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商业地产三大标杆--亲稳舆论引导监测室
2012-07-21

  在住宅市场去投资化的大背景下,许多房企纷纷转投商业地产。如何把握行业周期,如何利用资金杠杆,如何寻找最佳商业模式等,成为业届亟需思考的问题

In the housing market to invest in the background of the,Many enterprises have room to join the commercial real estate。How to grasp industry cycle,How to use leverage funds,How to search for the best business model, etc.,Become the industry is thinking of problem

  高和资本 / 文

High and capital/wen

  在住宅市场去投资化的大背景下,许多房企纷纷转投商业地产。尤其是缺乏人流和资金流支撑的二三线城市,已累积了相当多的商业地产泡沫。2011年北京商用物业新增面积108.42万平方米,而沈阳在建商业项目700万平方;成都去年立项和在建城市综合体超80个,总量达千万平方。在此背景下,如何把握行业周期,如何利用资金杠杆,如何寻找最佳商业模式等,成为业届亟需思考的问题。

In the housing market to invest in the background of the,Many enterprises have room to join the commercial real estate。Especially the lack of people and cash flow of the two three line support city,Already accumulated quite a number of commercial real estate bubble。2011 Beijing commercial property new area of 1.0842 million square meters,And shenyang under construction business project 700 square;Chengdu urban complex under construction project and last year over 80,Total amount thousands square。In this context,How to grasp industry cycle,How to use leverage funds,How to search for the best business model, etc.,Become the industry is thinking of problem。

  基于上述思考,我们对商业地产标杆企业重新进行了研究。为方便讨论,现以资产负债表之轻重划分为三大类。

Based on the thinking,Our commercial real estate enterprise to benchmarking。To facilitate discussion,Now is the balance sheet is divided into three categories of weight。

  标杆一: Benchmarking a:

  重资产型:商业地产开发 Heavy assets type:Commercial real estate developers

  ——恒隆 5-

  恒隆地产的母公司恒隆集团成立于1960年,1972年10月在香港上市。2011财年公实现营业收入为51.6亿港币,净利润为57.9亿港币。目前市值1145亿港币(华润置地的市值为804亿港币)。

The parent company of estate of hang hang group was established in 1960,In October 1972 listing in Hong Kong。Fiscal year 2011 and realize the operating income for 5.16 billion Hong Kong dollars,Net profit for 5.79 billion Hong Kong dollars。Currently valued at 114.5 billion dollars(China resources land holdings the market capitalisation of hk $80.4 billion)。

  主要业务重点是商业物业之持有和开发;购入最佳土地,雇佣顶级建筑师行打造出最高质量的物业,并进行精细化运营。

Main business focus is on hold and development of commercial property;Best buy land,Hire top architects do make the highest quality property,And fine operation。

  恒隆的目标是成为香港和内地市场最优质的地产发展商,是内地业务的先行者,目前业务中心逐步向内地转移。2011年内地业务占比已达54%(以收入计),其中尤以商业为重,内地商业租金收入占比超过70%。

Nordstrom's aim is to become Hong Kong and the mainland market the most high-quality property developers,Is the forerunner of the mainland business,At present the business center gradually move inland。2011 years of mainland business than are up 54%(To income is calculated),Especially the business as the priority,The mainland business accounts for more than 70% than rental income。

  发展历程 Development course

  发展至今,恒隆大致经历了四个发展阶段

Development so far,Nordstrom roughly experienced four stages of development。

  第一阶段:1960年-1987年,即恒隆地产前身。公司创办以住宅开发为主。1972年上市后逐步向出租物业转型。1972年租金收入仅占公司经营收入的10%,而到1977年,这一比例增加到45%。1981年,恒隆因为过激争夺9个地铁建设项目,导致企业发展受到极大影响。1982年,曾经面临资金链断裂,甚至破产的风险。

