Commercial Real Estate Development Model Study

In recent years, commercial real estate in China has achieved rapid development, but is accompanied by a series of problems and the lack of theoretical research. One important reason is that commercial real estate value chain has many stakeholders, and their relationship is complicated, which increase the difficulty and uncertainty of operation and research.This thesis split the main chain of commercial real estate into six parts, namely, developer, investor, operator, retailer, consumer and government, based on Professor Michael Porter's value chain theory. On this basis, combined with micro-economics, industrial economics, institutional economics, the thesis analyze the function distribution and value creation of the role, integration of role and it's motivation, and conclude role-leading commercial real estate development models and case studies.The scale effect is primarily the main cause of the division of commercial real estate. The investment and operating in one field bring the accumulation of knowledge, talent and reputation, leading to professional advantage and monopoly power. The essence that one company occupies several functions of the value chain is industry vertical integration, for example, the motivation of the integration of developer and operator is to reduce transaction costs; the integration of operator and retailer involves the external issues.Combined with actual cases and theory analysis, the thesis concludes four role-leading development models, summarizes the characteristics of each model and the situation that one model adapts to, supplemented by practical case studies. For example: The Bailian Group and Bailian Xijiao Shopping Mall represent the operator-leading model and the large trade groups has the advantage of the certainty of the plan and the convenience of business resource allocation; the operator-leading model, represented by Ego Group, mainly suits professional markets, whose expertise and brand replaced the lack of upstream and downstream.The analysis of commercial real estate value chain in the thesis will help improve the understanding of the laws of its operation, will help solve some problems in practice, so as to promote the healthy development of the industry.