Long-term rental apartment 20 19 three keywords: financing, crisis, strong control

Since the beginning of this year, the crisis of long-term rental apartments has broken out frequently, which has also attracted the attention of relevant departments. The "strictest" housing rental policy in history has been introduced in various cities one after another, and it has been piloted in two "hardest hit areas" in Hangzhou and Nanjing. ?

At present, the talent policy of "grabbing people" has been adopted everywhere, and the mobility of urban population has increased. After several years of preparation, the long-term rental apartment market in first-tier cities has basically become popular. According to statistics from third-party organizations, the occupancy rates of some long-term rental apartments in Beijing, Shanghai and Guangzhou can reach 93%, 89% and 95%. ?

In the past year, the attitude of capital towards long-term rental apartments has also fallen into contradiction, and many brand operators have been favored by capital. For example, in the first half of 20 19, with the strong promotion of capital, the management scale of Rubik's cube apartments reached 654.38+10,000, becoming the leader in the field of centralized apartments, followed by Leju apartments, reaching 54,000. In the field of decentralized apartments, as of the first half of 20 19, free operators ranked first with 850,000 managed houses, and the total management scale of the top three operators has exceeded 2 million, further enhancing the head effect. ?

Subsequently, real estate developers, intermediaries, Internet capital and some hotel service groups entered the long-term rental apartment industry. However, because the long-term rental apartment industry is in the exploration stage of coexistence of various operating modes, major brands have not yet formed a relatively fixed market structure. Cost-effectiveness, service and scientific and technological means will become the main factors of future competition for long-term rental apartments, and will also become the important development direction of long-term rental apartments in the future. ?

Financing listing?

The deadline for capital to give enterprises is coming. Long-term rental apartments used to be the export of capital chasing. Now, the demand for capital returns is pushing enterprises to go public. On1October 5th, US Eastern Time, 165438, Zero2IPO listed on NASDAQ. The listing of Qingke is undoubtedly a milestone in the long-term rental industry. 10 year 10 On October 29th, Danke Apartment also formally submitted a prospectus for listing on the New York Stock Exchange to the US Securities and Exchange Commission (SEC) with the stock code "DNK". ?

A few days ago, Lin Xiong, CEO of Free Travel, said that the primary task of Free Travel at present and in the future must be to deeply cultivate enterprise products, services, technologies and teams, but at the same time, he stressed that Free Travel will not rush to start IPO. ?

In fact, the head brand apartment has a high desire for money, and it can raise a larger scale through listing. Li Quan, founder of FangDongdong, pointed out that the financing of 20 19 long-term rental apartments has two characteristics: the financing amount is huge and the head enterprises are concentrated. ?

In February this year, Danke Apartment announced the completion of the $500 million Series C financing. This round of financing was jointly led by Tiger Global Fund and Ant Financial, and Chunhua Capital followed suit. Meanwhile, CMC Capital, Gao Rong Capital, Joy Capital and other old shareholders continued to follow up. After this round of financing, the valuation of Danke apartment has exceeded $2 billion; In March, Rubik's Cube Apartment announced that it had obtained $65.438+0.5 billion in Series D financing, and CDPQ, Canada's leading institutional fund management company, was the strategic investor in this round; In 65438+February, Anxin Group, a long-term rental apartment, announced the completion of the C round of financing with a financing amount of several hundred million yuan, which was led by Carlyle Investment. ?

After several years of development, the first echelon of long-term rental apartments has been formed, namely: free, eggshell, green guest; The scale of centralized apartments is temporarily ahead of Rubik's Cube and Vanke. From the perspective of financing, capital is increasingly concentrated in state-owned enterprises, developers, well-known brand apartments and other head enterprises and high-quality enterprises. ?

Profit dilemma?

On the other hand, it is difficult for small and medium-sized apartment operators to gain the favor of capital, and the high cost of private funds has led many brands to fall into financial crisis. In July this year, the operation mode of "high income and low output" in Le Jia led to the break of the capital chain, which became the signal of the coming of winter rent. Li Quan pointed out that long-term rental apartments can't stand the test of cold winter through "abnormal means" market operation, and a large number of apartments are caught in a capital chain crisis. ?

