Wantong, founded in Hainan in the early 1990s from 65438 to 0990, is one of the signs of the birth of China's market-oriented real estate industry. But if you still think it is a real estate company, then your information is a bit backward.
Wantong may look like many companies, but it is definitely not a real estate company-it manages five funds with an asset management scale of 3.6 billion yuan; It is negotiating cooperation with more than 10 companies such as TCL and Huiyuan, trying to invest and operate their industrial real estate. Its long-planned industrial real estate fund will be issued, which is also the first RMB industrial real estate fund in China; Its industrial property area will increase from the current 400,000 square meters to more than 6,543,800 square meters ... This is no longer the behavior of a traditional real estate developer, and its business form is changing from manufacturing to financial industry. "The profit model has changed, and Vantone is now an investment company." Zheng Yi, deputy general manager of Vantone Holdings, told reporters simply.
Zheng Yi leads a team of more than 30 people and acts according to the standard private equity style. They raise funds from clients of trust companies, private banks and third-party financial institutions (such as noah wealth), and use the funds to develop and cultivate holding properties such as industrial real estate. In addition to financing and investment, the management and withdrawal of funds are also things they have to do.
However, China's industrial real estate is still in the cultivation stage. Zheng Yi believes that at this stage, investors pay more attention to asset appreciation than rental income, so the better way to launch the fund is to go public or through REITs (Real Estate Trust and Investment Fund) model. Wantong has found the object of study. In the business model of industrial real estate, learn the PE+REITs model of CapitaLand (private equity investment+real estate trust and investment fund); In the professional management of industrial property, its standard is Pross, and some employees of Vantone also come from Asia's largest industrial and logistics infrastructure services? Business.
Feng Lun and Pan Shiyi who started from this company are now the godfathers of the real estate industry. When the founders of Vantone Six get together, people are used to calling them "Vantone Six Gentlemen". A book called "Crossing Thorns to the Future" tells their entrepreneurial story in detail. But in fact, these six people did not * * * go to the future, but started their own businesses. Vantone was left with Feng Lun, the leading brother of the year. Wantong's transformation can begin with the abdication of 20 1 1 Feng Lun.
20 1 1 On March 30th, 2008, Xu Li, the former general manager of Vantone Real Estate, succeeded Feng Lun as the chairman of this 20-year-old real estate company and began to develop into an investment company. As a result, Feng Lun's position changed from a developer to the chairman of Vantone Holdings, a financial company.
Vantone Real Estate, a A-share listed company, became a subsidiary of Vantone Holdings, which holds 565,438+0%. "1993, the concept of commercial housing has just started, and now it is facing industrial transformation, and the competition mode has changed. In the past, the competition in the real estate industry was mainly about scale. Everyone occupied the ground to see who was big. Now it has become a competitive' craft' because the whole market is progressing and consumer demand is becoming more and more diversified. " Feng Lun said this.
But he and the team still found an opportunity.
In 2008, Vantone began to cooperate with TCL, a consumer electronics company. It and TCL invested 55% and 45% respectively to set up Vantone Xinchuang, renovated the original factory, warehouse and dormitory of TCL Wuxi factory, and leased 60% of the area back to TCL. Wantong Xinchuang also re-introduced Sony, Midea and Suba Logistics, and the rental rate increased from 60% to? 95%。
Here, multinational companies and large local companies in China hang Logo on their warehouses, which has become one of the places where this third-tier city in China embodies internationalization. One year later, Vantone Wuxi achieved a net operating rate of 8%. According to this model, at the beginning of last year, Vantone began to cooperate with Huiyuan, a fruit and vegetable beverage company.
Zheng Yi thinks that industrial real estate is a value depression, and developers who are keen on making quick profits by developing houses have no patience to explore its value, but the opportunity is there.
According to Hu, director of Jinggong Logistics Service Department, the return on investment in logistics and warehousing in first-tier cities has reached 1 1%, and that in second-tier cities can reach 7% to 8%. If the government gives preferential policies, the return on investment will be higher than 15%. The rental level of logistics storage in Beijing has increased from 0.8 yuan/square meter per day in 2009 to 1 yuan to 1.2 yuan/square meter.
Because of the large area of logistics storage and low tax revenue, local governments have no incentive to plan land as logistics storage land, unless high turnover companies are willing to put settlement centers or registered places in the local area to contribute tax revenue. "Now, no matter what company, there is basically no land for logistics and storage in first-tier cities." Hu Dui said: It found that in Beijing alone, the supply gap of industrial land was at least 6,543,800 square meters. Logistics warehousing rents are rising, and demand exceeds supply. JD.COM and Vanke Eslite, the e-commerce companies that should be in the light asset strategy, had to finance the enclosure and build their own warehouses.
It is not easy to acquire land. Wantong Holdings chose to acquire the existing industrial properties of other companies, just as it did when it cooperated with TCL. In Zheng Yi's partner list, there are more than 10 companies in negotiation, most of them are engaged in manufacturing, and some e-commerce companies are communicating.
Those manufacturing companies that have gone public need to make their financial reports look better. In the financial indicators of listed companies, a large amount of investment is deposited in industrial real estate, which will undoubtedly drag down their return on assets and asset turnover rate. In the income statement, asset depreciation and management and maintenance fees are both direct expenses and costs, and there is also a huge opportunity cost of capital occupation. Therefore, selling industrial real estate has become a top priority.
Other e-commerce companies planning to go public have also begun to consider the needs of foreign capital markets. There, enterprises should concentrate their funds on their main business, and the asset-oriented model of depositing a large amount of funds on fixed assets investment is unpopular, which requires a change of thinking. "They all have the driving force for asset transfer at this stage." Zheng Yi said.
These two demands are what Zheng Yi thinks are good opportunities at present. However, although there are more and more industrial properties available for Zheng Yi to choose from, few of them can meet the requirements of listing or REITs and reach the investment-grade standards. At present, an important task of Vantone is to cultivate or transform properties with superior location, so that these properties can meet the standards of investment-grade properties and bring higher added value to these properties.
Wantong, an investment company driven by fund management, looks more like CDH investment founded by Wang Gongquan, one of the six gentlemen of Wantong. Just how to launch real estate funds, the whole industry is still groping. In addition to listing, Wantong wants REITs model, which allows more investors who pursue stable rental returns to participate in the investment in the mature stage of industrial real estate through asset securitization.
"As early as 2009, China had already formed a relatively mature scheme on REITs, and it was only a matter of time before the gate was opened. From the historical experience, the economic slowdown stage is the best time to launch REITs. " Zheng Yi said. Since returning to China in 2006, he has been promoting REITs and participated in the research, pilot and scheme design of REITs regulations of CSRC.
However, at present, the China government is restraining the overheated real estate industry, and the introduction of real estate investment trust funds is still indefinite. All Wantong can do is wait.