Research On The Performance Of Business Model Transition Of Commercial Real Estate Enterprises In China

In recent years,with the implementation of the policy of restricting loans and purchasing in the real estate industry and the increasing macro-control of the whole real estate market by the government,coupled with the rising land prices and the rapid increase in the scale of project development,China's commercial real estate industry is facing increasingly serious financing pressure.In the past,commercial real estate enterprises mostly used the heavy assets management mode,and the investment,construction and management of projects were completed by enterprises alone.Under this mode,the large amount of capital invested in the early stage and the long period of capital recovery led to the precipitation of large amounts of funds in development projects,which made enterprises face enormous cash flow pressure and was not conducive to the rapid expansion of enterprises.Under this background,some commercial real estate enterprises in our country begin to explore the way of transformation from the heavy assets management mode to the light assets management mode,and seek new development of enterprises.The transformation is not only an opportunity,but also a challenge.Is it a correct way for commercial real estate enterprises to change from the heavy assets management mode to the light assets management mode? If it is the right way,how to transform the light assets management mode for commercial real estate enterprises needs further study.The main contents of this paper are divided into three points: the comparative analysis of the performance of commercial real estate enterprises before and after the transformation of light assets management mode;whether the transformation of light assets management mode can enable commercial real estate enterprises to solve the current financing difficulties,cash flow pressure and profit margin gradually reduced;and how commercial real estate enterprises should change from heavy assets management mode to light assets management mode.Firstly,referring to the relevant literature at home and abroad,this paper summarizes the concept,mode characteristics and the relationship with company performance of light assets operation mode,analyses light assets operation mode,compares light assets operation mode with heavy assets operation mode,leads to the reasons why enterprises change from heavy assets operation mode to light assets operation mode,and analyses from both internal and external aspects.Then take Wanda commercial real estate light assets business model transformation as an example,and make a case study on the transformation of commercial real estate enterprises to light assets business model in China.Then it introduces the reasons of Wanda commercial real estate transformation,summarizes the specific implementation process and measures of the transformation,and compares the performance before and after the transformation with Dupont analysis system and economic value added.After the transformation of light assets management mode,the profitability of Wanda commercial real estate has been improved,the solvency of enterprises has been improved,and the cash flow pressure of enterprises has also been greatly improved.Finally,the conclusion is drawn that the transformation of light assets management mode can solve the current problems of commercial real estate financing difficulties,cash flow pressure and profit margin gradually decreasing.The successful experience of Wanda commercial real estate transformation is summarized.