这8个巨变，将影响无数地产人
<section data-role="outer" label="Powered by 135editor.com"><section data-role="paragraph"><p style="vertical-align: inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">2021年三轮集中土拍结束，在第三轮土拍中，尽管政策有所松动，但是大部分民营房企仍是躺平，国企央企在托底。但有一个比较让人震撼的是</span><span style="color: rgb(0, 112, 192);"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">港企</span></strong><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">恒基兆业地产旗下的国基发展以508亿港元拿下中环新海滨三号用地，折合楼面价约每平米28万港元！</span></strong></span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">一口气拿出508亿港元，港企的资金雄厚让无数房企羡慕不已，港资房企看着规模不大，但是真有钱。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">内地房企激进扩张的玩法，港资房企早在上个世纪就玩过了，但吃一堑长一智，经历过多轮周期洗礼之后，才形成今天的格局。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">经过此次危机后，楼市规则改变，运营规律也会随之更改，更加适应未来。</span></p></section><section style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box;display: flex;flex-flow: row nowrap;text-align: center;justify-content: center;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;margin-right: -8px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;line-height: 0;flex: 0 0 0%;align-self: center;height: auto;z-index: 2;overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);border-width: 0px;border-style: none;border-color: rgb(62, 62, 62);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 23px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section></section><section style="box-sizing: border-box;padding-right: 19px;padding-left: 19px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;align-self: center;min-width: 10%;flex: 0 0 auto;height: auto;border-width: 0px;border-style: none;border-color: rgb(102, 102, 102);background-image: linear-gradient(to left, rgb(60, 154, 236) 0%, rgb(89, 122, 222) 100%);overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="padding-right: 6px;padding-left: 6px;outline: 0px;max-width: 100%;box-sizing: border-box;color: rgb(255, 255, 255);letter-spacing: 0px;overflow-wrap: break-word !important;"><p style="vertical-align: inherit;outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><strong style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;">告别高负债、高周转模式</strong></p></section></section></section><section style="box-sizing: border-box;margin-left: -8px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;line-height: 0;flex: 0 0 0%;align-self: center;height: auto;z-index: 2;overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 23px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section></section></section></section><section style="padding-right: 15px;padding-left: 15px;outline: 0px;max-width: 100%;box-sizing: border-box;line-height: 2;overflow-wrap: break-word !important;"></section><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">过去，敢于负债的房企，往往能获得快速的发展。因为，长期以来，对房企来说，负债即资产。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">房企的利润来自两部分：一是盖房、卖房赚取的差价；二是土地增值的钱。在过去几十年，地价单边上扬，土地是非常优质的资产，金融机构愿意提供贷款。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">总结来说房地产是一个</span><span style="color: #0070C0;"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">“前融—开发贷—销售回款”</span></strong></span><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">的彼此咬合、循环覆盖的游戏，但这个游戏能转起来，要有个前提，即过程中任何一笔负债始终有办法不爆雷，不违约，这样整个高负债的游戏，就能玩下去！</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">所以当房价被限制，三道红线一发布，房企就陷入流动性问题，严重的就暴雷。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">目前，针对行业流动性问题，陆续有政策出台，资金紧张的情况会有所改善。</span><span style="color: #0070C0;"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">但去杠杆的大方向依然未变。未来高负债高周转的打法将会逆转。</span></strong></span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">之前有房企看不懂港资房企净负债率30%太保守，还可以再激进一点，但有一点要明白内地房企激进扩张的玩法，已经是港资房企在上个世纪经历过了，现在港资房企由于亲身经历了金融危机的“惨烈”和高负债的清算切肤之痛所以能守住财务克制，毕竟这几年暴涨的营业额在后面会得到清算的。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">在“高盛2021年中国投资论坛”上，旭辉控股董事局主席林中就这样表示：</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;color: rgb(0, 0, 0);font-family: Helvetica, Arial, sans-serif;">“不管是国企还是民企，此轮去杠杆的核心还是一个优胜劣汰的过程，只有财务稳健、经营卓越、可持续发展的企业才能跑赢，而这里面既有央企，也有一批像旭辉这类的民企。”</span></p><section style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box;display: flex;flex-flow: row nowrap;text-align: center;justify-content: center;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;margin-right: -8px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;line-height: 0;flex: 0 0 0%;align-self: center;height: auto;z-index: 2;overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);border-width: 0px;border-style: none;border-color: rgb(62, 62, 62);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 23px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section></section><section style="box-sizing: border-box;padding-right: 19px;padding-left: 19px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;align-self: center;min-width: 10%;flex: 0 0 auto;height: auto;border-width: 0px;border-style: none;border-color: rgb(102, 102, 102);background-image: linear-gradient(to left, rgb(60, 154, 236) 0%, rgb(89, 122, 222) 100%);overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="padding-right: 6px;padding-left: 6px;outline: 