The first stage:In 1960-1987,That is the real estate nordstrom predecessor。The company started with residential development primarily。1972 years after the property listed gradually to the transition。1972 offices revenue only accounts for 10% of company business income,By 1977,This ratio increased from 45% to。1981 years,5 for nine because ultra subway construction project,Lead to enterprise development affected considerably。1982 years,Capital chain rupture had faced,Even the risk of bankruptcy。

  这一阶段的资金来源,主要是利用公开发售股权完成融资;用途用于住宅开发并增加持有型物业。

In this stage, the capital source,Basically is to use the public offer shares to complete financing;Use used for residential development and increase hold type property。

  第二阶段:1988年-1997年,即上升周期扩张持有物业。为了顺应90年代初香港地产的快速上升趋势,开始进行大规模扩张出租物业,并想先进军大陆。1991年陈启宗先生接任主席职位。期间完成了上海恒隆广场和港汇广场,大规模在香港收购出租物业,1993-1996年出租物业由40万平方米增加到70万平方米。1996年下半年,恒隆感到楼市泡沫愈演愈烈,在金融危机前成功高价抛售资质欠佳的物业。

Second stage:In 1988-1997,That is holding up cycle expansion property。In order to meet the 90 s Hong Kong real estate fast rising trend,Start on a large scale expansion rental property,And want to advanced army mainland。In 1991 Mr. ChenQiZong takes over as chairman。Completed during the square of Shanghai constant and port remit square,Large-scale acquisitions rental properties in Hong Kong,1993-1996 by 400000 square meters rental properties increased to 700000 square meters。The second half of 1996,Nordstrom feel the housing bust intensified,Before the financial crisis high qualification of poor success selling property。

  这一阶段的资金来源,主要是三个方面,其一,总计在资本市场上融资90多亿港元;其二,繁荣的租赁市场为公司贡献累计100多亿港元的资金;其三,高价抛售资质欠佳的持有型物业,实现30多亿港元的资金回笼。

In this stage, the capital source,Is mainly three aspects,one,In the capital market financing total more than $90 hk dollar;The second,The prosperity of the rental market for the company accumulated over hk $100 contribution to the fund;thirdly,High qualification of selling poor held property type,Realize more than hk $30 money collecting。

  资金用途主要是增加持有型物业。 值得一提的是,这阶段的标志性时间是,1994年抢先进入大陆商业地产。

Capital USES mainly increase hold type property。 It is,This phase is the symbol of the time,1994 mainland lead up to commercial real estate。

  第三阶段:1997年-2004年,即调整期进军开发物业。

The third stage:In 1997-2004,Namely into property development adjustment period。

  利用香港楼市长达7、8年的低迷期,并基于楼市会再度繁荣的判断,逆势开始大规模投资现金流好的住宅地产,并耐心等待时机。同时,规模化的出租型物业带来稳定的租金收入,有效支撑了公司的发展。

Use of Hong Kong's property market to seven、8 years of turmoil,Based on the property market and the prosperity of the judgment will again,Start a large-scale contrarian investment cash flow good housing estate,And the patience to wait for the right time。At the same time,The scale of the rental property bring type rental income is stable,Effectively support the development of the company。

  这一阶段的资金来源,主要是两方面,其一,高峰期的售楼收益和出租物业的现金流支持,1998年-2004年间出租业务共计贡献了76亿的经营溢价;其二,累计贷款接近400亿港元。

In this stage, the capital source,Main is two aspects,one,The sales revenue and peak rental properties of the cash flow support,In 1998-2004 in rental business contributed 7.6 billion business premium;The second,Total loans close to hk $40 billion。

  资金主要用于大规模发展开发性住宅地产。

The money is used for the large scale development of developmental residential property。

  其中,有两个关键点,一是1996年,经济危机前高价抛售物业;二是2005年,宏观调控时收购土地。

Among them,There are two critical points,One is the 1996,Economic crisis high property before selling;2 it is 2005 years,When the land macro-control acquisition。

