| The development of China's real estate industry can be calculated from the adjustment of land related regulations in 1978,and the real rapid development is after the deepening of housing system reform in 1998.China's real estate industry has experienced 40 years of ups and downs,with the promulgation of relevant regulation and control policy in China,it gradually tends to steady development.Real estate has a great effect on the economic development of our country,and there are also many problems.These problems also affect the development of the national economy."12th Five-Year",the state introduced more regulatory policies,the real estate market will further by the regulation,the economic development of the real estate industry becomes slow,prompting the real estate companies are looking for a way of transformation,so far,the real estate industry has entered a turning point.In addition,the country also strongly calls for improving the urbanization rate and the de-inventory rate,real estate also faces challenges and opportunities.All along,China's real estate industry is to re balance mode operation,the operation mode of investment is very large,investment,construction and management of the developers themselves are dependent on the operating funds,capital chain is very strong,once the capital chain of any problems,the enterprise will bear the huge impact.The risk is very large.In good times,some real estate companies do get a huge profit,but in view of the current real estate market,supply and demand changes,the profit decline is in a downward trend,real estate enterprises are under great pressure,the stock and capital obviously,heavy assetmanagement model is not the best therefore,the real estate business have to find their own way out,the entire industry is urgent transformation.Commercial real estate is an important part of the real estate industry.Compared with other residential real estate,commercial real estate has a larger initial investment in construction and a longer period of capital recovery.Coupled with the impact of the Internet,the commercial real estate situation is more and more difficult.So if enterprises want to continue to gain a foothold in the commercial real estate industry,they must change their thinking and seek innovation.This paper takes Biguiyuan as an example,through the comparison of market reaction and financial reaction in recent years after the transformation of light assets in Biguiyuan,it is concluded that the transformation of light assets operation mode of commercial real estate will bring more positive impact on the value creation of enterprises,which can provide reference for other commercial real estate in water test transformation of light assets.The so-called light assets operation,its main purpose is to obtain higher returns with lower capital investment business light assets operation mode,compared with heavy assets operation,enterprises pay more attention to the use of knowledge assets rather than the size of assets.The light assets operation mode of commercial real estate is to change the role of developers in all links,but to separate all links,and to find highly specialized enterprises to complete the project.Moreover,the source of project funds is more from the public,and do not need to bear all the funds themselves.This greatly reduces the financing pressure of real estate developers and the requirements of the capital chain.It will reduce a lot,and the risk will be reduced.Nowadays,some commercial real estate enterprises have begun to explore the operation mode of light assets,and have made some achievements.Through the feasibility of implementing light assets operation in Biguiyuan,this paper hopes to gradually solve some puzzles.For example,is China's commercial real estate industry really suitable for light assets operation mode?What problems should we pay attention to in the process of transformation?Through the analysis and summary the research of domestic and foreign scholarson light assets,this paper makes the concept of light assets clearer.Then,through the comparative analysis of commercial real estate heavy assets operation mode and light assets operation mode,the advantages and disadvantages of each mode are obtained.Finally,through the analysis of the characteristics of Biguiyuan and some related data response,it is further concluded that the transformation of light assets in commercial real estate industry has practical significance. |
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