0px;max-width: 100%;box-sizing: border-box;color: rgb(255, 255, 255);letter-spacing: 0px;overflow-wrap: break-word !important;"><p style="vertical-align: inherit;outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><strong style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;">现房销售是未来的一个趋势</strong></p></section></section></section><section style="box-sizing: border-box;margin-left: -8px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;line-height: 0;flex: 0 0 0%;align-self: center;height: auto;z-index: 2;overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 23px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section></section></section></section><p style="vertical-align: inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">日前，有媒体称</span><span style="color: #0070C0;"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">全国性商品房预售资金管理办法出台，而预售资金监管指购房人的定金、首付款、按揭款和他形式的购房款，应全部直接存入预售资金监管账户。</span></strong></span></p><p style="vertical-align: inherit; letter-spacing: 0.25px; line-height: 1.75em; text-align: center;"></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">目前，众多城市都有出台针对本城市的预售资金监管政策，地方政府严控预售资金，怕出现半拉子工程和烂尾楼，保障购房者利益。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">例如，一月中旬，福州又发布新规对商品房预售资金强化监管，</span><span style="color: #0070C0;"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">新建商品房项目的监管额度原则上不少于项目工程总造价的1.2倍，</span></strong></span><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">并按工程建设进度节点拨付使用监管额度内的商品房预售资金。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">某房企老总表示，明明压2亿元可以交楼，但是非要压6亿元，卖了房但钱却看得到摸不着，跟现房销售的差距也不大了。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">即使全国性商品房预售资金监管办法出台，可以改善房企的流动性资金问题，但是未来，</span><span style="color: #0070C0;"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">现房销售仍旧是一个趋势。</span></strong></span><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">其实，早在几年前，各地已开始鼓励、要求，甚至在土拍时就限定必须现房销售。</span></p><section style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box;display: flex;flex-flow: row nowrap;text-align: center;justify-content: center;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;margin-right: -8px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;line-height: 0;flex: 0 0 0%;align-self: center;height: auto;z-index: 2;overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);border-width: 0px;border-style: none;border-color: rgb(62, 62, 62);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 23px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section></section><section style="box-sizing: border-box;padding-right: 19px;padding-left: 19px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;align-self: center;min-width: 10%;flex: 0 0 auto;height: auto;border-width: 0px;border-style: none;border-color: rgb(102, 102, 102);background-image: linear-gradient(to left, rgb(60, 154, 236) 0%, rgb(89, 122, 222) 100%);overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="padding-right: 6px;padding-left: 6px;outline: 0px;max-width: 100%;box-sizing: border-box;color: rgb(255, 255, 255);letter-spacing: 0px;overflow-wrap: break-word !important;"><p style="vertical-align: inherit;outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><strong style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;">供方垫资情况会越来越少</strong></p></section></section></section><section style="box-sizing: border-box;margin-left: -8px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;line-height: 0;flex: 0 0 0%;align-self: center;height: auto;z-index: 2;overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 23px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section></section></section></section><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">过去很长一段时间甚至是未来一段时间开发商都是供方的大金主。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">面对“大金主”，为了达成合作，供方往往委曲求全，愿意垫资，或者即便合同里标明了是现金交易，但最后拿到的往往是商票。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">可是，去年以来，</span><span style="color: #0070C0;"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">随着越来越多的“商票”无法如期兑付的事件出现，让供方对垫资和收商票变得十分谨慎。宁愿少要几个点，也要现金。</span></strong></span><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">这也使得财务状况良好的房企，采购成本要比同行低不少，因为他们能够及时现金……</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">一旦房企告别高负债发展的模式，本身对供方垫资的需求也会变小，垫资的现象，会逐步淡出房地产行业。</span></p><section style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box;display: flex;flex-flow: row nowrap;text-align: center;justify-content: center;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;margin-right: -8px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;line-height: 0;flex: 0 0 0%;align-self: center;height: auto;z-index: 2;overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);border-width: 0px;border-style: none;border-color: rgb(62, 62, 62);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 23px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section></section><section style="box-sizing: border-box;padding-right: 19px;padding-left: 19px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;align-self: center;min-width: 10%;flex: 0 0 auto;height: auto;border-width: 0px;border-style: none;border-color: