Research On The Application Of Asset-light Strategy Mode By Commercial Real Estate Companies

In recent years,Chinese government has increased the regulation of the real estate industry,the commercial real estate market growth slowed down,the relationship between market supply and demand is changing.Because of the inherent characteristics of the industry itself,it is a capital-intensive industry,the fund is huge,it is difficult to meet the real estate development and operation by its own funds,often need external financial support,especially the bank loan funds.But in the context of the Government's adjustment to the land industry,banks are shrinking their lending support to commercial real estate development.Commercial real Estate Enterprise's main external financing channel is limited,in the face of this situation,many commercial real estate enterprises have a tight operating capital and even a broken capital chain,and the performance of commercial real estate enterprises is declining.The environment of the industry is difficult to improve significantly in the short term,commercial real estate companies have to change the time to upgrade.But how can it match the needs of the current commercial real estate market and maintain sustainable growth? In order to deal with the increasingly "heavy" problem of property industry assets,some entrepreneurs and scholars have suggested that the idea of light-asset operation model can be applied in commercial real estate industry.The core idea of the light asset operation model is to create relatively high returns by "light" assets.After the knowledge-intensive high-tech industry,the traditional industry also began to try to use the light-asset operation to carry on the transformation and upgrade.In this paper,the previous research and related literature carding,analysis,using inductive analysis,case study method,qualitative and quantitative analysis and demonstration.First of all,through the domestic and foreign literature research,deepen the understanding of the connotation and characteristics of light assets operation,systematically discuss the way of realizing the operation of light assets and the mode choice,and expounds the theoretical basis of the operation of light assets in commercial real estate industry,in order to perfect the theoretical system in this field.After,the introduction of Dalian Wanda Commercial Real Estate Co.,Ltd.as a case study,combined with commercial real estate industry in recent years,the macro-environment,the old commercial real estate operation ideas,business performance research,and in view of its internal and external difficulties facing the analysis,and discusses the reasons of the transformation and upgrade of operation mode and the feasibility of the operation of the light assets.Then,it outlines the strategic objectives of Wanda's transformation,and analyzes the applicability of the light asset operation model whose selection is based on the core of the operation behavior in combination with the industry background and internal environment.Based on its asset-light operating model,the company has detailed and introduced five strategies for implementing light asset transformation,and compared the changes in financing,risk,revenue,and scale before and after the transition,and evaluated the effectiveness of its transformation-based light asset operating model.Discover Wanda Commercial Real estate appropriate timing,according to its existing competitive advantage,choose the appropriate implementation strategy of light asset operation.The use of Wanda commercial real estate brand advantages and rich operating experience,to attract partners to develop,give full play to its commercial real estate operations and management capabilities,but also enrich the external financing channels.In the process of transformation,Wanda Commercial Real Estate expanded financing channels,such as testing real estate trust investment funds;introduced investment institutions,and cooperated in the development of light assets Wanda Plaza project,which changed the capital structure of the company.In order to guarantee the successful transformation,it actively implements the “informatization” of business management,and realizes “turnkey” projects for project management.At the same time,it actively establishes light asset investment standard modules and accelerates the output of brands and management.In the light assets operation mode,Wanda commercial real estate satisfies the external financing demand,while speeding up the expansion,the operation cost is successfully controlled,the quality and stability of the cash flow are ensured,and the operating risk of the enterprise is dispersed,which provides the guarantee for the sustained and rapid development under the new situation.In this paper,we analyze the case of the successful transformation of the commercial real estate business model,and discuss in detail the various aspects in the process of transformation.The innovation of this paper lies in summarizing the types of light asset operating models of commercial real estate companies and combining them with Wanda Commercial Real Estate.The internal and external situations are analyzed,and the rationality of choosing the mode suitable for its transformation and development is analyzed,and the five implementation strategies for Wanda to achieve transformation are described in detail.Finally,summarizing the research conclusions,such as choosing the right asset-light operating model based on its own advantages;multilateral cooperation can achieve synergistic effect and improve investment efficiency;business and project management informatization can guarantee effects of implementation for asset-light operating model;suitable for light the asset operating model can deepen the core competitive advantage.At the same time,based on the successful case of successful transformation of Wanda,this part explores how the commercial real estate industry should pay attention to the choice and transformation process when choosing the operation mode of the transformation of light assets,such as combining their own advantages,selecting suitable models;clarifying core competencies and identifying potential light assets;improve financing channels and develop real estate finance.Hope that through the case study of this article to the industry's heavy asset-oriented enterprises to provide a reference.