operation is worth looking forward to. Secondly, the integrated development of property services online and offline will help to give better play to the deep advantages of property management enterprises, making it a high-quality channel for all kinds of commercial services to enter the lives of residents. In this process, property management enterprises can widely establish contacts with Internet platforms and out-of-community service enterprises, and obtain certain benefits in the process of realizing the docking between businesses and residents.We expect that the community value-added service business of property management enterprises will benefit directly, and income growth is expected to accelerate.

Actively participate in the transformation of old residential areas and realize the integration of renewal and management. The document points out that it is necessary to increase support for the transformation of old urban residential areas, which means that a large number of old residential areas need to be updated or installed to improve the living environment. The original old community may not have property management, after the improvement of the community environment, residents' demand for property services will be released. In the case of the slowing down of new house sales, the incremental property transformed from the old residential area will become a new demand point for the industry. Moreover, a large number of property management enterprises are developers, and there are no obstacles in the technology and supply chain organization of facilities and equipment installation. Therefore, in the renewal process of the old community, property management enterprises can also provide engineering services, become participants in the transformation of the old community, and achieve the integration of renewal and management.

Investment suggestion

Recently, there has been a large adjustment in the property management sector of ACPH, which we believe is mainly affected by the lower-than-expected growth rate of completion and the listing trend of property management companies in the Hong Kong market, but the fundamentals and long-term trends remain unchanged. We suggest that investors lay out the New year's market of property management companies. Combined with the development direction of policy encouragement and the development characteristics of enterprises in the property management industry, we recommend leading property management enterprises with large management scale and good development of community value-added services. A shares: investment surplus; H shares: Country Garden Services Holdings (06098), Yongsheng Life Service (01995), Poly property (06049), Metro Hyatt Service (01775).

Risk hint

1) the development of community value-added services is lower than expected.

2) the policy landed lower than expected.

附

The "recent work programme for expanding domestic demand and promoting consumption" involves the property management industry:

Article 6: promote the development of online and offline integration of property services. Build a smart property platform, promote property service enterprises to dock with all kinds of commercial services, and build an online and offline life service circle to meet the diversified life service needs of residents. (the Ministry of Housing, Urban and Rural Development, the Ministry of Industry and Information Technology, the Ministry of Commerce, the Health and Health Commission, etc., are responsible for the division of duties.)

Article 10: increase the consumption of community life services. We will implement the policy that the area of new community commercial and integrated service facilities will account for no less than 10% of the total community floor area. Make up for the shortcomings of community municipal infrastructure and public service facilities, and build a complete residential community. Combined with the deficiencies in the construction of urban residential communities, the transformation of old urban communities, and the renovation and utilization of built community buildings and facilities, according to local conditions, support should be given to community breakfast shops, domestic service outlets, barber shops and life service places that provide old-age and childcare services. (the Ministry of Commerce, the Ministry of Housing and Urban-Rural Development, the Health and Health Commission, the Development and Reform Commission, etc., are responsible for the division of duties.)

Article 12: increase support for the transformation of old urban residential areas. On the basis of adhering to the positioning that "houses are for living, not for speculation", we will speed up the implementation of the policy of supporting residents of old urban areas to withdraw housing accumulation funds for the installation of elevators and other personal payments for self-occupied housing transformation. All localities are encouraged to install elevators in qualified buildings in old urban areas. (the Ministry of Housing, Urban and Rural Development, the Ministry of Finance, the people's Bank of China and other departments are responsible for the division of duties.)