rgb(102, 102, 102);background-image: linear-gradient(to left, rgb(60, 154, 236) 0%, rgb(89, 122, 222) 100%);overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="padding-right: 6px;padding-left: 6px;outline: 0px;max-width: 100%;box-sizing: border-box;color: rgb(255, 255, 255);letter-spacing: 0px;overflow-wrap: break-word !important;"><p style="vertical-align: inherit;outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><strong style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;">头部房企变小，中部房企受益</strong></p></section></section></section><section style="box-sizing: border-box;margin-left: -8px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;line-height: 0;flex: 0 0 0%;align-self: center;height: auto;z-index: 2;overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 23px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section></section></section></section><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">房地产市场的蛋糕规模，正在渐渐“缩水”。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">今年1月份，</span><span style="color: #0070C0;"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">仅15家房企销售额超百亿，较去年同期减少14家。</span></strong></span><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">开发商冲规模、促销售正越来越难。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">前不久，许家印在恒大集团复工复产专题会上透露，房地产的销售规模要从去年的7000多亿，10年内要压降到每年2000亿左右。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">万科董事局主席郁亮在万科年终大会上有一次内部发言，提到了行业现状，称地产已进入“黑铁时代”，对万科来说</span><span style="color: #0070C0;"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">如果有些地方确实做不好，可能就要整建制撤销，收回番号。</span></strong></span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">同时地产行业目前出现一个状况：以前觉得和中小房企合作不安全，担心钱被中小房企腾挪走，而今年以来，应接不暇的违约，摧毁了这一信仰……现在，500亿以下的客户，付款反而比较准时。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">为啥？因为规模小，以前，一般的金融机构，不愿意借钱给他们。如果不走野路子，他们的表外债也比较少。现在虽然也受影响，但受到的冲击没那么大。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">中金认为，</span><span style="color: #0070C0;"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">中国城镇居民的新房合理需求中枢（以套数计量）在经历过去 3 年的高位平台期后，已逐渐步入长周期的下行通道……</span></strong></span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">这种态势下，需求会进一步细化，像过去那样大规模的复制已行不通，而一家公司不可能在所有的细分市场都占主导，这让“小而美”成为可能。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">前几年房地产市场集中度持续提升的趋势会改变，未来，会出现</span><span style="color: #0070C0;"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">“头部房企变小，中部房企受益”</span></strong></span><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">的格局。</span></p><section style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box;display: flex;flex-flow: row nowrap;text-align: center;justify-content: center;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;margin-right: -8px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;line-height: 0;flex: 0 0 0%;align-self: center;height: auto;z-index: 2;overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);border-width: 0px;border-style: none;border-color: rgb(62, 62, 62);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 23px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section></section><section style="box-sizing: border-box;padding-right: 19px;padding-left: 19px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;align-self: center;min-width: 10%;flex: 0 0 auto;height: auto;border-width: 0px;border-style: none;border-color: rgb(102, 102, 102);background-image: linear-gradient(to left, rgb(60, 154, 236) 0%, rgb(89, 122, 222) 100%);overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="padding-right: 6px;padding-left: 6px;outline: 0px;max-width: 100%;box-sizing: border-box;color: rgb(255, 255, 255);letter-spacing: 0px;overflow-wrap: break-word !important;"><p style="vertical-align: inherit;outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><strong style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;">踏踏实实干房地产，远离金融</strong></p></section></section></section><section style="box-sizing: border-box;margin-left: -8px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;line-height: 0;flex: 0 0 0%;align-self: center;height: auto;z-index: 2;overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 23px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section></section></section></section><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">起于2015年的最近一轮楼市大牛市期间，很多房企纷纷布局金控平台。对此，2016年冯仑在一次接受采访时表示：</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">根据我过去老中医的感觉，（房地产行业中）所有现在急着往金融跑的，都是面临了很大的困难的，都是有问题的。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">为什么呢？很多人觉得金融很赚钱。但其实如果你把它当做一个正经生意做，是很难赚钱的。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">冯仑指出：现在基本上新的这些保险公司，很多就是通过卖万能险这样的理财产品迅速扩大规模。卖理财产品，成本大概5%左右，银行通道费1%，加管理费成本，算下来就7%左右了……你拿的钱多了，麻烦就来了。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">最后也确实如冯仑所说，前几年急着往金融跑的房企，如今已经有不少出了大问题。因为理财产品大多数是卖给了业主，还有自己的员工，最后内外部矛盾一起爆发。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">而在万科2022年终大会上，郁亮称外部环境的第一个特征是行业进入缩表出清阶段。</span><span style="color: #0070C0;"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">对房地产业来说，缩表出清就是去金融化。</span></strong></span><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">国家不允许房地产占用过多金融资源，也不能允许居民因买房背负了高额的债务负担，因为这些金融资源没有有效地支持实体经济。