  第三阶段:2004年-现在,即持有物业的跨越发展。2004年后随着香港楼市的逐步回暖,恒隆通过出售前六年积累的大量开发型物业实现资金回笼。同时,开始利用其在开发物业上的套利在内地商业地产市场扩张。2005年沈阳地块,2006年沈阳、长沙、济南地块,以及2009年初无锡大连地块。

The third stage:2004-now,Namely hold the property across development。2004 years later with Hong Kong's property market gradually thaw,By selling the first six years of hang on large amounts of money collecting realization suitable property。At the same time,In its development started to use property arbitrage in mainland China commercial real estate market expansion。In 2005, shenyang plot,In 2006, shenyang、changsha、Jinan plot,And early 2009 wuxi dalian plot。

  恒隆计划并开始在内地建十余个商业地产项目,每个项目投资额在20-25亿元之间,总价200-250亿元。

Plan and began to hang in the mainland built more than ten commercial real estate projects,Each project investment in 20-2.5 billion yuan between,Total price 200-25 billion yuan。

  这一阶段的资金来源是两个方面,其一,出售开发项目的资金回流,稳定的现有租金收入支持;其二,资本市场通过增发、发债、银团贷款等共融资250亿港元。

In this stage, the funds are two aspects,one,Sell development project funds backflow,Stable current rental income support;The second,Capital market through the secondary、translated、The syndicated loan, financing hk $25 billion。

  资金用于跨越式在内地扩张持有型物业。

Funds for leaping in mainland China expansion type holding property。

  核心优势 Core advantage

  第一、对行业周期的精准把握。1997年危机前大规模抛售套现,1999年进军大陆市场精耕细作,2007年危机前适时收手并在危机后又逆势扩张;第二、极强的运营能力,30年累计的运营资源和经验沉淀,选择最优的地段和设计标准并耐心经营至极致,稳定高效的运营团队;第三、充分利用资本市场的长期资金,资本市场募资股本逾240亿港币,债务融资峰值超200亿港元。

The first、The accurate grasp of industry cycle。Before the 1997 crisis mass selling to cash,1999 years into the mainland market and intensive cultivation,2007 years before the crisis in hand and in crisis and contrarian expansion;The second、Strong ability of the operation,30 years of operating resources and experience accumulated precipitation,Select the optimal location and design standard and the patience to release the business,Stable, effective operation team;The third、Make full use of capital market long-term capital,The capital market share capital more than hk $24 billion from balking,Debt financing peak super 20 billion hk dollar。

  标杆二: Benchmarking two:

  轻资产型:资产管理型 Asset light type:Asset management

  ——黑石 -the black stone

  黑石成立于1985年,2007年在纽约证交所上市,共募得76亿美元,目前市值约164.2亿美金(2012年4月28日)。作为全球最大的房地产另类资产管理机构,截至2011年12月31日,黑石集团资产管理总规模为1,660亿美元,其中房地产资产管理的规模为480亿美元。

Black stone was established in 1985,In 2007, the New York stock exchange listing,Were raised $7.6 billion,Current market value of about 16.42 billion dollars(April 28, 2012)。As the world's biggest real estate alternative assets management institutions,By December 31, 2011,Blackstone group assets management total dimensions of 1,$66 billion,One of the real estate assets management scale for $48 billion。

  发展历程 Development course

  第一阶段:即1992年-1996年,初创期。

The first stage:That is 1992-1996,initial。

  1994年募得第一期房地产基金(BREP 1),合计4.85亿美元,共计投资4.67亿美元。

In 1994 the first issue raised real estate fund(BREP 1),Total 485 million us dollars,Total investment is 467 million dollars。

  1993年投资了Edward J.Debartolo Corporation(拥有购物中心、超市);1995年投资了Cadillac Fairview(加拿大购物中心巨头)。上述都是投资于可转债后转化为股权伺机出售,投资额较小,后者成功上市。

1993 investment the Edward J.D ebartolo Corporation(Have shopping center、supermarket);1995 investment the Cadillac Fairview(Canada shopping center giant)。Above all is investment in convertible bonds into equity pounced after sale,Investment smaller,The latter successfully listed。

