2022年地产企业大面积暴雷，证明我国原有地产开发企业高杠杆的模式有不可持续性，原有的高周转和高杠杆模式过渡依赖销售价格的上涨和销售去化的快速实现。宏观上中国城市化、人均住房面积等已较高，根据国外成熟市场的经验，房地产业的特点和社会发展阶段的紧密相关，中国房地产已逐渐进入下半场。从“远期发展、行业特点、生意模式、近期教训”等角度看，房地产企业都有业务转型、降低杠杆、发展轻资产的强烈诉求，但道路并不简单。另一方面，近几年中国不动产金融的制度建设大踏步前进，2020年公募REITS顶层设计及配套文件出台；2023年2月证监会发布《不动产私募投资基金试点备案指引（试行）》；2023年3月国家发改委236号文件明确支持消费基础设施发行公募REITS。在国际上，REITS和不动产私募是不动产嫁接金融并真正实现轻资产化的基石，研究国外企业成功案例很有意义。2015年以来国内多家地产企业提出轻资产转型口号并付诸实践，其发展轻资产的主要逻辑是通过管理能力输出做大资管规模，收取管理费。此模式的核心还是管理输出，也存在很多痛点：比如底层资产没有真正实现轻资产化，资产所有者和轻资产管理团队存在较多利益博弈，少有长线资金以股权形式参与。在国外成熟市场，成功实现轻资产化的地产企业除了拥有强大的项目开发和管理能力，还拥有打通资本市场的能力。在此方面，新加坡凯德集团从2002年提出轻资产战略并逐步完成转型，且在中国取得巨大成功；这其中既得益于金融改革和环境，也源于企业自身的能力建设和进取。本文通过梳理近期国内政策进化，分析当前境内房地产企业轻资产转型道路上的痛点，研究凯德集团的发展历程，总结了新形势下地产企业在发展轻资产的方向和要点，进而提出相应的能力建设策略。针对地产企业的轻资产转型，本文提出如下建议。政策层面：坚定发展不动产金融，主要体现在公募REITS制度不断改革完善、扩大可发行的底层资产类别，同时发展不动产私募基金。企业层面：（1）对接资本市场，发展轻资产，建设能力体系；（2）结合时代趋势和自身优势，寻找第二增长曲线；（3）建设大资管能力，实现募投管退的能力闭环。
The large-scale thunderstorm in real estate industry in China recently proves that the high leverage model of real estate development enterprises is unsustainable. The original high turnover and high leverage model relies excessively on the rise of sale price and the quick realization of sales. Macroscopically, China‘s urbanization and per capita housing area have reached a relatively high level. Based on the experience of mature foreign markets, the characteristics of the real estate industry are closely related to the stage of social development, and nowadays China‘s real estate industry has gradually entered into a new phase. Regarding the long-term development, industry characteristics, business models, and recent lessons, real estate enterprises have strong demands to change business model, reduce leverage, and develop light assets business, though the reforming is not simple. At the same time, the institutional construction of China‘s real estate finance has made great strides. The top-level design and supporting documents for public REITs were introduced in 2020. In February 2023, the China Securities Regulatory Commission issued the " Filing Guidelines for Real Estate Private Equity Investment Funds (Trial)"; In March 2023, National Development and Reform Commission Document No. 236 explicitly supported the issuance of public REITs for commercial infrastructure. Internationally, REITs and real estate private equity are the cornerstone of real estate finance and light-asset business. Studying successful cases of foreign enterprises is meaningful.Since 2015, many Chinese real estate companies have raised light-asset strategy and put it into practice. The main logic of developing light-asset is to expand the scale of asset management through the output of management capability and collect management fee. This kind of model is still only management output, so there are many pain points. Firstly, the underlying assets have not truly been light-capitalized. Secondly, there is still much benefit gambling between asset owners and light-asset management teams. Also, there are few long-term funds participating in the form of equity. In mature foreign markets, real estate enterprises that have successfully achieved light-asset capitalization not only have strong project development and management capabilities, but also have the ability to connect with the capital market. In this regard, CapitaLand Group of Singapore proposed a light-asset strategy in 2002 and gradually completed its transformation successfully, not only because of financial reform in Singapore, but also thanks to the ability building of the company. This thesis reviews the recent evolution of Chinese real estate policies, analyzes the pain points on the path of light-asset transformation of real estate enterprises, studies the experiences of CapitaLand Group, summarizes the direction and key points of light-asset development for real estate enterprises in the new period, and proposes corresponding capacity building strategies.This thesis proposes the following suggestions for the light-asset transformation of real estate enterprises. At the policy level, it’s better to firmly develop real estate finance, including the continuous reforming of the public REITs system and the development of real estate private equity funds. At the enterprise level: (1) Connect with the capital market, develop light-assets, and build a capability system; (2) Combine the trend of the times and the company’s advantages in order to search for a second growth curve; (3) Build asset management capability and achieve a cycle capability of fundraising, investment, management, and exit.