去金融化是一个心然的趋势，也是痛苦的过程。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">所以往后房企的财富</span><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">金控平台会快速萎缩，甚至消失掉。金融的钱，没那么好赚！</span></p><section style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box;display: flex;flex-flow: row nowrap;text-align: center;justify-content: center;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;margin-right: -8px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;line-height: 0;flex: 0 0 0%;align-self: center;height: auto;z-index: 2;overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);border-width: 0px;border-style: none;border-color: rgb(62, 62, 62);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 23px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section></section><section style="box-sizing: border-box;padding-right: 19px;padding-left: 19px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;align-self: center;min-width: 10%;flex: 0 0 auto;height: auto;border-width: 0px;border-style: none;border-color: rgb(102, 102, 102);background-image: linear-gradient(to left, rgb(60, 154, 236) 0%, rgb(89, 122, 222) 100%);overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="padding-right: 6px;padding-left: 6px;outline: 0px;max-width: 100%;box-sizing: border-box;color: rgb(255, 255, 255);letter-spacing: 0px;overflow-wrap: break-word !important;"><p style="vertical-align: inherit;outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><strong style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;">更多的轻资产会被拆分上市</strong></p></section></section></section><section style="box-sizing: border-box;margin-left: -8px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;line-height: 0;flex: 0 0 0%;align-self: center;height: auto;z-index: 2;overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 23px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section></section></section></section><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">2022年新年伊始，龙湖向资本市场抛出了一个重磅消息——分拆“物管+商管”业务赴港上市。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="color: #0070C0;"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">1月7日晚间，就在宣布分拆物业板块上市的同时，龙湖智创生活有限公司（简称“龙湖智创生活”）向港交所正式递交了招股书。</span></strong></span><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">同日，龙湖集团官网也宣布启用“龙湖智创生活”这个全新品牌。</span></p><p style="vertical-align: inherit; letter-spacing: 0.25px; line-height: 1.75em; text-align: center;"></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">而在</span><span style="color: #0070C0;"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">去年11月5日晚间，万科公告宣布拟分拆万物云到港交所上市。</span></strong></span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">在资本市场物业板块持续遇冷，物业股去年全年跌幅达47.5%，同期恒生指数下跌14.7%，行业指数远低于恒生指数的时候，龙湖、万科等房企为什么要在这个时候将物业业务上市？</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">市场普遍认为核心原因就一个字——钱</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">事实上，房企拆分旗下物业子公司上市，通常包括多重考虑，</span><span style="color: #0070C0;"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">包括拓宽融资渠道、提高房企的流动性，通过资产重估推动房企股价的上扬，变现其子公司股份、获得资本收益及管理层激励等。</span></strong></span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">过去几年，房企估值总体偏低、物业公司估值远高于开发业务的背景下，分拆物业单独上市，实现价值重估，可谓合情合理。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">最近陷入困境的房企，物业等轻资产业务也是最容易变卖的资产。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">资金压力之下，除了拆分物业板块上市，很多房企还会积极将酒店、商业、代建、健康、教育等，甚至还有营销、产业园、景观及装修服务等子板块分拆。有些房企已经在行动，未来房企将变得更纯粹。</span></p><section style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box;display: flex;flex-flow: row nowrap;text-align: center;justify-content: center;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;margin-right: -8px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;line-height: 0;flex: 0 0 0%;align-self: center;height: auto;z-index: 2;overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);border-width: 0px;border-style: none;border-color: rgb(62, 62, 62);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 23px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section></section><section style="box-sizing: border-box;padding-right: 19px;padding-left: 19px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;align-self: center;min-width: 10%;flex: 0 0 auto;height: auto;border-width: 0px;border-style: none;border-color: rgb(102, 102, 102);background-image: linear-gradient(to left, rgb(60, 154, 236) 0%, rgb(89, 122, 222) 100%);overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="padding-right: 6px;padding-left: 6px;outline: 0px;max-width: 100%;box-sizing: border-box;color: rgb(255, 255, 255);letter-spacing: 0px;overflow-wrap: break-word !important;"><p style="vertical-align: inherit;outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><strong style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;">持有+开发的模式效仿者会越来越多</strong></p></section></section></section><section style="box-sizing: border-box;margin-left: -8px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;line-height: 0;flex: 0 0 0%;align-self: center;height: auto;z-index: 2;overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 23px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section></section></section></section><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">2021年7月2日，国务院办公厅发布了《关于加快发展保障性租赁住房的意见》（下称《意见》），史上首次从国家层面明确了我国住房保障体系的顶层设计，为未来我国租赁住房市场发展提供了重要的政策支持。