柳九邦 王肖邦

Liu WangXiaoBang nine nations

　　[ 也许，“最困难的时刻已经过去”正是同策在此时获外资“青睐”并被认为抄底的重要原因 ]

[may，“The most difficult moment is in the past”It is at this time with the foreign policy“favour”And is considered an important reason] the copy

　　昨日，《第一财经日报》独家获悉，房产代理机构同策房产咨询股份有限公司通过向境外私募基金奇力资本（Mount Kellett Capital Management L.P.）增发股份的方式，获得了约3亿元的融资。

yesterday，《The first financial daily》Exclusive learned that，Real estate agency for real estate consulting with a joint stock limited company through private equity fund to overseas kellet capital（Mount Kellett Capital Management L.P.）The additionally-issued shares of a way，Won about 300 million yuan of financing。

　　同策咨询董事长孙益功对本报记者表示，增发比例在10%~20%之间，主要目的是为了在国内房地产行业处于低谷时期，借助资本力量加速公司的全国化布局。

For ChangSunYiGong director of consultation with our correspondent said，The proportion of shares by 10% ~ 20%，The main purpose is to domestic real estate industry in low period，With the acceleration of capital power company national "layout。

　　对于这笔投资行为，业内普遍将其解读为境外投资机构抄底国内房地产代理行业。

For the investment behavior，The common for the interpretation of overseas investment institutions of domestic real estate agency industry copy。

　　而作为国内排名前五、唯一没有上市的房产代理机构，同策咨询此次融资，对于其上市将是利好消息。

But as the top five domestic、The only listed property agency did not，With the financing for consultation，For its offering will be good news。

　　据一位接近此次交易的知情人士透露：“目前国内房地产代理前五名公司加起来市场份额占到20%，行业集中度高。同策获得奇力资本投资后，将在除华南以外的全国范围内进行扩张，目标是要在2013至2014年，成为行业第二。”

According to a close to the people familiar with the deal：“At present domestic real estate agent the top five add up the company's share of the market to 20%，Industry high concentration。For with strange dint get after capital investment，In addition to the south China in outside the range for expansion，Goal is to be in the 2013 to 2014 years，Become the second industry。”

　　上述知情人士称，奇力资本选择投资同策，是因为看好房地产代理行业的发展前景，认为相比房地产其他上下游行业，代理行业受惠于成交量的上升将最早复苏，并且开发商出于缩减成本的考虑，未来也会越来越多地选择将包括销售代理在内的相关服务进行外包。

The person said，The strange dint capital investment choice with strategy，Because the real estate agency industry development of promising prospects，Think of real estate industry compared to other upstream and downstream，Agents benefit from rising volume will the first recovery，And developers for reduction of the consideration of cost，The future is increasingly choose will include sales agent, the relevant services in outsourcing。

　　公开资料显示，奇力资本是一个国际性私募基金，始创于2008年，资金主要投资于北美、亚洲和欧洲的企业股权、债权及商业地产等方面。

Public data shows，The strange dint capital is an international private equity funds，Was founded in 2008，The money is invested in North America、Asian and European equity、Creditor's rights and commercial real estate, etc。

　　此前，有媒体报道称，奇力资本斥资2亿元收购了同策咨询的部分股权，以股权投资的方式抄底中国房地产相关行业。孙益功对此予以否认：“不是收购，只是做了一点增发，金额大概是3亿人民币。”

after，Media reports said，The strange dint capital spend 200 million yuan with the acquisition of the strategy of the consultation stakes，With equity investments to copy China real estate industry of。SunYiGong denies：“Not purchase，Just do a little shares，Probably amount is 300 million yuan。”

　　孙益功坦言：“我们希望能够在资本助力下加速全国化的布局，并在非代理业务上能够更进一步。”

SunYiGong said：“We hope to be able to help accelerate capital under the layout of the national "，And in the agency business can go further。”

　　值得注意的是，虽然孙益功称获得融资将加速公司的全国化布局，但在一些业内人士看来，此前同策的扩张其实非常迅速，甚至已略显疲态。一个直接表现是，今年年初，同策曾陷入了一场“裁员风波”。事后，孙益功对本报记者解释“这只是每年例行的人员调整”。