  第二阶段:1996年-1997年,即高速发展期。

Second stage:In 1996-1997,Namely high speed development。

  期间共募集了7只基金(包括两只欧洲基金),合计208.5亿美元和23.5亿欧元。

Were raised during the seven fund(Include two European fund),Total 20.85 billion us dollars and 2.35 billion euros。

  完成逾百笔收购,投资额超过200亿美元,总交易额超过千亿美元。

Completed more than pen takeover,Investment of over 20 billion dollars,The total turnover more than $billions。

  以杠杆并购为主,业态包括公寓、旅游、酒店、办公、零售等,横跨美国和欧洲。

To leverage mergers primarily,Formats, including apartment、tourism、The hotel、office、Retail, etc,Across the United States and Europe。

  最著名的EOP(387亿美元)和希尔顿(269亿美元)收购案均发生在2007年,至业内巅峰。

The most famous EOP($38.7 billion)And Hilton($26.9 billion)The deal had occurred in 2007,To the top。

  第三阶段:即2008年至今,调整稳定期。

The third stage:That is so far in 2008,Adjustment stable。

  期间共募集一只海外基金和一只债务型特殊机会基金。最新一期的BREP VII正在募集,预计募资超过100亿美元。投资收购范围扩大到建筑设计公司、物流、工业地产,甚至房地产基金。

To raise a total during overseas fund and a debt type special opportunity fund。The latest issue of the BREP VII are raised,Is expected to more than $10 billion from balking。Investment purchase expanded to architectural design company、logistics、Industrial real estate,Even real estate fund。

  地域扩大到印度和中国。

Regional expanded to India and China。

  核心优势 Core advantage

  第一、对杠杆的充分利用,超强的募资能力保证了巨大的收购规模,7-10倍杠杆的背后是良好的信誉和灵活的融资结构;第二、运营能力,专业的资产管理团队(办公、特别是酒店)和对物业的重新定位和提升,为高溢价提供了有力的支撑;第三、良好的退出渠道,广泛的行业人脉和合作网络有效保证了资产的快速处置。此外,最佳收购时机和最优退出时间节点的选择也至关重要。

The first、The full use of leverage,Super whip round the ability to ensure the purchase of a huge scale,7 to 10 times of leverage is behind a good credit and flexible financing structure;The second、Operation ability,Professional asset management team(office、Especially the hotel)And on the property rebranding and ascend,For high premium provide strong support;The third、Good exit channel,Extensive industry contacts and cooperation network efficiently guaranteed the rapid disposal of assets。In addition,The best purchase time and the optimal exit time the choice of nodes is also important。

  标杆三: Benchmarking three:

  混合型:开发+资产管理 mixed:Development + asset management

  ——嘉德 -fine heart

  嘉德是亚洲最大的房地产公司之一。目前总资产达353亿新元,市值逾116亿新元(截至2012年5月11日),2011年总收入30亿新元,净利润10.6亿新元。嘉德开创了“资产管理型”房地产公司的典范:采用以资产管理带动商业地产投资的模式。公司管理5支REITs和15支基金,目前AUM达340亿新元,管理房地产资产总规模达603亿新元。

Fine heart is one of Asia's biggest real estate company。At present the total assets of s $35.3 billion,Market value more than of s $11.6 billion(By the end of 2012 on May 11,),2011 revenue of s $3 billion,Net profit of s $1.06 billion。Fine heart started“Asset management”The model of the real estate company:The asset management business real estate investment drive mode。The company management REITs five teams and 15 fund,At present AUM of s $34 billion,Management real estate assets total size of s $60.3 billion。

  发展历程 Development course

  主要有三个发展阶段。

There are three main stages of development。

  第一阶段:转型期——执行新战略。

The first stage:Transition-the new strategy。

  2000年合并成立了嘉德置地,确定了轻资产战略,开始剥离非核心资产。2001年发起首只REITs(CMT),置入集团在新加坡的3个商场。2003年发起以新加坡本土零售物业为主的私募基金(CRS),用于给CMT输送物业,标志着基金与REITs配对的探索。