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">而现在整理可以发现，在98年经济危机时大的港资房企都撑过去了，为什么？</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="color: #0070C0;"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">除了港资房企负债率低，基本都是开发+持有，两条腿走路的模式，甚至有港口、电力持续提供现金流。</span></strong></span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">其中，租赁物业是非常重要的一块。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">例如新鸿基地产早在上世纪70年代，就开始向出租物业拓展，并不断强化，至今仍稳居香港地产公司榜首。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">恒隆地产的收入结构中租赁业务收入占比呈现逐年上升趋势。</span></p><p style="vertical-align: inherit; letter-spacing: 0.25px; line-height: 1.75em; text-align: center;"></p><p style="text-align:center;vertical-align: inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 13px;font-family: Helvetica, Arial, sans-serif;">▲恒隆地产收入结构</span></p><p style="vertical-align: inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">内地房企，龙湖很早就开始进入商业地产，长期不被理解，近几年，又成了行业学习的标杆；旭辉将商业地产和长租公寓作为第二曲线……现在，这些房企发展也很稳健。</span></p><section style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box;display: flex;flex-flow: row nowrap;text-align: center;justify-content: center;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;margin-right: -8px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;line-height: 0;flex: 0 0 0%;align-self: center;height: auto;z-index: 2;overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);border-width: 0px;border-style: none;border-color: rgb(62, 62, 62);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 23px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section></section><section style="box-sizing: border-box;padding-right: 19px;padding-left: 19px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;align-self: center;min-width: 10%;flex: 0 0 auto;height: auto;border-width: 0px;border-style: none;border-color: rgb(102, 102, 102);background-image: linear-gradient(to left, rgb(60, 154, 236) 0%, rgb(89, 122, 222) 100%);overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="padding-right: 6px;padding-left: 6px;outline: 0px;max-width: 100%;box-sizing: border-box;color: rgb(255, 255, 255);letter-spacing: 0px;overflow-wrap: break-word !important;"><p style="vertical-align: inherit;outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><strong style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;">地产人会进一步精英化</strong></p></section></section></section><section style="box-sizing: border-box;margin-left: -8px;outline: 0px;max-width: 100%;display: inline-block;vertical-align: middle;width: auto;line-height: 0;flex: 0 0 0%;align-self: center;height: auto;z-index: 2;overflow-wrap: break-word !important;"><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: left;justify-content: flex-start;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 16px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"></section></section></section><section style="margin-top: 5px;margin-bottom: 5px;outline: 0px;max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;outline: 0px;max-width: 100%;display: inline-block;width: 23px;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(139, 207, 224);overflow-wrap: break-word !important;"><section style="outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><svg viewbox="0 0 1 1" style="box-sizing:border-box;float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section></section></section></section></section><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">据中新经纬不完全梳理，2021年以来，包括万科、碧桂园、华润置地、龙湖、世茂、新城、旭辉、中南、中骏、阳光城、荣盛、雅居乐、佳兆业、奥园、融信、祥生、金辉、俊发、时代、弘阳</span><span style="font-size: 16px;color: rgb(0, 0, 0);font-family: Helvetica, Arial, sans-serif;">等不下</span><span style="color: #0070C0;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;"></span><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">20家规模型房企进行了组织架构变革，其中，有多家企业进行了不止一次的调整。</span></strong></span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">说是“架构调整”，但说白了，就是“裁员”。35周岁以上却没有做到管理层，又不是本科学历的地产人，这几年来一直是被优化的对象。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">人员优化在目前的行业背景下无可厚非，但是一刀切的优化是有问题的，</span><span style="color: #0070C0;"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">经过这一轮的动荡，地</span></strong></span><span style="color: #0070C0;"><strong><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">产行业的用人策略，将不可避免地走向精英化，</span></strong></span><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">且这一过程更会加速。</span></p><p style="vertical-align:inherit;letter-spacing: 0.25px;line-height: 1.75em;"><span style="font-size: 16px;font-family: Helvetica, Arial, sans-serif;">虽然当前很多房企压力山大，地产人没被优化的大多也无法加薪，甚至降薪，这样的现象早已在房地产成熟国家和地区上演过，但洗牌之后，地产依然是一个高薪行业，岗位少了竞争的人依然多，必然进一步提高门槛。</span></p></section><link rel="stylesheet" href="//www.fqlook.cn/source/plugin/wcn_editor/public/wcn_editor_fit.css?v134_czz" id="wcn_editor_css"/> 真是计划赶不上变化 这两年对于房地产来说就是活下去 高负债已经让很多房企顶不住了
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