Research On Risk Control Of Light Asset Operation Of Long-term Rental Apartments

In recent years,under the background of "simultaneous rent and sale",the long-term rental apartment industry has developed rapidly,but the Danke incident has caused the market to question the asset-light field of long-term rental apartments.The thesis discusses the risk points and lack of risk management of Danke Apartments under the asset-light mode,and summarizes the experience of mature operators and proposes countermeasures.First,the concept and classification are introduced,and then using the COSO risk management framework,based on the analysis of the light asset operation model,the main risks of light asset operation are identified from the three parts of financing,investment and operation as operating risk,liquidity risk,market risk and regulatory risk.Take Danke Apartment as a case.Danke is a leading company in the field of light assets in China,with a high market share,and analyzes its lack of risk management in its operations.Operating risk,using cost-benefit and sensitivity analysis to find that the annual rental growth rate and vacancy rate are the main causes.The high vacancy rate and the impact of the epidemic have amplified operating risks.Liquidity risk,using the large amount of funds deposited by the mismatch of the "rental loan" maturity,but low revenue efficiency leads to insufficient return of funds and a long period,which keeps the company’s liquidity risk at a high level.Market risks.Under the impact of the epidemic,the market has shrunk,competition has become more intense,industry policies have become more stringent,and the company has failed to respond to market fluctuations in a timely manner.Regulatory risks,strict management of long-term rental apartments is an inevitable trend after the continuous industry conflicts.Both capital supervision and quality supervision are areas that government supervision will cover.Danke,as a leading company,lacks a keen sense of smell.In view of the risks in the operation of Danke Apartments,two mature operators were selected and their experiences were summarized: managing the vacancy rate in the whole process,reasonably controlling cash flow,and providing market-based value-added services.Therefore,we propose countermeasures for domestic light asset operators: avoid blindly entering the saturated market and putting vacancy rate control forward;establish a reserve fund system to reduce operating leverage;provide value-added services and increase rent premiums;establish a risk prevention and control system,and timely warning and making a response.