房地产能有多“轻”?

How "Light" Can Real Estate be?

在宏观调控的寒冬中，以开发管理能力为核心的“轻资产”模式。

Chinese real estate industry has followed the typical Hong Kong style for many years: Land reserve is the key index to valuate a company.With more severe macro control on real estate industry,over-reliance on the land has become more risky.Some experts estimate that the 2008 fund gap,i.e.capital invested but not recovered,for the real estate industry will be 710 billion yuan.The industry has come to a turning point after the long expansion on'heavy'assets.'Light'assets based on development and management ability has now become a new drive.The article illustrates two companies' new developing model: Joyi's capital comes mostly from the fund instead of bank.It has rare land reserve and collaborates with the land owners in a way of exporting the development and management;Guangzhou Willsun's core competitiveness lies in the strong managament team and their professional development ability and management experience.Except for that,there is no any land reserve and developing capital.