| With the top-down long-term positioning of "housing to live without speculation",the successive introduction of supportive policies and the strong support of market fundamentals,long-term rental apartment industry has been booming since2015 in China.These companies are expanding rapidly in first-tier,second-tier and some third-tier cities in China,and the number of housing listings is showing a blowout growth.However,the rapid increase in the number of housing listings does not mean that the financial situation of the company is ideal.When the company enters the long-term rental apartment industry,the cost of initial housing investment is high,the investment recovery period is long,and the book funds are also full of problems.If you want to maintain the company for the normal business activities,relying solely on the most direct rent difference profit model is obviously not enough.Therefore,how to find a profit model with considerable profits and suitable for long-term development is an urgent need for enterprises to solve.On October 23,2017,the state-owned state-owned Poly Real Estate obtained the first domestic rental housing REITs(Real Estate Investment Trusts)"Poly Backed Securities".We all know,REITs is an important way to solve housing problems.The special plan issued by Poly has solved the "worries" of the long investment recovery cycle to a certain extent.Real estate companies issue long-term rental apartment REITs as a model.However,since the development of long-term rental apartment REITs in my country is in exploration and facing many puzzles,the profit model of Poly long-term rental apartment REITs is studied based on the four-element theory of profit model.Existing profit model and existing problems,and then put forward targeted optimization suggestions.This article first describes the operation of Poly long-term rental apartment REITs in detail.According to the four-element theory of profit model,it builds a profit model evaluation system for Poly Apartment REITs.At the same time,combined with Polys relevant financial indicators,from the profitability,solvency,and operating capabilities of the three analyze the operating effects in all aspects.Discovered existing problems in the profit model of Poly Apartment REITs: On the one hand,there are risks brought by REITs products,such as low capital recovery rate,double taxation,and strict control over the transformation of stock assets.On the other hand,there are the problems of the enterprise itself,including the large internal employee mobility,the failure of the activity projects to meet expectations,the low external market share,the fierce competition in the industry,and the excessive dispersion of profit sources.The reasons for these problems may be: the uncertainty of policies and regulations at the national level,the imperfect taxation mechanism,the lack of the company’s own marketing strategy,the lack of talents and the limited development.Finally,we put forward optimization suggestions for the current problems: for profit points,we propose to expand diversified products and services,enrich income sources,and transform to publicly offered REITs;for profit sources,we propose to expand the scale of the apartment leasing market,strengthen cooperation with the government,and open up channels for housing sources.,Use the IT platform to expand the scale of tenants;for profit leverage,propose to use the "Internet +" platform,vigorously promote online,target advertising,and hold creative activities offline;for profit barriers,it is proposed to enhance brand influence and improve the company’s internal Management system to strengthen the training of professional and high-quality talents.It is hoped that by the research on the profit model of Poly long-term rental apartment REITs,it can increase its profitability and occupy the market size.It is also hoped that with the exploration and improvement of my country’s REITs market construction,long-term rental apartment REITs can usher in a golden period in the future. |
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