随着疫情的变化、全球货币政策分化加快以及大国关系走向复杂和对抗，地产行业在持续去杠杆和房住不炒的情况下，融资日益艰难，监管管控越来越严，现金流面临枯竭的局面。行业总量已见顶，规模持续下降，行业洗牌加剧。二十大后党中央和国家对于房地产业也明确了定位和发展方向,在目前新时期新形势下房地产企业特别是民营房企必须告别之前高杠杆、高周转、高利率的“三高”模式，积极探索新的发展模式。23年4月底召开的中共中央政治局会议在部署房地产市场相关工作时指出，要推动建立房地产业发展新模式，这无疑为房地产市场的未来发展指明了方向。对于房地产业发展新模式的主要内涵，党的二十大报告以及《扩大内需战略规划纲要（2022-2035 年）》中对房地产提出的最核心要求是“支持居民合理居住需求，遏制投资投机性需求，探索房地产新的发展模式。完善住房保障制度和支持政策，扩大保障性住房供给，发展共有产权住房以及完善长租房政策”。本文尝试运用在EMBA课程商所学的企业战略、战略转型、战略转型实施、轻资产等理论和研究相关文献资料，以美国铁狮门、中国绿城管理为具体案例研究，重点对两家标杆企业轻资产模式实施的背景、原因、商业逻辑及业务模式、内容进行了详细的分析，总结出可借鉴的方面，并通过对新时期房地产行业发展现状、公司内外部环境和SWOT分析，以旭辉地产为研究对象，探讨新时期民营房地产企业发展及转型战略，并提出旭辉的转型方向轻重资产并举，重资产明确收缩和转型深耕战略，聚焦一线城市、核心重点二线城市和有深耕优势的三线城市，进行腾笼换鸟逐步退出低能级三线城市和所有四线城市。同时升级中微观投资模型，加强城市、板块及节气研究，在资金有限的情况下实现高质量投资。同步转型轻资产模式，依托价值创造能力、解题能力、服务力和资源整合能力为业主创造价值。搭建好轻资产模式下的代建拓展模式及管理制度、代建业务体系、组织文化加上企业文化锤炼、组织的变革调整、人才配置和培养、能力的提升、激励机制的落地等实施的保障，形成旭辉轻资产模式差异化的定位和核心竞争力，强化“代建定制化服务专家”的品牌心智，发挥后发优势的赶超战略，全面发力快速抢占市场。最后希望通过旭辉地产案例研究为房地产企业更好的战略转型提出一些建议。

With the changes in the epidemic, the acceleration of global monetary policy differentiation, and the complexity and confrontation of major country relations, the real estate industry is facing increasingly difficult financing, stricter regulatory control, and cash flow depletion in the context of continuous deleveraging and real estate speculation. The total volume of the industry has reached its peak, the scale continues to decline, and the industry reshuffle is intensifying. After the 20th National Congress, the Central Committee of the Communist Party of China and the state have also clarified the positioning and development direction of the real estate industry. In the current new era and situation, real estate enterprises, especially private enterprises, must bid farewell to the previous high leverage, high turnover, and high interest rate models, and actively explore new development models. At the Political Bureau meeting of the Central Committee of the Communist Party of China held at the end of April 23, it was pointed out during the deployment of relevant work in the real estate market that we should promote the establishment of a new model for the development of the real estate industry. This undoubtedly points the way for the future development of the real estate market. The main content of the new model for the development of the real estate industry, as stated in the report of the 20th National Congress of the Communist Party of China and the "Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035)", is to "adhere to the positioning that houses are for living, not for speculation, and accelerate the establishment of a housing system with multiple supply entities, multi-channel guarantees, and a combination of renting and purchasing."This article attempts to apply the theories and research related literature on enterprise strategy, strategic transformation, implementation of strategic transformation, and light assets learned in the EMBA course. Taking Iron Lion Gate in the United States and Greentown Management in China as specific case studies, the article focuses on a detailed analysis of the background, implementation reasons, business logic, and business models of the light asset models implemented by two benchmark enterprises, and summarizes the aspects that can be referenced, And through the analysis of the current development status of the real estate industry in the new era, the internal and external environment of the company, and SWOT analysis, taking Cifi Real Estate as the research object, this study explores the development and transformation strategy of private real estate companies in the new era, and proposes Cifi‘s transformation direction of balancing light and heavy assets, clarifying the contraction and transformation deep cultivation strategies of heavy assets, focusing on first tier cities, core key second tier cities, and second and third tier cities with deep cultivation advantages, Gradually withdraw from low-energy third tier cities and all fourth tier cities by vacating cages and replacing birds. At the same time, upgrade the micro and medium investment models, strengthen research on cities, sectors, and solar terms, and achieve high-quality investment with limited funds. Synchronize the transformation of the light asset model, relying on value creation ability, problem-solving ability, service ability, and resource integration ability to create value for homeowners. Establishing a differentiated positioning and core competitiveness of Cifi‘s light asset model, strengthening the brand mentality of "customized service experts for construction", and leveraging the catch-up strategy of latecomer advantages, by establishing a comprehensive expansion model and management system, business system, organizational culture, corporate culture refinement, organizational transformation and adjustment, talent allocation and training, ability enhancement, and incentive mechanism implementation under the light asset model, and enhancing the brand mentality of "customized service experts for construction", Make comprehensive efforts to quickly seize the market. Finally, I hope to provide some suggestions for the better strategic transformation of real estate enterprises through the case study of Cifi Real Est.