In 2000 founded the kirtland merger holdings,Sure the asset light strategy,Began to divest non-core assets。In 2001 the first launched only REITs(CMT),Placement in Singapore's group three stores。Launched in 2003 to Singapore local retail property as private equity fund(CRS),CMT used to transport property,Marks the fund and explore the pairing of REITs。

  第二阶段:快速发展期——大规模进军中国市场,将新加坡模式复制到中国。

Second stage:Rapid development-mass for the China market,Singapore model will be copied to the China。

  2003年获取北京上元项目,标志着大举进军中国住宅业的开始。2004年发起第一只中国资产私募基金,专注于住宅开发。2005年发起中国发展基金,收购35家购物中心。2006年将中国大陆的7个商场打包进入REITs(CRCT),并开始有意识地使基金和REITs配对。2008年起基金名下的西直门MALL注入CRCT,标志着“REITs+基金”模式在中国复制成功。

In 2003; obtain Beijing project,Marks a big push in the beginning of the housing industry in China。In 2004 the first launched only China private equity fund assets,Focus on the housing development。Launched in 2005 China development fund,35 home shopping center acquisition。2006 will the mainland of China and a market into the REITs pack(CRCT),And began to consciously to make funds and REITs matching。Since 2008, the fund's name into the MALL xizhimen CRCT,Marks the“REITs + fund”Mode in China's copy of success。

  第三阶段:成熟期。到2011年,凯德已发型了5只REITs和21只私募基金,其中全部的REITs和15只今仍在运行中。

The third stage:maturity。By 2011,Cade has five REITs and hair only 21 only private equity fund,All of the REITs and 15 in operation of this is still only。

  核心优势 Core advantage

  第一、真正实现了“风险的买卖”,风险较高的养商期由集团或愿意承受高风险的私募基金来完成,物业成熟后通过REITs将资产出售给追求稳定的公众投资人,并保留物业的管理权;第二、运营管理能力较强。

The first、To achieve a truly“Risk the buying and selling of the”,The higher the risk of a business by the group or are willing to take high risk of private equity to complete,Property after the mature through the REITs will assets sold to the public of the stability for investors,And keep the management of property;The second、Operation management skills。

  结论 conclusion

  结合上述三大标杆案例,再反观中国目前的商业地产市场现状,我们发现:商业市场整体处于上升周期中,但不同城市的风险情况分化明显;国内资本市场募资通道尚不畅通,缺少长期的LP投资人;商业物业的退出渠道又十分狭窄。

A combination of these three benchmarking case,More in commercial real estate market to China's current situation,We found:The commercial market overall on the rise in the cycle,But the risk of different cities situation differentiation obvious;Domestic capital market whip round is not clear channel,Lack of long-term LP investors;Commercial property exit channel and very narrow。

  面对这样的市场环境,我们将如何应对?第一、迫切需要发挥资产管理业务的几何效应,培养并积累忠诚的长期投资人。同时,集中精力提高产品品质,尤其是工程改造和招商工作;第二、充分利用金融杠杆,通过买卖风险优化资金结构,提供资金利用率;第三、解决好退出通道问题,境外可通过上市或者REITs通道;境内可选择拆分销售,但前提是提供资产管理服务,避免散售后的恶性竞争情况。

In the face of such market environment,We will be how to deal with?The first、The urgent need to play the asset management business of the geometry of the effect,Training and accumulated loyalty long-term investors。At the same time,Focus on improving the quality of the product,Especially engineering transformation and the merchants inviting work;The second、Make full use of financial leverage,Through the business risk capital structure optimization,Provide funds utilization rate;The third、Solve problems exit channel,Overseas listed or REITs by channel;China can choose split sales,But the premise is to provide asset management services,Avoid after malignant competition scattered。

  (摘编自 2012年5月高和月度报告)

(Re-edited since May 2012 high and the monthly report)

商业地产三大标杆
图表1 Chart 1



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