The profit problem of long-term rental apartments has not been solved, which is also the main reason why small and medium-sized apartments are in business crisis. The re-emergence of domestic long-term rental apartment profit pressure limits the improvement of capital efficiency, so real estate and business operators are more cautious about the expansion of new projects. ?

In the first half of 20 19, the overall growth rate of housing enterprise operators gradually slowed down. Vanke Apollo expanded the housing scale to 230,000, Shi Lang apartment 40,000, Gaby International Community 40,000 and China Merchants Apartment 24,000, which was the same as 20 18. ?

Judging from the scale of long-term rental apartments in the first half of 20 18 and 20 19, some new housing enterprises and operators entered the market. 2065438+June 2008, China Resources entered the field of long-term rental apartments. At present, the expansion scale is 40,000 houses, which has doubled over the previous year. However, the number of new houses in Fangcheng City Apartment has reached 1.6 million in half a year, which is extremely fast and rapid. ?

State-owned enterprises have gradually become the protagonists. 165438+29th1October, two leased housing sites in Pudong New Area of Shanghai were successfully sold, with a total area of 1 16.4 mu and a total construction area of158,000 square meters, with a total transaction price of 929 million yuan. The development of leased housing in Pudong New Area of Shanghai was limited. Kaixinbao information shows that the actual controller of Shanghai Puyue Real Estate Co., Ltd. is the State-owned Assets Supervision and Administration Commission of Putuo District, Shanghai. ?

The era of strong supervision?

Since the beginning of this year, the crisis of long-term rental apartments has broken out frequently, which has also attracted the attention of relevant departments. The "strictest" housing rental policy in history has been introduced in various cities one after another, and it has been piloted in two "hardest hit areas" in Hangzhou and Nanjing. ?

In September, the four departments of Nanjing jointly issued the Notice on Further Standardizing the Operation Behavior of Housing Leasing to Prevent Market Financial Risks, pointing out that it is necessary to establish a housing leasing custody system, sign an agreement with banks to entrust rent collection and payment, set up a special account for institutional rent collection and payment, and implement rent bank custody. ?

165438+ 10, Hangzhou Housing Management Bureau, together with the Municipal Finance Office and Hangzhou Central Sub-branch of the People's Bank of China, formulated and issued the Measures for the Supervision of Housing Leasing Funds in Hangzhou (for Trial Implementation), making it clear that "custody-type" housing leasing enterprises must freeze part of the funds in the special deposit account for leasing funds as risk prevention and control funds, and use them to pay the rent of the entrusted lessor and refund the lessee's deposit under certain circumstances. ?

In February, 65438, the Ministry of Housing and Urban-Rural Development and other ministries and commissions issued the Opinions on Rectifying and Regulating the Order of the Housing Leasing Market, pointing out that housing leasing enterprises adopting the business model of "AG low payment" and "long payment and short payment" should set up a supervision account for leasing funds in the bank, and the rent and deposit should be included in the supervision account. ?

According to industry insiders, the deposit-like model will be promoted in major cities in the future, and this policy is more of a guarantee for landlords and tenants. The policy has a great influence on long-term rental apartment institutions. Special account also means financial transparency, on the one hand, it can supervise the health of enterprises, on the other hand, it can prevent illegal activities such as misappropriation of rent. ?

Wang, Minister of Housing and Urban-Rural Development, wrote that during the special rectification period, more than 80,000 housing rental agencies were investigated, and more than 8000 illegal cases were reported, which effectively curbed the chaos in the housing rental agency industry and purified the housing rental market environment. Next, a special class will be set up to take charge of special rectification and strengthen market supervision and system construction. This shows that the state attaches importance to the housing rental market and is determined to purify the market. ?

Cities have also begun to investigate housing leasing agencies, expose illegal enterprises, strengthen the supervision of the housing leasing market, and urge enterprises to develop healthily. The market is becoming more and more standardized. ?

The state has continuously introduced relevant policies, and the market is facing the survival of the fittest. As Li Quan said, only enterprises with good cost control, good capital management and excellent operation ability can survive in the cold winter of the industry. Looking forward to 2020, as a powerful supplement to the housing system of buying and renting, long-term rental apartments will still get sufficient market opportunities in the future, and a large number of state-owned houses with leased land will gradually take shape.