The hottest cooperative development has gradually

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"Cooperative development" has gradually become the normalized survival mode of real estate enterprises

"cooperative development" has gradually become the normalized survival mode of real estate enterprises

April 24, 2020

profitability has generally decreased, and land and financing costs have risen

"cooperative development" has gradually become the normalized survival mode of real estate enterprises

with the resumption of real estate enterprises, the local land market has gradually opened. On the 22nd, Shanghai, Shenzhen and other places announced construction land supply plans to stabilize the land market. On the same day, there were three land transactions in Jinan, and the three plots were finally won by the real estate enterprise consortium

at present, in the first and second tier hot cities, the high-quality land market has been in a state of short supply, and the cooperative acquisition of land by development enterprises has become an important way to obtain new projects

according to the recent annual reports issued by listed real estate companies, the industry has entered the stock market from the incremental market, and the overall scale has peaked, which has become the industry consensus. Based on this, Evergrande, Xuhui and other large-scale real estate enterprises have put forward strategies to improve quality and efficiency, improve equity and ensure profit development; At the same time, some real estate enterprises have launched the land search cooperation plan, intending to maintain the industry position and seek scale advancement by taking the oil cylinder down mounted host as the platform proportion through open cooperation

according to the statistical data of Kerui real estate, recently, Zhongliang, China Resources, China shipping, China Communications and other real estate enterprises have successively issued "land search cooperation plans", proposing the need to acquire new projects by means of strategic cooperation, equity cooperation, joint land acquisition, acquisition and merger. These enterprises are mainly state-owned enterprises and central enterprises, and the scope is basically concentrated in the first and second tier cities and strong third tier cities

"land acquisition through cooperation can effectively reduce land costs, share market risks, and finally achieve 'strong cooperation'." Xie Yangchun, an analyst at Kerui real estate research center, believes that, on the one hand, under the background of "maintaining the stability of housing prices, land prices are difficult to fall, and profit margins are narrowed", real estate enterprises are forced to vigorously expand land acquisition channels and control land acquisition costs in 2020. On the other hand, under the constraints of housing allocation and self-supporting in hot cities, the invisible floor price of high-quality plots continues to rise, the price limit has not been relaxed in the short term, and the operation of enterprises is more difficult and the profit space is becoming narrower

in addition, driven by the strategy that large-scale real estate enterprises generally choose to return to the first and second tier hot cities, the "too many monks and too few animals" in the land market lead to difficulties in obtaining land. As a result, many real estate enterprises have to carry out land search cooperation plans. Taking the land market in Beijing as an example, it is a common phenomenon that many enterprises cooperate to form a "Consortium" to participate in the land bidding, auction and listing market

the way of cooperative land acquisition and development has become the normal survival mode of most real estate enterprises. According to the new land acquisition situation in 2019 disclosed by the listed company, which basically has no impact on the introduction of thermostatic liquid in the tank when the first-order structure amino acid sequence is recycled, only a few real estate enterprises maintain the proportion of equity above 80%, and most enterprises increase the proportion of land equity below 80%

"in the process of the rapid development of the industry, both leading and small and medium-sized real estate enterprises have adopted the sacrifice of rights and interests in exchange for the rapid expansion of scale." Xie Yangchun said. Judging from the recent land market situation, on the one hand, the industry is facing a period of integration, and leading real estate enterprises have the demand for special research and development to further divide the food market; On the other hand, some small real estate enterprises and project companies affected by the epidemic recently have tight cash flow and are also interested in seeking opportunities for mergers, acquisitions and cooperation

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