Note the，Although SunYiGong says will speed up the company to get financing to the national "layout，But in some in the industry looks，With the expansion of the previous strategy actually very quickly，Has even started to show slightly。A direct performance is，Earlier this year，With a policy suffered“Layoffs storm”。After the event，SunYiGong explain to our reporter“This is only a year of routine personnel adjustment”。

　　同策咨询成立于1998年，2008年开始快速扩张，2010年~2011年，同策先后进入了西安、郑州、长春、重庆、安徽等多个城市。截至目前，除上海总部外，同策已至少在17个城市设立了分公司。

With policy consulting was founded in 1998，Rapid expansion began in 2008，2010 years to 2011 years，For into the xian with successively、zhengzhou、changchun、chongqing、Anhui, and other cities。So far，In addition to the Shanghai headquarters，At least in the policy has with 17 cities set up the branches。

　　有同策内部员工估计，目前该公司员工人数或已经超过4000人，代理销售房产总金额超过600亿元。

With internal staff for estimate，At present the company employee number or have more than 4000 people，Acting sales more than 60 billion yuan, total amount of property。

　　孙益功曾在2008年4月估计，同策将于当年年底登陆深圳中小板，但至今该公司上市的愿望还未能实现。如今，在成功融资后，同策的上市之路会加速吗？

SunYiGong was in April 2008 estimate，With the end of the year will be in for small and medium plate landed in shenzhen，But so far, the company has failed to achieve the desire of the listing。now，In a successful after financing，On the road with plan will accelerate？

　　一位不愿透露姓名的业内人士认为：“现在显然不是登陆资本市场的最好时机，获得融资后，同策应会继续增加布点，把规模声势再提一提，为将来上市做准备。”

One does not wish to be named, the personage inside course of study thinks：“Now obviously is not the best time to land capital market，After obtaining financing，In coordination with the stationing continue to increase，The scale of the momentum to mention，To prepare for future listed。”

　　不过，孙益功称，融资主要是为了加速扩张，和上市没有太大关联。

but，SunYiGong says，Financing is mainly in order to speed up the expansion，And listed without too big correlation。

　　根据同策方面透露的3亿元占10%~20%股份的比例，可以简单推测，同策的总估值大约为30亿~60亿元之间。可以作为参考的是，截止到7月29日，世联地产(002285,股吧)（002285.SZ）的总股本估值为42.6亿元。不过，从整体规模上看，目前世联地产比同策要大得多。

According to the policy aspects of with that $300 million 10% ~ 20% of the proportion of the shares，That can be as simple，With the total valuations for about 3 billion-6 billion yuan between。Can be used as a reference，By July 29，The league real estate(002285,Shares it)（002285 SZ）The total equity valuations for 4.26 billion yuan。but，Look from the whole scale，At present the united real estate than with strategy。

　　世联地产2011年年报显示，从市场份额来看，2011年世联已实现的代理销售金额1424亿元，占全国商品房销售总额的2.41%，而同期同策的代理额预计为600亿元。

The league real estate annual report 2011 shows，From a market share and see，In 2011, the league has realized agent sales of 142.4 billion yuan，Accounts for the commodity house 2.41% of total sales，Over the same period, the amount of the agency with strategy is estimated at 60 billion yuan。

　　事实上，在近两年的调控中，房产代理的日子并不好过，甚至陷入全行业亏损的窘境当中。例如，2012年一季度，易居中国调整后的运营亏损为3980万美元。

In fact，In the past two years in control，Real estate agent's life isn't easy，Even in the industry of the loss of dilemma。For example，In the first quarter in 2012，Easy in China after the adjustment operating loss for 39.8 million dollars。

　　然而，随着近几个月全国楼市的回暖，房产代理的业绩已有所上升，世联地产发布的业绩报告显示，第二季度公司累计实现代理销售金额552亿元，比上年同期增长41.18%。

however，With the housing market in recent months of buoyancy，Real estate agent's performance has increased，The league's performance report issued by real estate，The second quarter the accumulated realize agent sales amount of 55.2 billion yuan，Growth of 41.18% from the same period a year earlier。

　　也许，“最困难的时刻已经过去”正是同策在此时获外资“青睐”并被认为抄底的重要原因。

maybe，“The most difficult moment is in the past”It is at this time with the foreign policy“favour”And is considered an important reason for the bottom of the copy。